Ladies and gentlemen, welcome to the Adler Group Q3 Investor Call Conference and Live Webcast. I'm Melchior, the call's operator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Julien Mahlert, Head of Investor Relations. Please go ahead. Good morning, everyone, and thank you for joining us here today for the Adler Group Q3 2024 Investor Call. As you may have seen, besides our results, we have also announced changes to our senior management team, which we published in a separate press release last night. Along with me, we have our new CFO, Thorsten Arsan, who will guide us through today's presentation. This presentation will be followed by a Q&A session in which we will answer your questions. Please note that this call will be recorded and made available on the company's website, where you can also find today's presentation. With that, I would like to hand over to Thorsten. Thank you, Julien. Also, a warm welcome to everyone from my side, and thanks for joining us here today. As you know, we have announced a major disposal since our last Investor Call in September. So let us start with the disposal update on page four. Ahead of expectations, we successfully disposed of our 62.8% stake in Brack Capital Properties. Also, BCP has a very attractive portfolio. It is surely not the most liquid asset given the company's complex structure, with, amongst others, a listing on the Tel Aviv Stock Exchange in Israel. Yet, multiple interested parties approached us with offers. Ultimately, the board decided to proceed with LEG, a logical buyer, as they already own roughly 36% of the shares in BCP. The transaction is set to close in two phases. 52.7% will be disposed in the first week of January 2025, making Adler a minority shareholder in BCP. Following that, we will no longer fully consolidate BCP. The remaining 10.1% will close no later than 1 January 2026. LEG may launch a public tender offer to acquire the remaining shares outstanding. In case there won't be any tender offer, the remainder of shares will be sold and transferred to LEG anyway, as they granted Adler a put option for the remaining 10.1% shares in BCP. The BCP transaction generates a total of approximately EUR 290 million in net cash proceeds, which is ahead of our business plan. The proceeds will be used to fill up the holdback basket of up to EUR 250 million and the remainder to repay the first lien tranche. Adler will be sufficiently funded throughout at least 2025, and we will be in a position to execute our corporate strategy, which foresees the Adler Group to focus on yielding assets in the Berlin area. Also, as you may know, we are actively marketing our NRW portfolio and continue to see significant interest from multiple investors. We remain confident to be able to announce a deal in due course. Let's move to page six for the Q3 2024 highlights. Let me present an overview of our operational business. Our rental portfolio continues to show a very good operational performance in the third quarter of 2024. On a year-on-year basis, we realized a strong like-for-like rental growth of +4.1%. This was mainly driven by the fixation of current rental contracts and, to a lesser extent, by our reletting activities. As a result, the average in-place rent increased to EUR 7.71 per square meter per month. The operational vacancy rate remained at a structurally low level of 1.7%. Next, portfolio revaluation will be conducted as per year-end 2024. In line with the overall market expectation, we believe asset values for the yielding portfolio will remain stable. For the development assets, we expect some further decrease in values given low volumes in the transaction market and continued pressure on construction costs. Now, moving on to financial performance in the second column. The group's net rental income decreased only slightly by 3% to EUR 155 million in the first nine months of 2024. The reduction was mainly due to past portfolio sales, such as Wasserstadt transaction completed in the second half of 2023. However, the decrease in size was partly compensated by the before-mentioned like-for-like rental growth. After the third quarter of the year, the adjusted rental EBITDA amounted to EUR 86 million, while the adjusted total EBITDA stood at EUR 53 million in the same period. Similar to prior periods, FFO1 from rental activities was negative at -EUR 88 million, driven by the substantial increase in interest expenses following the amended bond terms, as well as the new money facility issued, both effective since April 2023. To explain the magnitude, FFO1 included EUR 147 million of non-cash effective fixed interest in the first nine months of 2024. Following the completion of the comprehensive recapitalization in September 2024, the group's total equity was significantly strengthened. It now amounts to approximately EUR 2.2 billion. Simultaneously, the LTV decreased to 62.6% from 105.7% before, and currently, we have EUR 363 million cash on our balance sheet. Regarding our ongoing disposal activities, we signed sales of several condominium units in Berlin for a total of EUR 2 million during the third quarter, as usually above book value at property level. In the third quarter, we also sold a Düsseldorf-based development project UpperNord Quarter. There was no net cash inflow following this transaction, as the purchase price was offset with the payable that we had with the buyer. The transaction closed in October 2024. The project developments Cologne Apart and Grand Central Düsseldorf remain in exclusivity, and we are optimistic to announce these transactions in due course. Let's now proceed to portfolio and operational performance on page eight. As in prior presentations, assets owned by BCP are not included in our portfolio KPIs, as these assets have been classified as held for sale and will leave the books in early 2025. Compared to June 2024, the value of our yielding portfolio remained constant at EUR 4.1 billion, given there were no major disposals and no valuation adjustments in the quarter. The value per sq m, therefore, remains almost unchanged at EUR 2,423. 85% of the GAV in our portfolio, EUR 3.5 billion in absolute figures, relates to the yielding assets in Berlin. Let's move on to next page nine. As you may know, our portfolio valuation is done semi-annually or whenever indicators indicate material changes in value. There were no such indicators in Q3 2024. Therefore, the like-for-like revaluation result of the first nine months only includes the valuation done as per June 2024. The minor deviation to the result of - 2.1% announced in the half-year results is a result of some minor changes in the total number of units between June and September 2024, with the corresponding effect on the like-for-like calculation. With the next portfolio revaluation scheduled for Q4 2024, we expect to see stable values in line with overall market expectations for the sector. If you look at our rental yields, you can see the increase compared to last year, mainly driven by the value adjustments done in the course of 2023. Rental yields for assets outside of Berlin remain significantly higher than yields observed in Berlin. Please join me now on page 10 to discuss our rental growth in more detail. On a 12-month basis, we continued to realize a strong like-for-like rental growth of + 4.1% compared to 2.4% in September last year. This was primarily achieved through our high exposure to the Berlin market, where we saw rental growth of + 4.4% compared to + 3.1% in other cities. As you can see on the chart on the right, this was mainly driven by indexation of current rental contracts and also, to a lesser extent, by our reletting activities. As a result, on a per-euro basis, our average rent per square meter per month increased from EUR 7.39 twelve months ago to EUR 7.71 as per September 2024. Our operational vacancy remained low at the level of 1.7% in September 2024. In our largest market, Berlin, we have a vacancy rate of just 1.4% compared to 2.6% outside Berlin. This shows again that both our assets and the markets we operate in remain highly attractive for tenants. Now, let's continue with the financial update. We can be fairly quick on this slide, as you can see that there were no significant changes in our GAV compared to last quarter. We sold a few condominium units in Berlin and closed the sale of two non-core multifamily properties in Eastern Germany. This reduced the GAV by roughly EUR 3 million in the third quarter. The mentioned sale of the development project UpperNord Quarter in Düsseldorf reduced the GAV by EUR 9 million. At the end of the third quarter of 2024, we had a portfolio of yielding assets with a GAV of approximately EUR 4.1 billion and development projects with a GAV of approximately EUR 1.4 billion. This adds up to a total GAV of EUR 5.5 billion, according to the latest externally appraised values. Now, let's have a look at financing updates on the next page 13. In the third quarter, we completed the comprehensive recapitalization, which we had already communicated on during our last Investor Call. Just to summarize again, this agreement provides us with an extended runway to execute our strategy and dispose of assets in an orderly and value-maximizing manner. With this, our capital structure and the maturity profile have changed significantly. The next slides will share a detailed view on this. We also continue to make further progress on the prolongation of our secured bank debt. We successfully extended the loan maturing in December 2024 and the total amount of approximately EUR 136 million until Q4 2028. With that, as of today, we do not have any maturities remaining in 2024. Regarding our bank maturities in 2025, we successfully extended a EUR 32 million loan maturing in April 2025 to Q4 2028. We are also in far-advanced discussions with the respective lending banks regarding prolongations of the other loans maturing in 2025 and 2026. First approvals have already been received. We are optimistic that these extensions can be fully finalized within the next couple of months, if not weeks. Let's continue on page 14 to discuss our current debt KPIs, which reflect the recapitalization. Post-recapitalization, our total nominal interest-bearing debt position has reduced significantly to approximately EUR 4.7 billion, down from €6.5 billion at the end of the previous quarter. While our first lien new money facility was upsized and all the refinanced Adler Group bonds' nominal values now include the fixed interest that had been accrued until the day of the recapitalization, roughly EUR 2.3 billion of second lien notes were converted into equity, explaining the large decrease in nominal debt. Consequently, our LTV reduced to 62.6% during the third quarter. The weighted average cost of debt increased to 7.9% versus 6.4% posted in Q2 2024. The reason for that is that the large share of our second lien notes, with relatively lower interest rates compared to the first lien and 1.5 lien notes, was converted into equity as part of the recapitalization. It is absolutely clear that the high cost of debt is not something that we are particularly happy with. So it goes without saying that it is our duty to explore ways to further optimize our capital structure and particularly to lower the interest costs. At the same time, our disposal proceeds will help to lower the amount of the first lien notes that is priced with a 12.5% fixed interest. The average maturity of our total debt increased considerably from 2.3 years to 3.8 years due to the extension of our bond maturities. Post-recapitalization, Standard & Poor's also upgraded our ratings, as you can see on this slide. The detailed summary schedule post-recapitalization is shown on the next page. As stated before, our remaining 2024 maturities have been addressed and successfully extended. The remainder amount of approximately EUR 17 million refers to debt held and managed by PCP. For a more detailed view on the capital structure by subgroup, please refer to the appendix of this presentation. We are in a far-advanced stage of discussions with the respective lending banks regarding prolongations of bank loans maturing in 2025 and 2026. Post-recapitalization, the Adler Group bond maturities have been extended. The refinanced first-lien new money are due in December 2028. The new 1.5 lien notes' maturity is in December 2029, and the reinstated second-lien notes in the amount of EUR 700 million are due in January 2030. The remainder of the existing second-lien notes in the amount of approximately EUR 2.3 billion were converted into perpetual notes. Please also let me remind you that the new money documentation includes the possibility to tap the first-lien facility in an amount of EUR 300 million in order to refinance the Adler Real Estate 2026 notes. Let's turn to LTV on the next page, 16. As you can see, our LTV reduced significantly following the recapitalization in September 2024, primarily through the conversion of approximately EUR 2.3 billion second lien notes into perpetual notes treated as equity-like instruments under our IFRS. As a result, we can no longer call the EPRA LTV, given that EPRA treats hybrid financing instruments such as perpetual notes as debt. This, however, would not reflect our actual capital structure adequately. To be clear, we still follow the current EPRA best practice guidelines, with the only exception on the treatment of the perpetual notes. Obviously, we remain highly levered compared to other players in the industry, but we can now operate on a far more stable basis for the years to come. Please also note that our bond LTV covenant has been temporarily lifted and will be tested for the first time as per end of 2024. Let's continue with cash on the next page, 17. At the end of the third quarter, our cash position stood at EUR 363 million, EUR 29 million more than at the end of the second quarter. As in prior periods, the EUR 363 million refers to Adler cash position only. Let me point out some of the changes. First, there was a net cash outflow of EUR 32 million in forward sales, development projects, and yielding assets. Second, our subsidiary Adler Real Estate received a repayment of a shareholder loan from its subsidiary BCP in the amount of EUR 27 million in the third quarter. With that, the former shareholder loan to BCP, including interest, is fully repaid. Third, a net cash inflow of EUR 82 million from the First Lien new money upsizing, which was largely earmarked to cover the costs associated with the restructuring and recapitalization done over the summer. Last, we spent double-digit millions amounts for interest payments, restructuring costs, and tax payments. Let me end this presentation with some concluding remarks. We successfully disposed of our 62.8% stake in PCP, which generates EUR 219 million of net cash proceeds. It is fair to say that this is another milestone for Adler's business plan and to further stabilize the balance sheet while progressing to become a Berlin-focused residential real estate company. On our rental activities, continued to deliver our strong performance with 4.1% like-for-like rental growth compared to the previous year. The operational vacancy of the total portfolio remained at a structurally low level of 1.7%. With that, we confirm our net rental guidance in the range of EUR 200 million-EUR 210 million for 2024. For our yielding asset portfolio, we expect stable revaluation as per year-end 2024. Furthermore, we successfully extended all bank maturities due in 2024, leaving us with no outstanding maturities in 2024. Likewise, we are securing approvals from lending banks to extend the 2025 and 2026 maturing loans. We also like to mention that Paul Kölbl, an experienced business specialist with a distinguished career spanning over two decades, and myself, we are both appointed to board member positions at yesterday's ordinary general meeting. With that, the board of directors now consists of six members. And finally, we close the chapters on two further important topics during the third quarter of this year. Firstly, we published our audited financial statements of 2022 and 2023 with an unqualified audit opinion. And please allow me a personal remark here. Thank you very much to the total Adler team, including and especially to Thomas Echelmeyer, my predecessor, for this outstanding performance. And secondly, we completed the comprehensive recapitalization, significantly improved our capital structure, thereby stabilizing the company for the years to come. With that, we would like to conclude the presentation and open the floor for any questions you may have. Julian, over to you for the Q&A. Yes, thank you, Thorsten. And with that, back to Melchior. Please start the Q&A. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and and. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. Anyone who has a question may press Star and 1 at this time. One moment for the first question. Our first question comes from Piotr Borski from HBK. Please go ahead. Hey, guys. Thanks for seeing the questions. Three from my side. Firstly, you had EUR 100 million of interest paid in the quarter, bringing the year-to-date number to 140. And you have EUR 1.6 billion of bank debt. That implies a 6.3% coupon payment just in the quarter, which seems very high. Can you break that down a bit? Secondly, UpperNord, does it include the tower as well or just the quarter? And then can you let us know what was the payable to the buyer and what was the discount to the June 2022 book value? And lastly, could you provide an update on the three development assets? One, Offenbach, I think you were expecting to close that by year-end. Is that still the case? Grand Central, I think initially you hoped to complete that in Q3. What's the timeline there and then Cologne was supposed to be shortly after Grand Central? Any changes there? Thank you. Yeah, thank you, Pierre. I will start with your third question on the development so for Grand Central, we are still in well-advanced or far-advanced negotiations, and it's not unrealistic, let me put it that way, that we get a signing this year. The same for the Cologne development, Stolzgasse. For Offenbach, we are also, let's say, in various discussions. I think it's a bit more uncertain whether we get a signing this year or not so as a summary, Grand Central and Cologne could be signed this year. Offenbach, maybe yes, but the likelihood is a bit lower than for the other two. With regards to UpperNord, it's excluding the tower, and basically, we do not comment more on the receivables that we or the payables we had with the potential investor, and your first question with the interest, I would actually recommend that we set up a separate call on that one to go a bit more detailed in the numbers because on top of my head, I think you are right, but I would like to check the numbers and give you then a more detailed feedback, and I would recommend that we set up a separate call. That's good. Thank you. Ladies and gentlemen, as a reminder, if you wish to register for questions, please press Star and 1 on your telephone. It seems that there are no more questions at this time. I would now like to turn the conference back over to Thorsten Arsan for any closing remarks. Please go ahead. Yeah, thank you for attending our call today. We look forward to speaking to you next time. Thank you and have a good day.