Welcome to the Q1 results from alstria. I apologize for the technical mess that we're having right now. Let me go through the presentation without waiting. First, a few moments on the disclaimer and the on forward-looking statements due to the updates. Without any delay, let's move into the highlights from the quarter. The operating business have developed pretty much in line with what we're expecting, with revenue at around EUR 45.5 million, and FFO down 17% year-on-year at EUR 25.4 million. I will comment a bit more on that, but this is linked to the increase in leverage that we have been implementing last year, which has basically increased the overall cost of debt for the company and had an impact on the FFO, which was expected. We did have a busy quarter on the leasing side, and I think the on the leasing front it's something which is still very positive in the overall German market, with overall activity of around 34,000-35,000 m2 of leases. A bit slowdown on the new leases, but an increase in the, in the lease extensions and an overall, relatively positive result, in terms of total amount of income secured. I'll come back to that in a bit. Compared to the same period last year. The balance sheet, I don't think there is much to report. Our balance sheet is relatively stable, compared to where it was at the end of the year. For EPRA NTA at EUR 14.40 per share and an LTV stable, compared to year-end at 43.7%. Moving on to the portfolio. Here again, extremely stable. There has been little portfolio activity in the first quarter. The investment market itself is pretty much dull right now, with very little transaction taking place. We did sell, I'll come back to that, a small asset in the course of the quarter. Overall, the portfolio is very much what it was at the end of the year, with an average value per square meter at EUR 3,300 per m2 which we feel very comfortable with at this point in the cycle. Average weighted lease length of 5.6 years. Net property vacancy rate stabilized at 7.4% and compared to rent slightly short of EUR 196 million. Going back into the lending, we'll discuss that briefly. As you can see on the slide, our average rent per square meter is going up nicely, and reaching at the end of Q1 2023, EUR 14.19 per m2. The older leases that we have extended during the first quarter will generate future income for the company worth around EUR 46.5 million. That's compared with EUR 30 million for the same volume that we had signed last year. That links to the fact that we have been able to sign leases, or extend leases usually, at a higher rate or longer term, than what we did a year ago. On the transaction side, really nothing exciting to report. We did sell a small asset that we own in Eschborn, which was a vacant asset. Eschborn is not really a market where we have either a lot of expertise or a lot of belief in the future, so we're just exiting. It's also part of the finalizing the strategy we started in the past about buying the center and selling the periphery. Here we are actually selling the periphery. we're still selling the asset, like, small asset at the, at the premium to year-end book value, which would also reflect the premium to the 2022 book value. If we move to the P&L and the balance sheet, starting with the balance sheet. The balance sheet has remained very stable in the course of the quarter, with the investment properties slightly up, essentially reflecting two effects. One of them is the increase in transfer tax in Hamburg, in the state of Hamburg, which has a negative impact on the value of property. The second one was the investment that the company has made within the investment property portfolio, which led to the increase of its value. Equity is rather stable at EUR 2.5 billion. It's going slightly down, again, reflecting the change in investment properties, the devaluation linked to the increase in transfer tax. Our net financial debt very much where it was at the end of the year, at EUR 2.4 billion. I'll come back on the financial debt, most of which happened after the close of the quarter. If we look at the P&L, we did change and adjust our accounting policy in the first quarter of 2023 to align with the accounting policy of our majority shareholder that help us simplify our internal processes and the reporting requirements. In that process, we have. I encourage you to look into our Q1 results if you want to do a bit more. We are now capitalizing part of the interest of the development project that we're doing. We're also capitalizing part of the SG&A which relate to the development project. We have shifted part of the SG&A which are linked to real estate operations to the net operating income. All those changes do not have an impact on the overall bottom line. It's more like a shift in position between one line and the other. If we put aside those accounting policy change, our gross rental income have remained relatively flat at EUR 45 million. Fund from operation, as we discussed before, is down, which reflects the increase in interest rates in the debt. We have increased the LTV compared to where we were in Q1 2022, and that obviously have an impact on the overall FFO, which was clearly expected. Our SG&A are down, and that's also as expected. If you recall, at the end of the year, we have discussed the fact that 2022 was impacted by a lot of transaction-related SG&A costs, which were one-off and were not deemed to repeat in 2023. This is what you're seeing right now in the numbers, with the reduction in 25% in the SG&A costs. On the debt side, and we're showing you on this slide the level of LTV and the debt structure at the end of the quarter, with as we discussed, very little change compared to where we were at the end of the year. Most of the work that took place on the liability side of the balance sheet happened after the close of the quarter, which is what we're showing on this next slide. We have been repaying EUR 325 million bonds, which has matured early April. We're in the process of repaying a EUR 37 million tranches in the next few days. We did that by entering into three new loans. 27 year loans for a total amount of EUR 278 million, all mortgage loans, which includes the EUR 278 million includes a EUR 48 million extension of an existing loan, and so top up of an existing loan, and a EUR 188 million new loan. A new five-year loan for EUR 100 million of notes redeemable. We have a weighted average margin of 177 basis points on those loans. We are showing you also how this basically shifts our debt maturity with no maturity left in 2023 and around EUR 220 million of maturities in 2024, which we are currently working on pushing back. What is interesting, I think, is the ability of the company to tap the mortgage markets, which at least from what we can see is still relatively liquid at a price and a margin, which is clearly very, very competitive compared to anything you can find in the public debt markets. We're actually very happy that we've been able to do that. I think it has to do also with the fact that we're tapping relatively small amounts, which do not necessarily require a lot of syndication from a banking perspective. Also offering our banking partners a portfolio with a number of assets they can diversify into. Which allow us to basically keep open the line to the mortgage market. This is a market where I think looking at how the public bond market is developing, as long as it's trading where it's currently trading, it's clearly from a company perspective, much more interesting to paying into the mortgage market both from liquidity and a pricing perspective. Following those refinancings, our debt has been slightly down, that's essentially reflecting the fact that we've been borrowing a bit less than repaying. Our intention is to keep the LTV closer to the 45-50% all the time. Before I open the call to Q&A, just a few word on the outlook. As we discussed, the leasing market remain very active and strong despite the volatility we have in the financial market. One of the major change and shift that we have seen in the leasing market has been the fact that tenant are renting rather smaller space than bigger space. We have less very large demand compared to two or three years ago. The total volume of demand that we have is still pretty much stable. Within alstria's portfolio, we also have a way to accommodate all sort of demand. We're pretty comfortable that we're gonna be able to tap in the existing liquidity in the letting market, which is still very, very supportive. The investor market, on the other hand, remain with very low activities, and we don't expect it to recover materially in the course of 2023. I think we do expect transaction to restart actually in 2024. From a company perspective, we are still focusing on our future pipeline, which offer us a number of opportunity to upgrade and transition our assets to what the tenant needs. We still have a number of project to work on. So we are pretty much committed and occupied into improving and increasing the value of the portfolio. Our intent is to continue to do so. As you know, we are not dependent on the transaction market for our focus. We are more dependent on the active letting market, which we still have. So we are pretty comfortable in our ability to deliver on the portfolio of the company. We are confirming our guidance, which is revenue of EUR 190 million plus full year and an effort for around EUR 79 million. We're pretty comfortable that we will be able to deliver that and continue to grow the value of the portfolio over the years through active management across the assets that we currently own. That's it on my side for the Q1 presentation summary. Really from an operational perspective, everything has moved in line with our expectation. From market perspective, leasing market still relatively dynamic considering the overall private and professional market and expect is more subdued. The interesting part is that there is an active financing market with the mortgage bank, at least for company accounts view, and we have been able to tap into that market pretty actively. We'll now hand back to the operator for Q&A. Apologize again for the technical difficulties at the beginning of the call. Thank you very much. Thank you. If you would like to ask a question, please press star one one on your telephone keypad and wait for your name to be announced. That's star one one if you would like to ask a question. Please stand by whilst we compile the Q&A queue. Okay, our first question comes from Kai Klose. Your line is open. Please ask your question. The second presentation, which you put online with additional information on the Q1 results regarding the refurbishment project. Could you maybe give an indication if the construct or the expected construction cost or refurbishment costs are still valid or have your rental assumptions, the reletting assumptions changed in the light of the successful lettings in Q1? Just to get an impression how the year-on costs which you're targeting of 6.1% of the construction phase might come out. Well, thank you, Kai Klose. The table you have in the additional information, the table we used to publish before at your end, we did not this year, because we changed with our reporting, so there shouldn't be anything unexpected in that table. On the construction cost side, I did not went into that during the call, but we are currently seeing that they are at least they stop increasing and, to some extent, they start easing here and there. I think the construction industry is one of the industry which has the weakest forecast in terms of confidence in the way the economic situation evolved. We are seeing a substantial easing in the construction costs. The numbers that we have published are the numbers that we expect to achieve. On the leasing side, are also a targeted number that we expect to achieve. We are in principle leading ahead of those numbers because there is clearly strong demand for refurbishment and repositioned assets. All in all, I think if you lean on cost of the additional information that we have published, this is still our current expectation as we speak. Thank you. A very quick follow-up on page six of the of this second handout. Question on the renewals. I saw that the rent levels were either unchanged or slightly lower. Was this due to some specific reasons for the expected assets? Or is it general trend you see in the markets that tenants when it comes to renewals, that you are not as a, as a landlord, are not able to increase the rents on renewals? On the renewals, essentially you're talking about options which are being exercised by tenants. I mean there is obviously always a question whether it's a renewal or an option. We classify them as renewal. In the options, as you know in the German context, basically the tenant just decide to continue the lease on its current term. They might be a bit of conversation with the tenants here and there, essentially that's the reason why the terms remain unchanged. Whenever we have a completely new negotiation with the tenant, including existing tenant, and this might involve usually a change of the amount of space or us doing more CapEx or improvement in the asset for the purpose of the tenant. in that case, we would classify that as before new lease and then show the increase rent most of the time when such case releases. I see. Thank you. Thank you. A reminder that if you would like to ask a question, to please press star one one on your telephone keypad and wait for your name to be announced. Our next question comes from the line of Neeraj. Your line is open. Please ask your question. I just had a quick question on your cash. I see the pro forma cash is EUR 351 million. Do you have any plans of sort of, liability management exercise or how do you think about your cash position? Given the fact where your bonds are trading, do you have any plans further on that? The cash position that saying as the 31st of March is essentially, you need to bear in mind that we refinanced EUR 325 million of bonds and EUR 37 million of Schuldschein just after the close of the quarter. This kind of cash position was essentially here to allow us to cover for the refinancing needs which we have done. We used our cash on the balance sheet essentially to invest in the portfolio, and we have around EUR 150 million of investment that we do on an annual basis, on a portfolio basis. Now that we have refinanced the bond essentially through the mortgage loan that we have put in place, we have basically been rebuilding our cash position. Obviously, there is a question internally about the usage of the cash. It's not very efficient to keep such a high amount of cash from a capital management perspective. If you remember, we did mention that we intended to return capital to shareholder in an amount of around about EUR 1 billion. We did so far return around EUR 750 million. We have EUR 250 million to go. We do have, as I mentioned before, the investment we need to make in the portfolio, which is around EUR 150 million. There is also potentially the opportunity to look back at the bonds, which are trading at a substantial discount to their nominal value, which can offer also attractive opportunity to the company. We don't lack investment opportunity for the CapEx, and we probably don't intend to keep such a high amount of cash on a current basis beyond what we need for the portfolio investment on the balance sheet. This is something which we're still looking at, you know, what the best and most efficient use of that cash going forward. Got it. That's helpful. Thank you. My second question is on the S&P rating. Do you have any comments or thoughts on that to share? Sorry, could you repeat them? Yeah. I'm just asking about the current S&P rating, which is BBB- on stable outlook. Do you fear any risk of downgrade in the current environment or do you have any thoughts to share on that side? Did you understand the question? I'm sorry, you're talking about. Yeah, I'm just talking about your S&P rating and how you're thinking about it. Look, I think we are an investment grade rated company, and we're doing whatever we can to remain investment grade rated company. I think our intent is not to get downgraded by S&P. On the other hand, if I look at what's happening in the broader markets on the opposite side of life, there are a number of changes, and I think most of the real estate rating entities or the rating agencies who are looking at commercial real estate need to be concerned about how the office market is evolving, whether office have a future or not, whether values are gonna drop or not. As we discussed, we feel pretty comfortable with the future business of the company. We feel pretty comfortable with the fact that the value of our portfolio is very much protected on the downside because of the nature of the portfolio that we own and the fact that we have potential room to improve the value investing into it, and we also have the platform to achieve it. From our perspective, you know, the credit risk of the company has not necessarily changed by itself. If anything has changed is the overall environment in which we evolve. There is nothing much we can do on the exogenous changes around us. We can only work on, you know, idiosyncratic risks that we're managing ourselves. From that perspective, I feel pretty comfortable in the credit quality of the company. Whether or not S&P share my view, I mean, it's probably for them to confirm, but we have a regular dialogue with them as we did in the past. I think that they have reflection more broadly around commercial real estate when I feel pretty comfortable that the credit of the company is still just as strong as it was six months ago. Okay. Okay. Yeah. That's very helpful. Thank you. Thank you very much. Thank you. At this time, we have no further questions. Please continue. Well, thank you very much for your interest. I'll be looking forward to speaking to you for the next quarter results and half year results. If you are a shareholder of alstria, I just wanted to remind you that we will be holding in two days, our general meeting, and I will be also looking forward to speaking to you then, hopefully with better technicals than today's. Again, I apologize for a bit of the mess on the technical side. Thank you very much for your interest in the company, and I'm looking forward to our conversation in the future. Thank you. Bye-bye.