Good morning, everybody. I'm pleased to welcome you to our today's conference call. Today's agenda will cover our results for the second quarter and the first half of 2023, together with the outlook for the full year. I'm joined by our CEO, Jochen Klösges, our CFO, Marc Hess, and our Chief Market Officer, Christof Winkelmann. They will take you through a presentation, and this will be followed by a question- and- answer session. Now I'm handing over to Jochen. Please, the floor is yours. Thank you, Jürgen. Good morning. I would also like to welcome you all to the presentation of our results for the second quarter and the first half of this year. This is a busy day. In just a few hours, we will also be holding this year's general meeting. It's only a few short weeks since the 20th of July, when we celebrated the 100th anniversary of our predecessor institution, Deutsche WohnstättenBank AG. We've been looking back in recent days on an eventful first century for our bank, spanning periods of historic upheaval, several changes of name, and numerous notable successes. On the seventh of June, Atlantic BidCo successfully completed the voluntary public takeover offer of Aareal Bank and became the owner of approximately 90% of the shares. Atlantic BidCo is indirectly held by funds controlled, managed, or advised by Advent International, Centerbridge Partners, as well as the Canada Pension Plan Investment Board, and other minority shareholders. These new investors have committed to supporting our strategic ambitions, to strengthen our position as a leading international provider of property financing, and to continue development of our software, digital solutions, and payment services businesses. We will continue to implement our Aareal Next Level strategy with the support of these investors, pursuing further potential across all three of our business segments, whilst maintaining, of course, our conservative risk policy. We are looking ahead together with our new owners, with a clear view of opportunities but also of challenges. Challenges and opportunities, these words prompt me to talk about the second quarter of this current financial year, upon which we are reporting today. We're reporting operating profits for the first six months of 2023, that almost matched the result for the first six months of 2022, and confirming our operating profit targets for 2023. This is despite the investment in our business, which we described when we reported the full year 2022 results, and despite headwinds in the U.S. office market. The challenging environment in the U.S. had a relatively low impact on our first quarter results, but is visible in the second quarter's loan loss position. However, our strong profitability, which has increased significantly over the past years, and the performance of all our other property finance portfolios, has helped us to cope with this challenge. We've been able to manage the headwinds resulting from the current situation on the U.S. office property market in the first 6 months, and we've been able to invest more than originally planned in our company to support future growth. Last but not least, we have ended our exposure in Russia. All of this shows that our business model is robust. We have once again demonstrated our high operating resilience, even in a difficult environment. Looking in more detail at the figures we are presenting today, at EUR 87 million, our consolidated operating profit for the first half of 2023 was just a little lower than the previous year's figure, and this despite the considerable strategic investments that I've just mentioned and much higher loss allowance. This is despite the investments in Aareon. This is despite the expenses of a swift reduction of legacy exposures in the loan portfolio. This is despite the cost of ending our business in Russia and a higher loss allowance in the U.S. Although we have been facing these headwinds, we were able to generate a positive consolidated operating profit of EUR 87 million in the first half of the year, of which EUR 25 million was posted in the second quarter. This was possible mainly because we have strengthened our operating profitability and along with that, our resilience. Aareal Bank's net interest income has never been higher in a single quarter than between April and June 2023, and it's never been higher in a half-year period than in the first six months of this year. Net commission income continues to develop favorably, growing at a double-digit rate in the second quarter and the first half of 2023. We are also in a position of financial strength based on a comfortable liquidity position and a stable, very solid capitalization. We were able to once again slightly increase our CT1 ratio despite the growth in lending volume. In the most recent ECB stress test, we achieved an above average result. Marc Hess will elaborate on this later. Despite increased burdens from the loss allowance for the U.S. office, financings and further investments at Aareon, we are confident that we will meet our forecast for the full year 2023. Consolidated operating profit, however, may come in at the lower end of the communicated range of between EUR 240 million and EUR 280 million. To sum up, Aareal Bank Group is performing well, both in terms of operations and financial position, and is well prepared for the next phase in its development. I am now pleased to hand over to Marc, who will provide more detailed information on our financial results. Please, Marc. Yeah, thank you very much, Jochen. Very good morning from my side as well. Let me continue with an overview of the first six months. Our top-line performance remained very dynamic in the first half. Indeed, I think you can see it here on page four. We showed a great momentum. That was driven by net interest income mainly. It is up 40% year on year. We are benefiting from rising interest rates, as well as from portfolio growth at good margins over the last 12 months, and from our broadly diversified funding mix. Net commission income showed double-digit growth as well, driven by both the BDS segment and by Aareon's performance. The reported increase in costs is attributable almost entirely to M&A in Aareon and the announced efficiency measures as well in Aareon. Risk provisions reflect the effect of the previously announced investment in a swift NPL reduction, provisions relating to the U.S. office market, and the sale of our remaining Russian exposure. I will come back to that in a moment. Bottom line was nearly stable compared to last year, at EUR 87 million. Jochen just mentioned that despite of the additional burdens that we had to take. Continuing on page five, you can see a more detailed outlook or a more detailed look at the developments of the key income components. Indeed, our earnings momentums remained really strong in the first six months. Net interest income, as I just said, grew by 40% to EUR 462 million, hitting a record high for Aareal Bank. As did the EUR 240 million in net interest income in the second quarter alone. One reason behind this strong increase is the profitable growth of our portfolio over recent years, which we were able to continue in the second quarter with good gross margins on new business. We also benefited strongly from the interest rate environment in our deposit-taking business. Net interest income from the BDS segment increased significantly to EUR 111 million in the first six months. It is also a remarkable result in absolute terms, I think. These results evidence the advantages of our diversified business model. While increased interest rates have put property markets under pressure, our BDS segment has benefited. As you can observe, the structure of our business model is like a hedge against the negative effects of rising rates. Net commission income continues to develop favorably, too. It grew by 13% in the first six months to reach EUR 149 million. Solid sales revenues development at our software business, Aareon, and growth of net commission income in our BDS segment both contributed. Jochen has already touched upon it. It's thanks to our much higher profitability, what we call operative resilience, that we are able to observe multiple headwinds and invest at the same time. On the next page, I would like to have a closer look into costs and LLPs. First of all, we have increased the announced investment in our in Aareon's efficiency program to approximately EUR 60 million, an amount which we have already absorbed almost completely in the first half. The investments were predominantly related to the combination of Aareon's U.K. entities and the optimization of the product portfolios. We will see the benefits already starting in the second half at the cost line. These expenses are the main reason for the increase in admin expenses. I would say the only reason that we have reported in the first half of 2023. We managed to keep costs stable at the bank again. Together with the strong growth in income, this leads to a very good cost-income ratio of only 32% for the firstsix 6 months, and 30% for the second quarter. You will certainly agree with me that these are excellent figures in absolute and in relative terms. As already mentioned, we have seen further headwinds in the U.S. office market. Risk provisions increased by 50% in the first six months to EUR 160 million, of which EUR 128 million were recognized in the second quarter. A further EUR 33 million of loss allowances were recognized in the fair value P&L line for those loans held at fair value P&L. Total risk provisions, including fair value P&L, in the second quarter, amounted to EUR 161 million or close to EUR 200 million for the first half. At around EUR 100 million, the largest part was attributable to the U.S. office properties. In addition, the EUR 60 million budgeted for a swift reduction of the NPL inventory was fully drawn upon in the second quarter. Of that amount, around EUR 35 million went to the termination of the remaining exposure in Russia. With the provisions added in the second quarter, we've recognized an extensive loss allowance for all the risk identifiable today. However, if you ask me now if this is all or if there will be new charges for our U.S. office property portfolio? What I can say is, as of today, we cannot give you a conclusive answer, but we feel well-prepared with the extensive risk provisions that we have made, and we will, of course, remain vigilant. Now, let me hand back to Jochen and to Christof for comments on the development of the three segments. Thank you, Marc, and also a warm welcome from my side. In structured property financing, new business gained traction in the second quarter. At roughly EUR 3 billion, new business in the second quarter significantly exceeded the previous quarter and the same quarter of the previous year. New business in total for the first half of 2023 now is totaling EUR 4.1 billion. We've very much stayed true to committing to be selective and risk-aware, meaning we are not growing at all costs, but are in line with our conservative risk standards, which we haven't changed throughout the cycles. That can be seen in the average loan-to-value at roughly 53% for the loans newly originated in the first half of 2023, so for the EUR 4.1 billion, which is 4 percentage points lower than the first half of 2022. At around 290, 290 basis points, during the first six months, the average gross margins were well ahead, both of the previous year and ahead of plan. The plan was 240-250, previous year's comparable figures were at 227 basis points. I think also a positive to mention is that we were able to further grow our green loan book, by a total of EUR 1.4 billion, which is consisting of EUR 900 million of newly originated green loans and EUR 500 million of conversions of existing loans that are fulfilling our very strict green lending parameters. Jochen? Thanks, Christof. Let's now turn to the next page and to our second segment, banking and digital solutions. This segment has been performing well, too. Marc has already described the significant increase in net interest income for the first half of this year. Here, we can see the positive effects of rising interest rates on our deposit-taking business. At the same time, average deposit volumes exceeded our target of around EUR 13 billion for the first half of the year, at EUR 13.5 billion. This was achieved despite increased competition for deposits in the markets. As expected, we are seeing a shift from demand to term deposits, we are also seeing term deposits growing steadily, which are usually held over the long term. Net commission income, too, increased at BDS in the first half of 2023. It is growing steadily, with an increasing proportion from recurring revenues as set out in our strategy. Now let's turn to our third business line, our software subsidiary, Aareon, where the growth strategy of recent years is paying off. Sales revenues increased significantly by around 15% in the first half of the year. Aareon has also increased the recurring share of total revenue to 76%. The earnings side also looks reassuring. Adjusted EBITDA increased by 22% in the first half of the year to reach EUR 39 million. After the strong growth of recent years, partly driven by acquisitions, Aareon's management placed a strategic focus on measures to enhance efficiency in the first two quarters of this year. The originally budgeted investment of roughly EUR 35 million, was extended to approximately EUR 60 million. The early retirement program, announced at our annual press conference in March, was completed already ahead of schedule. Regarding the new partner program, Aareon Connect, which was launched in the first quarter, Aareon was able to expand its circle of partners and to attract the first clients. The program allows clients to integrate third-party software solutions and services with Aareon systems much more easily. This marks an important step in the deepening of Aareon's client relationships. In addition, Aareon is continuing to pursue its acquisition program and announced yesterday the acquisition of IESA. IESA is the leading provider of software solutions for property managers in Spain. With this acquisition, Aareon expanding its geographical footprint into Southern Europe and is enhancing its range of services in the strategically important property management market. This is Aareon's third recent transaction in this sector, following UTS in Germany and Twinq in the Netherlands. Now it's my pleasure to hand over again to Christof, who will provide more detailed information on our loan portfolio. Please, Christof. Thank you, Jochen. This would be on slide number 11. As you can see, overall portfolio volume has grown to EUR 32.1 billion. This means that we are already having an interest-bearing portfolio for the year-end target, somewhere between EUR 32 billion-EUR 33 billion. To mention is that the composition, as you can see, quarter-over-quarter, has not changed much over the past six months compared to 2022. We are continuously, broadly diversified across regions and our different property types. As in the past, we are not providing project development... but are providing financings for properties that require innovations to improve their energy efficiency and ESG conformity, which we do some of. In the same time, our green property portfolio grew to EUR 7.7 billion, as I've mentioned before. This is including EUR 3 billion total green loans to date. On page number 12, I think the metrics somewhat speak for themselves. The LTV for the overall book stands at a solid 55%, providing a, what I would call, comfortable cushion in turbulent times that we are going through at current. Yield on debt is steadily improving over the last years and averaging 9.5%. Mind you, that the bespoken hotels and retail portfolio have improved significantly, standing at a 10.9% debt yield for the overall hotel portfolio globally, and a 10.7 debt yield for our complete retail portfolio. I think this is a very comfortable position, and it shows that our assets that we finance are able to indeed pay debt service, even in an increased interest rate environment. On page number 13, I think due to maybe the situation that we are all in, this is a view on the total U.S. portfolio. If we are looking at the performing U.S. portfolio, it is amounting to $8 billion at a very solid LTV. That is also true for the office properties. There are no exceptions. For 93% of our entire U.S. portfolio, delayed LTV is below 60%, and only for 2% it is above the 70% mark. Mind you, whilst there are turbulent times, turbulent times also bring about opportunity. We are selectively underwriting highly attractive, accredited, and risk, encompassing new business also in the U.S. at this point in time, going forward as well. On page number 14, it's a bit of a deeper dive on only the office portfolio of the U.S. We are making no secret there are headwinds in the U.S. when it comes to, especially office properties. We are managing them very closely. This, by the way, does go up all the way to the board. They are involved on most of these cases personally as well, together with our clients, to find solutions in this, what I would call, challenging times. We have around 50 U.S. office financing projects concentrating on high quality, grade A properties in class A markets. We are not scattered throughout the Midwest, but in the major MSAs across the U.S. New York represents a bit more than 50% of our total U.S. portfolio, and the rest is largely spread out throughout the major U.S. cities. The overall LTV is at 63% at current. To mind you, is that the maturities for the upcoming lease renewals and renewals for the book are very manageable, as you can see on the bottom left graph, with 11% for the year 2023 and only 8% for the year 2024. Just another news that has just come across is that, especially for New York State and New York City, state employees, for the largest part, have now been ordered back into the office. Maybe paying party tribute to what I've said beforehand, that we will have a hybrid world, but it doesn't consist simply of home office. There needs to be interaction. Also mind you, that people will get together, and what we have seen currently is that the actual space needs do vary in different markets, but are not half of what they were beforehand, simply because people need to come to the office. I'll get to that in a bit more detail for the European part. On slide number 15, we have looked at our U.S. office portfolio in a stress scenario. If we were to take the market data for the U.S. LTVs, We're looking at about 35% market value decline for the U.S. in general. If we were to mirror that to our portfolio, that would equal around 20%. We have taken a stress to this scenario, stressed our portfolio, despite it only having to be stressed at about 20% or 25%. The LTV would increase at an overall 63%-83%, with layered LTVs above 100% being less than 1%, i.e., EUR 50 million, and the range between EUR 80 million and EUR 100 million would consist of a bit less than 7%, i.e., EUR 300 million. We have to date, checked all values of our U.S. office financings, more than half of that externally and the rest internally, so the values that you're seeing here are, what we would say, up to date. As Marc was saying, we can't predict the future, but we are well positioned with the current provisioning, we believe, to weather the storms that may be lying ahead of us still. On slide number 16. I'd like to take you to Europe. Also here, we are located in the major cities when it comes to office. Looking at the portfolio, I believe we're in good shape to cope with the structural shifts in this asset class. The structural shift is not much of a surprise. It is that Class A properties in good locations benefit not only in the good times, but also in the bad times with a flight to quality, and that less fit assets probably will have a quicker change than expected and need to either have investment or be changed to alternative use. The LTVs are sound, and we see a significant cushion, even in a similar stress scenario that assumes an impairment of 25%. So far, across Europe, we have not seen similar difficulties as we have seen in the U.S. Also here, we are keeping our ears and eyes open. At the same time, also here, we are using opportunities in these markets to underwrite loans that are in excellent locations with excellent sponsorship and excellent risk reward. What is essential for us is to stay in the market and remain in close client contact. Just as a number, we have about one-third of the French office portfolio in refurbishments, and I would say more than 95% of our portfolio are not in the greater city of Paris, but are in the city center of Paris. This is our Parisian, our French office portfolio. In the U.K., we have 9 deals in the office segment. Of this, the majority is in London, with nearly EUR 600 million. There are differences between Europe and the U.S. when it comes to offices. Mind you, that, for example, Sweden has had over 30% home office ratio before COVID came. Surprisingly, it still has 30% home office ratio as of today, indicating that markets are very different. When I was talking about the Parisian office market, where we are located, the majority of the market that we are in would have vacancies at or below 2%, indicating there is no vacancy, with rental rates achieving all-time highs, historically speaking. The U.K. portfolio, as I said, in London, the majority is in the London metropolitan area. We are focusing on hospitality. Virtually, there's no exposure at a LTV above 60%. We are focusing on high-class hotels in the greater London area. If we are entertaining logistics, these are usually part of either a portfolio across the U.K. or across Europe. As I've said, one of our used pieces, the cross-border financing portfolio, is highly diversified, highly granular, very good risk reward for our purposes. On the residential side, we're focusing on student housing and some build-to-rent. We think that that is an attractive sector also in the U.K., and with office exposure, I mentioned at around EUR 600 million. Going forward, we are looking at opportunities also here. Retail, we are focusing on retail parks, though we have not underwritten any retail engagement in the recent past. Mind you, again, the LTV on hospitality that was bespoke for many, many quarters over the past years is at 53% LTV and the retail at 51%. For this, I'd like to hand over to Marc with an update on the NPLs. Yeah. Thank you, Christof. Let's turn to page 18 and have a look at the non-performing loans, indeed. Despite the increase in NPLs relating to the U.S. office loans, in the first half of this year, NPL exposure are over EUR 300 million lower than in the midst of the pandemic. The NPL ratio stood at 4.1% at the end of June. According to the EBA methodology, our NPL ratio is at 3.2%, and the NPE ratio, according to EBA, would be at 2.8%. You can see that we have the most conservative definition here when we are talking about 4.1%. As described during the presentation of our results for the 2022 year-end in March, we set a budget for EUR 60 million to enable a swift reduction in NPLs in this current year, and the aim is here to further strengthen our resilience. We have fully used this budget, including around EUR 35 million, going into the termination of our remaining exposure in Russia. We have also prepared some other NPLs in Southern Europe to be reduced then in the second half of this year, so this is due to follow. On page 20, you can see our balance sheet and the liquidity ratios. Not much to say about it. You can see that the LCR is at 225, and the NSFR at 120, so both very sound. The treasury portfolio investments are in very liquid, mainly public sector bonds, and we fully hedge them against interest rate risks, thus, we have no significant unrealized losses within our portfolio. Our funding activities are displayed on page 21. They remain, of course, broadly diversified. We are benefiting from the initiatives that we have undertaken in recent years to attract new investors for our issues and to introduce new funding sources, for example, through our cooperation with Raisin. The retail deposit volume sourced via Raisin and Welsbach has grown to more than EUR 1.7 billion. For us, this is a big success since we only commenced activities in this market segment in the middle of last year, so only 12 months ago. Regarding the capital market funding, our activities focused on the fund brief. In the first half of this year, most recently in July, we successfully issued a three-year fund brief of EUR 500 million, which attracted high demand. We can say the highest demand we ever had, with an order book of around EUR 3 billion, so really 6x oversubscribed. Our capital position can be found on page 23, and it improved further during the first half of 2023, and the CT1 ratio rose slightly compared to the 2022 year end to reach 19.4% at the end of June. Positive effects from the dividend retention after the successful PTO closing, and that was able to compensate then the RWA increase that we had from the growth of the portfolio and, of course, also from the macro headwinds. The leverage ratio, also very sound at 6.2%. This sound capital position and, and risk, risk structure and also the operating resilience are clearly reflected in the ECB stress test. You know, they were published only recently. You can find the results on page 24. We are very pleased with how we did in this year's stress test. You can see in the graphic below on that page left, that we really did very well. It shows how we stand compared to other institutes in Germany that also finance commercial real estate. We are not only above the average of all stress, EBA and ECB banks, we are well above the requirements that apply to us, too. The stress scenario was really severe. It included an approved adjustment of the prices for financial assets and real estate. The significant price adjustment applied to the real estate market that amounted to 30% discount, really reflecting a severe tightening in financing conditions and a weak economic outlook. As I said, we believe a real harsh assumption. Nevertheless, our CT1 ratio remained comfortably within the 11-14 range defined by the ECB. This brings us to the outlook now. As already mentioned, by Jochen, our strong credibility has enabled us to offset the significant charges that arose in the second quarter. We are lifting our guidance on net interest income, the principal source of our income for this year. At the same time, we expect higher risk provisions than originally planned at the beginning of the year. All in all, this should be somehow leveling out. Admin expenses should now come in at the upper end of the guided range, given the additional efficiency enhancement measures undertaken at Aareon. The underlying costs are, of course, fully in line with, with what we predicted at the beginning of the year. All in all, we can say we remain confident for reaching our consolidated operating profit target. However, as of today, we expect it to reach the lower end of the target range of EUR 240-280 due to the additional measures undertaken at Aareon. With this, let me hand back to Jochen for his concluding remarks. Thank you very much, Marc. Ladies and gentlemen, you see the figures we've just presented to you today mainly demonstrate three things. First, all three business lines of Aareal Bank Group are making very good progress in operating terms, and earnings momentum is still very strong. Second, on this basis, we are not only able to make considerable investments to prepare the bank and the group for the future and further improve its competitiveness, but also to offset the headwinds arising from the current challenging market environment and to reach our targets. Third, we will remain vigilant given the current environment and keep in close touch with our clients in order to prepare for any contingencies. Thanks to our operating profitability and our financial strength, we still have very good reasons to look ahead with confidence. Thank you very much for your attention. We look forward to hearing and of course, answering your questions now. Ladies and gentlemen, at this time, we will begin the question-and-answer session. Anyone who wishes to ask a question may press star, followed by one on their telephone keypad. If you wish to remove yourself from the question queue, please press star, then two. Anyone who has a question may press star, followed by one at this time. One moment for the first question, please. First question is from the line of Johannes Thormann with HSBC. Please go ahead. Good morning, everybody. Johannes Thormann, HSBC. Some questions from my side. First of all, on, on the, on the fees, you mentioned that operating costs have a certain M&A element. Can you quantify how much of the fee income growth was from organic business, and how much is M&A? Secondly, on page seven of the presentations and, and the nice increase in new business, everybody tells us, real estate, market transactions are down and nobody can write new business. What has been the underlying focus of your new business? We see strong share of hotel, but also on office. Can you probably provide a, a bit more detail on this? What has been driving this business? Last but not least, on page 14 of the presentation of the U.S. office, probably a bit more color, is there any difference between the regional exposure between the New York having half of it and then the rest in the other cities in terms of the NPLs? Is this just any lessons learned, has been one business more difficult? Just, yeah, on this. Thank you. Yeah, Johannes, thank you very much for your questions and good morning. I think I take the first one would be a quick answer. Out of the EUR 17 million increase that we have shown in fee income in the first half, EUR 10 million come from anorganic growth in Aareon. Here, I would say it's basically 50%. Why? Because in the EUR 17 million, we also have -EUR 3 million increased fees for funding measures. If you threw it out, I would say we have underlying +EUR 20 million, and therefore, half of it comes from an organic growth in Aareon. Yeah, Johannes, good morning. Let me start with the second questions. I guess Christof will add something to, to, to my comments and then answer the question about the composition of our U.S. office portfolio in, in regional aspects. You know that always times, times like these, which are challenging, of course, are also times of opportunities. I guess we proved that already during the pandemic, that we did not stop doing business. It's obviously a time where you need to consider to be very careful. You can see that on our leverage, our low LTVs are roughly 53%, of our new business we did in the first half of this year, and the increasing gross margins of roughly 219 basis points we wrote in the first half. I guess, excellent numbers, but again, of course, we, I guess, mentioned that many times during our presentation. We are off-course vigilant. We keep our ears and eyes open, like Christof mentioned, but there are always opportunities. Even in the U.S., we did, for example, office new business with excellent parameters. I guess, therefore, this is not a unusual strategy for Aareal Bank, and that's also the reason why you see this strong increase in our underlying revenue in our underlying revenue growth. And of course, it's, it's time to be, time to be conservative, which, which we are. I would now, now like to, to ask Christof to elaborate a bit on that and to give you some insight about the portfolio, portfolio you asked about the original diversification over there. Mm-hmm. Yes, Johannes, good morning. If, if we look, if we look back for the, at, at the past three years, there have been different moments where, where banks have been very active. They have not been active, they've been active in certain asset classes. Some banks have completely retracted from some asset classes. They're now come back into those asset classes. I think important for our clients is, is that we are there throughout the cycle. Real estate is a very cyclical business, and some of our clients make their money by buying assets in opportune times, maybe as of today, where they think they can get a better price than they might have gotten four or five years ago. Other clients are more active in the years, four or five years ago, and are not so active at current due to the macroeconomic outlook. Yes, you're absolutely right. Transaction volume has largely decreased across the globe. It is slowly picking back up. We are seeing first, first signs of that, and that was my original prediction at the beginning of the year, that I think the second half we'll see some more transactions. Why would you see transactions, by the way? It is, I think, the point of the turning point will be once the view on interest rates gets firm, i.e., interest rates are not increasing anymore. They don't have to decrease yet. I think the point of the ceiling being reached, that is where transactions will be had because buyers and sellers will come a lot closer to each other, being able to plan. If we look at what we are doing, as I never fail to mention, is we have some mainstream business lines, and have some USPs. As I've mentioned before, cross-border transactions in Europe, with in the logistics space, where nowadays, large sovereign wealth funds, pension funds, think it's a good time to acquire large portfolios, and they need the know-how for structuring such quite difficult structures. Likewise, on the hospitality space, as I've mentioned before, it's an asset class that's always talked a lot about. We have a dedication to it, as you know, I think we fit very well through the crisis. It is still an opportune time for us to invest into hospitality. Also today, with clients buying new assets. Maybe that differentiates us or gives us a bigger market share in total by being able to apply these USPs. As Johannes just mentioned, we have also done office transactions in the U.S., as I mentioned, these are at current valuations with very long average weighted lease durations, with excellent sponsorship and absolute top class A tenants and location. As I've said beforehand, we are there throughout the cycles for the clients, and also for us, it is a good time to do some business when others maybe are shying away, because it gives us a competitive edge with the in-depth know that we have on real estate. When it comes to the geographic diversification in the U.S., as I've mentioned before, 50% plus of the office exposure is in New York. We also have hotels in New York and retail in New York. We are having exposure on the California markets, i.e., Los Angeles and San Francisco. Yes, San Francisco is also a very hard hit market for different reasons, maybe than some of the other ones, because the tech segment was very big or is very big, and they're slowly coming back to the office or slower coming back to the office than maybe the financial and insurance sector and also the government sector in New York City, where, as I've mentioned before, we are seeing some actually positive first, positive signs on leasing momentum, on vacancy rates. Also mind you, that if you were to project outwards, as I'd mentioned on the last call, in the U.S., and especially in New York City, there was a very large influx of supply in 2019, 2020, and 2021 that was being greeted by COVID and work from home, and maybe also the scare that went well with the along with the crisis. There is virtually no construction in the U.S., in the most major markets, also tending to lean to a possible projection that vacancy rates will decrease because there is simply very little new product coming into the market, and the product that came in since 2019 is currently being largely absorbed. Again, here, also apply to quality, and as I've mentioned before, the by far, majority of our portfolio is Class A and Class A market buildings, which I think are very helpful in the recovery and the first ones to get occupied and to sustain a crisis. Good. Thank you, Christof. Are you fine with our answers, Johannes? Probably one little follow-up on, on the EUR 100 million, risk provisions related to U.S. office property you flagged. How is this regional distribution? Do we have 50% New York or more New York? I would say the majority would be New York, just simply because of the majority of our office portfolio being in New York. I would say the majority of that, or at least bigger than 50%, is in New York. As Johannes mentioned before, and Marc, likewise, we believe that we have taken a very good step in this quarter to make sure that we can weather the storms that might be lying ahead, and have accounted for the risk that we can currently see. Also, quite frankly, Johannes, everybody, everybody's looking forward, having a question mark as to what will happen in the future. As I've said, there are the first market reports also coming out for New York, especially also for London, that are, that are saying, you know, there's no construction, people need good, great office space. People are coming back to the office, in part, quite frankly, are being mandated to come back to the office by their employers. Maybe realizing that an 80-20 shift is not the ultimate goal, and where we'll end up, I don't know. We see that across the markets. Again, I'm not saying it's all rosy and everything is good as of this point, but, you know, we are a long-term lender, so we have to anticipate trends. What we are seeing across the portfolio currently is, again, the first rays of light in a, what I would call pretty sinister environment. Again, that is something that we need to prepare for, because we are in the business for more than just the next six months. Okay, thank you. Thank you, Johannes. I guess. Next. Yeah, next one, please. Next question is from the line of Nico Lechner with Noventis. Please go ahead. Good morning. I have one question: The closing of the takeover offer, have there been any discussions about a delisting? Yeah, you know, that the the the Atlantic BidCo disclosed a offer document within that PTO process, and there is a paragraph saying that there might be a delisting, but this is basically conditioned to, to market circumstances. So far, we, we've seen no new decision or anything about that as of today. Okay. Thank you. Okay. There are no further questions at this time. This concludes the Q&A. Thank you from our side for joining me this morning. As always, the IR team, we are happy to be there for your follow-up calls. Sorry if some of the calls could be delayed because we have our AGM coming up. Yeah. Gentlemen. Yeah. Juergen, thank you very much. Yeah, hope we, we answered all your questions. I guess it's always good in these times to, to see Christof being part of our team here, because he is on a daily basis and, and talks with our clients and has a really close grip to the fmarkets. Yeah, feel free to, to contact Juergen and his team. If you have further questions, we'll be happy to answer them. Thanks for, for participating here today, and hope to see you soon. Thank you very much and have a good day. Bye-bye.