Ladies and gentlemen, welcome to the Aroundtown SA Q1 2026 results conference call. I am Matilde, the Chorus Call operator. I would like to remind you that all participants will be in 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 the company. Please go ahead. Good morning, everybody. Thank you for joining us for Aroundtown's Q1 2026 results call. You can view this presentation on Aroundtown's website, either on the home section or under Financial Reports of the Investor Relations section. With me today are CEO, Barak Bar-Hen, CFO, Jonas Tintelnot, Executive Director, Frank Roseen, Chief Capital Markets Officer, Timothy Wright, Chief Sustainability Officer, Limor Bermann, Deputy CEO, Kamaldeep Manaktala, and representatives from Grand City Properties are also present. For the duration of the call, all participants will be on a listen-only mode. Following our presentation, you will have the opportunity to ask questions. With that, I would like to hand over to Barak and the rest of the team, who will guide you through the presentation of our results. Good morning, and thank you for joining us for our Q1 2026 results presentation. We started the year strong and have proactively pursued the highly accretive transactions, which have strong impact on our earnings metrics on an absolute as well as per share basis. Among others, these include a successful increase of our holding rate in Grand City in April and a EUR 250 million share buyback program launched in January, which is nearly completed and further signing disposals to fuel future capital recycling. From an operational perspective, performance across the portfolio remains solid, supported by resilient fundamentals. Our living portfolio, including residential and hotels, which now account together for 53% of the portfolio, is continuing to perform very well, and we're tapping the strong internal growth potential. With offices, the demand is slowly picking up but has not reached yet to former years levels. The macroeconomic and geopolitical environment remains mixed. This is creating volatility and a certain level of uncertainty, especially given the conflict in the Middle East. Against this environment, we remain confident in our ability to navigate ongoing volatility, as we have done so successfully in the past years since the outbreak of the COVID pandemic. Our decision in Q4 of last year and the beginning of 2026 to proactively refinance our upcoming maturities has proven to be prudent. As a result, this macro uncertainty is currently not impacting us immediately, with sufficient liquidity to cover maturities this and next year. That being said, we will continue to monitor the market for opportunities to further optimize our debt portfolio proactively. Overall, with strong operational base, improving financial guidance, and sufficient liquidity, we believe the group is well-positioned as we move through 2026. On slide four, we present the key financial highlights for Q1 2026. Net rental income amounted to EUR 297 million, higher compared to Q1 2025, primarily driven by solid like-for-like rental growth of 3%, which more than offset the impact of net disposals. Adjusted EBITDA amounted to EUR 250 million, stable compared to EUR 251 million recorded in Q1 2025. FFO I amounted to EUR 70 million, lower by 8% compared to EUR 76 million in 2025 mainly due to higher finance expenses and in line with our guidance. The negative impact was mostly offset by operational growth and lower perpetual notes coupons from our successful transactions in Q4 last year. As a result of the accretive transaction to increase our stake in GCP, we increased our FFO I by EUR 35 million on an annual basis, with EUR 25 million impacting this year's FFO, and we therefore increased our absolute guidance for 2026 with FFO I to range of EUR 275 million-EUR 305 million. On a per share basis, the guidance remained in range of EUR 0.24-EUR 0.27. EPRA NTA per share amounted to EUR 8, increasing 3% compared to EUR 7.8 per share as of December 2025, mainly as a result of the share buyback. The share of green certified assets steadily increases, with 72% of our commercial portfolio now certified, including 80% of offices and 67% of the hotel assets. Liquidity is high and increased to EUR 4.1 billion plus EUR 1 billion undrawn credit lines, maintaining the wide covenant headroom. Tim, please continue. Thanks, Barak. Slide five outlines the main impacts from our increased share in GCP after the share-to-share transaction, which we concluded in April. We're happy to announce the high acceptance achieved, which enabled us to increase our share in GCP from 62.5% prior to the offer to 81.5% after settlement. The transaction was FFO per share neutral on day one, with the transaction executed at an attractive 10% FFO yield. In other words, we have increased our position in one of the most attractive real estate asset types without diluting the FFO per share. Following the increased stake, we have a simplified corporate structure and balance sheet with reduced contribution to minorities, resulting in lower leakage and further supporting our EPRA LTV ratio. We've increased our exposure to the residential markets in Germany and London, which benefits from strong and structural fundamentals and would strengthen our FFO generation going forward. Overall, we see the results of the exchange offer as very beneficial. Slide six sets out our strong achievements year to date and how we are positioned for growth in 2026. We continue to extract growth potential across the portfolio. The swift and efficient execution to increase our stake in GCP was FFO accretive and thus provided strong absolute FFO growth from day one. Furthermore, we began ramping up investments in our portfolio in recent periods, which we will continue in the coming periods as we have more untapped potential to lift. Through targeted refurbishments, conversions, and expansion projects, we are unlocking embedded value and driving additional like-for-like rental growth. At the same time, we continue to actively pursue capital recycling. This strategy allows us to dispose of assets at lower yields and reinvest into opportunities at higher yields, creating meaningful accretion. As we continue to successfully sell assets while acquisition opportunities fitting our criteria remain selective, we channeled some of our disposal proceeds into a share buyback program, effectively selling assets around book value, and repurchased our shares at a significant discount to NAV. We executed 60% of the program already in Q1, and as of today, the program is almost fully completed. As a result, the positive impact on the FFO I per share has been faster than initially expected. The full impact of the share buyback program is to be seen in the next periods. Regarding acquisitions, we are selectively targeting high-quality assets at attractive yields with clear upside potential without compromising on location or quality, focusing primarily on residential and hotel properties. On the financing side, we have continued to strengthen our financial profile. Our priorities remain in extending the average debt maturity profile and proactively managing financing costs. We have already fully refinanced the perpetual notes with the first call date in 2026, and our debt issuances in Q4 of last year and the beginning of this year leave us with no more near-term refinancing needs, providing flexibility over the timing of future refinancing. Taken together, these initiatives form a disciplined framework for operational execution and capital allocation, positioning us well for 2026. Frank, please continue. Thank you, Tim. Turning to slide eight, the portfolio continues to demonstrate a well-balanced allocation across asset classes. Hotels account for 20%, residential 33%, office 34%, logistics and retail comprise 6%, while development investment properties make up 7%. Geographically, the portfolio remains concentrated in key metropolitan markets. Germany, the Netherlands, and London together represent 89% of the total portfolio. Berlin constitutes the largest single city exposure at 23%, followed by London at 9%, Munich at 7%, and Frankfurt at 6%. These markets are characterized by strong underlying fundamentals and provide meaningful long-term value potential. Slide nine highlights the continued strength of our operational performance, reflected in solid like-for-like rental growth across the portfolio and demonstrating the resilience of our diversified asset base. Our total like-for-like rental growth was 3% across the portfolio, with strong contributions mainly from Berlin, London, Utrecht, and Frankfurt. Residential assets, which represent 33% of the portfolio, delivered a like-for-like rental growth of 3.7%, supported by strong market fundamentals and structurally low vacancy levels. In addition to the like-for-like results, the residential portfolio benefits from operational growth driven by our capital recycle activities. Hotels accounting for 20% of the portfolio achieved a like-for-like rental growth of 4%, driven by targeted investments with attractive contractual rent step ups and stable operating environment that supports healthy tenant performance. New signed leases further support the diversification of our strong tenants mix. Together, our living, residential, and hotel portfolio segments comprise more than half of the overall portfolio and continue to provide a strong foundation for rental growth. In offices, which makes up 34% of the portfolio, we achieved a like-for-like rental growth of 1.5% despite ongoing muted market activity. Growth was mainly driven by indexation and rent revision offsetting slightly higher vacancy. This performance is supported by our gap to market rents, which enhances tenant retention and leasing activity. During the last 12 months, we renewed 200,000 sq m of leases at an average WALT of five years, a trend slightly above previous levels. We also signed 140,000 sq m of new leases at an average WALT of seven years and rent level around 11% above prior rates. The portfolio is well positioned to benefit from increased demand once we see the economic situation improve, which will translate into higher office activity. Please be aware that we publish on our website on a continuous basis the information on new signing of rent agreements. In parallel, we are progressing with our conversion initiatives, particularly the transformation of assets into service apartments, data centers, and residential properties. The Bauturbo regulation further supports these efforts by enabling faster office-to-residential conversions, increasing flexibility, reducing regulatory uncertainty and hurdles, and unlocking additional FFO and value potential. Development rights and the invest portfolio account for 7% of the portfolio. Office to serviced apartments conversions are progressing well, and additional repositioning and conversion projects are underway, with rental contribution expected to come through over the coming years. We have started the refurbishment of our hotel in Frankfurt, the former InterContinental. We expect to complete the renovation within two years and reopen the hotel, which has been closed since 2021. We also expect to complete the refurbishment and reopen our hotel in the city center of Hanover at the end of this year. We will also complete this year the refurbishment of additional 260 rooms of our Cardo Hotel in Rome, which will contribute next year to our rental income. We are working on many more hotel upgrades, which will continue driving rental growth. We expect overall like-for-like rental income growth in the range of 2%- 3% in 2026. Kamaldeep, please continue. Thank you, Frank. On slide 10, we provide an update of the key portfolio KPIs. As of March 2026, the portfolio is valued at EUR 25.1 billion and generates EUR 1.15 billion of annualized recurring rental income, corresponding to a rental yield of 5%. These yields are based on current contractual rents and do not reflect future agreed rent step-ups from the hotel properties. Assuming full contractual rent, including the agreed rent step-ups for the newly opened hotels, the hotel portfolio yield increases to 5.8%. Also note the office portfolio yield of 5.1% reflects the vacancy of the respective assets. Considering the properties at 100% occupancy, the yield would be 6.1%. The WALT remains solid at 7.3 years, supported by a well-balanced maturity profile. EPRA vacancy stands at 7.5% compared to 7.6% in December 2025, while in-place rent remains stable at EUR 11.7 per square meter. It is important to note that EPRA vacancy, in line with market standards, excludes properties under major refurbishment or development. Development rights and the investment portfolio account for 7% of the total portfolio and include approximately 700,000 sq m of existing space with around 90% vacancy. The embedded value and rental growth potential of these assets will be realized progressively over the coming years, with further details provided on the development portfolio slide in the appendix. On slide 11, we summarize our conversion strategy, which will drive revenue growth through targeted investments to convert part of the portfolio. Mainly offices into asset classes, which generally generate higher rents and partially also longer leases. Most of these additional rents come on top of the like-for-like rental growth. Starting with serviced apartments, there is a structural demand for flexible living solutions in central urban locations. By converting assets into fully serviced apartments or mixed-use formats, we're able to respond to local demand dynamics while extracting higher rental income through long-term leases of up to 20 years. We have a good track record in executing these projects in recent years and a good pipeline of projects coming up. Moving to residential conversions, we are leveraging fast-track regulations to accelerate the transformation of commercial properties into high-quality residential assets. These conversions allow us to shift capital into one of the highest demand asset classes, improving long-term cash flow stability. Early and ongoing discussions with municipalities have been constructive, with encouraging feedback supporting approximately 120,000 sq m of office space suitable for conversion, with an additional pipeline currently under review. Finally, data centers represent a third highly attractive conversion pathway. A large part of our portfolio is positioned in locations with strong demand for data centers, particularly in Germany. The data center conversions have a high growth potential, with stronger revenue potential driven by location and grid access. Overall, conversions demonstrate once more how we are actively reallocating capital, leveraging our portfolio and in-house expertise to optimize asset allocation, and extracting additional value across the portfolio. On slide 12, we outline the progress achieved on disposals so far this year. Year to date, we have signed disposals totaling circa EUR 300 million and closed in Q1 EUR 27 million. The closed disposals were executed at 1% above book value. The disposals were predominantly comprised of non-core properties, mainly office and residential assets, alongside selected sales of development and retail properties. From a geographic perspective, activity was mainly concentrated in non-core locations, NRW, Leipzig, Berlin, and London. In aggregate, disposals were completed at a 15% premium to total cost, resulting in disposal gains of circa EUR 0.3 million and contributing EUR 3 million to FFO II. In addition to the completed disposals, we have circa EUR 635 million of investment properties classified as held for sale as of the reporting date. After the reporting period, we completed additional disposals amounting to EUR 270 million around book values, further supporting our capital recycling strategy. The majority of the signed and completed disposals were Penta-branded hotels comprising 11 properties in Germany, Belgium, and France. These hotel properties were excluded from the December 2025 portfolio and classified as held for sale. Hence, the disposal has no impact on the portfolio's annualized rental income and our 2026 guidance. On the acquisition side, as of Q1 2026, we signed acquisitions totaling EUR 175 million, of which EUR 100 million was signed in Q4 of last year. Of the signed acquisitions, EUR 75 million relates to residential assets in Germany that were completed after the reporting period. The remaining EUR 100 million consists of assets located in London, with around half completed in May, and the balance expected to close in the third quarter of 2026. In parallel to acquisitions, a portion of disposal proceeds are being allocated to our share buyback program, which is highly accretive. As of last week, 93% of the program has been executed at an average price of EUR 2.55 per share, representing a discount of 67% to NAV and delivering strong FFO per share accretion. On slide 13, we provide an updated overview of our hotel tenant base, reflecting the disposal activity and new leases signed. With over two decades of activity in the European hotel market, the group has built and maintained long-term relationships as a key in its business culture, which has allowed us to develop strong partnerships with a broad range of hotel operators. Center Parcs is the largest individual tenant and represents approximately 7% of total group rental income. In recent months, we have signed several new leases, resulting in further strengthening of the tenant mix. In addition, following the disposal of our remaining Penta hotels, Penta is currently no longer a tenant. We view our in-house capability to operate hotels on an interim basis as a key advantage. While our strategy is focused on securing long-term leases with strong tenants, this capability allows us to replace operators with limited disruption to hotel operations and long-term value, thereby reducing dependency risk. Further details of our hotel tenants and their backgrounds are provided later in this presentation and on our website. On slide 14, we provide an overview of the ongoing progress and growth of ATw orld, which contributes to expand rapidly and has now over 850 locations across 25 countries, highlighting the strong demand for flexible workspace solutions and scalability of the business model. While ATw orld started in our portfolio, we have developed it into a PropTech solution with revenue-generating potential, with the platform scaling through additional of third-party spaces, which now make up the majority of spaces available on the platform. ATw orld is strongly aligned with modern working trends, providing a wide range of working environments tailored to different needs, from premium office setting to informal or meeting spaces. The flexibility, combined with the variety and large number of locations, makes ATw orld an ideal solution for business travelers as well as freelancers, startups, and remote workers. On this slide, we also highlight two examples of ATw orld network locations. The first is within our asset, Hilton Berlin. The hotel has a large and underused lobby space. While part of the lobby was already utilized as an ATw orld space, the data we gathered made it clear that a more premium offering would further enhance value. We therefore converted part of the space into a premium co-working offering operated by Mindspace Germany, one of the company's joint ventures. The offering benefits not only from its central location but combines additional services and amenities provided by the hotel into the offering, such as larger meeting and conference rooms, as well as access to the fitness space and swimming pool. Limor, please continue on the next slide. Turning to slide 15, we provide an update on our green certification strategy and the strong progress across the portfolio. We continue to expand certification coverage across our commercial assets. Using the BREEAM framework, we are driving higher standards, better building performance, and stronger tenant engagement. Today, certification coverage has expanded to 72% of the portfolio. We are progressively improving the scoring level to at least a very good rating. We are also proud to share an important milestone. This year, we achieved the first excellent BREEAM score in our portfolio. This achievement reflects targeted measures to improve sustainability of our building in key areas such as energy optimization as well as measures implemented as part of the letting processes, including measures that improve the well-being of our tenants' employees. On slide 16, we present an overview of our ESG rating and awards. We are very proud to be included once again in the S&P Sustainability Yearbook. This marks our second consecutive year, while GCP has also been included this year for the first time. Out of more than 9,200 companies assessed across over 50 industries, fewer than 900 companies were selected for inclusion based on the S&P Global's Corporate Sustainability Assessment. This recognition places both companies among the industry top performers and supports our inclusion in the Dow Jones Best-in-Class Europe Index. Here, we are included for the fourth consecutive year. In addition, Morningstar Sustainalytics recognized us as an ESG leader with top scores for both globally and within the real estate sector. These achievements demonstrate that our ESG strategy is creating measurable impact and positioning us among the leading performers in the industry. Jonas, please continue on the next slide. Thanks, Limor. Moving on to slide 18, we present our financial results for the first quarter of 2026. Net rental income reached EUR 297 million, slightly above the EUR 295 million recorded in Q1 2025. This increase was driven by like-for-like rental growth, partially offset by the impact of net disposals. Operating and other income, which primarily comprises recoverable expenses from tenants, remained stable year-over-year. As we did not revalue our portfolio during Q1, the impact from property revaluation and capital gains was significantly lower compared to last year, where we recorded a positive result of EUR 204 million. We will revalue the portfolio as part of the semi-annual report. The current period result was driven mainly by a capital gain as a result of a small volume of disposal, which executed a 1% premium to book value and a 15% gain over total cost. We will revalue our portfolio as part of the H1 results. Finance expenses amounted to EUR 70 million in Q1 2026, in line with the EUR 70 million in the fourth quarter of 2025. The increase compared to last year was mainly the result of refinancing measures executed in 2025, which have a full period impact in Q1 2026. Overall, profit for the period amounted to EUR 119 million, compared to a profit of EUR 319 million in the first three months of 2025, with the change mainly explained by the absence of revaluations in Q1 2026. On a per share basis, net profit amounted to EUR 0.05. Turning to slide 19, we present our adjusted EBITDA and FFO results. Adjusted EBITDA for the first three months of 2026 totaled EUR 250 million, stable compared to the equivalent period of 2025, mainly as a result of disposal impacts offsetting internal growth. FFO I amounted to EUR 70 million, in line with our guidance. The lower perpetual notes attribution resulting from the perpetual note transactions conducted in recent period were offset by higher financing expenses. On a per share basis, FFO I amounted to EUR 0.07, stable compared to EUR 0.07 in the equivalent period of 2025. The positive contribution from the share buyback will support the per share FFO I in the coming periods. FFO II, which incorporates disposal gains over total costs, was EUR 74 million, decreasing year-over-year, mainly as a result of lower disposal activity in the reporting period. On slide 21, we highlight our EPRA NAV metrics. EPRA NRV totaled EUR 9.7 per share, increasing by 3% compared to December 2025. EPRA NTA totaled EUR 8 per share, increasing by 3% as well. All EPRA NAV metrics are positively impacted by operational profits. On a per share basis, the NAV metrics are further supported by the share buyback, which is being executed at steep discount to NAV. Turning on to slide 22, we present our maturity profile. Our average debt maturity stood at 3.6 years at quarter end, extending to 4.4 years when taking into account our liquidity position. We continue to maintain strong financial flexibility, supported by broad access to multiple sources of financing. This is underpinned by our solid BB B credit rate from S&P, a high level of unencumbered assets across diversified asset types and geographies, strong mortgage banking relationships, as well as additional undrawn revolving credit facilities amounting to EUR 1 billion, with an average maturity in the first half of 2029. Our high hedging ratio of 95% further limits potential negative impacts from market volatility, and our cost of debt is stable at 2.3%. The maturity profile shown on the slide shows a further breakdown of the debt maturities, providing a clearer picture of what part of maturities are attributable to GCP. On slide 23, we provide an overview of our key debt metrics and our solid financial profile. Our loan- to- value stood at 42%, slightly up compared to 41% at the end of 2025. Our ICR stood at 3.4 x, net debt to EBITDA stood at 11 x in Q1 2026, both negatively impacted by the higher financing expenses. Additionally, we continue to maintain a substantial pool of unencumbered investment properties amounting to EUR 17 billion, representing approximately 69% of rental income. On slide 24, we present key details on the recent perpetual note transactions. Following GCP's perpetual note issuance and tender offer conducted after Q1 2026, in addition to Aroundtown's perpetual notes issuance in January of this year, all perpetual note refinancing needs have been fully addressed. As a result, the next first perpetual notes call date for Aroundtown is in 2029 and for GCP in 2031. As a result of the transactions conducted this year and at the end of last year, perpetual notes coupon payments have stabilized and will be below 2025 levels. To conclude, on slide 26, we present our adjusted guidance for 2026. We now guide for an FFO I in the range of EUR 275 million-EUR 305 million, and FFO I per share in the range of EUR 0.24-EUR 0.27. Following the increased holding GCP, this is a share buyback, which add to the existing positive drivers such as the expected gradual rental growth and the positive impact from perpetual note transactions. We are unlocking FFO supportive growth measures both in absolute and per share level. On the other hand, we also expect more volatile environment, which could result in higher refinancing costs, which have a potential offsetting impact on the positive drivers. This concludes our presentation. As always, you can find further material in our appendix. With that, we would like to start the Q&A. Before we invite your direct telephone questions, we would like to answer questions that we have received by email prior to this call. For simplicity reasons, the team has taken liberty to group similar questions in order to answer as many questions as possible. Allow me now to read out these questions. Could you provide an update on your disposal progress after the reporting period? Year to date, including after the reporting date, we have signed disposals amounting to circa EUR 300 million, representing around half of our properties held for sale. After the reporting period, we completed disposals in the amount of circa EUR 270 million, primarily consisting of the company's Penta- branded hotels, which includes 11 hotels in Germany, Belgium and France. These hotel properties were previously classified as held for sale and were excluded from FFO I guidance. Therefore, there is no negative impact here. Thank you, Kamaldeep. How complex are office to residential and serviced apartment conversions in terms of permitting? How much space are you currently converting? With what kind of rent upside? Office to serviced apartment conversions typically follow a relatively straightforward execution path. In most cases, these projects remain within the existing zoning framework and can be implemented with a standard building permit, which is usually obtained within a few months and up to a year. We currently have several projects under execution, alongside additional projects in the planning phase. To date, we have completed several conversion projects across the portfolio, including the recently completed project in Rotterdam. These conversion investments are yielding very well, diversify the demand structure of the property, and we don't have any operational efforts as these are let to an external operator on a long-term basis of up to 20 years. As we will continue identifying more projects, the share of our living portfolio, which already makes up the majority of our portfolio, will increase while the share of our office portfolio will reduce. Demand for apartments, including serviced apartment, remains very strong, and we are working with a broad range of hospitality and living operators, as shown in our presentation. These projects typically achieve higher rents than traditional office use, supported by longer lease terms of 15-20 years, which enhances income visibility and stability as office leases are generally shorter. We are in active discussions with multiple operators who are looking to expand and value Aroundtown as a long-term partner with a large and diversified portfolio. We will provide further updates as new projects are added to the pipeline. All planned projects currently presented in the appendix of our presentation are expected to generate additional EUR 15 million of annual rental income, corresponding to an attractive yield of around 15% on invested capital. We see these conversions as a compelling way to unlock value from our existing office portfolio while responding to structured demand in the living and hospitality segments. Thank you, Kamaldeep. Do you have an update regarding the impact of the Bauturbo regulation on your office conversion strategy? Bauturbo regulation is positive development of our conversion strategy as it streamlines change of use processes and significantly shortens approval timelines. This makes conversions from commercial to residential uses more practical and broadens the range of economically viable projects. We have already initiated discussions with municipalities across several locations in Germany and have received encouraging feedback for around 120,000 sq m of office space. Based on this feedback, we're currently working through the detailed business cases to assess the economic viability of individual projects as the new subsidy program for such conversions have been published. Beyond our own portfolio, we also expect the Bauturbo framework to have a broader market impact by structurally reducing office supply through conversion to residential, hospitality, or other alternative uses, which should be supportive for the overall office market over time. Thank you, Barak. How are you approaching your development portfolio and what role does it play in future value creation? Development projects account for approximately 7% of our portfolio and represent an important source of future rental growth and value creation. These projects capture embedded development potential across both land plots and mainly existing buildings. We view these assets as growth opportunity that can be unlocked through disposals, refurbishments, conversions, and in selected cases, new construction. Each development asset is assessed individually, and we actively explore the most attractive and capital efficient way to unlock its potential. Depending on the project, this may involve preparing planning concept, securing permits, and subsequently disposing of the asset with approved rights, or fully executing the CapEx program, typically supported by a pre-let agreement. A key focus area is conversions into residential benefiting from the Bauturbo framework, as well as commercial living and hospitality concepts. The development portfolio comprises around 700,000 sq m of existing space, of which approximately 90% is currently vacant. Geographically and by use, the portfolio is well-diversified. Our efforts are primarily concentrated on the living segment, including residential, hospitality, and mixed-use schemes, where we see the strong structural demand and long-term fundamentals. Value creation is realized through a combination of targeted disposals, where development rights are crystallized and selective execution, where we reposition assets through upgrades and disciplined CapEx deployment. This approach allows us to optimize returns while maintaining a clear focus on capital efficiency across the wider portfolio. Our experienced in-house development team is continuously refining the optimal business plan for each asset, working closely with the local authorities, construction partners, and where relevant, assessing available subsidy schemes. An overview of a selected development project is included in the appendix of our presentation with additional assets available on our website. Thank you, Barak. Given the continued discount to NAV, do you intend to increase the size of the share buyback program? The share buyback is an integral part of our capital recycling strategy, allowing us to deploy disposal proceeds in a highly accretive manner. To date, we have completed approximately 93% of the program at an average price of EUR 2.55 per share, which represents a discount of around 67% to NAV and delivers meaningful FFO and NAV per share accretion. We expect the current program to be fully completed shortly. We view share buybacks as part of our capital recycling and holistically review all our options on an ongoing basis. At this stage, we believe that the buyback program, together with the proposed dividend, is a good balance between capital returns, balance sheet strength, and financial flexibility. We are monitoring the current macro environment, which will influence our decision if and when to extend it. Thank you, Jonas. How do you view your new stake in GCP? Do you plan to increase your stake further? When we launched the share exchange offer, we set a limit of ownership of up to 89.5% of the total of GCP shares. However, please note that we do not have set an ownership goal. We are very happy with the high acceptance of the offer and the results of the exchange. We continue to have the option to acquire additional GCP shares in the market, which we will use on an opportunistic basis as GCP's FFO yield is highly attractive and is one of the possible growth drivers in our toolbox. Evaluating the benefits of each option on an ongoing basis to ensure an accretive deployment of our capital. Thank you, Timothy. Could you provide some details on your updated guidance? What are the main drivers of the increase? The main driver of our increased absolute guidance was the increased stake in GCP from 62% to 82%, which was an accretive transaction and is expected to add around EUR 35 million of annualized FFO I. As a result, we've raised our 2026 FFO I guidance to EUR 275 million-EUR 305 million, reflecting the periodic impact where the per share guidance remains unchanged at EUR 0.24-EUR 0.27 as the transaction is FFO I neutral from day one. While the increased stake in GCP supported the FFO growth on an absolute basis, the share buyback supports growth on a per share basis. Thank you, Jonas. Those were the questions that we received prior to this call. We can now start the open session for your questions. We would appreciate if you can ask all your questions at once, and we will answer them one by one. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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 two. Participants are requested to use only handsets while asking a question. Anyone who has a question may press star and one at this time. The first question comes from the line of Ellis Acklin from First Berlin. Please go ahead. Yes. Good morning, everyone. Thank you for the detailed presentation as always. I've got a question I believe best directed at Tim pertaining ATw orld. It looks like that is rapidly moving from pilot phase into a broader rollout. I was wondering if you could maybe give us a sense of the economics that is now emerging from those platforms at this time, maybe in terms of revenue per location, membership growth, or tenant retention. Just any sort of KPIs that give us an indication of what's emerging from that standpoint. Thank you. Hi, Ellis. Yes, thank you very much for the question. It's progressing really well. You see that the platform is growing. There's more and more third-party spaces onboarding. Clearly, we keep up that pace also. We're still in the startup phase, meaning we're really building up the platform and clearly the value of the platform itself. With that, the next step is clearly driving more memberships. We have a few hundreds of memberships, but nothing too material to brag about it yet. We're moving really from the startup phase into the scale-up phase and working clearly hard, and we see the potential there. We definitely get also the feedback of the value that the membership's seeing when they're using it. We will believe there's a potential, and we want to tap it. Let's hope in the next few quarters, answer the question again. Ladies and gentlemen, please hold the line. The connection with the speakers has been lost. The conference will continue shortly. Hello, can you hear us? Yes, we can hear you. Please proceed. Okay. Next question, please. The next question comes from the line of Marios Pastou from Bernstein. Please go ahead. Good morning. Thank you for the update and for taking my questions. I have a question related to acquisitions. I see most of the recent deals that have been signed have been in the residential space. I just wanted to check an update on the pipeline of potential deals you're currently tracking, maybe by location, but also the asset types you're seeing as most attractive to your portfolio. Also whether you're seeing more opportunities coming to the market in the current environment. Thank you. Thanks, Marios, for the question. It's promising to see that we see some acquisition opportunities, but clearly they remain selective. More selective because we are very strict in our criteria, what we want to buy. The acquisitions were resis, clearly GCP, when they announced, they gave some more input on those. Very good resi assets standing as well as developments in Germany as well as in London. Really fits their capital recycling strategy of selling lower yielding and buying high yielding. Again, the opportunities remain selective in terms of what we would like to buy. We're looking mainly at residential and hotel. We are very active in general. We're looking at a lot of deals, doesn't necessarily mean we want to take those deals. We have an active pipeline, but I would not call it here advanced or anything like this. Obviously, you saw that we launched a share buyback program, and that's exactly the reason why we launched it, because the acquisition opportunities were not as favorable as the share buyback program. That's why we basically refrained from this opportunity and took the share buyback instead. Going forward, we still believe there will be more opportunities coming up. There's opportunities hopefully from a mismanaged situation, distressed financial situation. We're ready, we're here. We launched the TAC fund, which give us a leverage light opportunity to grow. Currently, we believe that we will probably pull the disposal proceeds into other accretive growth measures. For example, the conversions, as we also mentioned, which are yielding very well currently. Maybe just to add to that, overall, we're looking to balance between the share buyback as well as accretive acquisition opportunities we see, while at the same time, of course, making sure that our leverage stays conservative. Next question. Next question comes from the line of Stefan Scharff from SRC Research. Please go ahead. Good morning, gentlemen. I have a very general question about the sluggish German office market. What is your view here? What could be for the second quarter and also for the second half of the year in terms of investment activities of possible investors, also from abroad, and also in terms of tenant demand for office space? The economy in Germany is still sluggish and has more or less a zero growth. Hi, Stefan. Thank you for the question. Yes, we agree with you. The market is not there. It didn't recover full, but in general, we start to see signs of positive dynamics. They're coming from a pickup in demand and also on the back of low supply in the market. We also clearly see, and we have one of the players in the market doing the same, taking office space out of the market. Low construction, reducing office space, and we believe that we will see, hopefully, better performance, but right now it's okay. It's kind of stable. You see we have positive like-for-like performance, which is not as strong as the other asset types, but we're happy with the results and we're working hard for it, obviously. We now have a question from the line of Stephanie Dossmann from Jefferies. Please go ahead. Hello, everyone. Actually, I would have three questions, please. The first one is regarding your EPRA LTV, which is still up. I was wondering if you could give a detailed figure about the different impact to reconcile the increase. I mean, even after the share increase in Grand City, which has a lower LTV. I just would like to reconcile a bit the different impact in the increase of the EPRA LTV to 59%. The second question would be about your JVs and the impact on the FFO I. Could you give the detailed figures of Globalworth contribution in Q1 2026 compared to Q1 2025? The last one regarding, again, the investment market. The market is currently challenging in the current context on the [audio distortion]. We start to see a yield expansion actually in market data. I was wondering, what was your expectation in terms of like-for-like value change for 2026 in your segments, so in offices, hotel, and resi, please? Thanks, Stephanie, for your questions. First, maybe just talking about the EPRA LTV. Yes, correct. The transaction with Grand City, there is a positive impact. On the other hand, clearly aware of the share buyback we launched earlier this year of EUR 250 million. EUR 150 million of that was already spent, clearly had a negative impact. Those are, I think, the main factors in terms of EPRA LTV, how we got to the 59%. Please also note that we didn't have any revaluations in Q1. We didn't value the portfolio. You'll see that for H1. Regarding the FFO I and the JVs, yes, Globalworth, the impact decreased a little bit because Globalworth is paying a lot more dividends. I'm happy to go through more in details later offline, Stephanie. Regarding the investment markets, value changes. Look, we continue to sell. We're selling well. We're selling on book value. Yes, we're selling a mix of asset types. We sold mostly this year hotels and developments, but you saw also last year the majority, or not the majority, but a big chunk, really big chunk was offices. We also still see in basically all asset class, we see demand. Our size and our diversity clearly plays in hand here to find suitable buyers who will match with our assets. Value change in general, we'll have to see. We will come out again in H1 with our valuations. We see that valuations continue performing as before, meaning operational growth is supporting valuation growth. Clearly, the recent volatility in the market will probably have an impact. It will all depend, clearly, if it's a short-term impact or a long-term impact. Let's say we see less of a growth materializing into the value. Again, valuations performing in the same direction as they did before. Maybe just to follow up on your second question in terms of contribution JVs and FFO. The contribution here was about EUR 10 million. In previous comparable period, it was EUR 12 million, so slightly lower. I think also if you're looking this whole year in terms of expectation, I think we're looking at this at EUR 10 million per quarter, I think is a reasonable assumption also for the rest of the year as a run rate. Thank you. Also, I wanted to add on the LTV question before. Clearly, the disposals which were closed in Q1 was a relatively low amount compared to actually the big amount that we closed in Q2. Clearly, if you factor this in, there will be another around a percent decrease only from that disposal impact. Okay. It seems that there are no further questions. Thanks very much every time for joining and your valuable questions. Always happy for that. We'll see each other very soon, clearly for a lot of more upcoming conferences prior to the summer break. You can, as always, reach us through email or phone. Thank you very much. Goodbye.