Good day, and welcome to Deutsche Konsum REIT-AG Q3 2021/2022 Results Call. For information, today's conference is being recorded. At this time, I turn the call over to your host today, Mr. Rolf Elgeti, CEO. Please go ahead, sir. Thank you. Good morning, everyone, and welcome to our call. I suggest we'll do it as usual. I'll highlight a few slides and items out of the presentation, which is online, as you know. Let's start with page four, the actual highlights. I'd like to go through most of them actually because a few of them are quite relevant. First, the rent income is up 9% year-over-year. Why is that relevant? Because as you know, we still have not issued any shares for about two years. This is effectively, in terms of the capital employed, organic top-line growth. The FFO, as a result, is also up year-over-year, about 3%. As the amount of shares unchanged, of course, the FFO per share is up 3%. The AFFO is up much more. That's because, as you know, we had unusually high CapEx numbers last year, and this year is more normal, and therefore, that's just lower CapEx. The most important, I think item worth stressing as far as the operational update's concerned is the rent increases. We have had rent increases of 2.4%, so that's like-for-like, which, as you know, was in the last quarter 1.6%. It is up. Well, firstly, it's up. Secondly, it's accelerating from the last quarter. This is, of course, what we've mentioned in the last calls, is the fact that most of our rental contracts are inflation, i.e. CPI linked. It's important to stress that this is only the beginning because as you know, many of these contracts have hurdles, and most of these hurdles have not been hit. What we've seen so far is leading to a like-for-like rental growth of 2.4% or put in absolute numbers, we're talking about EUR 1.7 million of extra rent just in the first nine months due to the inflation-linked nature. This is very significant, I guess. A second, as you know, the nine-month figures are the ones where we value our portfolio, which we do once a year, always, sort of as of end of June. The valuation has come in with an uplift of EUR 64.5 million. That means our portfolio is now valued at 14.7x rent, or a yield of 6.8%. Again, no real surprise. We've guided that we would see valuation uplifts. It's clear that they should be there because obviously, as you know, we have been selling assets at yields of just a touch over 5%, and we keep buying at attractive yields. Therefore, the valuation yield is still significantly higher than where our recent sales have been. It's by no means sort of, I think the end of the possible here. Clearly, if you look at the valuation, I think the fact that the rents are CPI-linked is a key sort of variable when it comes to the investment market at the moment. Third point, we have been active this year in terms of acquisitions and sales. This is not new, but it's just worth sort of looking at the numbers. We've acquired 24 properties since the beginning of the year, and that's a volume of almost EUR 100 million. The average yield of that was 8.2%. That's based on the rent in place. It's still upside from vacancy reduction and the like. We have sold 8 properties since the beginning of the year on average yield of 5.2%. I guess it's very clear how this creates value. Fourth point, at the same time, of course, our balance sheet remains very strong. Our interest coverage ratio is 5.7 times EBITDA. Our LTV is now below 50%, again, at 48.8%. Of course, due to the valuation gain, our NAV per share and also the equity NTA have been increased. It's also worth noting that our debt cost has been more or less unchanged at 1.98%. The latest re-financings have still been below 2%. What we're seeing now, obviously it will start with a 2 handle, but this is of course rather modest. All in all, we stick to our FFO guidance and no surprise there. Let's look at the highlight in terms of numbers. I guess none of you should be too surprised by any of this, although the magnitude of some of these numbers may be slightly higher than what one could have expected. If I may just go briefly to page number 5, please. Just to remind ourselves together of sort of how we create value at Deutsche Konsum because it's now been, as I said, over two years since we raised equity. Typically, you know, many real estate equity stories are based on sort of aggressive or at least strong sort of external growth. We have not raised equity for over two years, but we still kept growing the business. Why is that possible? Because, on top of the high yields that we get when we acquire and on top of the active asset management that we create, we do have these opportunistic sales and of course, we then reinvest this money. And obviously, if you keep sort of selling at low yields and buying at high yields, then this sort of gradually but very steadily sort of increases the earnings generation capability of the company, while at the same time leaving the balance sheet very stable and strong. Maybe going to page 7 and 8. It's just I don't wanna go through any of the details here, but it's just to show you the sheer numbers and the granularity of our acquisitions in the last 9 months. The initial yields they are attractive. You see the key tenants, they are still our food anchors as before. We do occasionally have some vacancy, typically just over 10%, which we like to work with, but in fact. It's just to show you that in spite of the environment, it's still possible to do these acquisitions. Of course, they're very enhanced and accretive. If we're looking at the portfolio where it stands today on page 12, as you know, the most important variable to watch here is the last line in the table. It's the weighted average lease term. That's still very stable at over 5 years. Why is that important? Well, it's important because as you know our strategy is to buy short to medium term weighted average lease lengths. For that we get compensated with a higher than average yield. We believe, as you know, that this yield is way too high considering the risk. Of course that strategy is only sensible if we manage to keep the leases together and basically sort of keep extending. The key point here is that we are still doing this. Our strategy is still completely on track here. I also want to highlight the fact that, if you look at the valuation of our portfolio, it is now at approximately EUR 1,000 per square meter of lettable space. It's very, very clear that it's impossible to create retail space at EUR 1,000 a square meter. The real replacement cost is probably twice that amount. That's before we talk about the current sort of increases in prices for materials, energy, and the like. Our portfolio and our portfolio approach remains extremely defensive, which is also evidenced by the fact that the rent is still very low. Of course, and this is where the circle closes, this rent is now starting to increase with the inflation links. You then see all the various charts updated from the previous presentations. I don't want to go through that. You see, sort of, on page 14, the rent contribution by tenants and by tenant groups. That obviously is still our non-cyclical base, the food anchors. On the following page, you see an update on the CPI-linked nature of our contracts, which is approximately 85% is directly CPI linked. Let's not forget that those contracts that are not CPI linked are effectively CPI linked because, you know, if the vast majority is linked, and that determines the market rents, then obviously a non-CPI linked, sort of rental contracts will effectively have to follow. On page 16, again, just to remind ourselves, is where we effectively just count how often we have the same tenants across the portfolio. This picture is getting nicer and nicer from quarter to quarter because it's more and more, which of course means that we are becoming a more relevant partner for our tenants. And that of course increases sort of our Optionalities when it comes to discussions, rent negotiations, other negotiations, partnerships, ESG measures, and the like. This is where we really create value, because, ultimately a portfolio of now almost 200 assets, is obviously worth more than just 1 or 2 assets, when it comes to all these things. On page 17 is an update on the sensitivity of kind of what you effectively get when you buy the shares in terms of the implied yield by the stock market. You know that. And then on the following pages, we update the financial data. I think no need to go through it. Of course, we're happy to take any questions on any of those numbers. I guess the key here is that the cost of debt is still virtually unchanged, and the balance sheet remains extremely strong. That's it from me, sort of in telegram style. Christian and I are happy to take any questions you may have. Thank you much, sir. Ladies and gentlemen, if you wish to ask any questions, please press star one on your telephone keypad. Please also ensure your mute function is not activated so as to improve your call. Once again, please press star one. We'll give everybody just a chance to stay on for a moment. Ladies and gentlemen, once again, if you have any questions, please press star one. Mr. Rolf Elgeti, we do not appear to have any questions at this time, sir. All right. Well, I guess we're getting too boring, so we'll come up with some crazy things next time. Anyway, thank you all for your time. If you wanna ask questions, we are around. Happy to take them via phone or email as per usual. Thanks for your time and interest, and trust in our company. Thanks a lot. Thank you much, Mr. Elgeti. Ladies and gentlemen, this would conclude today's conference. We thank much your attendance. You may now disconnect. Have a good day and goodbye.