The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Kyrill Turchaninov, CFO, and Alexander Kroth, CIO. Please go ahead. Good morning, everybody. My name is K yrill Turchaninov, and together with my colleague, Alexander Kroth, who is the CIO of Deutsche Konsum REIT, we will be presenting the financial results of the first nine months of 2024 financial year of Deutsche Konsum REIT. We will start with an overview on page 4, which shows us the highlights of the nine months ending on 30/06/2024. There are some events which happened after the end of these nine months, which happened in July, and we will touch upon those as well, because they are important to understand what happened in the business and how things have developed. We had stable operational business in the nine months, and there are some effects which we have on FFO coming from the higher financing costs. Rental income remained almost flat versus the prior year. There were almost no changes in both periods to the portfolio composition in terms of assets. Net rental income slightly increased, which was mainly driven to the non-periodic items in the prior period, and in the current nine months, we did not really have those non-periodic items. The FFO went down, as mentioned, somewhat, well, by 11% year on year, and that was driven by higher debt costs, which we are going to take a closer look at later on in the presentation. Then AFFO per share is up, but that is due to the reduction in CapEx. We compared to prior year, in the first nine months of the prior financial year, there were substantial revitalization CapEx investments made. And in this financial year, in nine months, that remained more or less flat. There were no extraordinary investment projects. In July, we closed the sale of 14 assets, 14 properties, which was the sale was notarized in the end of March of 2024. The annual rent is EUR 5.5 million, and we received the payment of the purchase price in full. It was closed by the end of July. The proceeds were used predominantly to repay debt in the amount of EUR 77 million, and we have also notarized additional properties in May here, smaller portfolio of five assets, with expecting to close that deal in the near term, perhaps, well, just predominantly by the end of August. It is planned that there will be further disposals, that we will be selling some select assets in the future, that we are actually looking at those transactions right now, to obviously, you know, realize proceeds to pay down the debt. An important event took place in June, and that was refinancing of maturing bonds in the total amount of EUR 145.9 million. The new debt instruments were issued that mature on the 30th of September 2025. EUR 50 million of these new instruments were repaid already with the sales proceeds of the 14 asset portfolio, and that repayment took place in July. The key KPIs remain solid, and LTV, even though it is somewhat high at 61.4%, as of now, slightly lower than at the beginning of the financial year. The plan is to continue to reduce the LTV by selling additional assets and obviously paying down the debt. The net tangible assets we had at per share at EUR 7.69, which is slightly higher than at the beginning of the financial year. The average weighted debt costs are at 4.28, which includes all debt, secured and unsecured. We are confirming our FFO guidance for the financial year to be somewhere between EUR 27 million and EUR 30 million. We can now switch to the next page, which is page five, where we show some key financial figures. Rental income, which I mentioned already, has slightly increased. There are a couple of factors affecting it. CPI increases. As you might know, lease agreements with tenants have, majority of them have CPI clauses. Even though in this financial year, those are somewhat lower, those increases as in the prior years, because obviously inflation was somewhat lower. Another notable development is, investment properties, which were down predominantly because of the revaluation, which took at the closing of the prior financial year, and one asset sale was closed as well. We can now take a look at slide seven, where we have details of our property portfolio, and on the very right-hand side in the table, we show the pro forma, which is, as of now, includes notarized disposition disposals. In the middle, more or less, we have the key numbers for 30.06, so the reporting date, which is 30.06, and we had 193 properties, which are now 164 properties. Two portfolios are well monetized. One is completely closed. The 14-asset portfolio, 5-asset portfolio is still in the process of being closed. Total fair value obviously declined to EUR 905 million. Net leasable area is close to 1 million square meters. 999,000 square meters, of course. Another notable development here is an increase in vacancy rate, which is a pro forma 14.3%, somewhat higher than we would obviously wanted to have it. Driven primarily by the fact that the assets we have sold as the 14 asset portfolio were predominantly fully let. So there is obviously something which the management is going to be working on to improve our occupancy. Now, we can turn to page... Sorry, to page nine, where we show our tenant structure. So 60% of rent comes from non-cyclical tenants, and that remains more or less stable over the course of the last year. We have a breakdown by tenant group on the right-hand side, in the side, in the table, where predominantly we have food, retail, and do-it-yourself stores. What is probably most important here is that 86% of rents are CPI linked, which helped the company in the higher inflation time. Now it is, you know, slightly lower, but still there are CPI adjustments, which obviously help our rental income. We can now take a look at slide 11, where we show valuation potential of our portfolio. I think this slide been presented in the past as well. So, 11% yield is about the same for the shares trading at 11% yield, about the same as six months ago. And right in the middle, we're showing current trading, albeit the trading is somewhat higher right now than 2.37. But current portfolio is the first line on the table with a portfolio value of EUR 998.8 million, corresponds to hypothetical EPRA NTA per share on a fully diluted basis at 7.69. So obviously, there is a substantial gap between that and the current level of trading of the share. So value of the portfolio is perhaps not reflected in the share price to the full extent. We can now take a look at slide 13, where we show our debt structure. So on the 30/06/2023, our total debt was EUR 629.6 million, and the interest rates were well, a total debt cost of 4.28%, which is obviously an increase versus the 30/09/2023. That is driven by a few factors. First of all, the total debt cost is calculated on the reporting date, which is the 30/06/2023. It does include the effect from the new convertible from April this year, which with EUR 10 million, which carried an interest of 12%. So that obviously is already by itself a substantial amount. We also have, as I mentioned previously, exchanged, refinanced the bonds, and on the 30.06, the repayment of EUR 50 million, which took place at the end of July, is not yet reflected. So there is this higher effect already included in the 4.28%. Obviously, this is something which we will be working on in the future. As well, if we look at the loan allocation table on the left-hand side of the presentation, we can see that the distribution of maturities has substantially changed versus the last time. Well, from the first quarter presentation, we had EUR 145 million of maturities of fixed interest rates in Q1, 145 million happening in 2024. Now, that shifted substantially into 2025. So for this year, only EUR 24.6 million remain in maturities. However, for the next year, we have around EUR 250 million of fixed-rate maturities. And certainly our plan is to refinance, repay, and extend those loans. So in terms of the plans of the management, is to well, extend the loans, refinance where possible. So obviously taking care that our LTV does not go any higher. And by the way, with the EUR 50 million repayment, which we did at the end of July, we expect our LTV to be... Probably around 58 or so, or maybe slightly below, by the time we close the financial year. And also, as I mentioned previously, the plan is to have select sales of assets. But in addition, as already communicated, at, I think, at the annual general meeting, the management remains focused on operational excellence in terms of portfolio management, in terms of asset management, in terms of continuing to execute on the asset level lease-up. Certainly, reducing the vacancy rate is a high priority, and same will begin on operational cost side, as well. The graphical presentation on the right-hand side, where we have the pie chart, is already including the EUR 50 million paydown, as well as the EUR 27 million of other debt, which was paid from the sales proceeds of the fourteen asset portfolio, and that shows us the numbers as of 31 July. I think this is it for now, in terms of the slides that I wanted to present this time, and we can open the floor for questions. Sure. 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 from the phone comes from Manuel Schlitter with ODDO BHF. Please go ahead. Yes, good morning. I hope you can hear me. Yes. I wonder whether you could shed some light on the terms of the new bond you have issued at the end of June 2024. It was an extension of, of existing bonds, volume around 100... What was it? EUR 145 million. I couldn't find anything with regards to the interest you're paying. Sure. There were three original bonds. There were three original corporate bonds. One in the amount of EUR 40 million, with original maturity in March 2025, and an interest rate of 4%. And there were two additional bonds in the amount of EUR 70 million and EUR 39.5 million. So to a total of EUR 109.5 million, which had original maturity date extended to the 30th of June this year. Those carried a somewhat lower interest, I think, than that. What we have done is we have exchanged these three bonds in a total volume of EUR 149.5 billion for two new bonds, which are different kind of instruments. They are registered bond, bonds. One with a EUR 40 million remained with the same interest rate of 4% until the original maturity in March, and the maturity of that EUR 40 million bond is extended to thirtieth of September 2025, and the interest rate from March to September is going to be somewhat higher. Of the EUR 109.5 million bond, we have repaid EUR 50 million. So as of now, the remaining EUR 55.9 million have the maturity on the 30th of September 2025. The interest rate is, eight point five percent until January 2025, where the interest is going to go somewhat higher. These bonds can be repaid, partially or fully at any time, which gives us the flexibility to do that, and this is exactly the plan, because obviously next year, the higher interest rates kick in, and we have time until then to provide funding or actually to, you know, collect financing to ensure that the higher interest rate instruments are repaid first. Could you be more specific on the term somewhat higher? These are different instruments. These are registered, sort of private, if I may call them so, bonds. So, somewhat higher is going to be higher than 8.5%. Like double digit or what is the new? It will be, yeah, well, higher than 8.5%. As I mentioned, those are different instruments. These are not the same corporate bonds that were there before. Is it a secret, the interest rate after the 8.5%, or why are you so unspecific? It will be higher. It will be... Well, it will be low double digits. Yes. Mm-hmm. All right. Thank you. For any further questions, please press star and one on your telephone.... Once again, to ask a question, please press star and one. The next question from the phone comes from Artur Koretzky with Private Assets AG. Please go ahead. Hello, everyone, and thanks very much for the insights of this call. Personally, I am very pleased that you could sell 5 more properties at only 1% discount, which is even better than the last sale of 14 at I think it was 3%. Great news actually. However, the interest rate going double digits with the structure of your balance sheet is, of course, not as nice a surprise. So I can assume you are working hard to sell more property before those double-digit interest kicks in, and do you expect them to be sold at a similar low discount? Yes. We are definitely not doing any fire sales. As I mentioned in the presentation, the operational business remains strong, and there is no need to do that. The low, very, very low double digit kicks in next year, but obviously on a lower amount of the principal. So, even though it is the goal of the management to pay down those loans as much as possible, as soon as possible, by orderly select sale of individual assets or smaller or mid-sized portfolios with the at or... Well, very low, maybe one or so percent below the book value. So that continues to be the goal of the management. Okay. Thanks a lot. That's helpful. Second question would be regarding our favorite topic, Obotritia. Two questions on that, actually. Again, are you still confident no shares held by Obotritia will hit the market in the foreseeable future? And B, how much of the money has been collected by now, and how much is still outstanding? Yeah. I cannot speak for Obotritia, what they plan to do or what they do not plan to do. In terms of what you're saying, the shares hitting the market, for that, you obviously have to ask them. In terms of the funds collected, in the nine months of this financial year, EUR 9.9 million was actually paid by Obotritia on the original loan of around EUR 64 million, which remains in about 64 plus a little bit, still outstanding loan. Basically, half of it was interest and half of it was principal paid back of those EUR 10 million? EUR 9.9 million was paid in total. Yeah, that, that includes interest? That includes some interest, yeah. Okay. And do you have any guidance on how this is going to develop from now? Well, obviously, we have an agreement with Obotritia, where the loan is expected to be paid in the middle of next year in full. But by that time, Obotritia obviously can make prepayments or, you know, pay at any time, any installments. We will obviously be very happy when that happens. In fact, in July, we have received additional EUR 1.65 million from Obotritia, so there is some progress on that. I obviously cannot... You know, we expect that Obotritia will obviously, you know, pay the loan in time. There is no indication that this will not happen. Okay. And the interest is around about 12% right now still? No, I think it is 8.62%. Okay. So it's basically the same what you are paying to VBL right now, and it will be kind of a negative impact when the interest rates to VBL go up in March until Obotritia pays the rest. Well, if we're currently receiving 8.62% on that loan and interest on our liability is going to be higher than that. So, obviously, mathematically, there is going to be a higher interest expense on that particular amount than the interest income on Obotritia loan. Okay. Thanks a lot for everything. Sure. The next question from the phone comes from Christoph von Schwanenflugel with Immobilien Zeitung. Please go ahead, sir. Good morning. A question to Mr. Turchaninov. Would you please repeat the numbers for the two private bonds, the volume of the two bonds and the interest rates? I wasn't able to write it down, sorry. The two private bonds are, 40 million euros, with a maturity on 30/09/2025, and an interest rate of 4% until their original maturity in March 2025, after that, an increase in the interest rate. The second private bond issued end of June was EUR 109.5 million, with interest rate of 8.5% until the beginning of next year, and then an increase in interest rate, and the maturity at the end of September 2025. EUR 50 million, 50, of that bond was repaid at the end of July, so after the reporting date. So as of now, obviously, only EUR 55.9 million remains. Okay, and... Hello? Yes, yes, I'm here. Yeah. Yes, thank you very much. And, numbers for this Obotritia loan. Sorry to-- that I have to bother you again. Please, the numbers again. The remaining balance is somewhat higher than EUR 54 million. In the course of nine months to the 30th of June 2024, EUR 9.9 million of both principal amount and interest was repaid by Obotritia. In July this year, an additional payment of EUR 1.65 million was made by Obotritia. The loan is to be repaid by 30th of June 2025. It has an interest rate of 8.62%? That is the current interest rate, correct? Thank you very much. Star and one for any further questions. Gentlemen, there are no further questions. Oh, I'm sorry. There is a follow-up question from Mr. Schwanenflugel once again. Please go ahead, sir. Yes, one last question. Is there the risk of an insolvency case for Deutsche Konsum REIT-AG if everything not works the way you just outlined? Well, I cannot obviously say what happens in the future. At present, we have a solid plan. There is no risk of insolvency. The plan is conservative. There are certain provisions made in our mid to long-term liquidity plan that we, for example, we expect Obotritia to fully repay its loan. However, in the contingency that in theory it doesn't happen, we don't depend on this incoming cash to keep afloat. Our stress case or our plan takes into consideration that also, if hypothetically, that shouldn't happen, there is no risk of insolvency. We are in discussions with various banks after the refinancing of the bonds, which produce positive results, so we have been able to extend some of the loans already. This is an ongoing work. An additional five asset portfolio, as I mentioned before, is being authorized. There is no indication that plan is failing, and there is no indication that we're going to, you know, have any insolvency concerns. Thank you very much. Sure. Gentlemen, it seems that there are no more questions at this time. Well, if there are no more questions, then I would like to thank all the participants for their time, attention, and patience during this call. Much appreciated.