Hello, good morning to everyone. Thanks for joining us today. In the name of GCP, I kindly welcome you to our Results Call for the First Nine Months of 2022. With me today are CEO and CFO, Refael Zamir, Chairman of the Board of Directors, Christian Windfuhr, COO, Sebastian Remmert-Faltin, and Senior Financial Analyst, Michael Bar-Yosef. Christian Windfuhr and Refael Zamir will guide you through the results presentation directly after this introduction. You will find the results presentation for this call on the company website in the section Investor Relations under Publications. The presentation of the results will be followed by a session with questions and answers. The management is available for questions. We have already asked you in advance to send us your questions by email. Please continue to send us your questions so that we can include them accordingly. Please send your questions to the following email address, info@grandcity.lu. Once again, I repeat, the email address for your questions is info@grandcity.lu. With this, I will hand over to Christian Windfuhr to begin with the presentation. Thank you very much, welcome from my side to our Q3 2022 Financial Results Presentation. Let us turn to slide two on the presentation for an overview of the financial highlights of the third quarter, 2022. Q3 was again marked by our long-term stability. Even in today's market conditions, we present solid operating results, which are evidence of our ability to withstand the challenges presented by external events. Today, we are able to reiterate our guidance for 2022 and meet our financial KPIs, which is a result of our efficient operational platform. At the same time, we have one of the strongest debt profiles amongst our peers, with no immediate repayment needs and no pressure to take any forced or hasty actions in an unfavorable market. It should be mentioned that we all see the uncertainties in the real estate market due to the market conditions, and therefore, we see liquidity preservation as an important factor to cross the upcoming challenges. We see like-for-like net rent growth of 3.1%, and our portfolio fundamentals remain strong, with the main parameters further improving over the last years. Our in-place rent per square meter improved this year to EUR 8.3 per square meter from EUR 8.1 at the end of 2021. With 4.4%, our vacancy has further reduced, coming down from 5.1% at the end of 2021. Subsequently, our portfolio value stands at EUR 2,315 per square meter. Even during these difficult times, our operational performance and business remain strong, reflected in an increase in net rental income by 7% and FFO I per share by 4%. EPRA NTA per share, adjusted for dividend distribution, grew by 3% to EUR 30.4 per share at the end of Q3 2022. Turning to slide three, we continuously work on improving our financial profile through various activities. We have no debt maturities until Q2 2024. 95% of our debt is fixed or interest hedged. Through proactive debt management, we deployed EUR 615 million and redeemed and repaid near-term maturing debt, resulting in a clean maturity schedule. Our cash and liquid asset position covers debt maturities until Q2 2025 and amounts to 10% of total debt consisting of around EUR 390 million in cash and liquid assets, EUR +300 million undrawn revolving credit facilities. With an LTV of 35%, cost of debt of 1.2%, and average debt maturity of 6.2 years, we are well prepared to face the challenging times at the moment. Our high ratio of unencumbered assets of 90%, which is EUR 9 billion, provides access to more favorable bank financing. We have always kept good relations with the banks, even during times of higher cost of debt. We kept the channels open, which benefits us in the current market environment. All these factors, including an ICR of 6.6 x, 6.5 x last year, an equity ratio of 53%, and a credit rating of BBB+ stable by S&P, shield us to a good extent from the current interest rate environment and volatility in the capital markets. Now with this, let me hand you over to Refael Zamir for the following few slides. Thank you, Christian. Good morning, everyone. Also from me, a warm welcome to Q3 2022 Result Call. Move to slide four and start with the net rental income, which increased by 7% to EUR 295 million compared to the same period previous year. Due to the supply and demand imbalance in the German rental market, the demand for affordable flat remains strong. Our vacancy allow us to continue to profit from this situation, providing us an additional internal growth driver. You will note that we are supported by the continued strong demand for affordable flats. In addition, we continue to work on improving our operational platform and business processes. Our operational profit was driven by consistent improvement in our operational performance, supported by improved digitalization, marketing efforts, and deployment of our own tenant app, as well as by optimizing our cost structure. Our net rental income, like-for-like, grew by 3.1%, 2.3% from in-place rent growth, and 0.8% occupancy growth. At the same time, we had to deal with inflation in several cost items, mainly in personnel expenses and with external service providers, as can be seen from the property operating expenses and administration and other expenses. As all of us, we experienced strong increase in energy prices, which have resulted in higher operating expenses. As you know, those are recoverable from our tenants to a high degree. To support our tenants on how they can better control their energy consumption and those energy costs, we launched a comprehensive information campaign on the subject of energy saving. The campaign include a large variety of informative content, included info videos, flyers, poster, a social media campaign, and information through GCP service center and tenant website with positive response. We also were able to convince a good part of our tenants to accept an increase in the monthly prepayment of energy cost, which close part of the gap in the increasing recoverable costs. As a matter of additional precautionary measure, the company saw fit to make, during the nine months, a provision of approximately EUR 10 million in case of decrease in collection rates due to the higher cost of living and energy prices. This provision had an impact on our operational costs, offsetting the impact of the improvement we have carried on our cost base. We see those provisions as a non-recurring item, and in the long term, and we will adjust accordingly to the actual result in the next period. Encouraging are the recent government commitment to support Germans with increased energy prices. As a result of all those actions, our adjusted EBITDA increased by 4% to EUR 230 million during the first nine months of 2022, compared to the same period last year. As for Q3, we reevaluated an additional part of our portfolio, which led to no change in the value on average. Therefore, our property revaluation and capital gain during the first nine months of 2022 were EUR 234 million, compared to EUR 326 million in the comparable period. During the first nine months of 2022, we reevaluated about 80% of our portfolio, which reflected a like-for-like valuation gain of 2.4% net of CapEx. As we're doing every year, all our investment property portfolio will be reevaluated by year-end 2022. We know that in recent years, our portfolio has been reevaluated along operational improvement and driven mostly by like-for-like rent growth and improvement of the quality of the portfolio. Under the current market, it seems that the pressure on the property yield has started to fall, creating a hold-up in the transaction market between sellers and buyers, which we estimate will create negative pressure on property values. We currently estimate such pressure to be 5% on average in the next year. Our profit for the period amounted to EUR 273 million and presents the improvement in the operational performance as well as the revaluation results. Basic earning per share resulted in EUR 1.36 per share, in comparison to EUR 1.39 per share for the same period last year. On slide five, you can see that our FFO I during the first nine months of 2022 is up 3% against the first nine months last year and amounted to EUR 145 million. FFO I growth benefited mainly from the impact of like-for-like rental growth, offset by the provision mentioned on the previous slide. The optimization of the financial profile in 2021 and the repayment of over EUR 615 million of debt in the first nine months of 2022 supported this further, but were offset by slightly higher interest expenses on the 5% debt, which is variable, and from higher tax expenses. The FFO I per share increased to EUR 0.87 against EUR 0.84 the year before, up 4%, supported by the positive impact of the share buyback in 2021. Annualized FFO I earned of about 10.7% based on Q3 2022 annualized and yesterday's closing share price. Bottom line, the nine months' result positions us to meet the full year guidance. On slide six, you can follow our EPRA NAV metrics. All EPRA NAV metrics saw an increase in the first nine months of 2022 compared to year-end 2021. EPRA NRV per share and EPRA NTA per share remained stable, and EPRA NDV per share by 14%. On an absolute basis, EPRA NRV and EPRA NTA grew by 4% each, and EPRA NDV grew by 19%. EPRA NTA increased by 3% when adjusted for the dividend. The NAV per share was offset by higher amount of shares as a result of the scrip dividend in July 2022, which resulted in the high acceptance ratio of 70%. On the same slide six, we present you some more information on our approach regarding the EPRA NRV, EPRA NTA, and EPRA NDV. Let me now hand back to Christian for the portfolio overview on slide seven. Thank you, Refael. Now to our portfolio overview, where you can see that our investment property increased by 4% since December 2021 and reached EUR 9.7 billion in September 2022. Our annualized rental income of EUR 397 million at the end of September 2022 has an upside potential of 15% based on current prices, which amounts to EUR 457 million net rental income once the full market potential is reached. Our reversionary potential remains high. However, we note that we were able to capture in recent periods part of this potential through rent and occupancy increase. In total, we have around 65,000 units at the end of September 2022, and the portfolio has remained fairly unchanged since the end of 2021. Vacancy has decreased further, reaching the new all-time low of 4.4%, and in-place rent grew to EUR 8.3 per square meter. The in-place rent of the German portfolio alone is EUR 6.8 per square meter. We have seen vacancy decreasing across our portfolio, specifically in areas like Berlin, Dresden, Leipzig/Halle, and North Rhine-Westphalia, where vacancies are now below 4%. The vacancy in London is now at 4%, compared to 5.8% in December. The general overview of our portfolio on slide eight shows that we continue to maintain a well-diversified portfolio and strong locations in Germany and London. Our main locations, North Rhine-Westphalia, Berlin, Dresden, Leipzig/Halle, and London, have shown strong sustainable fundamentals and also are very diverse in terms of economic and demographic drivers. On slide nine, you can see that Berlin makes up 24% of our portfolio value and is our strongest single location. 70% of our Berlin portfolio is located in top-tier locations, including Charlottenburg, Wilmersdorf, Mitte, Friedrichshain, and others, and the remainder is in affordable locations, primarily in Reinickendorf, Treptow, Köpenick, and Marzahn-Hellersdorf. In North Rhine-Westphalia, Germany's largest metropolitan area, we have 22% of our portfolio, with Cologne, the fourth largest city in Germany, being the strongest location with around 28%, and the rest distributed throughout the region's main cities. London portfolio on slide 10 makes up 19% of our portfolio and is well distributed in the suburbs of London, with around 80% of these properties situated within short walking distance to underground or overground stations. The total London portfolio consists of over 4,400 units, including pre-marketed units in the pre-let stage. Since acquisitions of our London portfolio, our strong letting performance has taken double-digit vacancy down to an occupancy of 96% as of September 2022. In recent periods, we have completed most of the pre-let units in London, only around EUR 20 million of pre-marketed buildings remain. On slide 11, we show Dresden, Leipzig/Halle, Germany's dynamic eastern cities with strong fundamentals, which make up our quality east portfolio with 13%, a further 4% of our portfolio are in Hamburg and Bremen, Germany's largest northern cities. Our maintenance and repositioning CapEx on slide 12 was EUR 16.5 per average square meter for the first nine months. This amount includes EUR 3.9 for maintenance and is slightly less than the previous year. Repositioning CapEx amounts to EUR 12.6 per average square meter and is directed towards improving the asset quality and supporting the letting activities. The repositioning CapEx also includes investments into the surroundings of our assets. We additionally invested around EUR 5 million in modernization projects in the period, a further EUR 39 million in pre-letting modifications, mostly related to properties in London and Berlin. As the majority of these projects has been completed in recent periods, we expect lower pre-letting modification expenses going forward. The AFFO for the first nine months of 2022 amounted to EUR 93 million compared to EUR 89 million during the same period in 2021. Now let me hand you back to Refael. Thank you. Our financial policy presented on slide 13, we keep significant headroom to our financial covenant and continue to maintain healthy relation with the banking sector, which provide additional flexibility to our financing sources. We are committed to maintain a conservative financial policy. We note that all of our covenant are based on IFRS reported numbers, which treat perpetual as equity. S&P and the rating agency's view on the equity content of the perpetual note are not relevant and have no impact on our covenant test. Our dividend policy remain at 75% of our FFO I per share, We note that the decision for the 2022 dividend will be taking into consideration the update market environment close to the decision. We also show on this slide that we remain much above our bond covenant in all aspects. On slide 14, we review our strong financial profile, as mentioned in the highlights already, our LTV is at 35%, down from 36% in December 2021, well within the 45% Board of Directors limit. We have taken care to maintain and improve our debt profile by repaying short-term financial debt, taking advantage of a favorable market condition in previous periods. As we have mentioned, our cost of debt size at a low 1.2%, We maintain a high interest hedging ratio of 95%, which limits the impact of interest rate change on our cost of debt for the next few years. During 2022, we have so far repaid EUR 615 million of debt using our strong liquidity position, which amounted to around EUR 1.1 billion at the beginning of the year. Presently, our liquidity position is approximately EUR 390 million, which is liquidity cover of 2.5 years, EUR +300 million undrawn credit lines without margin calls. Unencumbered investment property are EUR 9 billion and 90% of value giving as a good financial flexibility for more favorable bank financing. Our interest cover ratio is 6.6, and our corporate credit rating remain at BBB+ with a stable outlook by S&P. On slide 15, we present our debt maturity schedule, which had no material change since last publication. As seen, there are no upcoming maturities until 2024, and debt cash and liquid assets cover our debt maturity up to mid-2025. For more complete information up to 2028 are above our current cost of debt. Therefore, the refinancing impact, if needed, will be not such significant. Back to Christian. Thank you. On slide 16, we want to present a short refresher on our perpetual notes, providing an overview of the characteristics of perpetual notes and our options for upcoming call dates. The characteristics of perpetual notes make them a defensive instrument in times of uncertainty. With no maturity dates, Grand City Properties' sole option to call the notes, no covenants and senior only to shareholders equity. Our perpetual notes are 100% equity instruments under IFRS, and according to all the fundamentals of this instrument. The defensive nature of these instruments is supportive of our corporate credit rating, and they remain an integral part of our capital structure. As you are aware, the rating agencies, for their internal ratios calculation, conservatively consider 50% as equity and 50% as debt, whereby the equity content may change under defined circumstances. In the beginning of 2023 is the next call date for the EUR 200 million notes, we have outlined the options that we are considering. Note that we will announce our decision regarding the approach to the January 2023 notes closer to the call date. Be a realistic option. In the current market conditions would be to extend the notes and not to call them. Under this scenario, there will be a reset from 2.75 coupon to around 6.5% based on current swap rates, and the equity content of only this specific note will be removed according to S&P methodology. We have the option to call at a later stage at any coupon payment date with replacement of new issuances when rates are more attractive. The company has also the option to freeze the dividend paid both to the shareholders and to the perpetual note owners. The final decision will be taken based on prevailing market conditions at the date of each of these decisions. Under the last option, we note that the equity content for the other perpetual notes remain unchanged. As the upcoming call is on a small series, the impact of losing EUR 100 million equity content is not significant. Before I close, let me point out to you that in the appendix of this presentation, we give you more detail regarding ESG and sustainability, which is also well covered in various documents on our website. Our full sustainability report, which can be downloaded from the website, is also available. With this, allow me to confirm our guidance for 2022 on slide 70. FFO I between EUR 188 million -EUR 197 million. FFO I per share in EUR between EUR 1.13- EUR 1.18. Dividend per share in EUR between EUR 0.85 and EUR 0.89. As mentioned, the dividend is subject to market conditions at the date of decision. Total net rent like-for-like growth will be more than 2.5%, and the LTV will remain below 45%. With this, let me hand you back to our Q&A session. Thank you very much. We are now starting the Q&A session. We will answer the questions we have received by email so far. We have grouped them together for the reason of simplification. The answers to your questions have been prepared by the team. I will now start with the first question, and answer will be given by Christian Windfuhr. How is the residential market developing, and how is this impacting your portfolio and operational performance? We continue to see stable market fundamentals in Germany. The labor market is stable. Demographic trends remain positive, further supported by an increased rate of population growth, primarily as a result of refugees from Ukraine entering Germany. Around a million people have already fled the Ukraine war and settled in Germany, a number which is still increasing. This has already resulted in higher demand for affordable housing in metropolitan areas across Germany. We also see stability in our London portfolio, benefiting from its own set of demand drivers. In terms of operation in Germany and London, demand continues for renting apartments in our core locations, and this is reflected in our 3.1% like-for-like rental growth and a continuation of the vacancy reduction to a record low of 4.4% as of September, down from 4.7% in June and 5.3% 12 months ago. At the same time, there are negative impacts, primarily the increase in interest rates, energy costs, and other ancillary expenses, as well as the increased cost of living coming from the high inflation levels. We expect the increased costs to put pressure on the rent levels in the upcoming periods. The cost inflation has so far not impacted our business materially, and our profitability remains stable. However, we do see a risk in collecting the increased energy costs in full from some of the tenants, and therefore booked a provision to reflect that. The increase in interest rates has not yet materially impacted our FFO due to our long debt maturity, but is expected to have a negative impact on us in the next years. In addition, the increase in rates is putting pressure on our property valuations. Although demand for properties is high, should interest rates continue to increase and remain high long-term, property valuation could be negatively impacted. We expect potential negative impact on values in the next periods. With inflation remaining high, how do you see the impact on GCP? Do you already see an impact as a result of higher interest rates? The higher inflation impacts GCP in several different ways. We continue to see general inflation on our cost base, mainly related to higher personnel costs due to the tighter labor market, as well as on external service and IT. Those impact our operational cost base and overhead expenses in a range between 10%-15% on average. The impact of the increase in cost is negative on our bottom line. Inflation also has an impact on cost for construction material, which together with limited availability of subcontractor, has resulted in higher cost of CapEx in a range of 10%-15%, and slowed down some of our projects during the year. The strong increase in construction and financing cost is leading to reduction in planned projects. We have reduced the level of CapEx in our portfolio and will carry out works on a very selective basis. To combat the high inflation, central banks have started to significantly increase rates and have indicated further rate increase to come. The longer the higher level of inflation and rates will continue, the more significant the impact on real estate will be. Due to our conservative financial policy and proactive debt management in the recent years, along with large disposal completed before the beginning of the crisis this year, we are positioned to weather this situation, although the result will be negative. We have limited our exposure to variable rates with currently 95% of our debt hedged. Our cost of debt stand at 1.2% and our ICR is strong at 6.6. Most important, we have no maturity until 2024 and maintain sufficient liquidity to cover debt maturity until mid-2025. Energy prices continue to remain high. Are there any issues with tenants paying their ancillary expenses, potentially resulting in a material liability for you? Grand City Properties has taken a proactive approach in reaching out to tenants and launched an information campaign to provide tenants with information on how to effectively reduce consumption. The campaign includes info videos, flyers, posters, a social media campaign, information through GCP service center, and more. We also increased prepayments where possible and sent out letters to tenants for voluntary early increases in service charge, which has been partially accepted by our tenants. As a result of our proactive approach, we do expect that large numbers of tenants are aware of the future higher ancillary expenses. We see the increase in the cost of living and across all goods in combination with the sharp increase in energy prices as a negative burden on our tenants. Regarding collection, so far, we have not seen an impact on collection rates, but it is yet to be seen if there will be negative effect on collection in the coming years. Additionally, the government has pledged financial support to households and has proposed several measures such as price caps, direct support, and liquidity support. The liquidity support would also be accessible to landlords, and in a worst case scenario, could provide GCP with liquidity to bridge the period between the payment to energy companies and receiving settlement from tenants. We conservatively made a provision of approximately EUR 10 million in relation to potential lower collection, mainly of ancillary expenses. Could you break down your like-for-like rental growth? Which regions drove the results? How much was driven by indexation? Do you see any negative impacts in the upcoming periods? As of September, we recorded a total like-for-like rent and growth of 3.1%, which comprised 0.8% from occupancy increase and 2.4% of in-place rent and growth. The in-place rent and growth was driven by 1.5% from reletting and 0.8% from indexation. The like-for-like rent and growth is mainly the result of operational measures that we have undertaken in the recent periods. We saw positive development across our key markets, with the strongest development in London, Leipzig, and Berlin. Our portfolio continued to embed internal growth upside potential, and while we are continuously increase rents and occupancy, in-place rent remained below the permanently growing market rent. However, we do see potential headwinds from the high level of inflation in service charges and in particular, high energy prices. As we have mentioned, this may slow down our ability to increase rent in the short term to mid-term. We expect that potential affordability issue in the short term may result in moderate indexation over the next few periods. We know that indexation usually contribute less than 1% like for like, and the reletting from fluctuation is a larger contributor to the like-for-like in-place growth. We continue to expect positive like-for-like rent and growth development of above 2.5% for this year, and conservatively assume rent and growth to be roughly flat for the next year. We note that with a lower vacancy level, the occupancy entry driver have a smaller impact, and the like-for-like will be driven primarily by in-place rent like-for-like. Is there pressure on rent increase next year in light with the increasing energy bills? We do feel that affordability may become an issue for our tenants in the upcoming period. Considering the higher energy cost and inflation impact in general. We will review the situation on a case by case with our tenants and come with appropriate solution. Due to this and the current market environment, we are conservatively assume a slight rate like-for-like rent next year. Could you share some more details on your portfolio valuation? How much of the portfolio did you revalue? How do you see the valuations in your London portfolio? What is the impact of inflation and increasing interest rates, and how do you see the valuations developing? We revalue 80% of the portfolio in the nine-month period, most of which was evaluated in the first half of the year. The full portfolio will be evaluated by year-end. In Q3 stand-alone, we have seen some valuation slightly decreasing. For the full nine months, the like-for-like value change stood at 2.4% net of CapEx. We saw positive revaluation gain across most locations, but the uplift was particularly strong in NRW, Dresden, and Leipzig. Looking forward, there are many parameters impacting valuations. On the positive, there is strong operational performance with rent growth and improving occupancy levels, along with significantly increased replacement cost. On the negative side, we see increased debt yields. We know that increasing yields aren't fully correlated with increased discount and cap rate, as discount and cap rate also include the operational performance expected rent and growth, quality of the portfolio, and demand supply gap, which have improved over the last periods. We currently estimate that the negative parameter will have a larger impact in the negative direction of the valuation going forward. The direction is expected to be set by pricing of market transaction. Many market transaction, particularly for larger portfolio, have been put on hold. In the current situation, buyers are hesitant to transact and are hoping to see prices drop or are waiting for financial distress from owners. We think that some distressed seller will be forced to dispose in the coming period, but note that distressed sales are usually not considered as market evidence for valuation and do not reflect on the entire market. We expect transaction will pick up once the financing market has stabilized, which should provide more clarity on the level of negative impact on valuation in the coming periods. We know that we maintain a very significant headroom to our covenant and do not see that negative revaluation are realistic to the extent that we got close to our covenant limit. The above is also true for our London portfolio, which have seen moderately negative valuation in Q3. We know that London properties values are traditionally more volatile, as the market there is liquid and sees more transaction in all market condition. Currently, we see moderate value decline in market transaction, but it is too early to indicate the scope of the decrease in valuation in London, and we believe that the next period will provide more clarity. How do you see the current financing environment? Could you provide some details on bank financing terms? What is your headroom for secured financing? In the current environment, financing through the capital market, which has been our main source of financing in the recent years, is currently not attractive. Due to the strong increase in bond yields, secure debt is relative more attractive. In recent years, we have continued to maintain our strong and long-standing relationship with the mortgage banks so that we could maintain flexibility through our fund needs, and as a result, we have maintained good access to this source of financing. We are currently seeing secured debt at around 1.5%-2% margin, which translate into around 4% interest for five to seven years, which is materially cheaper than bond rates. GCP maintain a strong balance of unencumbered asset amount EUR 2 billion or 90% of the portfolio, which can be used as a high-quality security for banks financing. GCP has the highest unencumbered ratio in the market, which clearly put GCP in a better situation. We are currently reviewing a sizable pipeline of bank loans across several transaction and financing institution, totaling several hundred million, which provide a liquidity source that we would be able to tap if we see accretive use for the funds. That being said, we currently do not have immediate financing or liquidity needs. Our debt maturity profile has no maturity until 2024, and our liquidity cover maturity until 2025. Regarding headroom, based on the current situation, we would be able to replace maturing outstanding debt with secured debt financing for several years, and still have significant headroom to our secured debt or unencumbered asset covenant. We saw some of your peers reducing significantly their dividend expectations. Would you consider to do the same? Part of our financial policy, we set the dividend payout at 75% of FFO I per share. In the current crisis, preservation of liquidity is naturally a high priority. Unless we see it necessary to update our dividend policy earlier, the final recommendation will be announced with the invitation to the AGM next year, and will be clearly subject to the market conditions at that time. 2023 FFO in light with increasing rates, inflation, and the potential coupon step-up of the hybrid notes in the scenario GCP does not call. We will publish 2023 guidance along with the publication of our 2022 full year result in March next year. Internal growth is expected to be roughly flat. As most of our debt is fixed, we expect interest cost will increase moderately. The potential reset rate of the perpetual note coupon, assuming we don't call at the first call date and let the perpetual note roll over, will have an impact of up to EUR 10 million in 2023. Could you provide some more details on your disposals and acquisitions? Do you have a further pipeline for acquisitions and/or disposals? We remain highly disciplined in our investment and extra mindful of our high cost of funding. We are observing the market for acquisition opportunity, but would pursue only very attractive deals. However, we don't see those opportunity yet, and therefore, we do not expect acquisition in the near future. Currently, our focus remain on internal growth, increasing occupancy, and rents. In the nine months period, we disposed around EUR 17 million. The disposal were executed above book value. We recently identified around EUR 50 million of properties which we plan to sell in the coming period, bringing our total asset held for sale to around EUR 200 million. We additionally continue to be open to disposing further properties on an opportunistic basis, but are very comfortable with our current liquidity level and are not forced to sell if we see pricing is unfavorable. Under the high level of liquidity, along with the relatively little upcoming liabilities for GCP, what would be the consideration to not call back the upcoming EUR 200 million perpetual notes? As we have highlighted, due to the volatile market and with the hope to see an improvement as compared to today, we will delay the decision until nearly the last minute. The current market environment does not economically support refinancing or calling the January hybrid. Currently, the reset rate of the EUR 200 million perpetual notes area is around 6.5%, which is lower than refinancing with a new perpetual note or even lower than a long unsecured bonds. Therefore, as already mentioned, as the market condition continue to deteriorate as we got closer to the call date, it seems more and more uneconomical to call at the first call date. Our final decision will balance all stakeholder, and in the end, we will do what is the best for the company and those considering all stakeholders. We reiterate that perpetual note are considered as equity and will remain equity regardless of if they are called or not. In a scenario that GCP will not call the perpetual notes, what will be the impact on the credit rating? Currently, GCP is well-positioned within the credit financial ratio set by S&P. Not calling the upcoming EUR 200 million perpetual notes area will result in losing EUR 100 million of equity content for the purpose of S&P debt to cap calculation, which should not lead to GCP crossing the rating threshold. We reiterate that not calling a perpetual note at the first call date has an impact of the S&P equity content for only that specific area, not all of the other outstanding perpetual notes. In addition, S&P have highlighted that crossing the rating threshold due to the losing perpetual equity content alone may not automatically result in a rating decrease, and may be considered with tolerance as not calling the perpetual note highlights the equity territory of the perpetual notes. Thank you. I think those were the questions so far. We will now start the open Q&A part. If you have several questions, we kindly ask you to ask all your questions together right at the beginning. We are now looking forward to your questions, please. Ladies and gentlemen, at this time, we will begin the question and answer session on the phone. If you would like to ask a question, please press star followed by one on your telephone keypad. If you wish to remove yourself from the question queue, you may press star then two. If you are using speaker equipment today, please lift the handset before making your selection. 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 Paul May with Barclays. Please go ahead. Hi, team. Thanks very much for the presentation and the Q&A session afterwards. Just a couple from me. Just on the dividend payout, just wondering why you would necessarily wait to make a decision on that, just given that, obviously, it seems unlikely that the environment will materially change between now and the AGM announcement. I think you mentioned yourselves that you expect values to fall from here, implying the market conditions probably don't change dramatically. That's just the first one. Just wondering why you're not making a decision on the dividend today. Do you want me to ask all of them? Sorry. Thank you, Paul, for that question. If you go one by one, that's fine. What we want to do is we want to really observe the markets and see how our perpetual note situation unfolds, and then how we are positioned for dividend payments. Preserving cash is the highest order in order to secure the company. We will come with the decision or the announcement as to the dividend payment closer to the AGM, as we do every year, actually. For the moment, we expect it to remain the way it is. This will obviously depend on a few things happening up to then. Thank you. We want to mention also the disposals. If we see more disposals coming in, that will also impact our decision on that matter. Thank you very much. Just a second one. I think I heard you mention, apologies if I heard incorrectly, that margins on secure debts are sort of 150-200 basis points at the moment. That would imply roughly a sort of floating rate debt around 3.3 and fully hedged around or sort of five-year hedged around 4.8. Does that seem reasonable? Assuming that is reasonable, so around 4% cost of debt, it looks like your FFO I would roughly halve if you were to obviously mark everything to market. I appreciate you've got a debt maturity profile that would mean that would not happen straight away. Again, just wondering how you would plan or for that potential outcome of roughly halving of your FFO. Thank you. Thank you for your question. As we mentioned, the margin is between 1.5%-2%, but it brings you eventually to an earn interest of slightly above 4% for a period between five to seven years, which, as we mentioned, much more favorable than the bond market currently. Thank you. Next question is from the line of Andres Toome with Green Street Advisors. Please go ahead. Hi. Good morning. I have two questions, essentially. Maybe I'll go one by one because the first one is a bit long. The first one is about the provision around EUR 10 million that you took for the utility cost, which is sort of a pass-through item for you. I'm just wondering the locations where you are particularly worried about of those provisions coming to fruition. Maybe you can give a bit of color also around, is the provision mostly for sort of lowest per square meter rental units, meaning with low-income households or in places where the rent per square meter is the highest, so you see actually affordability being stretched. I guess also just to understand, what is the sort of presumed rental burden as a percentage of tenant income where you do get worried and where you've sort of applied those provisions? Okay. I think the first question, yes, the EUR 10 million provision we've done is general. We see it generally across our portfolio. It's more an indication that we feel that affordability might be an issue. It's not linked to a specific location or to a specific area. It's a general provision we see on the market currently. We'll update the provision along with time as we see the development, but we feel that EUR 10 million is a conservative provision for this stage. Thank you. Next question. Next question is from the line of Florent Egonneau with Bank of America. Please go ahead. Hi. Good morning. Thank you for taking my question. Just to confirm what you said on the short-dated hybrids. You look at it as more and more uneconomical to call at first call date, right? Are you thinking about the long-term cost on this part of the capital structure? Yeah. Thank you for your question. We see extending now as a more economic situation due to the big gap between the reissue cost and the step-up cost. We do also take into consideration, naturally, the long-term impacts of this decision. It's important to note that if we extend, we still have the option every interest payment date, so basically every year, to call back the bonds, the perpetual. We think currently the best decision is to extend. Thank you. Next question is from the line of Kai Klose with Berenberg. Please go ahead. Yes. Good morning. I've got two quick questions if I may. The first one, you mentioned that you had a higher tax that's also impacting the FFO I. Could you just explain where this comes from and what can we expect for 2022 and 2023? The second question is, for the increase in the number of assets held for sale on the balance sheet, which now state has EUR 210 million, and assets from which regions you have allocated to the assets held for sale. Hi, Kai. Thank you for your questions. First on the tax. We have a slightly higher tax. It's coming from two main reasons. One is a bit higher EBITDA and also from a bigger contribution from the London portfolio, which has a higher tax in the U.K. I think the level that you see now is good going forward. I think that should be a run rate. As to your second question on the held for sale. We did classify an additional EUR 50 million of held for sale. It's across the portfolio. We did a valuation of where we see disposals more likely and where we would like to see disposals. It's across the portfolio in non-core properties. Thank you. Next question. Next question is from the line of Neeraj Kumar with Barclays. Please go ahead. Thank you for taking my questions. I have two questions from my side. The first is on the, can you please share your thoughts on the liability management exercise, given the difference between secured and unsecured debt financing costs? Second is a bit more detail on hybrids. My question is, if you were to call your hybrids without replacement, does it have any repercussion for your parent Aroundtown regarding their own outstanding hybrids as well? If yes, is your decision regarding your hybrids is going to take into account the decision of Aroundtown regarding their own hybrids? If you could please provide detail on that one. Thank you for your questions. As to your second question on the hybrid, I think your question is more to Aroundtown. We see ourselves on a standalone basis. Our decision is, as we mentioned, an economic decision here. As to your first question, can you please repeat it? I'm not sure I understood it. You mentioned that there is a huge difference between unsecured and secured financing costs at this point in time. Can you please share your thoughts on liability management exercise, if there is any potential to do that? Currently, we're focusing on receiving bank loans. As we mentioned, it's a long process, a bit longer than in previous years. However, we're under no pressure to raise new debt. As we mentioned, we have a very clean schedule going forward. We see secured debt as more attractive than bonds as less. In terms of liability management, we're valuing the market, but we're not there at this stage. Thank you. Next question is from the line of Marios Pastou with Societe Generale. Please go ahead. Hi. Good morning. Thank you for taking my question. Just a quick follow-up on the, sorry again, on the perpetual note slide, which you've provided, and the comments around potentially the options to freeze the coupon payment on those perpetuals. Can I just check the repercussions that could have on ever utilizing the hybrid market again, if things stabilize and you had access? If that has any repercussions on the existing hybrids in place. Just to also confirm that would also freeze your ability to pay a dividend to the equity holders. Thank you. Thank you for your question. First, important to highlight that this is only an option at this stage on the coupons. If we would do so, if we would not pay the coupon, so it's clear we cannot distribute dividends. However, not paying is deferring the amount, so eventually when dividends will return, if they would be stopped, the perpetual coupons will be repaid. We're talking to many investors in general about the perpetuals on a continuous basis. I think I understand the perspective of investors, and we are committed to the notes. However, I think they understand that currently the economic situation has changed, and therefore our decisions will be accordingly. Yeah. Thank you. Next question is from the line of Manuel Martin with ODDO BHF. Please go ahead. Thank you, gentlemen. One question from my side, please. Could you elaborate a bit on that? Because some other residential landlords have already indicated that there will be property portfolio devaluations in their companies. Could you give us a flavor what could come for Grand City in this year and next year, and which role could the U.K. portfolio play? As I assume there might be a bit more volatility in valuations there than in the German portfolio. Hi, Manuel. Thank you for your question. As we mentioned, there are few impacts we see now on the valuations that have opposite impact. On the positive side, we see very strong demand, we see very low supply. We see replacement costs increasing. This has a positive impact, yeah. On the negative, we see that increasing in yields, and the fact that the disposal market, the transaction market, is frozen. We believe the transaction market is frozen mainly because there's maybe a disagreement on the pricing and financing. All this is quite negative to valuation. Yeah, we see maybe valuations at a tipping point, declining at a certain level. It's early to understand when we will see this impact and how large this impact will be. We currently estimate it at around 5% devaluation. Value declines don't happen overnight. It takes some time. We see it in the next midterm to up to 5%. Thank you. Next question is a follow-up question from Paul May with Barclays. Please go ahead. Hi. Yeah, just wanted to check. Just on an announcement Aroundtown put out this morning regarding their treasury shares and looking to use those as share lending for financial institutions. I just wanted to appreciate, obviously, your treasury share is a lot lower, but one, that if you were looking to potentially do a similar thing, but your treasury shares are only around 2% of total capital. Just wondered if this is anything you were looking to do. Thank you. Yeah. That part of the question I think will be more to Aroundtown on their intentions. However, we have 2% of our shares held in treasury. We will use it for scrip as we have done, and therefore, it was a decrease from around 10% to 8% following the scrip in the summer. That's the main use of the shares we see held in treasury. Thank you. There are no further questions on the line. I will hand back to Mr. Christian Windfuhr for closing comments. Okay. Thank you very much for joining the call. Thank you very much for your questions, and we look forward to seeing you in the various conferences and remain available for further questions at any time. Have a good day, all of you, and bye-bye.