Thanks. Hello, and good morning to everyone. Thanks for joining us today. In the name of GCP, I kindly welcome you to our results call for the full year of 2022. With me today are CEO Refael Zamir, CFO Idan Hadad, 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. Welcome also from my side to our financial results presentation for the full year 2022. Besides me is Refael Zamir, as you heard, our CEO, and I'm happy to welcome also to the call Idan Hadad, our new CFO. Before we dive into our financial results, we would like to look back at 2022 and the impacts of the changing market environment on our business. 2022 and the current outlook can be divided into two very different spheres. Operationally, we saw a record year in terms of occupancy and rent level. Financially, we saw the interest rates increasing dramatically, putting pressure on the entire real estate market. 2022 was marked by the Russian invasion of Ukraine, which accelerated the inflationary environment, which had already been higher as a result of the impact of the COVID pandemic. This has weighed on the macroeconomic conditions and created uncertainties across the economy. It also has resulted in a decoupling of the operational environment from the financial environment. On the operational level, the inflationary environment has further widened the supply and demand imbalance as many projects have been put on hold or canceled. This has been further intensified by the influx of Ukrainian refugees, which increased demand further, especially for affordable housing. The strongly increasing supply and demand imbalance is driving very strong market rental growth and has also been a tailwind for our operations. Our strong operational platform enabled us to capture this trend, and we have reduced our vacancy to a historical low. On the other side, for our tenants, the strong inflationary pressures are a clear negative, resulting in a significant increase in the cost of living, particularly impacting heating and energy expenses. As a result, we expect rent increases to be more challenging despite strong Mietspiegel adjustments. The financial environment, on the other hand, has significantly deteriorated, which has negatively impacted the entire equity and debt markets. The sharp increase in interest rates has had significant impact on the transaction market, and as a result, disposals have become harder. We have positioned the company well in recent years to be able to weather such a storm. We have focused in the last years on disposing properties and in parallel, increased the quality of our portfolio. At the same time, we have avoided large and extensive acquisitions and entered 2022 with a large cash balance. This morning, after much thought and deliberation, we decided that the right thing to do in the current economic environment is not to pay a dividend for 2022. After several consecutive years in which we increased the distribution of the dividend to the shareholders every year, this year we are examining the market situation and accordingly think that the right and responsible step on our part as management is to maintain high liquidity positions. The dividend distribution is always subject to market conditions, and we previously pointed this out again. While we currently have a strong financial position, we have seen a deterioration of the market environment as well as increased macroeconomic risk in the coming periods. In light of these material risks and uncertainties, we see it as prudent to preserve liquidity, and we believe it will enable us to navigate successfully through this time and come out stronger and better positioned. With that, I would like to hand over to Refael to guide you through our financial results presentation for 2022. Thank you, Christian, and good morning from my side. On slide two, you will find an overview of the financial highlights of the full year 2022. The full year 2022 results were marked by our continuance, operational stability, and despite the difficult market condition, we were able to achieve solid results. We have achieved our 2022 guidance, and with this, also our financial KPI, which in turn in the result of our efficient operational platform. We will go into more details about those points in the next slide in the presentation. On slide three, we present our strong financial position in the current environment with a high headroom to bond covenants. With EUR 429 million of cash and liquid asset, we cover debt maturity until Q2 2025. With our proactive debt management, we have redeemed and repaid near terms maturing debt in an amount of EUR 615 million in 2022, while at the same time drawing on a new bank financing in an amount of EUR 135 million. Our weighted average debt maturity stand at 5.9 years, with no debt maturity until Q2 2024. Currently, 95% of our debt is fixed or interest hedge. Our large pool of unencumbered asset of EUR 8.7 billion, or 88% of the value, provide excellent access to attractive bank financing. Our current cost of debt stand at 1.3%, and our LTV remain at a conservative 36% with an ICR of 6.6 factor, all of which shield us to a good extent from the current interest rate environment and volatility in the capital markets. Our rating remained BBB+ stable, which was reaffirmed by S&P in December 2022. Slide four presents the net rental income, which reached EUR 396 million, 6% increase compared to 2021. Due to the supply and demand imbalance in the German rental market, the demand for affordable flats remains strong. We continue to benefit from the continued strong demand for affordable flats in our location. In addition, we continue to work on improving our operational platform and business processes. Our vacancy reduced to a record low for a company at 4.2%, coming down from 5.1% at the end of 2021 and 6.2% in 2020. This strong development is a result of all our letting operational and tenant service teams who have continued to deliver best-in-class service to both new and prospective tenants, thereby increasing tenant satisfaction. Our operational profit was driven by consistent improvement in our operational performance, supported by improved digitalization as well as optimizing our cost structure. Our like-for-like net rental income grew by 2.9%, which 2.2% from the rent increase came from in place rent growth and 0.7% from occupancy growth. Net rental income growth was further supported by the impact of the net acquisition in the current and past periods. At the same time, we had deal with inflation in several cost items, mainly in personnel expenses as well as with external service providers. Property operating expenses also increased because of cost inflation, which had greatest impact on heating and energy cost. As you know, those expenses are mostly recoverable from our tenants. To support our tenant on how they can better control their energy consumption and those energy costs, we launched a comprehensive information campaign on the subject of the energy saving. The campaign included a wide variety of informative content, including info videos, flyers, posters, a social media campaign, and information through GCP's 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 a monthly prepayment of energy cost, which enclosed part of the gap in the increased recoverable costs. Under the circumstances, the company saw fit as a precautionary measure to make a provision for a decrease in collection rate due to the higher cost of living and energy prices. We see those provisions as a non-recurring item in the long term, and will adjust according to the actual result in the next periods. Encouraging are the government commitment to support German households with the increased energy prices. As a result of all those actions, our adjusted EBITDA remained positive and increased by 3% to EUR 308 million during 2022 in comparison to 2021. The profit for the full year 2022 is EUR 179 million in comparison to EUR 670 million in 2021. The decrease is primarily as a result of a lower property valuations, which are still positive for the full year 2022, but we saw that during the second half of the year, some of the property valuations were adjusted downwards and reduced part of the profit in the first six months of the year. I will go into more details later in the presentation. Our basic earnings per share resulted in EUR 0.77 per share in comparison to EUR 3.12 per share in 2021. On slide five, you can see that our FFO 1 for 2022 is up 3% against 2021 and amounted to EUR 192 million. FFO 1 growth was driven by impact of net acquisition and robust like-for-like rental growth, partially offset by higher operating expenses due to the cost inflation, which especially impact energy and heating cost, in line with the increase in the EBITDA. The FFO 1 per share for 2022 increased to EUR 1.14 against EUR 1.11 in 2021, and reflect increase of 3%. I am happy that we met our target and achieved our FFO 1 guidance for the year 2022. For the coming year, we expect additional pressure on the FFO 1, primarily coming from the higher coupon for perpetual notes. On slide six, you can follow our EPRA NAV metrics. All EPRA NAV metrics can be followed here in comparison to 2021. Despite the negative valuation impact in the fourth quarter, EPRA NTA grew 2% to EUR 5.1 billion. The per share EPRA NTA stood at EUR 29.6 per share at the end of 2022. [audio distortion] Ladies and gentlemen, we have a technical problem. Please stay on the line. Thank you. Thank you, Refael. We are back. We are back now. We are on slide seven and at the overview of our portfolio, where you can see that our investment property increased by 2% since December 2021 and reached EUR 9.5 billion at the end of the year 2022. The balance is lower compared to September, primarily as a result of reclassification of several properties into assets held for sale, as well as from the 1% devaluation in Q4. Our held for sale portfolio amounted to around EUR 330 million in the end of 2022, of which around half already been signed for disposals. Our annualized rental income of EUR 393 million at the end of 2022 has an upside potential of 17% based on current prices, which amounts to EUR 460 million net rental income once the full market potential is reached. Our revisionary potential remains high. We note that we were able to capture, in recent periods, part of this potential through rent and occupancy increase. However, due to expected lower tenant turnover, we expect to extract the remaining potential over the medium to long term. In total, we have around 65,000 units at the end of 2022, and the portfolio has remained fairly unchanged since the end of 2021. Vacancy has decreased further Reaching a new all-time low of 4.2%. In-place rent grew to EUR 8.2/sq m. The in-place rent of the German portfolio alone is EUR 6.9 /sq m. We have seen vacancy decreasing across our portfolio, specifically Dresden/Leipzig/Halle, where vacancy is now well below 4%. The vacancy in London is now at 3.8% compared to 5.8% in December 2021. On slide eight, you can see that in the recent years, our portfolio has been revalued along operational improvements and driven mostly by in-place rental growth, vacancy reduction, and improvements to the quality of the portfolio, also due to yield compression. Under the current market conditions, there is an upward pressure on property yields, which has also impacted the transaction market and created a hold up in the transactions between sellers and buyers. We estimate that this will put further negative pressure on property values. In the full year 2022, we recorded a like-for-like valuation gain of 1%, primarily from positive revaluation gains in the first half of 2022. In Q4 of 2022, property revaluations turned slightly negative and decreased 1% as compared to September 2022. This was due to negative impact of increasing interest rates, which have resulted in a slight yield expansion. However, compared to year-end 2021, yields so far remain stable. Devaluations in Q4 2022 were offset by a solid operational result driven by like-for-like rental growth and a reduction in vacancy across the portfolio and further supported by the systematic supply-demand imbalance present in the German residential market. We expect around 5% devaluation in the coming 12-18 months in comparison to the year-end 2022 values. However, this is our internal assessment on how we read the market, which as we have seen recently, is very dynamic. Grand City Properties values in Germany only of just under EUR 2,000/ sq m, including land cost, remain materially below replacement cost of EUR 3,400/ /sq m, excluding land, providing downside protection and supporting the current valuations. Also, please note the valuation parameters on the same slide. The rent multiple has remained stable from 2021 to 2022. Value per square meter has gone up, driven by the operational improvements in the portfolio. The valuers expected stronger market rental growth of 1.8% compared to 1.7% previously. The average discount rate remained stable, and average cap rates have decreased slightly to 3.8%, which can be attributed to the higher terminal growth rate. On slide nine, you can see the overview of our portfolio showing that we continue to maintain a well-diversified portfolio in strong locations in Germany and London. Our main locations, North Rhine-Westphalia, Berlin, Dresden, Leipzig, Halle, and London, have strong and sustainable fundamentals and are also very diverse in terms of economic and demographic drivers. On slide 10, you can see that Berlin makes up 24% of our portfolio value and is our largest single location. 70% of the Berlin portfolio is located in top-tier locations, including Charlottenburg, Wilmersdorf, Mitte, Friedrichshain, and others, and the remainder in affordable locations, primarily 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 27%, and the rest distributed throughout the region's main cities. Our quality London portfolio on slide 11 makes up 18% of our portfolio and consists of about 3,900 units, including pre-marketed units, 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. Since the acquisition of our London portfolio, our strong letting performance has taken double-digit vacancy down to an occupancy of over 96% at the end of 2022. In recent periods, we have completed most of the pre-let units in London, and only around GBP 30 million of pre-marketed buildings remain. Short-term contracts in London ensure that the London portfolio is capturing inflation faster than in Germany, and the London market displays strong fundamentals supportive to this growth and provides the overall portfolio with valuable diversification, also in terms of regulatory risk diversification. On slide 12, we showed Dresden/ Leipzig/ Halle, Germany's dynamic eastern cities with strong fundamentals, which make up our quality east portfolio with 13% of the portfolio. A further 4% of our portfolio are in Hamburg, Bremen, Germany's largest northern cities. Let me now hand you back to Refael. Thank you, Christian. Please move to slide 13, where we can see the maintenance and CapEx results. Maintenance and repositioning CapEx increased a bit to EUR 22.5/sq m average for 2022. This amount includes EUR 5.2/sq m for maintenance, which is 5% reduction from EUR 5.5/sq m in 2021. Repositioning CapEx amount to EUR 17.3 /sq m average in comparison to EUR 16 /sq m in 2021. Repositioning CapEx is directed toward improving the asset quality and supporting the letting activity, as well as include investment into surrounding of our assets. Because of increasing cost of capital, we have been more selective on CapEx and intend to reduce investment and investing in CapEx projects that offer the greatest return. We additionally invested around EUR 10 million in modernization during the year as compared to EUR 3 million in 2021. As the 2021 figure was relatively small, we include it in the repositioning CapEx for that period. We have invested into modernization on a very target basis and picked the low bearing fruits, where we see a good return on investment with around 8%-10% yield on average. Additionally, we invested a further EUR 59 million in pre-letting modification. We have invested in 2022 into the properties which were the pre-let stage, mainly in London, where we acquired properties which we still in the late development stage. We have nearly completed all the projects which will increase our rent going forward. Also, as most pre-let units have been completed, we expect significantly less CapEx in 2023. When it come to investment for energy efficiency, we generally execute those together with other measures to improve the quality of the assets. For example, when windows or heating system require replacement. As a result, investment related to energy efficiency and CO2 reduction, such as replacing windows and heating systems, are attributed to the above categories depending on the project specified and are not in their own category. The AFFO for the year 2022 amounted to EUR 121.7 million compared to EUR 123.2 million during 2021. Our financial policy presented on slide 14. We can see our conservative financial profile has been maintained and reinforced, and we have focused on repaying short-term maturities. This has given us the flexibility to navigate the current uncertainty with relative low financing pressure. As shown on this slide, we keep a significant headroom to our financial covenants. We know that all of our covenants are based on IFRS reporting numbers, which treat perpetual as equity. S&P and the rating agency view on the equity content of perpetual notes are not relevant and have no impact on the covenant test. Also continue to maintain a healthy relation with the banking sector, which provide additional flexibility to our financing sources. We have drawn EUR 135 million of bank loans and maintain a pipeline of several hundred million, which we may execute in the coming periods. While we have decided this 2022 dividend, we wanted to point out that our dividend policy remain at 75% of our FFO 1 per share going forward. That being said also that in the future, dividend payment will remain subject to market condition. Now I hand [audio distortion] go over the financial profile. Thank you, Refael. On slide 15, we review our strong financial profile, and as mentioned in the highlights already, our LTV is at 36%, stable against last year and well within the 45% Board of Directors limit. EPRA LTV, which includes perpetual notes as debt, is 46%. Mentioned we know that the calculation recommended by EPRA is not relevant for the company's credit rating and our debt covenants. As we view LTV as a debt KPI relevant for debt investors, we believe it should not include equity instruments such as perpetual notes, as these do not have covenants nor any impact on covenant calculation and are fully subordinated to all debt instruments. We have taken care to maintain and improve our debt profile by repaying short-term financial debt, taking advantage of favorable market conditions in previous periods. As we have mentioned, our cost of debt sits at a low 1.3% with an interest hedging ratio of 95%. As some hedging matures this coming year, the hedging ratio is expected to set to around 91% by the end of 2023, with no material further heading maturities in the years to follow. This limits the impact of interest rate changes on our cost of debt for the next period. During 2022, we have repaid EUR 650 million of debt using our strong liquidity position, which amounted to around EUR 1.1 million at the beginning of the year. Presently, our liquidity position is approximately EUR 429 million, which covers debt maturities up to Q2 2025. Unencumbered investment properties are EUR 8.7 billion and 88% of value. Flexibility with more favorable bank financing, which is well below bond yield. Our interest cover ratio is 6.6x, our corporate credit rating remains at BBB+ with stable outlook by S&P, which was reaffirmed in December 2022. On slide 16, we present our debt maturity schedule of 5.9 years, which had no material change since last publication. As you can see, there are no upcoming maturities until 2024, and cash and liquid assets cover our debt maturities up to mid-2025. For more complete information, we added the cost of debt of maturities and highlight that the maturities up to 2028 are at or above our current cost of debt. Now back to Christian. On slide 17, we present an update on our refresher for our perpetual notes, providing an overview of the characteristics of perpetual notes and our options for upcoming call dates. To quickly summarize the characteristics of perpetual notes, make them a in times of uncertainty. With no maturity date, property's sole option to call the notes, no governance, and subordinate to debt, our perpetual notes are 100% equity instrument 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 ratio calculations conservatively consider 50% as equity and 50% as debt, whereby the equity content may change under defined circumstances, such as not calling the notes on the first call date. In December, we decided not to call the EUR 200 million perpetual note series with a call date in January 2023. We made this decision as the cost of a potential replacement with a new issuance was significantly higher than the coupon reset price of the notes. The reset coupon amounted to 6.332%, which results in EUR 7.2 million higher coupon is on an annualized basis. For the S&P ratio calculations, the impact of these notes are now considered as 100% debt, but retain qualitative benefits for the rating. The decision for the upcoming call date of the EUR 350 million notes in October 2023, with a reset margin of 2.432% over five year mid-swap, will be made and announced closer to the call date. We do see the decision logic as January perpetual notes, if not called with the current mid-swap, the reset coupon will be around 5.5%. Before I close, let me point out to you that in the appendix of this presentation, we give you, among other information, more detail regarding ESG and sustainability, which is also well covered in various documents on our website. Our full sustainability report can be downloaded from our website, and the new 2020 reports will be published end of April. With this, allow me to give you our guidance for 2023 on slide 18. FFO 1 between EUR 170 million-EUR 180 million. FFO 1 per share in EUR 0.99-EUR 1.04. Dividend per share in EUR 0.74-EUR 0.78. As mentioned, the dividend is subject to market conditions at the date of decision. Total net rent like for like growth between 1%-2%. LTV to remain below 45%. Allow me the following comments at this point. Low single digit adjusted EBITDA increase as a result of the positive like for like rental growth partially offset by small amount of anticipated deposits, higher perpetual note coupon payments, and higher financing cost to offset adjusted EBITDA increase. With this, I would like to thank you very much for your attention, and we can now move on to our Q&A. 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. Do you see any changes in the residential real estate market in Germany and London? How do you see the impacts on your operations? In Germany, the operating fundamentals remain robust. The supply and demand imbalance has continued to widen, driven by record population growth as a result of refugees from Ukraine coming to Germany, which has resulted in the strongest net migration balance and population growth since Germany's reunification. The imbalance was further widened by steep drop in new supply as a result of strong increases in construction prices and interest rates, which make it very difficult to add new supply in a profitable way. Demand for rental units further increased as higher mortgage rates resulted in renting as the more affordable option compared to buying condominiums. All these factors result in strong rental market across Germany and across our main portfolio locations. We also see a strong fundamental in the London market with strong rent growth driven by low supply and high demand, and households currently refraining from buying condominiums and renting instead. This resulted in our own operations into rental growth of 2.9% like for like, and a continuation of the vacancy reduction to a record low of 4.2% as of year end 2022, down further from 4% in September and 5.1% at the end of 2021. We do, however, see headwinds, which are driven by the increase in interest rates, energy costs, and other ancillary expenses, as well as increase in cost of living for our tenants as a result of the high inflation, which have not been fully reflected in wages. While we expect higher market rents to feed into the Mietspiegel over the medium to long term, and re-letting rents to be strong in the coming periods, we believe that the turnover rates will reduce as people will choose to remain in their current apartments longer. On top, we expect that the high cost of living will have an impact on our ability to increase rents on existing tenants in the short term, despite the stronger Mietspiegel, and therefore we will be conservative with our forecast for rent increases in the short term. These parameters, along decreasing transaction prices, is expected to negatively impact property valuations in the next periods. What is the impact of the higher interest rates on GCP? What are your expectations? What terms do you see currently for bank financing? What is your headroom for secured financing? The interest rate continue to increase and we expect to remain high in the short and maybe even medium term. We expect that the longer the inflation environment remain, interest rate will remain high and volatile and will result in a more significant impact on the real estate sector. We believe we enter into the current challenging environment well prepared, with a high liquidity position, and with a clean short-term debt maturity schedule. We have disposed big portfolios in the previous years, which both increased the quality of our portfolio and strengthened our balance sheet. The higher interest rate will have a negative impact on GCP and the entire sector. We believe that companies with high liquidity and with no near-term maturity will be less impacted in the long term. We expect that the current rate will have a limited negative impact on the valuation of our portfolio, but as long as the rate will remain high, we can expect a further reduction in valuation, which we forecast at about 5% decline in the next periods, following a 1% decline which we recorded already in Q4 2022. Our financial result will also be negatively impacted by higher interest costs. We have limited exposure to variable rates with currently 95% of our debt hedge, and which is expected to reduce to 91% by the end of this year. As some interest hedging mature and assuming we do not rehedge or increase our exposure to variable rates. Currently, our cost of debt standing at 1.3%, and our ICR is strong at 6.6 factor. If interest rate will remain as it now, we expect our cost of debt to increase marginally to 1.4% at the end of 2023. Capital markets remain high volatile and bond spread remain materially higher than bank financing, therefore currently not attractive. At the same time, secure financing has become relatively more attractive. We have continued to maintain our strong relationship with mortgage bank, as a result, we continue to have a solid access to these fund sources. We are currently seeing secured debt at around 1.5% margin for five years, which is materially cheaper than bond rates. We signed around EUR 75 million of bank loans in Q4 at the average maturity of over five years, at an average margin of under 1.5%. The majority of the loans are capped. In addition, we signed in Q1 2023, EUR 60 million unsecured loan at a margin of 1.4% for five years. We are currently reviewing a sizable pipeline of bank loan across several transaction and financing institutions, totaling several hundred million Euros, which provide a liquidity source that we would be able to tap if we see a creative use for the funds. As a result of our focus on our conservative financial profile in recent years, with a strong focus on maintaining a high ratio of unencumbered asset, GCP has the highest unencumbered ratio in the market, which can be used as security for bank financing and clearly put GCP in a strong position. GCP's balance of unencumbered assets amount to EUR 8.7 billion and reflect 88% of the portfolio as of the end of 2022. 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 covenants. Most important, we maintain sufficient liquidity to cover debt or maturities until mid-2025, we remain confident in our ability to navigate those challenges, leveraging our expertise and agility. Do you see inflationary pressures increasing further for GCP? What are the impacts you are seeing? The environment as a whole remain uncertain, but we see mixed inflationary pressure in our coming periods. While some of the inflation drivers have reduced in recent months, their impact are still not fully reflected in the economy. As a result of which, we expect pressure to continue to drive certain costs. The impact on our operational cost base and overhead expenses were in the range between 10%-15% in average in 2022. We expect to see general inflation on our cost base to continue in the coming years, but maybe in a lower pace. We expect this will continue to result in higher construction cost, personnel cost, as well as higher payment to external service providers in all operational areas. We are working diligently to mitigate those challenges through a combination of a cost management strategies and selective investment that help us to maintain strong return for our shareholders. Such an economic environment over time could adversely affect our bottom line. Inflation has had a significant impact on cost of construction materials, which together with limited availability of subcontractor, has a result in higher cost of CapEx in range of 10%-15% on average, and also caused the time period of the project to lengthen. During 2022, we have completed some project, mainly in Berlin and London, but due to the increase in cost, we reduced the plans and executed project. We expect prices to come down somewhat in 2023, as material price continue to trend down and some capacity utilization reduces, but we expect that the cost will remain above historical levels. For 2023, we therefore expect to carry out works on a very selective basis. Have you seen issues with tenants paying their ancillary expenses? Do you expect a material exposure? We have taken proactive steps to provide tenants with information on how to effectively reduce consumption. Wherever accepted by the tenant, we increased prepayments of service charges. There was also government support to a certain extent. In certain individual cases, where we received requests from a select number of tenants, we granted them the possibility to pay installment payments for a fixed period of time. Why is rental growth assumed at only 1%-2% in full year 2023, despite the undersupply in the German market and high demand, while GCP has 17% upside in terms of rental improvement to meet market levels? We do see the mid- and long-term potential in our portfolio, which will support increasing rents and extracting further operational growth. We believe that the inflation and cost of living will impact the affordability of our tenants, which could decrease our ability to maximize the indexation in the short term. We are conservatively assuming a lower level of indexation for 2023. Looking back, our like-for-like was supported by a high occupancy like-for-like, which is expected to decrease as we have decreased our vacancy to a very low level. Could you provide some color on your like-for-like rental growth? Which regions provided the strongest growth? Could you provide a breakdown of the key drivers? What are your expectations for 2023? In 2022, we recorded a total like-for-like rental growth of 2.9%, which comprised 0.7% from occupancy increases and 2.2% of in-place rental growth. The in-place rental growth was driven by 1.3% from reletting and 0.9% from indexation. We saw solid performances across the portfolio, with the strongest performance in NRW, Leipzig, Halle, Nuremberg, and London. We expect to continue to drive like-for-like rental growth in the coming periods. Due to the current increase in cost for our tenant, we may be more limited in our rent increases in the short to mid-term. We will continue focus on occupancy increase to the extent possible due to a natural fluctuation. That being said, we see market rent slightly increasing as a result of the structural supply and demand imbalance and expect that this will continue to drive our market potential higher as well, which will be captured in the mid to long term. Currently, we see an upside potential of 17%, which we expect to extract over the coming years, primarily through reletting, but also through some remaining vacancy reduction and indexation. As we believe the tenant turnaround may reduce in the current environment, it is likely that the rate at which we are able to capture this upside is somewhat slower as well. For 2023, we expect that the total like-for-like rental growth will be supported by strong like-for-like from the London portfolio, as here we are able to capture the market rent potential at a faster pace. We therefore guide for 1%-2% like-for-like rental growth in 2023. Could you provide some more details on your valuations for the full year 2022, and in particular for Q4? What are your expectations for 2023? In full year 2022, GCP recorded revaluation gain amounting to EUR 121 million. Those gains are primarily the result of positive revaluation in the first half of 2022, while in Q4, we saw a value decrease of a bit more than 1% in average on the whole portfolio. The revaluation result was impacted by increased interest rate, which increased the discount and cap rates driven yield expansion across our portfolio. This was almost fully offset by operational improvement in the portfolio, reflected by further vacancy reduction and rental growth. The rising rate had the strongest impact on our London portfolio, where we have seen around 2% drop in values, as this market is more dynamic. In our development rights, which assume higher development costs. For 2023, we expect that negative factor will continue to have a larger impact and outweigh the operational improvement of the portfolio. It is hard to assess the exact development as it's dependent on a lot of variables, some of which are highly volatile. We expect more certainty to come when market transaction return and set pricing for comparable. Although we signed for a disposal of approximately EUR 170 million of deals in several transactions in London and Berlin in Q4 2022, currently transaction, particularly for larger portfolio, remain on hold as buyer wait for a clear pricing level and for financing rate to settle somewhat. We believe that properties of distressed owner are likely to come to the market in the coming periods. Note that such transactions are not usually considered as transactional evidence for valuation purpose and do not reflect on the market as a whole. We see the London market more liquid and reacting faster to valuation change due to the more dynamic structure. Also here, we only see limited negative revaluation due to the strong fundamentals. Currently, and as long as the situation will remain, we are expecting negative revaluation of around 5% for the full portfolio in the coming 12- 18 months compared to our year-end 2022 values. We note that we maintain a very significant headroom to our covenant, which can buffer significant negative revaluation. Could you provide some details on your disposals? Are you expecting to sell large portfolios in 2023? In 2022, we completed a relative small amount of disposal in amount of EUR 18 million. After the reporting date, we completed about EUR 130 million from our asset held for sale. The asset comprise approximately 700 units across several properties located in London and Berlin, and for development, and were sold in 2022 values. We target to dispose the remaining held for sale portfolio in the next 12 months. In addition, we will dispose more properties if we find pricing accretive to the business. Can we expect GCP to carry out a liability management program in the upcoming periods? We are exploring all options and are consistently monitoring the market. We are happy to have a high liquidity, which is covering our maturities up to 2025. Could you provide some color on your guidances? What is driving the decrease in FFO? What do you expect to be the main drivers? We're expecting to achieve an FFO for 2023 between EUR 170 million and EUR 180 million, reflecting a decrease compared to 2022. In the guidance, we assume a like-for-like rental growth of 1%-2%, which we expect, which will be partially offset by the disposals we signed and already marked as held for sale. The guidance is not including potential acquisitions in 2023. We therefore expect a low single-digit increase in the adjusted EBITDA in 2023. Decrease in the FFO will be mainly driven by the impact of the higher coupon payments for the perpetual notes, mostly from the EUR 200 million notes reset in January at 6.3%, and the partial impact of the EUR 350 million notes with the first call date in October, were either replaced or extended at around the reset coupon. The total impact of the increased perpetual cost is around EUR 10 million in 2023. We also expect a higher interest payment on existing debt at around EUR 8 million in 2023. We additionally assume executing part of our bank loan pipeline at current rates in order to further strengthen our financial flexibility and secure our position. Which will have a negative impact on our finance expenses and FFO, but will provide us with financial flexibility and additional liquidity. Do you think you will be able to maintain the company's credit rating even under the challenges in 2023? S&P has recently affirmed their rating and kept a stable outlook. They highlighted the strong balance sheet and good maturity schedule of GCP, as well as the operational progress the company has made. On the negative, we see the situation where perpetual notes as additional burden on the rating. An extension in not calling the notes at the first call date results in losing 50% equity credit assigned by S&P, which is reducing the rating headroom. We believe that GCP could weather the macroeconomic headwinds. If the environment will become more negative and for a longer period of time, the rating sentiment may change. Moreover, we note that S&P's rating is linked to Aroundtown's rating. Aroundtown's rating was affirmed at BBB+ stable in December. In the case of the rating will decrease, GCP will also be impacted. What are your plans with your perpetual notes with the first call date in October? Are there any implications for the perpetual notes that were reset and extended in January? As we have mentioned in the past, we would prefer to replace the perpetual notes with a similar equity-like instrument as we have done in the past with our inaugural perpetual notes. Due to the volatility in the market, we have not yet seen an opportunity to do so. We still have some months to decide, and we will delay the decision until we have more clarity on the environment closer to the call date, as we have done with the January 2023 notes. Our final decision will, in the end, be based on what is best for the company and thus balance all stakeholders. We reiterate that perpetual notes are considered as equity and will remain equity under IFRS and for our bonds covenants, regardless of whether they are called or not. 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. We will now begin the live question and answer session. Anyone who wishes to ask a question may press star followed by one on the touchtone telephone. Our first question comes from the line of Ellis Acklin with First Berlin. Please go ahead. Yes, good morning, guys. Thanks for the very detailed presentation. My question is just considering the fact that most of your shareholders in the past couple of years had opted for the scrip dividend versus the cash payout. I was just wondering how that factored into the ultimate decision to suspend the dividend in today's announcement. Thank you. You see, the reason we have decided the way we did was mainly the market situation. We could not predict whether or not we will see an equally high amount of scrip dividend requests. We didn't want to take that risk and act very conservatively. Thank you for the question. Next question comes from the line of Kai Klose with Berenberg. Please go ahead. Very good morning. I've got two quick questions, if I may. The first one is on the operational efficiency. Could you indicate if and at which extent you may want to look into your cost base? Talking about potential reductions of staff or other cost-saving measurements, given the decreased size of the portfolio. At which adjusted EBITDA margin this could lead to? The second question, if I understood correctly, the average cost of debt you expect to come out at 1.4% by the end of this year. Does this include costs for hedging, for new hedging, if you were to decide to increase the hedge ratio again and rather than to get it down? Hi. Thank you for your question. For your first question, we are looking for all the relevant department and the processes, and we are making the cost saving that relevant, if needed, by reducing the staff and to improve processes. Referring to the second question, yes, until end of 2023, we see that it will go to 1.4% cost of debt. Yeah. The increase in the cost of debt is coming basically from the increasing in the caps that we see to the level where the Euribor are currently or expected to be in the next few months. That's the main assumption for the increase from 1.3% to 1.4%. Thank you. The next question comes from the line of Neeraj Kumar with Barclays. Please go ahead. Morning, everyone. I have three question. First one is regarding your London portfolio of EUR 1.7 billion. Do you think a potential disposal of it can offer you good liquidity in the current environment, assuming the London market is still more active than German one? My second question is, can you please help me understand if there is any possibility of Grand City supporting its parent Aroundtown if needed, through intercompany loans, et cetera? Obviously, nothing to the detriment of minority shareholders. My third question is, if the situation remains volatile for longer, do you think it makes sense for the company to switch off the coupons on hybrids to preserve the liquidity? Thank you. Right. This one for Refael. [audio distortion] Okay, thank you for your question. For the first one, we sold more than EUR 100 million deals in London, which completed in Q1 2023, and we are looking for other property that maybe we can dispose. It depend on the pricing. As we mentioned, London portfolio doing great. We will not compromise to sell in every situation. In case that a good transaction will come, we will consider it. For the second question. On the support for Aroundtown, we haven't really thought or discussed this. For the moment, this is not an issue we believe that we can comment on. Regarding the coupon to hybrid, we haven't considered cutting off the coupon to the hybrid yet. We have mentioned it as part of a toolbox, but it is not in our consideration at the moment. Next question, please. Thank you. The next question comes from the line of Manuel Martin with Oddo BHF. Please go ahead. Hello. Thank you for taking the question. I have two questions, if I may, please. The first question is a follow-up question on your like-for-like rental income growth guidance. You said that you have reduced your vacancy significantly. You've reached 4.2% or so for year-end 2022. Is it fair to assume that it will be tough for Grand City to reduce it further? In other words, have you reached the structural vacancy rate in your locations? Maybe you can elaborate a bit on that, please. That's the first question. The second question is on the London portfolio. I was positively surprised that you had value increase in the London portfolio of, I think, 2%. My perception was of the London market that market prices there are volatile and rather trending towards the downside given the economic situation there. Can you explain a bit why you have currently outperformed the market? Thank you. Thank you for the question. Coming back to the rental income and the guidance we have given for next year. We have reached a low vacancy, and we do not expect to get much more from vacancy. We also said that we are not expecting to have a big turnover of tenants, which typically gives us a good upside on rental income. Lastly, and I think that's also very important to mention, our tenants will be lumbered with a lot of increased costs, daily cost of living, plus cost of energy, plus cost of shopping, et cetera, what they have, which will not be compensated by pay increases. Therefore, we believe that we may not be able to, or it will not be fair towards our tenants to exploit the full rental potential that we could take. Therefore, we have guided a bit more conservatively for the immediate future. Just maybe to add to that, specifically to the question of the vacancy. We do believe we'll reach the structural vacancy, which we see lower than 4%, around three, even lower than 3% in most of the locations. However, this takes time. In the like-for-like, we'll see a lower impact this year and potentially also going forward, but we do see the reduction, just not in the speed we've seen in the last two years. Regarding the second question, valuations in London. The valuation in London stayed stable for 2022. In Q4 specifically, we saw a 2% decline in London. London was a bit more negative than in Germany. Thank you. Next question. The next question comes from the line of Marios Pastou with Societe Generale. Please go ahead. Hi. Good morning. Thank you for taking my question. Just two questions from my side. I just wanted to see the price, or confirm the pricing of the EUR 170 million of disposals. I think you mentioned on the call it was broadly in line with full year 2022 values. Can you confirm what it was versus the book value at the time for that specific portfolio? Or portfolios would be very helpful. Just on the second question, can you confirm how much of the portfolio was actually revalued in the fourth quarter? Thank you. To answer your second question, nearly all the portfolio was valuated in the year-end, in Q4. As to the disposals, as mentioned, the disposals were done at the value of the end of 2022. Thank you. Next question. The next question comes from the line of [Florent Nitu] with Bank of America. Please go ahead. Hi. Good morning. Thank you for taking my questions. I didn't hear at the beginning of the presentation and the Q&A. Did you mention that you are in the process of negotiating more credit lines? If yes, what are the amounts and the terms? Thank you. Hi, thanks for your question. Currently, we have EUR 300 million RCF. At the moment, we don't see that we need more than that. We feel comfortable with this amount. Thank you. The next question comes from the line of Paul May with Barclays. Please go ahead. Hi, team. Thanks very much for the presentation. Just wanted to follow up on the like-for-like rental growth. Just to check, you mentioned London, I think you would get a bit more rental growth being pushed through. Is that assumption included in your 1%-2% guided rental growth for 2023? Do you think there is potential upside surprise or risk to that guidance? On the second one, for the FFO guide of, I think, midpoint sort of - 11% year-on-year. I'm just trying to reconcile that. It looks to be about 5% decline from higher hybrid coupons, offset by probably 1%-2% higher from the like-for-like rental growth guide. A net down 3%-4%. Appreciate costs are increasing, but that would assume a materially higher admin cost or operating cost year-on-year. Is there anything in the financing cost that I'm missing around exposure to variable rates or something that we should be factoring in? Thank you. Follow-up for your question. Regarding the like-for-like, firstly, in London, we see a bit of a higher amount. However, the impact on the average won't be much. The rent in London is less than 20% of the total rent, the impact is good. It doesn't make a big, big difference on the total. If we see a higher impact in London, obviously we'll have a good impact also on what we see on the total average. As to the guidance, maybe I just walk you through the main components. The EBITDA, we expect to increase a bit. We're going to actually have better EBITDA. We'll see the cost ratio staying a bit the same, the rent's going up. We'll see around a single digit increase in the EBITDA. However, the perpetuals will reduce. We'll have EUR 10 million more expenses on the perpetual, mainly from the EUR 200 million that had the reset in January at 6.3%. We see additional around EUR 8 million expenses on current debt levels on the debts that we had during 2022 and also that we received towards the end of 2022 that have a full year impact. We also see additional costs coming from new financing, which we expect to take throughout the year. Thank you. There are no further questions at this time. I hand back to Mr. Windfuhr for closing comments. Thank you very much for joining our call, and thank you very much also for your questions. We hope that we were able to give you as much clarity on the difficult situation that we are in at the moment. We are at the same time positive that we have the tools and ability to resolve the situation. We are looking positively into the future. Hope to see you in the various conferences and meetings, and wishing you all the best. Bye-bye