Thanks. 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 quarter of 2023. 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, Refael Zamir, and Idan Hadad 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. Also, a warm welcome from my side to our financial results presentation for the first quarter 2023. Besides me is Refael Zamir, our CEO, Idan Hadad, our CFO, and Michael Bar-Yosef, our lead analyst. We had a good start into 2023. As expected, the operations continue to improve as fundamentals remain strong, while supply is lagging behind, which creates long-term supportive characteristics for our asset class. We thus continue increasing rents and maintain our historic low vacancy. On the other hand, capital markets remain volatile due to increasing interest rates, which affect the access to financing. On top, transaction markets remain challenging. Although there have been a few larger transactions recently, we believe transaction markets remain challenging until interest rates will level. On the operational level, the inflationary environment has further widened the supply and demand imbalance, as many construction projects have been put on hold or canceled. Demand further expanded due to population growth, and as buying condominiums becomes even less affordable. This is further driving the demand for renting affordable housing. The strongly increasing supply-demand imbalance continues to drive strong market rental growth and has also been a tailwind for our operations. Our operational platform enabled us to capture this trend, which is reflected in our low vacancy. On the other side, for our tenants, the high 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 during this year not to remain on the current high levels, despite strong expected Mietspiegel adjustments. The financial environment, on the other hand, remains challenging and negatively impacts the entire equity and debt markets. The challenges are reflected in the limited budgets of the financial institutions currently allocated to the real estate sector, the extended period of time that the financing process takes today compared to previous years, and the high financing cost. Those had and still have a significant impact on the transaction market as well, and as a result, lower amounts of transactions are being executed. In the current environment, we see the importance to find a suitable buyer for each specific property. Here, we benefit from our properties' geographical diversification, strong deal sourcing network, and the hard work and experience of our transaction team, which has allowed us over time to execute our disposals successfully. With the disposals we executed during 2021, as well as in recent periods, we have positioned the company well to be able to weather the current storm. We have not only focused on disposals, but at the same time increased the quality of our portfolio. Simultaneously, we have avoided large and expensive acquisitions, and enter 2023 with a solid cash balance and significant headroom to all our debt covenants. With that, I would like to hand over to Refael to guide you through our financial results presentation for 2023. Thank you, Christian, and good morning from my side. On slide two, you will find an overview of the financial and portfolio highlights of the first quarter 2023. The first quarter results were marked by our continuous operational stability, in which we were able to improve our net rental income and adjusted EBITDA. Due to our strong operational performance and the impact of net acquisition made in past periods, our total net rental income improved by 4% against the same period previous year. Supported by 2.6% like-for-like rental growth, of which 0.5% came from occupancy growth and 2.1% from in-place rent growth. At the same time, we have seen the impact of the current interest rate environment on our FFO 1, which was affected by higher finance expenses and a higher attribution to perpetual note investors as a result of the reset of the EUR 200 million of perpetual notes in January at a rate of 6.3%. We will discuss all those points later in the presentation. On slide three, we present our strong financial position in the current environment with a high headroom to bonds covenant, EUR 571 million of cash and liquid asset amount to 14% of the total debt, and including signed disposal cover debt maturities through 2025, not taking into account our undrawn RCF. Our weighted average debt maturity stands at 5.8 years, with no debt maturities until Q2 2024, and currently 91% of our debt is fixed or interest hedged. Our large pool of unencumbered assets of EUR 8.5 billion, or 88% of the value, provides excellent access to attractive bank financing. During Q1 2023, we have disposed EUR 145 million of assets, and we have EUR 100 million further disposals signed in London and Germany. We additionally received new bank financing of EUR 60 million and have signed a further EUR 150 million of bank financing. The additional liquidity supports the ability to face with upcoming challenges. Our current cost of debt stands at 1.4%, together with a strong and steady operational result, we enjoy an ICR factor of 5.9, and our LTV reduced slightly to a conservative 35%. On slide four, we present the net rental income, which reached EUR 101 million, 4% increase compared to the same period in the previous year. Due to the supply and demand imbalance in German rental market, the demand for affordable flats remains strong, and we see the same in London. As mentioned earlier, our vacancy reached to a low 4.2%, coming down from 5.1% year ago and 6.2% at the end of 2020. This strong development is a result of all our letting operational and tenant service team, who has continued to deliver best-in-class service to both new and prospective tenants, thereby increasing tenant satisfaction. At the same time, we had to 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 the greatest impact on the heating and energy costs. As you know, those expenses are mostly recoverable from our tenants. We continue to support our tenants on how they can better control their energy consumption and those energy costs. To this end, we launched a comprehensive information campaign on the subject of energy saving. Due to the increased efficiency and a focus of cost control on our operational platform, we were able to offset most of the impact of cost inflation. Together with the impact of last year's acquisition, the adjusted EBITDA increased by 4% to EUR 79.5 million for the first quarter of 2023, compared to the same period, previous 2022. We are working with our external independent valuator to get results on the majority of our portfolio with the H1 2023 report. In the meantime, we consider in the first quarter of 2023, a reduction of EUR 50 million, which mainly represents the CapEx invested in the assets and some spot indication we received. We remain cautious on valuation as we don't see sufficient transactions to direct property prices. More information will follow in H1 report. The loss for the period was EUR -20 million, which is mainly due to the negative property valuation, which offset our robust operational profit. Basic loss per share resulted in EUR 0.09 per share in comparison to a profit of EUR 0.18 per share for the first quarter of previous year. On slide five, we show that our FFO 1 for the first quarter 2023 is a bit lower against the same period previous year and amounted to EUR 47 million. As mentioned earlier in the presentation, the adjusted EBITDA increase was mainly offset by higher finance expenses as a result of higher interest, as well as higher attribution to perpetual notes, resulting in a lower FFO 1. On a per share basis, this decrease was additionally impacted by the share from the scrip dividend issue in 2022. Which allowed us to retain some cash. The Q1 2023 FFO 1 is relatively high when we compare to 2023 guidance. However, looking forward into the next quarter, we expect to see higher financing costs coming from new bank debts as well as higher attribution to the perpetual note. Therefore, we expect that the FFO 1 to reduce gradually to the range we have guided for 2023. On slide six, you can follow our EPRA NAV metrics. All EPRA NAV metrics can be followed here in comparison to full year 2022. We note here that standing Q1 2023, GCP reclassified the EPRA NTA to exclude RET. As a r esult, the EPRA NTA came to EUR 4.6 billion or EUR 26.9 per share, compared to EUR 4.7 billion and EUR 27 per share at the end of 2022. For comparison, including RET, the EPRA NTA amounted to EUR 5.1 billion or EUR 29.5 per share. EPRA NRV per share and EPRA NTA per share remained stable, and EPRA NDV per share decreased a bit by 1%. On an absolute base, EPRA NRV and EPRA NDV reduced by 1% and 2% respectively. On the same slide, we present you some more information on our approach regarding all the EPRA metrics. Let me now hand you back to Christian for the portfolio overview. Thank you, Refael. Now to our portfolio overview on slide seven. Our investment property value decreased slightly by 1% since December 2022 and reached EUR 9.45 billion at the end of Q1 2023. The decrease came from classification of around EUR 70 million properties as held for sale. The held for sale portfolio amounts to EUR 260 million, of which around EUR 100 million has been signed and will be mostly completed in the next months. Our annualized rental income of EUR 393 million at the end of Q1 2023, 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, and we note that we were able to capture part of this potential in recent periods through rent and occupancy increase. However, due to expected low tenant turnover, we expect to extract the remaining potential over the medium to long term. On the other hand, we expect that Mietspiegel will increase in our main areas in the coming periods, further increasing the upside potential in the mid to long term. In total, we have around 64,000 units at the end of Q1 2023, and the portfolio only reduced slightly since the end of 2020. Vacancy has remained at full year 2022 low of 4.2%, and in-place rent grew to EUR 8.3 per square meter. We have seen vacancies decreasing across our portfolio, specifically Dresden, Leipzig, Halle, where vacancy is now at 3.4%. The vacancy in London also reduced further to 3.7%, compared to 5.8% in December 2021. Let us turn to slide eight. On slide eight, 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 location, 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 nine, you can see our strong regions, Berlin and North Rhine Westphalia, where Berlin makes up 24% of our portfolio value and is our largest single location. 70% of our Berlin portfolio is located in top tier locations. 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% of that region, and the rest distributed throughout the region's main cities. Slide 10, you can see our London portfolio making up 17% of our portfolio and consisting of about 3,600 units, including a small portion of pre-marketed units. This 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% as of March 2023. In recent periods, we have completed most of the prelet units in London, and only around EUR 14 million of pre-marketed buildings remain. Short-term contracts in London ensure that the portfolio is capturing inflation faster than in Germany. The London market displays strong fundamentals supportive to its growth, and provides the overall portfolio with valuable diversification, also in terms of regulatory risk diversification. 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% of our portfolio. A further 5% of our portfolio are in Hamburg and Bremen, Germany's largest northern cities. Sorry. Now back to Refael. Thank you, Christian. Please move to slide 12 where we can see the maintenance and CapEx slide. Maintenance and repositioning CapEx on slide 12 increased slightly to EUR 6 per average square meter for quarter one 2023. This amount includes EUR 1.5 for maintenance only, which is also slight above the previous year's period. Repositioning CapEx amount to EUR 4.5 per average square meter and is directed toward improving the asset quality, supporting the letting activity. The repositioning CapEx also include investment into surrounding of our assets. We intend to be more selective on CapEx and to keep investment at a lower level by investing in CapEx projects that offer the greatest return in addition to the ESG investment. Expenses for Q1 2023 was higher than in Q1 of the previous year, mainly because of cost inflation and timing effect of the project. Additionally, we invested around EUR 2.5 million in modernization. The 2022 figure was relatively small, we include it in the repositioning CapEx for that period. We also spent EUR 5 million in a pre-letting modification in the period, as compared to EUR 7 million in Q1 2022. Investment related to energy efficiency and CO2 reduction, such as replacing windows and heating system, are attributed to the above categories, depending on the projects specified and are not in their own category. At our discretion, we also install solar panels on our roofs. One example you can see here on this slide in one of our asset in Cologne. The AFFO for the first quarter 2023 amounted to EUR 28.7 million in compare to EUR 34.7 million during the same period previous year. Let me hand you over to Idan. Thank you, Refael. Now let's go to our financial policy presented on slide 13. Our conservative financial profile has been maintained and reinforced, and we are focused on repaying short-term maturities. As you can see on this slide, we maintain significant headroom to all our covenants. This has given us the flexibility to navigate the current uncertainty with relatively low refinancing pressure. We know that all our covenants are based on IFRS reported numbers, which treat perpetual as equity. S&P and the rating agency's view on the equity content of perpetual notes are not relevant and have no impact on the covenant test. While we have decided not to pay the 2022 dividend, we want to point out that our dividend policy remains at 75% of our AFFO 1 per share going forward. That being said, also in the future, dividend payments will remain subject to market conditions. On slide 14, we review our strong financial profile, and as mentioned in the highlights already, our LTV is at 35%, a point lower than at the end of last year, and well within the 45% Board of Directors limit. FFO LTV, which include perpetual notes as debt, is 46%. The net debt to EBITDA is at 10.8x. Our cost of debt sits at a low 1.4% and interest hedging ratio of 91%. This reduces the impact of interest rate changes on our cost of debt for the next periods. Unencumbered investment properties are EUR 8.5 billion and 88% of value, giving us good financial flexibility with more favorable bank financing, which is well below bond yields. Our interest cover ratio is 5.9x, and our corporate credit rating remains at BBB+ with stable outlook by S&P, which was reaffirmed in December 2022. On slide 15, we present our debt maturity schedule of 5.8 years on average, which had no material change since last publication. As you can see, there are no upcoming maturities until 2024, and cash and liquid assets plus signed disposals cover our debt maturities through 2025. For more complete information, we added the cost of debt of maturities. Back to you, Christian. Thank you. Before I close, let me point out to you that in the appendix of this presentation, we continue to give you, among other information, more updated details regarding ESG and sustainability, which is also well covered in various documents on our website. Our full sustainability report can be downloaded from the website, and the new 2022 report has been published. Moving on to slide 16. Following the company's results for the first quarter 2023, as well as our expectation for the rest of the year, I confirm the company's guidance for 2023, which remains unchanged. As mentioned, we are ahead of our guidance with the Q1 2023 FFO 1, which is relatively high when comparing to the full year guidance. However, in the next quarters, we expect to see higher financing costs, mainly coming from new bank debt, as well as higher attribution to the perpetual notes, which will reduce the FFO for the full year 2023 accordingly. For 2023, we expect FFO 1 to be between EUR 170 million and EUR 180 million, FFO 1 to be between EUR 0.99-EUR 1.04, dividend per share in EUR between EUR 0.74-EUR 0.78, subject to market conditions and AGM approval. Total net rent like-for-like growth between 1%-2%, and LTV to remain below 45%. Thank you for your attention, and allow me now to move on to our Q&A. Thank you very much. We are now starting with Q&A questions. 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 real estate market developing in Germany and London? What are the impacts on your operations? We continue to see the same trends we have seen in recent periods, with robust operating fundamentals for residential real estate in Germany. The supply-demand gap continues to widen as the population continues to grow, particularly in Germany's key metropolitan areas and supply is drying up. Particularly in recent months, we have seen a sharp decrease in construction activity. The strong decrease in supply is driven by a mix of strong construction cost inflation in recent years, combined with a sharp increase in interest rates, making new construction less profitable. The strong increase in interest rates has also impacted demand, with buying apartments becoming significantly more expensive, despite some decreases in condominium prices, further increasing the demand for rental. These factors have all had a positive operational impact on our portfolio in Germany. At the same time, we continue to see strong fundamentals for the London residential market, where we see strong rental growth driven by low supply and high demand, with similar dynamics as the market in Germany. The fundamental drivers have also supported our operations with a total like-for-like rental growth of 2.6%, driven by 2.1% in place rental growth and 0.5% vacancy reduction. We saw vacancy remain stable from year end 2022 at 4.2%, which compares to 5.1% in March 2022. Despite strong operational trends, we continue to see headwinds in the market from the increasing interest rates, higher energy and other ancillary expenses, and the increase in cost of living for our tenants driven by high inflation. We continue to see elevated levels of inflation, particularly impacting food prices, and expect continued pressure on basic necessities for tenants in the coming years. At the same time, wage growth has not fully caught up yet, although the labor market remains robust. Moreover, specifically in 2023, we see the tenants facing the cash settlements of the significantly higher energy cost in 2022. While we believe that this is a short-term impact, we remain cautious in the current environment. For these reasons, we expect more conservative rental growth in the next quarters as affordability issues may impact the ability to maximize rent increases on existing tenants, and we expect tenant turnover to reduce, also reducing our ability to capture market rents in the short term. However, and more important, we do see that the current dynamics supporting rental growth with positive impact on the Mietspiegel updates coming soon, which will increase our upside potential to create internal growth in the mid to long term. What are the current interest rates you see on secured financing? Do you have a pipeline in addition to the new loans reported? What are the impacts of the higher rates on GCP? The current environment continues to be impacted by inflationary pressures, and it's not yet clear how much inflation we will continue to see in coming periods. As a result, the outlook also remains uncertain in regard to interest rates. In Q1 2023, we signed a new loan agreement amounting to EUR 60 million at a margin of 1.4% over EURIBOR for five years. In addition, after the reporting period, we signed loan agreements amounting to around EUR 150 million at an average margin of around 1.2% over EURIBOR and at a 10-year maturity. We continue our discussions with banks, and we have an additional potential pipeline of loans that we can execute amounting to several hundred million, which shall support our liquidity balance. We know that obtaining bank financing is a lengthy process, longer than in previous periods, but despite that, the financing source is open, it's working, and it's providing significantly better condition than the capital market. We are under no pressure to refinance as we maintain a very clean maturity schedule in the near term. With cash and liquid assets and including the signed disposals, we can cover debt maturities till the end of 2025. Furthermore, we still have significant headroom to our secure debt or our unencumbered assets covenants with EUR 8.5 billion of unencumbered assets as of March 2023, representing 88% of the portfolio. As a result of the higher interest rates, we have seen a slight uptick in our cost of debt, standing at 1.4% as of March, and which we expect will increase to 1.5% by year-end, assuming no material changes in current rates, no new loans or material debt repayments. Our ICR stands at 5.9x and our hedging ratio stands at 91%. Would you consider increasing your focus to AFFO, and do you have plans to support AFFO increases? Yeah. We understand the choice to shift the focus to AFFO for some of our peers, as their business model are more CapEx intensive as ours. As we have relatively less CapEx in proportion to our FFO, we maintain our focus on the regular FFO. That being said, we have increased our focus on generating free cash flow, and those have become very selective on own CapEx, including repositioning CapEx, which we see as our AFFO relevant CapEx measure. Already during 2022, we have completed some project, mainly in Berlin and London, and due to the increase in cost, we reduced the planning and executed projects. By being more selective on CapEx and by not executing significant acquisition in the current environment, we expect to preserve additional liquidity. You recorded like-for-like rental growth of 2.6%. Could you provide some more details on the key drivers? Why are you still guiding for 1%-2% for the year? Like-for-like rent and growth came in at 2.6%, of which 0.5% came from occupancy increase and 2.1% from in-place rent and growth. The in-place rent and growth can be further broken down between 0.7% from indexation and 1.4% from reletting. We saw good results across the portfolio, but we had especially strong like-for-like in NRW, Dresden, Leipzig, and Halle, as well as in Hamburg and Bremen. We also recorded 3% like-for-like in London, benefiting also from strong vacancy reduction year-over-year. In Q1, the rent and growth have remained solid, and we also see good mid and long-term potential for the portfolio. However, we do see potential headwinds which may slow down the indexation and rent increases in the coming periods, particularly as a result of the affordability issues for tenant, as well as lower tenant turnover. This may impact our ability to maximize the indexation in the short term, while the lower turnover will reduce our ability to capture market rent through reletting. Furthermore, we have significantly reduced vacancy in recent years, and therefore expect that the occupancy like-for-like will have a smaller impact. However, we expect to see higher like-for-like growth in the midterms, capturing the high revisionary potential of 17%. Your reported rental income like-for-like is lower than that of peers. What is driving the difference? We would like to point out that the comparison of the rental growth should be done on an apples-to-apples comparison and not just comparing the total amounts. Peers like-for-like is driven largely by modernization and from new construction, which is very costly, and we are happy that we are not engaged in large construction projects in this current environment. Therefore, the comparison should be made on the rental growth coming from indexation and reletting, which GCP is at the higher range of the rental growth. In addition, we see the cost of living issues impacting tenants and are therefore currently more conservative in increasing net rents as tenants are already impacted on higher warm rents also in 2023. Note that in both these situations, we do not lose the upside potential. We see strong like-for-like rental growth potential in the mid- to long-term, and retain the option to execute large modernization projects to drive further rental growth in the future. What are your expectations on the new Mietspiegels coming in 2023? Do you expect large increases? How do you see the changes impacting your rental growth? As a result of the strong market rental growth and inflation in recent periods, we expect to see sizable increases in most of the Mietspiegels that will be published this year. We expect also higher adjustments in the coming years as the rent inflation will be spread over several years and not just over one period. Though, please note that we cannot forecast the Mietspiegel changes due to the high complexity. We see this particularly impacting our rental growth potential in the mid- to long-term, as we have particularly mentioned, thereby increasing the upside potential of the portfolio. That being said, while we expect significant adjustments, we do not want to speculate on the Mietspiegel until it is actually published, and it is a highly political issue on which we don't have any impact. Additionally, as we have mentioned, we expect that the short term pressure on the cost of living for tenants and higher costs for the warm rent component will likely limit the ability to maximize rent increase potential. Could you provide some color on your revaluation? How much was revalued in the period? What are your valuation expectations for the remaining of 2023? In the first quarter of the year, we did not revaluate the portfolio and therefore the EUR 50 million devaluation is mainly from CapEx during the period. We have just valued the entire portfolio with our independent external valuator with the full year report, and in the first quarter of 2023 did not see a material change to the environment in comparison to the end of 2022. We expect to revaluate the majority of the portfolio in H1 2023 report, where we expect to see more clarity on valuations. We expect that the negative market sentiment will continue to have a wider impact and outweigh the operational improvement of the portfolio. We are in the opinion that we will record a revaluation decline of around 5% on average across our portfolio in the full year 2023, which partially will be already reflected in H1 2023. For now, we believe it is too early to give a more precise estimation. We are encouraged from the recent pick up in transactions. However, we know that transactions levels are still minor and may not rebound fast. We reiterate that we have a large headroom to our covenant, which can buffer significant negative revaluation. Could you provide some more color on your disposals? What kind of assets did you sell and where? What was the multiple? What is your pipeline? In Q1 disposals amount to approximately 145 million units. The disposal comprised mostly properties in London as well as some number of properties in Germany. The disposals included about 670 units and were disposed at an average NOI factor of 25. The London disposal mainly comprised a mix of recent redevelopment, mature properties as well as some social housing. The disposals were carried at around book value, which include a vendor loan of around EUR 60 million. The remainder of the disposal proceeds further strengthens our balance sheet. The impact on the rental income of the disposal was already included in our guidance. In addition, we have another 100 million properties which are signed and are expected to be completed mostly in the next months, which are presented in the held-for-sale portfolio. Of this amount, around EUR 70 million was signed after our full year call a few weeks ago. The disposals are in London and NRW, as well as land plot in Berlin, carried around the last book value. Further, we may execute additional disposals if we see attractive offers that allow us to crystallize the realized value and strengthen our balance sheet. Will GCP carry out a liability management program in the upcoming periods? We continue to review potential options and are consistently monitoring the market on an ongoing basis. We see a liability management program as one of the potential measures to reduce leverage. In light of your expectation for devaluations and with the upcoming perpetual notes call date in October, what are your plans in regard to deleveraging and maintaining your rating targets? Would you consider to carry out an equity increase to support your balance sheet? We are now focusing on increasing our liquidity further by disposing more assets, drawing secure debt, and by increasing the operational cash flow, which will provide us more headroom on top of the current headroom. Furthermore, we could also buy back debt at a discount, which may enable us to deleverage. We currently have the headroom to meet our internal leverage limits and have very significant room to meet the bond covenants. Capital increase is always an option in our toolbox, should we feel we need it, but currently it is not one of our main options. Looking forward, if the macro environment will remain very negative for a prolonged time, which will lead to significant devaluations and to shortage in liquidity, I think our sector in general may start to see equity increases in order to deleverage and stabilize balance sheets. We see ourselves relatively well-positioned within the sector. Do you see your rating at risk? How important is your BBB+ rating for you? We maintain an ongoing dialogue with S&P, who affirmed our credit rating in December 2022. S&P highlights our strong balance sheet and the operational progress made in recent years. Not calling the perpetual notes will decrease our headroom to S&P's KPIs. That being said, we currently see ourselves well-positioned and believe we can weather the current environment. If the environment continues to deteriorate, this could have a negative impact on our rating. We know that S&P's rating is linked to Aroundtown's rating. Aroundtown's rating was also affirmed at BBB+ stable in December, but in case their rating will decrease, GCP will also be impacted. Do you have an update on your plans for the perpetual notes with their first call date in October? Our stance has not changed. We would prefer to replace the perpetual with a similar equity-like instrument, but unfortunately, the current market environment has not allowed us to do this. We still have a few months to decide, and we'll make our final decision until we have more clarity on the environment closer to the call date, as we have done with the January 2023 note. As already mentioned many times for us, we see perpetual notes as an equity-like instrument that protects us in such a market environment as we see it today. Your CapEx has been increasing and increased significantly in comparison to the first quarter of 2022. What is the reason, and what can we expect going forward? The CapEx per square meter has increased to EUR 4.5 per square meter, which increased from EUR 3.3 per square meter in 2022, which was quarter with a relatively low amount of CapEx. For the full year 2022, we invested over EUR 17 per square meter, which is just below the annualized spending in the current quarter. We have seen the CapEx per square meter increase in recent years, mainly in the last two to three years, coming from cost inflation, both of materials and personal costs. However, we are more selective on CapEx and intend to invest only in CapEx projects that offer high returns. Going forward, we see the CapEx amount stabilizing at about EUR 17-EUR 19 per square meter on an annualizing basis. Can you provide details of the vendor loans provided to help facilitate disposals in Q1? We provided a loan of EUR 60 million, which supported a faster transaction. We believe that the ability to transact fast at a high certainty is vital in the current market conditions. The loan was given at around 60% LTV, and in case of default, we practically get back the asset as the loan is secured by the underlying asset. The loan was given slightly below market level interest, but includes step-up levels, which incentivize the buyer to refinance the loan. The loan is given for a short to mid-term period with partial repayments prior to the final maturity. Thank you. I think those were the questions so far. We will now start the open Q&A part. If you have several questions, then 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. Anyone who wishes to ask a question may press star followed by one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star followed by two. If you're using speaker equipment today, please lift the handset before making your selections. Anyone who has a question may press star followed by one at this time. One moment for the first question, please. The first question is coming from Neeraj Kumar. Please go ahead. I'm sorry. I misclicked. The next question is coming from Neeraj Kumar. Please go ahead. Morning, everyone. Am I audible? Yes, you are audible. Yeah. You probably have the strongest liquidity profile and the lowest leverage compared to other residential sphere in the sector, and yet the unsecured bond spread significantly wider. I was wondering about the opportunity cost of holding such large cash balance, and if you have any plans to utilize that. Secondly, on your hybrids, again, given the strong liquidity and low leverage, will it be fair to assume that there is no reason for you to think about deferring coupon on hybrids at current stage? Thank you. Hi, Neeraj. Thank you for your questions. To your first question. We do have increasing cash balance, and we view our maturities. We're happy we have a strong liquidity that could serve our short-term maturities. However, we are looking at the market, our opportunities, and as we mentioned, we might come out with a liability management program if we feel the pricing is right. Regarding the hybrids, we have always mentioned and done so with the first hybrid that we continue paying the coupon, including the step-up, obviously. If the market conditions do not deteriorate in any significant manner, our plan is to continue paying. As I said, it will be subject to market conditions. Thank you for the question. The next question is coming from Marios Pastou from Societe Generale. Please go ahead. Hi there. Good morning. Thank you for taking my questions. I have got three questions from my side. Firstly, I just wanted to check what prompted the change in the calculation basis of the EPRA NTA, which now is excluding the add back of the real estate transfer tax. Any further color here will be very helpful. Secondly, you mentioned that vendor loans have been offered on the disposals across London. I just wanted to see if there was any limitations you have on these loans in terms of how much you could provide for, say, future disposals along the way. Thirdly, you also mentioned that you have done another EUR 100 million of disposals. Can I just check, you mentioned this was London plus a bit in NRW, plus some land in Berlin. Can I just check if these have also included some vendor loans also to get the deals over the line? Any color would be helpful. Thank you. Thank you for your questions. First, on the NTA, we just align it with the market standard. We evaluated our position and we decided, based on feedback also we have received, to not include the RET in the calculation. Also, we have seen Aroundtown are very similar, we also decided to align with Aroundtown as well. As to the vendor loans, we do not have a limit. We would do so when we feel that this is needed to transact fast. We see the ability to transact very important. That is a high priority. We would give a vendor loan if needed, but that is only in specific cases. That leads to the third question. We did not give, as part of the EUR 100 million loans that were signed, any vendor loans. Only in specific cases which we think it could speed up the process and create the visibility we want, we will do so. Thank you. The next question is coming from Andres Toome from Green Street. Please go ahead. Hi. Good morning. I have two questions. First is about the London portfolio, and just wondering, have you discussed internally, do you have any ideas to completely sell the London portfolio to bolster your balance sheet position and, for example, use those proceeds to buy back all the hybrids and thereby avoid the earnings erosion for common shareholders? My second question is around the ICR metric. I'm just wondering how do credit rating agencies view this? You report 5.9 times, but if you consider perpetual interest, it's considerably lower. Do credit rating agencies consider the perpetual interest in the ICR calculation as well? Thank you for the question. Your question regarding London, we do not consider any specific big sale of London, for example. At this point in time, we are considering selling on an opportunistic basis as and when necessary. At the same time, yes, London is a very valuable portfolio for us and probably would be a slightly easier sale as German portfolio. At the moment, this is not in the cards. Christian, I'll take the ICR question. Yes, S&P see a different ICR than we do. They include the 50% of the perpetual notes coupon inside the ICR. If we wouldn't call a series, they would also include 100% of the coupon inside. However, I think we still have a pretty good headroom in the ICR of S&P above the thresholds they provided us. Thank you. Next question, please. The next question is coming from Manuel Martin from ODDO BHF. Please go ahead. Thank you, gentlemen. Two questions from my side. First question is on your disposals in the first quarter. Can you give us some color on the buyers of the property? Which kind of buyers? Maybe you could elaborate a bit on that. The second question would be on the London portfolio. Maybe you can give us some color on the price evolution in London in general to have a feeling whether we are on upwards trends or downwards trends or whether it's simply volatile. Thank you. Hi, Manuel. Thank you for your questions. As to the buyers, we see a diverse amount of buyers. We're using our diverse network in order to get to the right buyer in any situation. We've seen funds buying and various other buyers also in some local municipalities in some specific locations. We are reaching out to the most diverse amount of buyers we have, and therefore we were able to succeed in the disposals we have done. As to your second question, we see the trend in London in the valuations very similar to what we see in Germany. We see around 2025, we see around 5% decline having the same impact. On one hand, we see increasing rents. On the other side, we also see increasing rates, which has opposite impact. In total, we expect also in London, around a 5% decline in 2023. Thank you very much. Next question. The next question is coming from Marcus Smith from ODDO BHF. Please go ahead. Yeah, thanks for taking the question. Just one for me, and that is on the new financings you incurred. Maybe you could tell a bit at what conditions you locked it in, and where do you see currently secured funding for U.K. and German resi property on a secured basis? Okay. Thank you. I'll take that. Regarding the conditions we see, we're focusing, as we mentioned, secured debt. We're looking at a term of 5- 10 years, and we're seeing a margin of around 1.5% going forward, margin. Which on top of the mid-swaps currently, we see around 4.5% all in interest. As mentioned, we're more focused on the secured debt, which gives us this level of cost. Thank you. The next question is coming from Paul May from Barclays. Please go ahead. Hi, everyone. Three questions from me. Appreciate you giving a little bit of detail on the vendor loans. Just a couple bits more if you could. I think you noted around 60% LTV seems quite high relative to maybe what's financing that's available in the market. Hopefully you comment, that would be great. I think you also mentioned penalties if they weren't completed. I wonder if you could give any details. What is the duration of those vendor loans? You mentioned about completing deals quickly, and that's why you've provided vendor loans. I assume those vendor loans are for three months, maybe six months max? Obviously, any longer would then question why, how that helps you complete deals quicker. Second one, you mentioned a focus on cash flows and preserving cash. Just notice on a square meter basis, your spend on maintenance and CapEx is up 30% year-on-year on a per square meter basis. Again, not sure how those conserving cash, increasing spending reconciles. Finally, on the valuation, you mentioned the 5% change for the year. We know that various valuers on German resi have already moved values down 5% in Q1. I think your peers are guiding to somewhere between 5% and 10% for the first half. Just wonder what makes you feel that your portfolio is significantly better than what the valuers are guiding to or have taken, or what your peers have guided to. Would be great. Thank you very much. Thank you, Paul. I believe that was a bit more than three questions, so I hope I capture everything. As to the vendor loan, yes, we give it around 60% LTV. We feel comfortable with this level. It's important to mention that it's secured to the asset. There is a very heavy penalty, let's say, we will get back practically the asset back, the loan value. We see it's very attractive. We see this also very important. It's a done deal, basically. It's completed the whole deal. In case of any default that you might think of, we will benefit from, and we don't expect this to be the case, and we also don't hope that to be the case. We feel very secured on that level. We see a maturity of up to three years. Potentially could be also shorter. This is the loan we gave in this situation. As to your second questions on the CapEx. Look, I think our CapEx in total, when you look at the total CapEx is low. In general, if you look at peers and market levels. However, Q1 showed an increase compared to Q1 2022, but this is more of a timing impact. If you look at the full spending on an annualized basis and you compare it to 2022, you'll see there's a small increase. Our CapEx per square meter would be around EUR 18 annualized for Q1 2023, whereas in last year for the full year was around EUR 17 point something. We do see a bit of increase, as we mentioned, coming from cost inflation. It's not the increase you mentioned. Between quarters, we do see some timing differences, but you should look at it, I think, on an annualized basis. As to your last questions on valuations. I wouldn't want to comment on what peers provide, but I would like to mention that we have seen valuations in our portfolio in the last years increase less than peers. We feel that we were more conservative, and I believe that this is also the case now when we look at the value decline. Of course the values could change more than 5%, could also change below. This is where we feel the market is. We also feel when maybe some peers are looking at H1 or at Q1, I think they're looking at where it is full valuation. I don't think many commented at where we see the whole year 2025. For us, it's a bit hard to factor exactly what is the short term. When we look at year 2025 as a year, we believe that around 5% is reasonable. Thank you. Ladies and gentlemen, there are no further questions, and I hand back to Mr. Refael Zamir for closing comments. Thank you very much all for having joined our call, and thank you very much for the questions you have given us to elaborate on some issues that are on your mind. We wish you well, and hopefully meet in person not too long from now. Thank you so much. Bye-bye.