Hello, good morning to everyone. Thanks for joining us today. In the name of GCP, I kindly welcome you to our results call for the first nine months of 2023. With me today are our 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, good morning to all of you, and a warm welcome also from my side to the Q3 2023 financial results presentation. Before starting our presentation of the results, please allow me a few comments on the current environment which is driving our results and current strategy. We are seeing a continuation of supportive trends on the operational side, primarily driven by the supply and demand imbalance that has affected the German residential real estate market for many years now, and which has continued to widen even faster in recent periods. On the demand side, we see supportive demographic trends continuing, while increases in financing costs make mortgages much more expensive, increasing the relative attractiveness of regulated renting market, particularly in our market segment. On the supply side, we have seen the drop in new supply accelerate further, as even more construction projects are being postponed or canceled, and the negative financial impact on developers continues to worsen. We expect that the current market developments will probably have a lasting impact and remain supportive of rental growth and occupancy levels. That being said, transaction and capital markets continue to be negatively impacted by increased interest rates as well as uncertainty regarding the future rates and the economy. This is making financing more expensive, which is impacting transaction markets and resulting in a significant slowdown in transactions as well as negative pressure on property values. While we did not revalue our portfolio in the third quarter, as we recently valued our portfolio for our half-year reporting, we will revalue the full portfolio again for the full year results. In the current market, we are expecting negative pressure to outweigh the strong operations and results in further devaluations. Still too early to estimate the amount of devaluations we will see in the full year results, but based on our early indications, we expect it to be around 5% decline. We have continued our focus on strengthening our liquidity position in the third quarter as we close further disposals and new bank financing, keeping our leverage stable and further reducing our future refinancing risk. We will go into more detail on these points in the coming slides. With this, let me start on slide two. As indicated, our operational results continue to be strong. Net rental income is up 4%, supported by 3.1% like-for-like rental income, 2.8% of which came from in-place rent growth and 0.3% from occupancy growth. Adjusted EBITDA grew by 4% to EUR 240 million, in line with the rental income. However, additional finance expenses and perpetual note attribution offset the positive growth and negatively impacted our FFO I. We confirm our 2023 guidance, which we will discuss in more detail at the end of the presentation. Both our in-place rent and our vacancy reduction continue to develop in the right direction, reaching another historic low occupancy of 3.8% and in-place rent of EUR 8.5 per square meter. With this, allow me to hand over to Refael Zamir for the Q3 results in more detail. Thank you, Christian, and good morning. Please turn to slide three. Here we want to highlight the strategic measure that we have taken and continue to take in order to deleverage the company and extend debt maturity. By continuing to dispose properties, buying back short-term debt at a discount, suspending the dividend, and continue to generate strong operation and cash flow, we have been able to keep a leverage stable at 36%, which is the lowest among the peers. At the same time, our operational performance improved, as a result of which our net debt to EBITDA has continued to decline. As markets remain uncertain, we remain focused to execute measures to strengthen our financial position and preserve high liquidity in coming periods. Slide four, we can see that during the first nine months of 2023, we signed EUR 130 million of disposals and closed EUR 270 million. Around EUR 170 million of the closed disposal were signed in the end of 2022. At the same time, we have achieved EUR 550 million new bank financing, of which EUR 440 million in the nine-month period, plus another EUR 110 million signed since September. With this, our liquidity position strengthened considerably and stands at EUR 1.1 billion cash and liquid assets as of September 2023, which is 25% of our total debt and covers debt maturity until mid-2026. Our LTV remained at 36%, stable compared to year-end 2022, and our unencumbered asset ratio at September 2023 stands at EUR 7.1 billion and 77% of the value and provides additional flexibility in our effort to access attractive bank financing. Our current cost of debt stands at 1.9%, with a long average debt maturity of 5.5 years and an interest coverage ratio of 5.7x. Our credit rating by S&P remains BBB+ or negative. Let us now look at slide five and operational performance. On the back of the continuous strong operational performance, both revenue and net rental income continue to grow in a positive way. Net rental income improved as a result of strong like-for-like rental growth of 3.1%, of which 2.8% came from like-for-like in-place rent, and 0.3% from occupancy growth. In recent periods, we have seen in-place rent and growth accelerate, supported by an ever-widening supply and demand imbalance. We know that the like-for-like increase is coming from internal growth with little CapEx invested. Property operating expenses increased by 11%, driven mostly by inflation in the recoverable expenses, such as heating and energy costs. This is in line with the increase in the operational income, which mainly refers to recoverable expenses charged to the tenants. Despite of those developments, we have been able to increase adjusted EBITDA in line with rental income by 4%, reaching EUR 240 million, which is a reflection of our efficient management platform. The loss of the period is attributable to the negative property revaluation, which offset our operational profits. On slide six, we summarize our FFO I and FFO II results. The adjusted EBITDA increase was offset by higher finance expenses, as well as higher attribution to perpetual notes, resulting in a lower FFO I. We incurred higher finance expenses as we have drawn new secured debt. The increased interest rate will rethink our interest rate limit, and we have certain hedging instruments that expired. Part of the higher finance expenses were offset by interest income we received on our large cash balance. The higher attribution to perpetual note is the result of the resetting of the coupon of the perpetual notes, which we did not call in January this year. The additional decrease in FFO I per share resulting from additional shares from scrip dividends issued in 2022, which allowed the company to retain cash. Let's move to slide seven and our EPRA NAV metrics. On a per share basis, EPRA NRV per share and EPRA NTA per share came down by 8% and 9% respectively during the nine months of 2023. While EPRA NDV per share came down by 11%. The decrease was mainly due to the negative property revaluation recorded during the first half, partially offset by operational growth and suspension of the dividend. Now, let me hand over to Christian, which will guide you through the portfolio. Thank you, Refael. On slide eight, we present to you our portfolio breakdown by location, as well as the development of our investment property and the rent revisionary potential of our portfolio. In total, we have 63,000 units at the end of Q3 2023, with a vacancy of 3.8% and in-place rent of EUR 8.5 per square meter. As you can see on the slide, our portfolio continues to embed significant revisionary upside potential to current market rent levels. In addition to the portfolio, GCP has investment properties held for sale amounting to EUR 175 million, of which over EUR 40 million has been signed but not completed in Q3 2023. The decrease in investment property compared to December 2022 is the combined result of negative revaluation in H1 2023 and disposal activity offset by CapEx investments. While we didn't re-evaluate the portfolio in the third quarter, continued strong operational growth has led to further yield expansion, with our rental yield standing at 4.6% as of September, compared to 4.2% at the end of last year. On slide nine, we highlight several key market trends which continue to be supportive to our operations. In Germany, we continue to see higher levels of net migration, particularly impacting key metropolitan areas and supporting further urbanization. At the same time, supply is lagging. As you can see on the graph on this slide, this has resulted in decreasing numbers of rental offerings in recent periods. At the same time, the share of affordable apartments offered has continued to reduce in the last decade. In London, similar trends continue as well. On slide 10, you can follow our maintenance and CapEx expenses. Maintenance and repositioning CapEx increased slightly by EUR 0.50 to EUR 17.00 Per square meter during the first nine months in 2023, EUR 4.10 per square meter for maintenance and EUR 12.90 per square meter for repositioning CapEx. Repositioning CapEx is directed towards improving the asset quality and supporting the letting activities. It also includes investments into the surroundings of our assets. Cost increase that you see here is mainly a result of inflation. Going forward, we expect to maintain this level of spending, which enables us to extract the internal upside in our portfolio while maintaining the quality of our assets. Additionally, we invested during the first nine months in 2023, around EUR 7 million in modernization and EUR 11 million in pre-letting modifications. Investments related to energy efficiency and CO2 reductions, such as replacing windows and heating systems, are attributed to the above categories, depending on the specific project. On slide 11, we point out some recent developments and regulations relating to energetic modernization. In recent months, the German government has announced several measures aimed at alleviating some of the pressure on the housing market. Some of these measures also impact energetic modernization. For example, the speed bonus subsidy for new heating now applies to landlords as well. Most important, is the government's turn regarding EU regulations relating to mandatory obligations to modernize existing housing stock, which the German government no longer supports. We want to point out that in our opinion, such a mandatory obligation would be very difficult to execute in Germany due to the structure of the market. As we highlight on this slide, Germany's housing stock overall is inefficient and would require a lot of investment to bring up to a good standard. At the same time, most of the market is either privately owned and occupied or owned by small private landlords. Such owners often do not have the financial means to modernize their house or rental properties at that scale, making the financing of the transition to an energy efficient housing stock a significant problem for the German society, and something that would require a lot of additional government support and subsidies. Let me now hand you over to Idan. Thank you, Christian. On slide 12, we present to you our strong financial profile with a stable LTV of 36%, despite of the devaluation during the period. Also, our LTV is well below the 45% limit set by the Board of Directors. EPRA LTV, which include perpetual notes as debt, is 47%. Our net debt to EBITDA is 10.1 x. Our cost of debt is 1.9% and interest hedging ratio is 88%, with 81% fixed or swapped and 7% capped. The remaining 12% is variable. Cost of debt has increased in recent periods due to higher rates on debt that is variable or interest capped, the expiry of several hedging instruments, as well as the addition of new bank debt with long maturities and the repayment of near-term debt with relatively lower rates. Unencumbered investment properties are EUR 7.1 billion and 77% of value, giving us good financial flexibility with more favorable bank financing. We would like to point out again our strong liquidity position with EUR 1.1 billion of cash and liquid assets as of September, which is expected to strengthen further with the proceeds of signed disposals and financing totaling over EUR 150 million. Moving on to slide 13, where we present GCP's strong position in relation to the bonds covenant. As you can see on this slide, we remain well below our net debt to net assets covenant limit of 60%, currently standing at 32% based on our September results. This implies that we have the capacity to absorb a loss of EUR 4.7 billion of value, which is equivalent to 42% of our total assets value in a severe stress case. We also maintain high headroom to all other covenants. We point out that the perpetual notes are 100% equity instruments under IFRS and not part of the covenant, whether called or not, and the classification of equity content as given by rating agencies also has no impact on the covenants. We remain committed to our conservative financial profile, which you can now find in the appendix of this presentation, and we continue to maintain internal financial policies set at levels which are stricter than our covenants to make sure we maintain sufficient headroom. Please turn to slide 14. To further support our strong liquidity position, we have continued to execute bank financing. As mentioned before, we signed over EUR 550 million of new bank financing, year -to -date, with several different banks. On this slide, we want to show some more details on this. Due to our large pool of unencumbered assets and large network of bank partners, GCP continues to have access to a very sizable source of potential liquidity. However, it's important to mention that we do see a slowdown in the process of bank financing. The length of the process of secured financing continues to increase. Banks are becoming more and more selective in their new financing, and we hear more and more about existing loans of third parties, which are in covenant breach or close to that. We do see a risk that such event could lead to a reduced loan capacity delivered by such banks to the real estate market, making the access to liquidity harder. We do think that keeping high liquidity is very crucial through the current market environment. Our debt maturity schedule on slide 15 shows that there are no upcoming maturities until 2024, and that our September 2023 cash and liquid assets cover our debt maturities until Q2 2026. As we are continuing to increase our liquidity position further through disposals, operational cash flow, and new bank debt, we will continue to extend the time to refinance further. On slide 16, 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 defensive instrument in times of uncertainty. With no maturity dates, GCP's sole option to call the notes, no covenant, and subordination to debt, our perpetual notes are 100% equity instruments under IFRS and basically according to all the fundamentals of this instrument. In September, we decided not to call the EUR 350 million perpetual note series with a call date in October 2023. The decision not to call the notes shared similar consideration to the EUR 200 million perpetual notes we didn't call in January 2023. The decision not to call was made as the cost of a potential replacement with a new issuance was significantly higher than the coupon recent price of the notes. The recent coupon of the EUR 350 million notes amounted to 5.9%, which results in nearly EUR 12 million higher coupon for this series on an annualized basis, which will be seen mostly in 2024. In total, for both series, which were not called, we will see an increase of nearly EUR 20 million more coupon 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. We know that our next call date hereafter is only in 2026 for the larger EUR 700 million perpetual notes series. Now 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 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. Let us move to slide 17 and the guidance. We today confirm our guidance for the full year 2023. Our operational performance continued to be strong and momentum remains positive. As a result, we now see higher like-for-like rental growth than previously, at around 3%. On the other hand, we note that we will see a larger negative impact on the FFO from the reset of our EUR 350 million October perpetual notes in the fourth quarter, as well as higher finance expenses as a result of the bank that we signed recently, which supports our balance sheet but has a negative impact on the FFO. We confirm our guidance. Per share accordingly is EUR 1.01- EUR 1.07. As mentioned before, we aim to maintain our conservative balance sheet and guide fo an LTV below our 45% limit. Thank you very much for your attention, and allow me now to move 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. Could you provide us with an update on the operating environment in Germany and London? What is your outlook? The company's operational fundamentals remain very strong in both Germany and London. We continue to see the positive impact of long-term structural trends in metropolitan areas, such as migration and urbanization on both occupancy and rental levels. At the same time, the supply situation remains highly constrained as construction costs remain on a very high level, further impacted by higher interest rates and long planning phases due to stringent regulatory requirements, particularly in Germany, which negatively impact developers' profit margins. This year, less than 120,000 apartments are expected to be built, which is significantly below the target of 400,000 units per annum set by the German government to match demand, and this target was set prior to the outbreak of the war in the Ukraine. The Federal Minister for Housing is now talking about a level of 500,000- 600,000 units per year, which includes the impact of the Ukraine immigration. Higher interest rates do not only have a negative impact on supply, but also a positive impact on demand, as mortgages have become significantly more expensive, which results in an increased demand for rental. We have seen acceleration in these trends in recent periods, resulting in significant increases in market rental levels and significant reductions of vacant rental apartments. The trends are similar both in our locations in Germany as well as in London. We see these trends also reflected in our own operational growth, supporting solid like-for-like rental growth, as well as further vacancy reduction. As of September 2023, we saw a vacancy decrease further to 3.8%, and we recorded like-for-like rental growth of 3.1%, with in-place rental growth accelerating further. Note that our vacancy is reaching a level which is mostly a result of fluctuation. Thus, the impact of vacancy reduction on the total like-for-like is reducing, while due to the wide demand and supply gap, the in-place rent like-for-like has been increasing. We expect positive trends to remain supportive in the mid to long term, supporting also our rental growth. However, we do see potentially lower tenant turnover, which would extend the time to capture the high market rental growth and a macroeconomic outlook that continues to be uncertain and could have negative implications. We therefore remain somewhat cautious despite the strong underlying fundamentals. What are the rates and conditions for your recent secured financing? Will you continue to raise secured bank debt? How do you expect your cost of debt to develop? We signed EUR 550 million of bank loans in 2023 year-to-date, of which EUR 440 million were drawn in the nine-month period. The loans have maturities between 5 and 10 years, with an average term of 7.8 years. The average margin was 1.4%, secured at an average LTV of nearly 50%. We are in discussions with many different banks and plan to continue to sign additional secured financing with long-term to further extend our average debt maturity. We have sufficient liquidity to cover our debt maturing until mid-2026, and thus have time to work on obtaining more secured funding. Secured bank financing is currently the main option to increase liquidity at reasonable rates in comparison to what the capital markets offer. We know that the process of obtaining secured bank financing continues to take longer time than in former periods. We also see the risk that banks will decrease their lending allocation to the real estate market due to the real estate market situation, and also their existing situation of their current lending book. We assume many secured loans are in default, which put pressures on banks regarding new financing. Banks became much more picky with the properties they wish to finance, and also ESG measures come into play. We therefore believe that it's important to already work in these processes today, even few years in advance, to secure such financing. We have seen our average cost of debt increase to 1.9% as of September 2023, driven by a combined effect of higher rates on new debt and a small portion of existing debt impacted by variable interest. Further, we have repaid short-term and relatively low coupon bonds early at a discount. Lastly, we had several debt instruments where the hedging instruments matured, and as a result of the rates of these instruments increased. Going forward, we see no more significant impact from hedge expiries, but do expect that average cost of debt to increase as we access further secured financing at higher rates and gradually repay relatively low rate debt. Could you share some more details on the rental like-for-like? Which locations contributed most and what were the key drivers? What was the like-for-like in London? What are your expectations going forward? We have seen our like-for-like rental growth accelerate in recent months, supported by a long-term trend and market fundamentals described before. Our total like-for-like rental growth as of September amounted to 3.1%, of which 0.3% came from occupancy increase and 2.8% from in-place rental growth. As explained, the like-for-like coming from increase in occupancy is decreasing as we have gradually reduced the vacancy, reaching lowest record of 3.8% as of September. The in-place rent component also increased to 2.8%, up from 2.4% in June and from 2.2% in December 2022. The increase is due to strong indexation, indirectly partially capture the inflation of the recent period, and from strong re-letting results driven by the strong demand. In-place rent and growth comprise 1.4% from indexation and also 1.4% from re-letting. Going forward, we expect those two drivers to continue and drive internal growth and high like-for-like rent and performance. We expect to see higher adjustments to the mixed figure in Germany in the next periods, as well as to the U.K. renting indexation, which accordingly will increase our ability to raise rent and support further growth. In line with previous periods, we recorded strong performance across most of our core areas. Performance was particularly strong in Hamburg, Bremen, NRW, Nuremberg, Fürth, Dresden, and Leipzig, benefiting from both occupancy increases and strong in-place rent and growth. In London, the like-for-like rent and growth was 4%, driven mostly by in-place rent increase. There, we have seen an increase in extension request of the lease contract from tenants, which on one hand improved operational efficiency by reducing our operational cost and void periods, but on the other hand, stretch the period of capturing the full revisionary rents. Did you do any revaluations in Q3? What are your expectations for the remainder of 2023? The company has externally revaluated its full portfolio in H1 2023, and will update the portfolio value again as part of the Annual Financial Statement. Therefore, we did not revaluate the portfolio in the third quarter. As we recorded positive operational growth, the total portfolio rent and yield increased to 4.6% in September 2023, up from 4.5% in June on the back of higher rents and from 4.2% in December 2022, including the devaluation we have seen in H1 2023. We are in the process of revaluating the full portfolio again for the company, in the Audited Annual Report. As of now, it remains difficult to assess the exact impact of the current environment on the fair value of our properties going forward, as much uncertainty remains in both transaction market and interest rates. We expect that this will continue to put negative pressure on our values. As mentioned, we have also seen strong operational growth having positive impact, which will offset part of the negative drivers. However, we do expect that negative to outweigh in the current market condition, and we estimate an additional devaluation of around 5%. How do you see the transaction markets currently? Did you sign new disposals in Q3? The transaction market is tough, with not many offers due to the high interest rate in comparison to the current yield and low availability of secured financing. In the first nine months of 2023, we signed EUR 130 million disposals, of which we signed only an immaterial amount in the third quarter. We did close part of the disposal signed in the first half of the sale, and as a result, we closed EUR 270 million of disposal in the nine months period, totaling around 1,200 units. The properties were sold at an average NOI factor of around 25 and reflect a discount of 3% to book value on average. The additional disposals closed in Q3 comprise of properties in NRW, as well as non-core properties in Eastern Germany and condominiums totaling over 150 units. Transaction markets remain difficult, in particular in Germany. We continue to see some demands for small deals, especially for local investors, but d emand for large conventional transactions remains low. We are still in advanced negotiation with potential buyers on several portfolios, but n ote, negotiation continue to take longer than previously, as buyers take more time to secure financing. We expect to execute the remaining handful sale portfolio in the coming 12 months and may dispose further assets that allow us to crystallize the value we have created so far and increase our liquidity further. You managed to further improve your liquidity position. What are your plans with the cash? Will you do further liability management? Continue to see a strong liquidity balance as the highest priority in the current environment. Our aim is therefore to continue to support our strong position. The strong liquidity protects the company and provides us with valuable flexibility. We know that in the current environment, the strong cash position also generates cash interest, which partly offset the negative impact of the higher rates on our debt. Our main focus remains on managing our leverage and extending our debt schedule further. As part of this, we may also do further liability management when we see conditions as appropriate and continuously monitor the market. So far, we have bought back around EUR 90 million of bonds at an average discount of 8%, allowing us to reduce some of the near-term debt. We do think that if the transaction market will continue to be tough and the secured financing is not available as in stable markets, there is a liquidity shortage in the real estate market. Companies should reserve high liquidity to be prepared for a longer than anticipated high interest rate environment. Do you plan any additional de-levering measures? As of September, we have leverage of 36%, stable compared to year-end 2022. As we didn't do material devaluation in the third quarter and expect some further negative valuation impacts in Q4, we see some pressure on our LTV. Currently, our aim remains to keep our leverage broadly stable. We are therefore continuing to execute measures to strengthen our position. We continue to maintain a very wide headroom to our covenants as well as our stricter Board of Directors limit, providing us with significant flexibility in the current uncertain market environment. Furthermore, as previously mentioned, we have no material near-term debt maturities and a strong liquidity position with cash covering maturities until mid-2026. We continue to work on potential disposals, which may further strengthen and de-leverage our balance sheet. Can we expect to see GCP distributing a dividend next year? We maintain our dividend policy of a distribution of 75% of the FFO I per share and put also high focus on improving our operational results, even in a rising interest rate environment. Unfortunately, the financial market is not improving and interest rates increased since our last report, putting additional pressure on valuation and profitability. Management will need to evaluate the market uncertainties and liquidity situation closer to the dividend decision date, but currently it doesn't look so good. Looking ahead also into 2024, how do you expect the guidance to develop with a full year impact of the perpetual's reset coupon and increased cost of debt? We will provide a full guidance for 2024 as part of the publication of the 2023 Full Year Results. However, as with 2023, and 2024, and thereafter, we're expecting a gradual increase in the EBITDA, driven by operations which are expected to continue and deliver good like-for-like growth. However, the FFO is expected to be negatively impacted by the full year impacts of increased interest costs. As with the EUR 200 million notes we have extended in January, we see nearly a full year impact already in 2023, and therefore, we won't see an additional change in the next five years. For the EUR 350 million perpetual notes that was reset in October, we see an additional increase in 2024 of around EUR 10 million coming from the full year impact of the higher rate. We may encounter also higher interest rates if we withdraw additional new bank debt, but on the other hand, we might prepay debt. In 2024, we have debt repayments of around EUR 270 million, which can be repaid from our existing liquidity balance. We note that any increase in interest from new financing will decrease FFO, but the new financing will support optimizing our debt structure and 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, we kindly ask you to ask all your questions together right at the beginning. We are now looking forward to your questions, please. Anyone who wish to ask a question may press star followed by one on their touch-tone 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 with a question may press star followed by one at this time. One moment for the first question, please. The first question is from Ellis Acklin with First Berlin. Please go ahead. Yes. Good morning, guys. Thanks for the detailed presentation and for taking my questions. Just two from my side at the moment. Looking at your unencumbered assets, they're down about 20% since the beginning of the year from EUR 8.7 billion to EUR 7 billion. I was wondering if you could give us a hint as to what the floor for that might look like going forward. Also to touch on your comments about the credit market, that banks are becoming more reluctant. Does that create some sense of urgency with you guys to secure some more bank debt quicker than you had planned? What your plans for that might be in the coming quarters? Thanks. Good morning, Ellis. Thank you for your questions. As to the encumbered ratio, yeah, the amount of unencumbered went down because of disposals we've done and also because of the debt we took, the EUR 440 million. We intend to take more debt. We don't have a real floor to this. We don't expect it to go to zero. Obviously, we have a big headroom. We don't set ourself any specific target at this stage on the unencumbered. However, in any case, we expect to have a high amount also going forward. As to the bank, yeah. We highlighted that things are getting a bit more difficult. I wouldn't say there's a big urgency, but I think it's better to do now more. We're focusing on that. We're just highlighting it just takes a bit longer than we had seen before. Thank you. Next question. The next question is from the line of Manuel Martin with ODDO. Please go ahead. Good morning, gentlemen. Thank you. Two questions from my side. On the like-for-like rental growth. You have been kind of upgrading your like-for-like rental guidance to 3% for this year. Before it was something like more than 2%. Maybe you can give us some flavor. What made the difference to increase this guidance, which is positive? The second question would be, maybe you could elaborate a bit on the portfolio of Grand City, where you see the most rental growth. Maybe you can give us some details there. Thank you. Yeah. Hi, Manuel. Thank you. As to like-for-like, yeah, we upgraded our outlook to 3% because we really see the dynamics stronger than expected. In the beginning of the year, we saw maybe affordability being an issue, which we see a bit less now as an issue. We see strong dynamics everywhere coming mainly from in-place growth. Occupancy is contributing less because the vacancy is already now below 4%. We see that occupancy is still supporting, but a bit of lesser amount, but we see the in-place rent and the reletting and indexation all headed in the right direction with very strong dynamics. Which leads me to the next question on the portfolio. We see strong dynamics across all the portfolio. Very similar. We see strong demand everywhere, very low supply. Gradually, we're increasing rents across all the portfolio within Germany as well as in London. Thanks. To the next question, please. The next question is from the line of Jonathan Kownator with Goldman Sachs. Please go ahead. Good morning. Thank you for taking my question. Just as a follow-up to the previous questions on like-for-like rental growth. I know it's a bit early, but what are you expecting for next year, particularly you have Berlin, and obviously you have a level of rents that may be higher in place than some of your competitors, but how much growth are you expecting to be able to pass through and what are your expectations on some of these big mix deals that will happen next year? Thanks. Hi, Jonathan. Thank you. Yeah, we're looking to get the mix because to see how they're coming out. We do expect to see a good number. We expect to see similar like-for-like also in 2024, coming from all regions. The demand and supply trend is the same, it's probably going to continue also for the long run. We have a high revision potential of 17%, we're going to capture it. The question is how long it would take to capture, but we do still see good potential also going forward in terms of operations. Thank you. Next question. The next question is from Paul May with Barclays. Please go ahead. Hi, everyone. Thanks for taking my question. I think the only real factor that matters at the moment, operationally everything looks strong and continues to remain so, is the transaction market and hence as read through into values. We've had one of your peers saying that the transaction market is stabilizing. We've had another one of your peers saying that the transaction market remains very subdued. Just sort of wondered where you sit in that equation. I assume more towards the subdued end. The question is then, what is needed to return to a properly functioning transaction market? Because the longer this goes on, the more difficult it becomes, maybe from securing secured debt from the banks. I just wonder what your view is to when that unlocks and how that unlocks and what is needed. Is it further value declines? I think you commented to a further 5%. Is that sufficient to unlock the market, or is it rates need to come down materially to make the investments attractive for buyers? I just wonder where you sit on that sort of transaction and how you think it opens and when you think it opens. Thank you. Thank you, Paul. Yes, you're right. We are a bit less optimistic on the transaction market at this stage. We do see some transactions, but it's a slower pace, and we don't see a big pickup at this stage. We believe that as long as there's uncertainty in the market and there's volatility, especially in the rates, it'll be hard to really see the transaction coming in. I don't think it's a matter of exact what level will be the rates. We just need to see more stabilization, more certainty for buyers. Once we see that, we believe that gradually we will see the market opening. In terms of timeline, there's uncertainty. We don't know. We are hoping that we see, in the next quarter, some more stabilization, some more certainty, but it's just too early to know. Thank you. The next question is from Neeraj Kumar with Barclays. Please go ahead. Morning, everyone. I have just one quick question on your hybrid. I just wanted to check if you engaged with the hybrid holders before extending them outrightly. As you know, there are peers of yours who have come up with unique solutions. Wondering if you're considering those solutions in your decisions to call or not call the hybrids? Thank you for your question. We're in contact all the time with our perpetual investors, obviously much more before the call date. However, there was a big gap in where we see the pricing, and we felt that the pricing of 5.9% on the coupon is where we'd rather be at this stage. We're still communicating with them, but there's a big gap in our expectations, and therefore, we decided not to call. Thank you. Next question. There seem to be no further questions. That it's now my honor to say thank you very much to you for joining our call and for the questions. As always, if you have additional questions, we are.