Thank you. 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 full year 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. I repeat, once again, 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, warm welcome also from me to our full year 2023 results presentation. 2023 was marked by good operational results, which continue to be driven positively by the prevailing supply and demand imbalance. The government struggles with improving the supply situation and is far from reaching their targets. On the contrary, the requirement for the number of flats to be built has increased as a result of strong net migration. Actually, new supply falls significantly short of their old plans of 400,000 units per year. Due to the low number of new permits, is expected to reduce even more in the next few years. In addition, increasing finance cost, as well as increasing cost of construction, have slowed down new construction. There are no signs that this situation will improve in the foreseeable future, and the current pipeline for new supply is low. At the same time, demand is increasing through immigration and migration trends within Germany towards the attractive locations where jobs can be found. Similar trends are also impacting our portfolio in London, which has been performing very strongly. We expect this situation to remain stable. We have seen in 2023 the negative impact of higher interest rates, which have peaked in the second half of 2023 with the ECB increasing rates period over period. We are hopeful that the peak has indeed been reached, and that from this point, rates will come down as the market is currently expecting. With the sharp increase in rates and high uncertainty over cost of debt and equity, the transaction markets remain muted and the gap between buyers and sellers is still high. In the transactions we executed, as well as in transactions seen in the market, prices held up, which is encouraging. However, the high interest rates continue to negatively impact the transaction market. We revalued our entire portfolio as of year-end 2023. As expected, the negative pressure outweighed our strong operational results and resulted in devaluation of 9%, excluding CapEx. While we feel that we have seen strongest devaluations during the year 2023, we expect to see some more negative pressure on values going forward, albeit relatively moderate, the extent of which will depend on transaction markets opening up and underlying rental growth offsetting yield expansion. 2023 was a year of navigating under the prevailing and only slow changing market conditions. Accordingly, we have followed our strategy of strengthening our liquidity position through further bank financing, bond buyback at a discount, and disposals of properties. Keeping our leverage broadly stable and further reducing our refinancing risk by covering our maturities for the next three years, until end of 2026. In 2023, we have successfully increased our cash balance by three times while maintaining a low LTV, which positions GCP well going forward. More details regarding this and other points will be given in the coming slides. With this, allow me to hand over to Refael. Thank you, Christian, and good morning to all of you. In slide three, we present an easy overview of our key financial results and financial profile. On the financial front, we will touch each of those figures later in the presentation. As a summary, I am happy to present that our net rent and adjusted EBITDA increased by 4% this year, which had us meeting the top of our guidance in terms of FFO1 result, as well as in terms of like-for-like rent and growth. Our cash and liquid asset increased significantly to EUR 1.2 billion. A strong increase compared to EUR 0.4 billion as of the end of 2022, demonstrating our ability to considerably increase the company liquidity in relative short time and variety of sources, even in a challenging market environment. With this, we are covering our debt maturity up to end of 2026. Total equity decreased mainly due to a negative revaluation of our portfolio, and so did our EPRA NTA. Our LTV remained broadly stable with 37% against 36% last year. EPRA LTV, which take in consideration perpetual note as debt and not equity, came in at 48% against 46% previous year, and net debt to EBITDA reduced to 10 factors, again, 11.4 factor previous year with an ICR of 5.6 against 6.6 previous year. Our cost of debt increased to 1.9% against 1.3% last year, and our average debt maturity is 5.3 years against 5.9 as of December 2022. Following our successful bank financing during 2023, combined with the negative valuation recorded this year, the unencumbered asset reduced to EUR 6.6 billion, which reflects 75% at the end of 2023, which give us wide room for further bank financing going forward. On slide four, we present a summary of our portfolio development, which we will also discuss in detail in the next slides. As a summary, we know that our annualized net rental income grew to EUR 406 million from EUR 393 million in 2022. As of December 2023, we have 63,000 units and 4.8% rental yield. We were able to reduce vacancy further to an all-time low of 3.8%, and our in-place rent improved against last year by EUR 0.40 - EUR 8.6 per square meter. Our like-for-like rental growth was 3.3% against 2.9% in 2022. On the next few slides, we will go through some of our key strategic achievement of 2023. On slide five, we summarize our achievement with regards to increase our liquidity position and reducing our refinancing risk. Starting mid-2022, we made proactive decisions due to the changing macroeconomic environment to strengthen the company and support our balance sheet on all fronts. We have successfully met our targets and believe that with those achievements, GCP can continue and navigate successfully throughout time of uncertainty. During 2023, we completed the disposal of over 1,200 units, amounted to approximately EUR 300 million, mainly in London, Berlin, and NRW. We further marked for disposal additional properties in the amount of EUR 200 million, of which EUR 70 million were signed already in 2023 to be completed in 2024. In 2023, we increased our liquidity further by raising over EUR 550 million of new bank financing at an average margin of 1.4% and an average maturity of over 7.5 years. We still have a substantial pool of unencumbered asset of EUR 6.6 billion. In addition, we proactive bought back part of our near-term bonds in the amount of around EUR 90 million at a discount of 8%, which additionally extend our average debt maturity. Due to the market and economic situation, we decided to suspend the 2022 dividend in 2023, helping us further to preserve liquidity. We note that last night we made a decision to suspend the dividend of 2023 as well. We would like to see further improvement to transaction and capital market in order to be comfortable. We believe it is still time to be conservative on capital structure and dividend distribution. Continue to focus on a strong balance sheet. Our measures to support our liquidity allowed us to increase our cash and liquid asset to EUR 1.2 billion as of December 2023. An increase of EUR 800 million during 2023 and now cover 28% of the total debt. Including liquidity after reporting period, such as from disposal calls in the first quarter of 2024, cover the next three years of debt maturity until the end of 2026. That being said, while we see ourselves well-positioned, we believe that in the current environment, it remains very important to maintain a strong liquidity buffer. Would therefore seek to maintain or support our position further in the coming periods. Please move to slide six. In an environment of high interest rate, it was our clear target to maintain a stable and low leverage with headroom to absorb further market decline. Cap rate and discount rate were affected by sharp increase in interest rate. Volatile interest rate and higher financing costs slowed down transactions. The difficult market environment put negative pressure on property values. Despite those challenges, we were able to offset part of the negative impact with solid internal operational growth. Despite 9% like-for-like negative valuation, we were able to broadly maintain our LTV, which moved up only by one point to 37%. Our net debt to EBITDA, on the other hand, decreased further to 10 factors. With this, we continue to maintain a high headroom to our bond covenant and have the highest covenant headroom among our listed real estate peers. We take pride in this achievement, which put GCP in a very strong position and provide us further flexibility and important, a very significant headroom to absorb further market decline if this were to materialize. Let us turn to slide seven to look into more closely the operational performance. Supported by strong market fundamentals, we achieved a solid like-for-like rental growth of 3.3% as of December 2023, of which 0.2% came from further vacancy reduction, bringing our vacancy to historical low of 3.8%. 3.1% was driven by in-place rent growth. As you can see on the graph, the in-place rental growth has been accelerated in recent years, benefiting from supporting market tailwinds. We have been able to drive solid like-for-like top-line growth from relative low CapEx investment. With a focus on cost management, our solid like-for-like rental growth allowed us to extract the internal potential and drive adjusted EBITDA growth from EUR 298 million in 2021 to EUR 320 million in 2023, despite high-cost inflation during the recent years. Our upside to market potential as of December 2023 is 22%, a significant increase from the 17% upside potential a year ago. Highly supportive market fundamentals, the widening supply and demand imbalances in both German and London provide tailwinds. This is a driven market rent higher in all our main location, which helps to expand our upside potential. With that, let us proceed with our operational and financial results. Idan, please continue. Thank you, Refael. On slide nine, we present our valuation update. Driven by higher discount and cap rates, we recorded a like-for-like revaluation loss of 9%, excluding CapEx, and 8%, including CapEx. Yield expansion was partially offset by strong operational growth. Excluding the impact of the rental growth, the devaluation amounted to 12% on a nominal basis. Favorable market fundamentals influenced by supply and demand imbalance drive growth expectations, which partially offset nominal yield expansion and counterbalance the increase in cap and discount rates. As illustrated in the chart on the bottom right, our consistent conservative valuation approach has resulted in relatively low valuation volatility. With the support of the rental growth in recent years, our rental yields are nearly back to 2018 levels, positioning the portfolio well for the future. On slide 10, we delve into our P&L results. Net rental income saw a 4% increase, rising to EUR 411 million from EUR 396 million in 2022. Similarly, adjusted EBITDA also grew by 4% to EUR 320 million from EUR 308 million in 2022. This growth was primarily fueled by solid like-for-like rental growth of 3.3% and supported also by the prelet unit completion, mostly occurring in 2022, which had a full-year impact in 2023. Despite the negative impact of disposals, our overall performance improved. In 2023, we recorded a loss of EUR 638 million compared to a profit of EUR 179 million in 2022. The primary driver of this loss was the EUR 890 million property devaluation, primarily influenced by yield expansion. Operating costs remained stable in 2023 compared to 2022, thanks to increased efficiencies despite the impact of cost inflation. Turning to slide 11 and our FFO results. In 2023, we recorded FFO1 amounting to EUR 184 million, 4% lower than the EUR 192 million recorded in 2022. The increase in adjusted EBITDA, as explained in the previous slide, was offset by higher finance expenses and increased attribution to perpetual holders. Finance expenses increased from EUR 47 million -EUR 57 million, mainly due to two reasons. First, the new EUR 550 million debt was raised at higher interest rates than our average cost of debt. Second, the expiration of certain hedging instruments during 2023 resulted in debt with variable interest rates resetting at higher levels. Furthermore, the reset of our two perpetual notes at the end of January 2023 and October 2023 resulted in a higher coupon in the amount of EUR 9 million, led to a lower FFO1. The coupon rates increased from 2.75% t- 6.3% and from 2.5% - 5.9% respectively. Another factor contributing to the decrease in FFO1 per share is the issuance of additional shares from the scrip dividend issued in 2022, which allowed the company to retain cash. Higher disposal activity in 2023 resulted in higher FFO2. We disposed in 2023 investment properties in the amount of over EUR 300 million, generating EUR 72 million over total costs. Turning to slide 12, where we give an update on our maintenance and CapEx. Our focus remains on continuously improving the asset quality of our portfolio. We spent EUR 23.7 per square meter on repositioning CapEx and maintenance in 2023, slightly up from EUR 22.5 per square meter in 2022. Of this amount, EUR 18.4 per square meter relates to repositioning CapEx. The increase in repositioning CapEx compared to 2022 was mainly the result of cost inflation. In 2023, we invested EUR 10 million in modernization projects. These projects are carried on a targeted basis and include measures such as adding balconies and installing elevators, as well as technical installation to ensure optimal power, water, and heat supply. These modernization initiatives, supplementary to repositioning CapEx, are designed to enhance the overall quality of the portfolio and drive an increase in rental rates. Finally, we invested approximately EUR 14 million in pre-letting modifications in 2023 as compared to EUR 59 million in 2022. Since a significant number of projects were completed in 2022 and we became more selective on new projects, this line item is significantly lower in 2023 as compared to the previous year. Investments related to energy efficiency and CO2 reduction, such as replacing windows and heating systems, are attributed to the above categories depending on the project specifics. Now handing back to Christian. Thank you, Idan. Moving on to slide 13, we look at the portfolio overview. As of December 2023, our portfolio consisted of 63,300 units, almost 1,000 units less than the year before. In addition to this, we have investment property held for sale amounting to nearly EUR 200 million, which are not included in the table below or in the market potential. The decrease in property investment from EUR 9.5 billion in December to EUR 8.6 billion in December 2023 is the combined result of negative revaluation and disposal activities offset by CapEx investments. Our values are still significantly below replacement cost, providing downside protection, as you can see in our chart in the middle of the slide, which refers to our German properties. The rental market potential, including vacancy reduction for our portfolio, is about EUR 995 million, which is 22% higher than our December 2023 annualized net rental income. As previously mentioned, the strong market fundamentals are providing tailwind to our portfolio, as a result of which, the growth of the market potential has accelerated in 2023, the rest we are expecting to catch up within the next years. Let us now turn to slide 14, where we show our EPRA NAV metrics. Our EPRA NAV per share metrics as well as our EPRA NAV metrics are as follows. EPRA NAV per share and EPRA NRV were down by 13%. EPRA NTA per share and EPRA NTA were down by 14%. EPRA NDV per share and EPRA NDV were down by 19% compared to 2022. The decrease on EPRA NTA was primarily due to negative property evaluations in 2023, partly offset by operational growth. On slide 15, we would like to turn your attention to our diversified portfolio with high growth potential. Berlin was 23%, North Rhine-Westphalia was 21%, London was 19%, Dresden/Leipzig/Halle was 14%, remain our largest regions. Further significant locations are Nuremberg/Fürth/Munich with 3%, Hamburg/Bremen with 5%, Mannheim/Kaiserslautern/Frankfurt and Mainz with 5%. From the map, you will see that we continue to focus on Germany's densely populated areas with strong upside growth potential, driven by the diverse market fundamentals in each of these regions. On slide 16, we provide a quick update on some key trends in the German market. The market remains highly supportive and provides significant tailwind to continuous operational achievements, resulting in higher rents, lower vacancies, and supporting valuations. Elevated net migration, urbanization, and decrease in household size drive strong demand in Germany. The influx of refugees further widens the demand-supply gap. Declining permits and high construction costs limit further supply, asking rates continue to increase while vacancy rates continue to decline. The included statistical data will help you to understand the strong fundamental drivers for the German market, which will continue to provide tailwind also over the mid to long term. Let us now turn to slide 17 and look at the London market, where we also face significant supply and demand imbalance. The increasing demand is resulting in higher rents, particularly in London, compared to other English regions. Since mid-2022, rental growth has accelerated significantly, according to ONS, London's population is estimated to reach 10 million by 2036 from just over nine million in mid-2022. The combination of construction prices increases of 18% in the last two years, sustained labor shortage and subsequent wage increase, cost increases in materials, high interest rates cause costs and delays and remain elevated. Similar to Germany, also London fails to reach their required level of 66,000 units per year. While building permission was granted for 66,000 new homes in London in 2021 and 2022, broadly in line with previous years, the actual completion remains well below this number. Further market information is available in the appendix of this presentation. Now let me hand you back to Idan to go over the financial profile. Thank you. Let's proceed to slide 19. Our liquidity position has grown to EUR 1.2 billion in December 2023, up from EUR 0.4 billion in December 2022. During 2023, our LTV has remained broadly stable with 37%, one point up against 2022. Our EPRA LTV, considering perpetual notes as debt and not as equity, is 48%, and our net debt to EBITDA is 10 x. 78% of our debt is fixed and swapped while 10% is capped and 12% is variable. As a result of the material amount to bank loans rate in 2023, our financing source mix has shifted towards bank financing. Our interest cover ratio is 5.6 x. Our unencumbered investment property is EUR 6.6 billion and 75% of value, helping us to engage in more relatively attractive bank financing. Our corporate credit rating by S&P is BBB+, negative affirmed in December 2023. Slide 20, we can review the high headroom for all covenant types. In this slide, you can review the covenant types and the headroom we have in each of the covenants. Bond covenants are calculated based on IFRS reported figures. As perpetuals are treated as 100% equity, they are not part of the covenants, whether called or not. Also, the classification of the equity content by rating agencies has no impact here. From the stress case, you can see that we have a very solid buffer in respect of further value loss observation before triggering the covenant. On slide 21, we can review our bank financing, which we do with several local and international bank partners, including both existing and new ones. During 2023, we raised over EUR 550 million new bank financing at a margin of 1.4% and an average term of over 7.5 years, giving us time to refinance further. We have a pipeline for further secure debt, which we will update in the next reports. Turning to slide 22, you can review our debt maturity schedule, which stands at 5.3 years with current cost of debt of 1.9%. As a result of our strategic measures implemented throughout 2023 to bolster liquidity, we successfully generated additional funds to cover upcoming maturities. As of December 2023, our cash and liquid assets, as well as signed disposals, cover debt maturities until the end of 2026, compared to the previous year's coverage until mid-2025. Now let me hand over to Christian. Before I present our guidance for 2024, allow me to point out that in the appendix of our presentation, you will find more details on our portfolio distribution in detail and some more data on the German and London housing market in general. ESG, financial policy, perpetual notes refresher, analyst coverage, and share development, as well as management and credit rating. Finally, on slide 24, allow me to finish our presentation with our guidance for 2024. We expect it to continue and see good rental like-for-like performance of around 3%, which supports a moderate increase in adjusted EBITDA and offsets the impact of our signed disposals. In addition, the increase in EBITDA will be offset by full year impact from higher perpetual note coupon payments and higher financing costs, which had only a partial impact in 2023. Accordingly, we guide for like-for-like rental growth of around 3%, FFO in the range of EUR 175 million-EUR 185 million, translating to an FFO1 per share in the range of EUR 1.01 - EUR 1.07. Of course, we aim to maintain our conservative balance sheet and guide for an LTV below 45% internal limit. Thank you all for your attention. Just before we move to the Q&A, allow me to finish our presentation with thanks to our team members who worked very hard during the challenges of this year in order to achieve good and stable results. Thank you for your attention, 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. First question answer will be given by Christian Windfuhr. Could you give an update on the dynamics in your operating markets? What are your expectations for the future? We continue to see favorable operational fundamentals in both Germany and London. Long-term structural trends such as immigration and urbanization in key metropolitan areas remain strong, driving high levels of demand. Supply continues to be restrained due to a combination of high construction costs, which are being exacerbated by high-interest rate levels and the current macro environment, as well as the existing high bureaucratic and regulatory hurdles, which lead to very long planning phases, particularly in Germany. Due to the negative impacts on the construction sector, new housing completions in Germany are expected to reduce significantly in the coming years, despite the government's previously announced efforts to increase new supply and will fall far short of the 400,000-unit target, which is already outdated following the large increase in immigration as a result of the war in the Ukraine. The Federal Minister for Housing mentioned an updated required level of 5- 600,000 units per year, which includes the impact of the Ukraine immigration at the beginning of 2023, which is potentially outdated once more as it was based on migration figures from 2022 and didn't include the strong incoming immigration for 2023. While supply is negatively impacted by higher interest rates, demand is boosted as mortgages became more expensive, thereby increasing demand for rental. The significant acceleration of these trends and their impacts on the market have resulted in stronger increase in market rental levels and significant reductions in vacant rental apartments, both in Germany as well as in London. Having our portfolio located throughout the main German metropolitans enabled us to directly benefit from the strong dynamics, driving operational growth and supporting like-for-like rental growth. On the going forward, we expect that the current trends will continue in the mid-term, thereby supporting our operations in the mid- to long-term. Due to the strong rental growth, we have seen a solid increase in the market rentals, which will support high rent reversion also in the coming periods. The market rent potential has increased to 22%, up from 17% last year, despite over 3% like-for-like potential captured in 2023. This will enable Grand City Properties to continue to deliver strong internal growth for many years to come. We see similar trends in London, where the portfolio vacancy decrease and the demand continue to be strong. Could you provide some more color on the rental like-for-like? What were the main drivers? Which regions contributed the most, and what was the contribution from London? What are you expecting for 2024 and the medium-term? We have seen the positive trend in like-for-like continue in the fourth quarter, and our rental like-for-like amounted to 3.3%. As expected, occupancy increased, which contributed 0.2%, had a small impact as we have been able to significantly reduce vacancy in prior periods. In place rent, like-for-like, was 3.1% and has been accelerated further from 2.8% in September and 2.4% in June. The figure is split between 1.3% from indexation and 1.8% from reletting. The strong increase in place rent is the combined impact of the strong indexation, which is partially capturing the high inflation of prior periods, as well as of solid reletting performance, which is driven by a structurally strong demand and limited supply. The reletting contribution is also increasing with higher market rates, which are captured faster at time of relet. Going forward, we expect those two drivers to continue and drive internal growth with high like-for-like rental performance. We expect to see higher adjustment to the Mietspiegel in Germany in the next period, as well as to the U.K. renting indexation, which accordingly will increase our ability to raise rent and support further growth. For 2024, we expect like-for-like rental growth of 3% and based on the current market situation, expect similar growth rate in the midterm. As we see the fundamental as very sustainable. Looking at the distribution, we are happy that we continue to see good results across our key locations. In Germany, we recorded a like-for-like of 2.7%, which comprised 2.5% in-place rental growth and 0.2% occupancy increase. The performance was particularly strong in Hamburg, Bremen, Dresden, and Leipzig. In London, the like-for-like rental growth was over 5%, driven primarily by in-place rent increase. In London, we focused on higher lease extension, which on one hand, improved operational efficiency by reducing our operational cost and void periods, but on the other hand, stretched the period of capturing the full revisionary rent. By focusing on lease extensions rather than on new letting, enable us to preserve cash at this stage while still maintaining the upside potential. Could you provide some more details on your devaluation in 2023? What was the value decline in Germany and in London? How much was driven by yield expansion? What are your expectations for 2024? For 2023 annual report, we did another full external revaluation of the portfolio. We recorded negative revaluation gain of slightly over EUR 880 million for the year, which reflect a like-for-like value decline of 9% compared to December 2022, excluding the offsetting CapEx contribution. Including CapEx, the like-for-like decline was 8%. We see the London portfolio performing better, with valuations remaining broadly flat year-over-year, with the strong rental growth captured. In our German portfolio, the valuation portfolio decreased in 2023 by 11%. The devaluation were driven by higher discount and cap rate as a result of higher interest rate environment, which had relatively similar impact across portfolio locations. However, due to the offsetting impact from operational growth area that saw relative strong operational growth were impact less, such as London, Hamburg, and Bremen. The yield expansion in 2023 was 0.5%, which is combined result of a strong rental growth as well as the devaluations. The operational growth, as well as higher expected rental growth as a result of supporting market fundamentals, had a positive impact of the values of over 3%. Therefore, on a nominal basis, excluding those impact, values decreased by 12%. Our portfolio yields now stand roughly at the same level as in 2018 on a like-for-like basis, which position us well going forwards. For 2024, it is hard to estimate how the values will develop. We continue to see uncertainty and negative pressure, but interest rates also have stabilized to some extent and are expected to decrease in the second half of 2024. We do expect some further yield expansion, primarily in the first half of 2024, but at the same time, operational growth remains strong, offsetting a large share of negative value impact in our view. Therefore, depending on the extent yield expansion and operational growth, we could see further devaluation in 2024, but we believe that the most significant devaluation is behind us. A key element here is the transaction market, which in our opinion, has good chance to warm up toward the end of 2024 compared to the last 18 months. The volume and the pricing of the transactions market will clearly set the tone for the sector valuation trend going forward. What is your current view on financing? Do you expect to raise further secured financing? What is your current view on capital markets? In 2023, we set a goal to significantly strengthen our liquidity position, aiming to reduce refinancing risk for the company. As highlighted in our presentation, we successfully achieved this, increasing our liquidity position from EUR 0.4 billion - EUR 1.2 billion within a year. Part of this liquidity boost resulted from the secured financing. Throughout 2023, we secured over EUR 550 million in debt from various banking partners. These loans, with maturities ranging between 5 - 10 years and an average term of 7.8 years, were obtained at an average margin of 1.4%, secured at an average LTV of nearly 50%. Thanks to this strategic bank financing and additional liquidity measures, we have covered all debt maturities until the end of 2026. Consequently, our refinancing risk has significantly diminished, providing us with a lot of time and flexibility. Year to date in 2024, we have secured additional EUR 100 million in bank loans, further supporting our liquidity position. We do see lingering risks, especially in banking sector due to lower property valuations. We assume that covenants headroom of many secured loans shrunk or have been eliminated, which puts pressure on banks regarding new financing and requires larger capital buffers from the regulators. As a result, we see a risk that banks will continue to reduce their lending allocations to the real estate sector. Despite these challenges, recent months have shown some improvement in capital markets. Bond margins have shrunk, leading to renewed bond issuance sales after a prolonged quiet period. This development gave us hope for a broader return of the real estate sector to the capital markets in the coming periods. Although our current liquidity position is strong, we would consider tapping into the bond market if pricing level decrease, which would enable us to replace shorter bonds and extend our debt maturity further. Could you provide some color on your disposals in 2023? Where were the properties located? What was the disposal multiple? What is your pipeline? What are your views on the current transaction market? In 2023, we continued disposing properties to support our aim to increase our liquidity position and maintain stable leverage. We closed over EUR 300 million of properties, including disposals signed throughout the end of 2022, and signed over EUR 190 million of new disposals in the year, of which around EUR 70 million have not yet closed and are including in the held for sale. We sold properties across several transactions at a 3% discount to book values, generating a 31% margin over total cost and resulting realized disposal profit over EUR 72 million. Closed disposal including over 1,200 units, which were sold at an average NOI factor of 25, as well as land and development plots. We sold approximately 650 units in London, which comprise of a mix of mature properties, social housing developments, and condominiums. In addition, we sold around 600 units in Germany, primarily in mature and non-core properties in NRW and in Eastern Germany. In Berlin, we disposed two land plots with development rights. To support the disposal process, we provided vendor loans in a total amount of around EUR 80 million, with the remaining proceeds supporting the liquidity position of the company. In Q4 2023, we signed around EUR 60 million of disposals comprising of properties in Berlin and NRW, as well as land plots in Berlin and several condominiums. The majority of the Q4 signed disposals were completed within the quarter, and the remaining disposals are expecting to close in the upcoming periods. As mentioned in the previous period transaction, mainly big transaction remain difficult. We do feel that the transaction market is warming up, but so far we see minor movement here, and hopefully we see higher volumes later this year. At this stage, we continue to see demand more for smaller deals from local investors. We expect to execute the remaining held for sale portfolio in the coming 12 months and may dispose further the asset to enable us to crystallize the value and improve our liquidity further. Your liquidity position is strong. What are your plans with the cash? We continue to see our robust liquidity balance as a competitive advantage. Despite some stabilization in interest rates and volatility over recent months, uncertainties persist in the macro environment. This uncertainty poses a potential risk to our access to liquidity in the event of significant deterioration. Remaining cautious, we anticipate that the transaction market could continue to be challenging. With financing less readily available compared to pre-2022 conditions, liquidity remains a concern in the real estate market. Companies should prioritize maintaining high liquidity levels to prepare for a potentially prolonged period of elevated interest rates. In light of these considerations, we maintain our focus on prudently managing our leverage and extending our debt maturity. This approach provides us with flexibility and certainty needed to navigate the evolving market conditions. Currently, we possess ample liquidity to cover all debt maturities for the next three years, with EUR 270 million of bonds set to mature in the second quarter of 2024. What are your plans regarding leverage? Will you continue deleveraging measures? As of December 2023, our LTV stands at 37%, stable compared to the previous years, and a key achievement in line with our 2023 objective. The strategic measures outlined in our presentation have helped us to offset the vast majority of the 9% like-for-like devaluation impact on our leverage. Although we anticipate that the majority of the devaluation is behind us, we remain vigilant about the potential ongoing risks and are committed to maintaining our leverage at broadly stable level in the coming year. This approach affords us considerable flexibility and maneuverability to capitalize on internal growth opportunities and stay focused on our operational strategy. To fortify and deliver the balance sheet further, we will continue our efforts in disposals, reinforcing our commitment to a resilient and well-positioned financial foundation. Could you provide some more details on your decision to suspend 2023 dividend? Under which conditions do you consider restarting to pay dividends next year? Question for Christian. While the market situation has recently shown certain improvements, macroeconomic uncertainty remains and transaction market have yet to open up sufficiently, thus uncertainty remains as to how the company's leverage will develop. Grand City Properties management believes that in the current environment, it is more prudent to be conservative when it comes to capital and liquidity and to continue its focus on deleveraging. Grand City Properties announced its decision not to pay the dividend for 2023. Looking forward, we maintain our dividend policy of 75% of FFO1 per share. It will remain subject to the market conditions. The decision will take into consideration the leverage of the company, the expectation of valuation, disposals, and the liquidity in the transaction market, as well as the cost of debt. Could you provide some details on your guidance for 2024? What do you see as the key drivers? Does your guidance include additional disposals? For 2024, we're guiding for an FFO1 in the range of EUR 175 million-EUR 185 million. In 2024, we expect a continuation of recent trends. We expect operational growth to remain strong with the support of recent acceleration of in-place rent rental growth. We guide for a like-for-like rental growth of around 3%, which we expect will be partially offset by the impact of disposals, including the full period impact of disposals in 2023, as well as a relatively conservative disposal volume in 2024, comprising mainly of the assets held for sale. We expect a low single-digit percentage increase in adjusted EBITDA for 2024. We will see higher financing expenses and perpetual note attribution in 2024. The reset of the perpetual notes had only a partial impact in 2023 and will have a full year impact in 2024, amounting to an increase of around EUR 10 million. The finance expenses will have an expected increase in 2024 due to a full year impact of the new debt that has been raised in 2023, raised in order to strengthen our liquidity position. Our large cash balance is benefiting from a good interest income which offset this impact. We continue to maintain a very high headroom to our internal board of directors LTV limit, which could absorb significant further devaluation. We expect to continue to remain well below the 45% board of directors LTV limit. 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 question-and-answer session from the conference call. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Questioners on the phone are requested to use only handset while asking a question. You will hear a tone to confirm that you have entered the queue. Anyone who wishes to ask a question may press star and one at this time. The first question is from Ellis Acklin with First Berlin. Please go ahead. Hey, good morning, everyone. Thanks for the detailed presentation. I just want to go back to your comments about the transaction market that is still pretty much closed up. Would you say that is more due to a lack of buyers coming to the table, or is it more related to a big gap between bid and asking prices? Thank you. Hi, thank you for your question. I think it's mainly a combination because they're interlinked. There is buyer's interest, it was also in 2023. However, I think there's been expectations for rates to go down, and I think participants are waiting to see where they will stabilize. Also, once they stabilize, it takes time till really negotiations push forward and deals are closed and signed. We're expecting to see in 2024, but more towards the second half of the year. Thank you. The next question is from Neeraj Kumar from Barclays. Please go ahead. Morning, everyone. I have three set of questions. The first one is that, you mentioned that you're keen to do bond if the pricing reduces. Can you please help us with the range of margin that you think is reasonable for bond issuance from your perspective? Are you looking at Euro or Europe and other currencies as well? That was the first question. Secondly, are you working towards any plan to restore equity content on your first two hybrids? Thirdly, I appreciate the focus on de-leveraging in the current market. However, your LTV is well below the target levels. I wonder if you're open to considering any attractive opportunities in the sector. That's all from me. Thank you, Neeraj, for your questions. First on the bond spread. Yeah, we're currently around just over 200. We've seen the spread tighten, and we actually expect it to tighten further. We hope that will be the case. If it would tighten further, we would potentially tap the market and test it. As you know, we have a very large amount of liquidity. We're covered to the end of 2026, we're in no need to do this. We'll do it only if we see really tightening of the spreads becoming more attractive. As to restoring the equity content of the perpetual notes, as you know, two perpetual notes were not called in 2023. We're already past that. The next perpetual notes call date is in 2026, we have time. However, we would like to restore the equity content. Now that the market is a bit more open, we're a bit more engaged with investors, and we're exploring opportunities that will be beneficial for us and investors as well in order to restore this equity content. As to your last question on acquisition. Yeah, we're currently not looking to acquire. We're looking to continue to de-lever, to dispose. However, we're always monitoring the market. We currently do not see very attractive opportunities, if we would see attractive opportunities that we would feel make sense in terms of leverage, in terms of our internal cost of equity, we may pursue that. At this stage, at least in the short term, it doesn't seem likely. Thank you. The next question is from Marios Pastou with Societe Generale. Please go ahead. Hi. Good morning. Thank you for taking my question. Three questions from my side. Firstly, you're very positive on the accelerating market rent growth trends. You mentioned it's driving both in-place rent growth and also the reletting rents you're achieving. But the like-for-like guidance is basically flat into 2024 versus the level you achieved in 2023. How much of this is vacancy reduction? Why do you not assume a stronger growth to come this year, especially considering your Mietspiegel updates, including in Berlin? Secondly, you mentioned EUR 85 million of vendor loans for disposals in 2023. Can I just confirm the total volume of vendor loans outstanding at the end of last year, and confirm the current rates on these? Thirdly and finally, on the topic of disposals, would you consider structured disposals similar to those conducted by one of your peers? Thank you. Hi, Marios. Thank you for your questions. As to your first question on the like-for-like. We currently include only in-place rent like-for-like growth. We do expect some occupancy also like-for-like, but we didn't factor that in as we're already reaching a pretty low level. I think 3% is a good level. We know that it's not including a major modernization or any extension, any CapEx to us up new area. It's purely in-place rents coming from indexation and for reletting. We think that's a good pace. However, potentially we might be on the more conservative side. Looking ahead, I think it's just better to start the year at a more conservative amount. Relating to the Mietspiegel, we do see very good developments coming in the Mietspiegel, but I know that we already have a big headroom in order to capture the current market rent. The 22% we have is based on where we see December 2023. If we see really high amounts coming in 2024, this just increases the buffer. It will enable us to capture more rent, but it will just take more time to do it. Potential is good. It would enable us in the reletting maybe to capture higher levels. I think that's mainly within the 3% guidance we gave for the year. As to your second question on the vendor loan. EUR 85 million is the balance we had as of year-end. That's the amount we have at end of year. Average interest rate on them is just below the market levels of the interest rate. As to your last question on structural disposal. We're exploring all options, but we will do an option that we really find that is beneficial for the company and is accretive and supportive. We're exploring, but we wait to see something, attractive deal that will be supportive for the company. Thank you. The next question is from Stephanie Dossmann with Jefferies. Please go ahead. Yes. Hello. Thank you for taking the question. Maybe a follow-up on the like-for-like rental growth. Put in other words, how long will it take to reach the EUR 10.3 you see at end December? Not considering 2024 increase from the Mietspiegel, but just on this basis to start with. Would you consider putting more CapEx, as I understand that the increase in CapEx is mainly due to cost increases? Thank you. The like-for-like, I believe to reach a 22% revision potential will take us seven years, potentially a bit faster. It takes, let's say 3%, maybe a bit more the years after to capture. It's a lengthy process, but it's pretty steady. It takes time. In the reletting, we get faster. That way, we might get it faster than seven years, but we see a relatively fluctuation rate. Around seven years, I'd say. As to CapEx, we're happy with the CapEx level we have now. We're not looking to increase the CapEx. We have very targeted CapEx programs, and at this stage, we are happy at the level we are. Thank you. Gentlemen, there are no more questions registered at this time. I would like to turn the conference back over to [Theresa Stelle] for closing remarks. Thank you very much. I think those were the questions so far. Thanks everybody for participating and have a nice day.