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 2024. 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, welcome also from me to our Q1 2024 results presentation. The first quarter of 2024 was again marked by good operational and financial results, which continued to be driven positively by the prevailing supply and demand imbalance. As we mentioned already in the full year 2023 call and before, the government does not seem to find answers to improve the supply situation and development targets of new flats, which is not reached. On the contrary, the number of flats needed to meet the demand increased further, while the low number of new building apartments is expected to reduce even more in the next few years, with some estimates expecting completions below 200,000 per year. Finance costs as well as increased cost of construction have slowed the building process. This situation will not improve in the foreseeable future. On the other hand, demand is increasing through continued immigration and through 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 the situation to remain as the underlying factors driving the trends take a long time to adjust. Looking at the interest rate environment, market consensus indicates that the peak has been reached and during 2024 rates will come down. The timing and extent of rate cuts is still not clear, which causes uncertainty regarding the cost of debt and equity, which has kept transactions low. We have during Q1 closed a small amount of disposals, which were signed in 2023 amounting to around EUR 30 million with a 2% gain over book value. We additionally signed over EUR 20 million of disposals in London in the first quarter, which we expect to close in the coming periods. We expect to revalue our portfolio again for the semi-annual report and did not value our portfolio in the first three months of 2024. In our opinion, valuation decline will be lower this year in comparison to last year, market information suggests that most of the devaluation is behind us, which is also supported by the positive rental income increases across most regions in Germany. One important event after the closing of Q1 2024 was our successful exchange and tender offer in April for two of our perpetual notes with an acceptance rate of 82%, an activity that not only will result in some savings of coupon, but the high acceptance rate and issuance of a new large note indicate an additional step towards reestablishing Grand City Properties' position in the capital markets. We will elaborate on this a bit later in the presentation. With this, let me hand you over to Refael. Thank you, Christian. In slide three, we present an easy overview of our key financial results and financial profile. As a summary, I am happy to report that our net rental income increased by 4% and adjusted EBITDA increased by 3% during Q1, supporting our full year guidance. Our cash and liquid asset increased to almost EUR 1.3 billion. With this, we are covering our debt maturity until the end of 2026. Our LTV reduced back to 36%, against 37% in December. EPRA NAV remained stable at 48%, and net debt to EBITDA reduced to 9.6 against 10 in December, with an ICR of 5.8 against 5.9 in the first quarter of last year. Our portfolio vacancy remain low at 3.9%. Our in-place rent went up to EUR 8.7 per square meter, against EUR 8.6 per square meter at the end of 2023. Our like-for-like rental growth was 3.4% as of March, of which the majority was driven by in-place rental growth of 3.3%. On slide four, we present the details of our successful perpetual notes transaction, which in April 2024, we launched an exchange offer with a 15% tender option to the holders of two of our perpetual notes, for which we did not exercise our voluntary recall option last year, with an aggregate nominal amount of EUR 550 million, with 82% acceptance. This transaction was very successful. The holder had the opportunity to exchange the current notes into new perpetual notes and the tender offer of 15% of their exchange notes. The offer supports our credit metrics as S&P equity content was regained, and some EUR 2 million annualized saving on cost of coupon were realized. The new perpetual note has a first call date in January 2030, and the next call date for existing area is in mid-2026. On this slide, you can see all the details on the outcome of the exchange. On slide six, on the back of our good operational performance and favorable market condition in the residential sector in Germany, mainly in the metropolitan area and London, our like-for-like total net rental growth was 3.4%, of which 3.3% came from in-place rent growth and 0.1% came from occupancy growth. Our in-place rent reached EUR 8.7 per square meter, with a further upside to catch up to the current market rent. This result demonstrate clearly that we are able to grow our in-place rent further, and up to now, we grow it by a CAGR of 3.2% since December 2021. Our vacancy rate remain low at 3.9% as of March 2024. It has come down from 5.1% in December 2021. With our strong letting performance and tenant demand for market demand, we were able to reduce vacancy continuously in recent years. Our portfolio overview is presented on slide seven. There have been no major change in our portfolio composition during the first quarter of 2024. We have 23% of our portfolio in Berlin, 21% in NRW, 20% in London, 13% in the Dresden/Leipzig area, 5% in Hamburg and Bremen, and the rest in Nuremberg, Fürth, Munich, as well as Mannheim, Kaiserslautern, and Frankfurt, Mainz, and other smaller locations. The slight movement in the total value of the portfolio was mainly due to a currency impact on the London portfolio, as well as CapEx. In addition to the EUR 8.7 billion portfolio, we have investment property held for sale amount to approximately EUR 170 million. Our portfolio annualized net rental income at the end of Q1 2024 is EUR 410 million, and our annualized market potential on current market rent is EUR 500 million. A market upside potential of 22%. Idan, please continue. Thank you, Refael. On slide eight, we present to you our P&L results. Net rental income amounted to EUR 105.3 million, 4% above the Q1 2023 result. Adjusted EBITDA was with EUR 82 million, 3% higher than Q1 2023. These increases came primarily from solid like-for-like rental growth of 3.4%, despite the negative impact of net disposals. Property operating costs were 5% lower than Q1 2023 due to lower utility costs related mainly to heating expenses, which are recoverable from tenants. Operating and other income have declined for the same reason, thus resulting in slight decline in other operating income. We also experienced a slight capital gains of EUR 640,000 relating to the capital gain recorded on the disposal that were closed within the period at a 2% premium to book value. As mentioned, we have not valued our portfolio in Q1 2024. Therefore, there was no movement here in this quarter. Overall, we report a positive profit for Q1 2024 of EUR 44 million compared to a loss of around EUR 11 million in Q1 2023, which was mainly driven by the lower property revaluation and capital gain results in Q1 2023. On slide nine, we summarize the FFO 1 and FFO 2 results for Q1 2024. The effect of the reset of two perpetual notes in 2023 was the main reason for the decrease in FFO 1 by 4% to EUR 45 million, and the impact for the net interest expenses was negligible between the periods. With EUR 46 million, FFO 2 was also lower compared to Q1 2023, and this was mainly due to lower disposal activity in Q1 2024. During the first quarter of this year, we disposed properties in the amount of EUR 30 million at 3% profit over the total cost, including invested CapEx. Refael, please continue. Turning to slide 10, where we give an update on our maintenance and CapEx, our focus remain on consistently improving the asset quality of our portfolio. We spent EUR 6 per square meter on repositioning CapEx and maintenance combined in Q1 2024, same as last year. Of this amount, EUR 4.5 per square meter related to repositioning CapEx. Additionally, we invested in Q1 2024 around EUR 1 million in modernization. Those projects are carried on a target basis and include measures such as adding balconies and installing elevator, as well as technical installation to ensure optimum power, water, and heat supply. We additionally invested EUR 3 million in pre-letting modification. Investments related to energy efficiency and CO2 reductions, such as replacing windows and heating system, are attribute to the above category depending on the project types. With this, we arrive to Q1 2024 at an AFFO of EUR 26.6 million compared to AFFO of EUR 28.7 million in the first quarter of 2023. On slide 14, we show our EPRA NAV metrics. Our EPRA NAV metrics are as follows. EPRA NAV NRV per share and EPRA NRV was up by 1%, EPRA NTA per share and EPRA NTA was also up by 1%, and EPRA NDV per share and EPRA NDV was up by 0.5% compared to the end of 2023. The increase in the EPRA NAV KPI was primarily due to a strong operational profit, reflecting by FFO 1 of EUR 45 million. We did not reevaluate the portfolio for Q1 2024, and we will up to date evaluation as part of our half year 2024 results. Idan, please continue. Looking at slide 13, we present to you our strong financial profile. Our liquidity position has grown to EUR 1.3 billion, cash and liquid assets as of March 2024. During Q1 2024, our LTV remained low at 36%, broadly stable with one point down against December 2023. Our EPRA LTV, considering perpetual notes as debt and not equity, is 48%, and our net debt to EBITDA is 9.6 x. 88% of our debt is hedged, mostly fixed and swapped, and 10% of which through caps. The remaining 12% of debt is variable. A potential decrease in interest rates will positively impact the debt, which is variable and capped. Our interest cover ratio is 5.8 x. Our unencumbered investment properties 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. On slide 14, we show you an update of our debt maturity schedule as of Q1 2024. We were able to preserve cash and liquid assets to cover debt maturities until the end of 2026. Our current cost of debt remained at 1.2%, same as at the end of 2023, and our average debt maturity is 5.1 years, slightly down from the year-end 2023. Turning to slide 15, we review the high headroom in each of the covenant. Bond covenants are calculated based on IFRS reported figures, and 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 to further value loss absorption before triggering the covenant. We would need to lose additional 41% of total asset value or EUR 4.5 billion to breach the covenant. And with this, allow me to hand you over to Christian to conclude the presentation. Thank you, Idan. Allow me to point out that in the appendix of our presentation, you will find more details on our portfolio distribution and some more data on the German and London housing market in general, ESG, financial policy, analyst coverage, and share development, as well as management and our credit rating metrics. Finally, allow me to finish our presentation on slide 17 with our guidance for 2024. We expect it to continue and see a 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 the full year impact from higher perpetual notes coupon payment and higher financing cost. Accordingly, we are pleased to confirm our guidance for 2024 with FFO 1 between EUR 175 million-EUR 185 million, FFO 1 per share EUR 1.01-EUR 1.07. Dividend per share between EUR 0.76-EUR 0.80. Total net rent like-for-like growth around 3%. LTV below our 45% internal limit. Thank you for your attention, and allow me now to move on to our Q&A. Thank you very much. We are now starting the Q&A session. We will answer the questions we have received by email so far. We have grouped them together for the reason of simplification. The answers to your questions have been prepared by the team. I will now start with the first question. Could you provide some insight on the current dynamics on your operating markets? How do you see the developments going forward? We continue to see positive operational trends in Germany and London. Long-term structural shifts like immigration and urbanization in major cities continues to drive robust demand. At the same time, supply remains constrained due to various factors. High construction costs, exaggerated by elevated interest rates and the current macroeconomic climate, along with bureaucratic hurdles, which lead to lengthy planning phases, especially in Germany, result in significant constraints for new supply. Despite government efforts to boost supply, new housing completions are expected to decrease significantly in Germany in the coming years, with some estimates expecting new additions below 200,000 per year. This decrease will fall well short of the government's targets, which remain significantly outdated due to increased immigration in the last two years. We believe the wide supply-demand gap to prevail for at least in the midterm, as many factors take a relatively long time to adjust, which drives market rents growth and low vacancy rates for years to come. Currently, higher interest rates further negatively impact supply and boost demand in the rental market as mortgage costs remain expensive. These trends have led to increases in the rental prices and significant reductions in vacant rental properties in both Germany and London. Our portfolio, both in Germany as well as in London, directly benefits from these trends. In recent periods, we have seen acceleration in like-for-like rental growth, which allows us to drive internal operational growth. We note that our upside potential to market rent remains significant at 22%, despite solid like-for-like rental growth. This high potential, which will continue to increase in the midterm as a result of the market trends, will enable us to deliver strong internal growth for many years to come. What were the main drivers of your like-for-like rental growth? Which regions contributed most? What was the London contribution? What is your outlook? Given rent regulation, how much like-for-like rental growth can you achieve excluding modernization? Like-for-like rental growth continued to accelerate in the first quarter of 2024, resulting in a total like-for-like rental growth of 3.4%. In-place rental growth continued to be main driver of the rental growth, amounted to 3.3%. 0.1% came from occupancy increase. We have seen the in-place rental like-for-like growth increase period over period as a result of the strong dynamic in our location. It's up from 2.1% in March 2023. The in-place rental growth can be further broken down to 1.3% from indexation and 2.1% from reletting. The like-for-like rental growth was positive in all regions, but mainly in Hamburg, Bremen, Dresden, Leipzig, as well as in London. In London specifically, we saw around 5% like-for-like, with solid in-place rental growth as well as occupancy growth. In London, we continue to focus on extending this at fair price to the same tenants, but still less than market rent for new tenants. This strategy improves operational efficiency by reducing operational cost and void periods, but also extends the period by which the full revisionary potential is achieved. We see this as a right balance to optimize the rental growth, while at the same time generating more absolute amount of cash and the upside potential also remains. Looking forward, we continue to see strong underlying dynamic providing tailwinds from our rental growth. Inflation from recent years will be reflected in the market rents in the coming years, which we expect will result in a faster pace of in-place rental growth compared to previous years, as we have seen already in the past year. In addition, the wide gap between current rent and market rent drives strong rent increase from reletting, which we expect will continue to be the main driver of the like-for-like, and thereby driving internal growth for years to come. For 2024, we expect like-for-like rental growth of around 3%, with similar growth rate in the midterm. We know that our like-for-like is not materially driven by modernization CapEx and drives top to bottom line growth with a very small associated costs. Could you provide some more details on your perpetual exchange? What are the implications for your FFO and leverage? Do you have any plans for the remaining notes that didn't participate in the offer? The primary goal of the offer was to provide an option to the perpetual notes investors following last year when the market uncertainty related to interest rates, cost of capital, and refinancing risk was high, and we chose not to exercise our option to call the notes and instead focused on cash preservation. Recently, as market conditions have improved and the capital market has essentially reopened after a muted period, we felt comfortable allocating capital to our hybrid investors. Therefore, we decided to launch an exchange offer with 15% tender optionality. This offer also enables us to regain the equity content we lost after not calling under S&P rating methodology, thereby strengthening the company's position with an S&P credit metrics. The tender was executed at a small premium to prevailing market prices prior to launch of the offer, but at a discount to the nominal value. The outcome was highly successful, with an 82% average acceptance ratio. 50% of participants opted for a tender option, resulting in our buyback EUR 34 million of nominal amount of the old notes at a discount. We issued EUR 410 million of new perpetual notes at a coupon of 6.125% with the first call date in January 2030. Approximately EUR 100 million of the original perpetual notes remain outstanding. With a total cash outflow of EUR 50 million, including the tender consideration, we view the result as very beneficial with only limited cash outflow. There are no plans to acquire the perpetual notes that did not participate in the offer. These will remain unchanged as per their terms and conditions. These notes are still considered full equity instruments under IFRS, as well as for our bond covenants. As the offer was executed at the start of Q2, there were no impacts in the current reporting period of Q1. However, for Q2 and beyond, we anticipate several benefits. Firstly, the aforementioned improvements to our credit metrics under S&P methodology. Furthermore, as a result of the tender, we expect approximately EUR 2 million in annual coupon savings going forward. Lastly, on the quality side, we foresee a higher degree of visibility on future cash flows as a result of the offer, which we believe will support our access to capital markets moving forward. To reiterate, the old and the new perpetual notes remain 100% equity under IFRS and are thus not relevant for the company's covenant or leverage. You did not revalue your portfolio in Q1. What are your expectations for H1 and full year of 2024? Where do you expect values to reach the bottom? It remains difficult to assess exactly how values will develop this year. We expect some further devaluation in H1, but at a lower pace than last year. The reduced pace of devaluation, in our view, is a result of rental yield already reaching much more attractive levels, driven by a combined impact of past devaluation and accelerating rental growth. We continue to see room for some yield expansion, but we expect that part of this to be driven by operational growth instead of devaluation. We currently expect value to bottom in the second half of this year. Therefore, as part of the FY 2024 financials, but it is depending mostly on the timing of the interest rate decision by the ECB and transaction markets, which we expect to pick up in the second half of 2024 following the expected ECB pivot. We are somewhat encouraged by the early sign of pick up in the transaction market, note that we need to see more evidence in the market to see devaluation direction. We note that as part of our disciplined de-leverage measures executed previous year, which offset most of the devaluation impact of that year on our leverage ratio, we continue to maintain a low LTV and a very wide headroom to our covenants. How do you see the financing environment? Do you see banks having difficulty providing secured loans? What is your view on the capital markets, and do you expect to raise further secured financing? Regarding secured financing, we have not observed significant changes since we published our financial year 2023 financials. Our ability to raise secured debt remains strong and successful. We continue to work on several additional bank loans and may raise more bank financing if we find it attractive. On the other hand, we have seen some improvement in the capital markets in recent months. Bond spreads have tightened, leading to bond issuances in the real estate sector. The improved market conditions have also been one of the factors that allow us to launch our perpetual notes exchange offer, and the high acceptance rate further confirms the market conditions are improving. We have noticed a shift in our dialogue with investors and a steady increase in interest for our senior bonds in the market. Currently, we do not need to issue fresh debt as we have effectively reduced our refinancing risk by managing maturities up until the end of 2026. Could you provide some more details on your disposals? Where were the properties located? What is your pipeline? How do you expect transaction markets to develop in the coming periods? Do you expect to continue to be a net seller? Transaction market remained difficult in the first quarter of 2024. While we have seen sentiment improve, we have not yet seen this reflected in a significant pickup in transaction activity so far. Currently, we continue to see demand mostly for minor deals from regional players. That being said, recent news regarding several big real estate deals, including residential portfolio, do make us hopeful that market will open up for larger transaction later this year. This market condition also impact our own disposal activity. In the first quarter of 2024, we disposed EUR 30 million worth of properties, which were signed for disposal already in 2023. The properties comprise total of 250 units and were primarily non-core properties located in NRW, Hessen, and several condominium in London. The properties were sold at an average rental factor of 17. We signed approximately EUR 23 million of additional disposal in London in the first quarter of 2024, bringing the total signed but not yet closed disposal to EUR 60 million, which we expect to close in the coming periods. While we always monitor the market for attractive opportunities to create value, we currently expect to be a net seller also in 2024. You continue to hold a very high level of liquidity. What do you plan to do with the cash? As mentioned in our previous calls, we consider our strong liquidity position a competitive advantage. While we have seen improvements in the markets in recent months, volatility and macroeconomic uncertainty remain elevated. Although the chances of a crisis are reducing, risk persists, and the potential negative impact on the financial markets, and subsequently liquidity, could be severe. At the same time, transaction markets are still challenging and bank financing continues to take longer, reducing the overall liquidity available in the real estate sector. With this in mind, we believe it's prudent to remain cautious and not to get ahead of market development. Our focus remains on maintaining a strong internal liquidity position and prudently managing leverage and our debt profile. This approach provides us with the flexibility and certainty needed to navigate evolving market conditions, protecting us in case an adverse scenario occurs. Currently, our liquidity position covers 29% of our total debt, representing all debt maturities until the end of 2026. This includes EUR 270 million of bonds maturing in the second quarter of 2024, of which EUR 150 million was repaid in April and CHF 130 million maturing towards the end of June. Are you still focused on deleveraging? What measures are you taking? As of March 2024, our LTV stands at 36% compared to 37% at the end of 2023, and we remain committed to keeping leverage broadly stable throughout 2024. The reduction in leverage is primarily due to strong operational cash flow and the closing of disposals signed towards the end of 2023. We anticipate some further devaluation in coming periods, which could potentially increase the LTV. Although we believe the majority of devaluation is behind us, we remain cautious about potential ongoing risks. Therefore, to farther reinforce the balance sheet and reduce leverage, we will continue our efforts in disposals, reinforcing our commitment to a resilient and well-positioned financial foundation. What could be the drivers for reaching the higher end of the 2024 FFO guidance range? For 2024, we are guiding for an FFO 1 in the range of EUR 175 million-EUR 185 million, which remains unchanged compared to what we published with our full year results in March. While the current results position us at the middle range guidance, we note that we're just in the beginning of the year and could see either positive or negative drivers. We have seen strong like-for-like performance supporting our results, along a certain positive impact from the exchange of special notes. On the other hand, higher amount of disposals and new debt will increase our liquidity and support the credit metrics, but could have a negative impact on our FFO. We believe that it's currently too early to assess the full extent of the impacts in the remainder of the year, but as we have had a good start for 2024, we comfortably confirm the current guidance. Thank you. I think those were the questions so far. We will now start the open Q&A part. If you have further 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. Anyone who wishes to ask a question may press star one on their touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to use only handset while asking a question. Anyone who has a question may press star one at this time. Please wait while we take the first question. The first question comes from the line of Ellis Acklin. First Berlin, please go ahead. Good morning, guys. Thanks for taking my questions. Firstly, I would be interested in hearing a little bit more about the specific timing for the perpetual note transactions last month. If this was more a function of wanting to restore the equity component as quickly as possible, or if it was based on maybe your expectations of the terms for the new notes. Secondly, if you could maybe give us a hint regarding the expected revaluations in the second quarter. Are you planning to do the entire portfolio or just a portion of it? Thank you. Hi, Ellis. Thank you for your question. First, on the perpetual note. Our main target was to restore the equity content by S&P. We saw the reopening of the market and opportunity, we decided to go with the exchange. That was the main consideration. As for the valuations in H1, we expect to evaluate the majority of our portfolio, the vast majority of the portfolio. Thank you. The next question comes from the line of Neeraj Kumar, Barclays. Please go ahead. Morning, everyone. I just have one question with regards to your financing. You say that you're sort of seeing encouraging sign in the capital markets, you said you don't need to issue as well, given your liquidity profile. Given your current leverage, are you looking to acquire properties going forward as you see the bottoming of the valuations during 2024? What exactly is the strategic plan going forward from here? Thank you, Neeraj. We're encouraged for what we see in the market, in the transaction markets. We see potentially a bottom down of the valuation. However, we feel it's a bit too early. At this stage, we prefer to sell and be a net seller in 2024. However, if we see opportunities come in the near future, we're prepared to acquire. We have the cash, we have the deal sourcing network. We are also analyzing the market. Thank you. The next question comes from the line of Kai Klose, Berenberg. Please go ahead. Yes, good morning. I've got two questions for you. The first one is regarding the portfolio investments. What was the average capitalization rate in Q1 for portfolio investments? The second question is on page seven. Could you indicate or explain why we had a slight increase in vacancy rate in London? Is it a consequence of disposals or any other reasons? Thanks. Thank you, Kai. As to the vacancy in London, we're reaching very low levels already in London. It came from a very high level down to a very low level. Now we are seeing a fluctuation, basically. It's part of the business. As you know, the term period with our tenants is relatively short in London, one to two years. We see a bit more fluctuation there, which always will create some vacancy. However, this vacancy enables us to increase rent. We saw a good rental income increase in London. We expect to stay around this level, hovering around 3%, going up or down, say, in the site level. As to your first question on the CapEx and maintenance, we are more or less, I think, maintaining the same ratio and expect to continue being around EUR 6 per square meter on maintenance and around EUR 18, EUR 19 per square meter on the CapEx. The next question comes from the line of Eleanor Frew, Barclays. Please go ahead. Hi, team. Thank you for the presentation. Two questions from me. Firstly, is the higher like-for-like rent link shown in Q1 likely to persist throughout the year? Secondly, higher finance expense are going to continue to impact you. Just wondering, when do you expect to see earnings growth and positive? Thank you. Hi, Eleanor. Thank you for your question. Look, we've been a bit ahead of ourselves in the like-for-like, which is encouraging. We're still rather conservative as we're in the beginning of the year. Yeah, the trend is good, and we potentially could be a bit higher than what we have guided. We have seen in the meanwhile, in the last few periods, an increase in interest expenses. However, we believe they have stabilized. There's some market expectation also for a decrease in rates, which should support us. It's hard to tell exactly the timing, but in the mid-future, we definitely expect to see rental growth outpacing increase in interest expenses. Thank you. Next question comes from the line of Manuel Martin, Oddo. Please go ahead. Thank you. Two questions from my side. First question is on the disposals. Maybe if you can give us an update about the buyer groups that you see when you dispose or when you try to dispose assets. What about the disposal process? Has anything changed? Has it become longer or shorter? Maybe you can give us some color on the discussions that you have with buyers. That would be the first question. Second question on the guidance for the dividend. It is subject to market condition. As we are approaching mid of the year, do you have more clarity on whether you might pay out a dividend or not? That would be the second question. Thank you. Hi, Manuel. Thank you for your questions. First on the disposals. Yeah, we still see family offices and local players being the vast majority of buyers. We've seen that in the past quarters, it is still true for what we have seen now. The process is still long, still some deals fall, some deals go through. We are a bit encouraged from the reopening of the transaction market, I would not say we have seen a big change yet. However, this could happen fast, we are more hopeful than before regarding that. As to dividends, we announced two months ago on the dividend of 2023 to be paid at 2024. We still have time for the dividend 2024 to be paid at 2025. We are, again, encouraged about where the market is going, we have a lot to go through. We are hopeful the rate cuts will go as the market anticipates, the transaction markets open, the liquidity to stay strong. It is too early to indicate now, most likely will indicate closer to the period of the AGM of next year. Thank you. Next question comes from the line of Marios Pastou, Bernstein. Please go ahead. Hi, good morning. Thank you for taking my questions. Just a couple of further questions on your like-for-like rental growth. Can I just firstly confirm what the like-for-like growth was for Germany only, maybe splitting out between the in-place rent and the occupancy? Secondly, how are you thinking about the Berlin Mietspiegel announcement to come and how this could impact on your guidance and what is already reflected? Thank you. Thank you, Marios. The like-for-like in Germany was around 3%, or slightly below, where we had a 3.4% on average. In London, we saw 5%, and in Germany, we saw around 3%. The occupancy was a 0.1% growth within Germany. As to the Mietspiegel in Berlin, it's coming in, I believe, at the end of this month. We expect it to be high, it's true, we have to see in the end how high it will be. I don't expect it to impact our like-for-like this year and potentially the next years. We still have a good upside for rental growth in Berlin. This will just increase our revision potential and our midterm potential, but it won't have an impact yet in 2024. Thank you.