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 half 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 Head of Investor Relations and Capital Markets, 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. I will hand over to Christian Windfuhr to begin with the presentation. Thank you very much, good morning also from my side, and welcome to our H1 2024 results presentation. First half of 2024 saw the continuation of strong operational trends with rental growth momentum continue further as market rental levels continue to increase, driven by the ever-widening supply/demand gap imbalance. On the valuation side, we have seen a slowdown of the negative momentum, recording a soft 2% like-for-like value decrease with operational growth offsetting much of the yield expansion. Going forward, we see room for further yield expansion, mostly offset by operational growth. We are therefore optimistic that we are near the bottom of devaluations. 2024 is also the year that we return to the capital markets with the perpetual exchange and tender in April, followed by our first bond issuance in July since 2021. We have seen sentiment in capital markets improve significantly and have received strong support from investors on both these transactions. As a result of the issuance and liability management after the reporting period, we have been able to strengthen further the balance sheet while our liquidity position covers the 2027 debt maturities well in advance, and in parallel, we have repaid over EUR 500 million debt year to date. We have also been progressing with our own disposals, with around EUR 220 million of disposals signed in the first half of 2024, of which EUR 120 million was closed in the period, and the remainder expected to be closed in the coming periods. We were able to offset the impacts of negative revaluation through disposals, strong operational results, and dividend suspension, and to keep our LTV as of June 2024 stable at 37%, like at year-end 2023. The developments make us more optimistic in our outlook. We see ourselves well positioned to deal with risk if they were to arise. On slide three, we present you with a summary of our key results for the first half 2024. We will go into more detail on these figures later in the presentation, but as a summary of the most important items in H1, net rental income increased by 3% and adjusted EBITDA increased by 4% year-over-year, resulting in FFO I of EUR 94 million, stable compared to last year and supporting our updated full year guidance. Despite slight devaluation in the first half, our LTV stood at 37% as of June, stable as compared to that 37% in December, and broadly stable over the last few years. EPRA LTV was also stable at 48%. Net debt to EBITDA improved further to 9.4x against 10x in December. The ICR also improved to 6x in the first half of 2024 against 5.6x for the year before. These metrics highlight the conservative nature of our balance sheet and strong financial profile. The portfolio's vacancy remains low at 3.9%, and in-place rent increased further to EUR 8.9 per square meter against EUR 8.6 at end 2023. Our like-for-like rental growth was 3.4% as of June, which was fully driven by in-place rental growth. On slide four, we present some key trends and highlights. Operations were very strong with positive momentum continuing as the expanding supply and demand imbalance in key metropolitan areas continues to drive up market rents. As a result, our revisionary potential expanded further despite solid like-for-like rental growth. Reaching 24%, up from 22%, although we have already captured strong internal growth. We see property values near bottom. The negative momentum has reduced, while yields are currently much more attractive, especially considering the growth momentum and rental upside potential. We therefore see ongoing yield expansion more driven by strong operational growth than negative revaluations. Sentiment in capital markets has also improved significantly in recent months, which has been reflected in increased capital market activity in the real estate sector. This has supported us in the success of our capital market activities year to date, comprising the perpetual exchange in April 2024 and our first bond issuance in three years, both showing strong success with high participation and over-subscription. We also see improvements in the transaction markets with a more positive sentiment. We signed around EUR 220 million of disposals in the first half of 2024. We also observe increasing activities in the market. Lastly, we are happy to report that we have been able to further enhance our corporate governance with two new experienced independent directors, expanding our Board of Directors to five, of whom 80% are now independent or non-executive and 40% are female. Now allow me to hand over to Refael for further details. Thank you, Christian. Moving to slide six, our like-for-like total net rent growth was 3.4%, fully driven by in-place rent growth. As mentioned in the highlights, this result is supported by market tailwind and from increasing market rents, which continue to drive market rent and revenues higher in our portfolio locations. The portfolio in place rent stood at EUR 8.9 per square meter as of June 2024, reflecting a CAGR of 3.8% since December 2021 and embedding further upside to current market rent revenues, which stand at an average of EUR 10.9 per square meter. Our vacancy rate remains stable at 3.9% as of June 2024. On slide seven, we present some details on our valuation results for the first half of 2024. We are seeing that the negative momentum has slowed down significantly as a result of yields reaching more attractive levels, whereas interest rates have started to decrease, which in combination with very positive operational momentum resulting in operational growth as well as increases in market potential. We expected that potential pickup in transaction market in coming periods will provide further clarity on remaining value movement for H2 2024, but we are cautiously optimistic that values are reaching the bottom. The full portfolio was revalued resulting in a like-for-like valuation of 2%, which is not including the offsetting impact of CapEx. This result came on the back of yield expansion driving 5% devaluation, which was partially offset by the positive operational growth impact of 3%. As a result, our portfolio yield now stands at 5% above 2018 levels, which position the portfolio well going forward. Turning to slide eight, where we present our portfolio overview. Our portfolio composition remained broadly unchanged with 23% of our portfolio in Berlin, 21% in North Rhine-Westphalia, 19% in London, 13% in Dresden, Leipzig, Halle, 5% in Hamburg and Bremen, and the rest in other main cities such as Nuremberg, Fürth, Munich, as well as Mannheim, Kaiserslautern, Frankfurt, Mainz, and other good locations. We signed about EUR 220 million of disposal in the first half of 2024, of which EUR 120 million was completed in the period, and the remainder expected to be completed in the coming periods. We additionally completed disposal signed in 2023 amounted to approximately EUR 40 million. The total completed disposal in H1 2024 were EUR 160 million at a slight discount of 2%, reflecting rent factor of 17 x. The closed disposal are primarily located in London and also in NRW, Berlin, and Essen. On this slide, we also provide our upside to the portfolio market potential. As market rent continue to increase at a high pace, we have seen our market potential expand further. As a result, our revisionary rent potential is now at 24%, which we expect will continue to drive robust like-for-like rental growth in the coming periods. On slide nine, we present you our profit and loss results. Net rental income amounted to EUR 212 million, 3% higher than in H1 2023 results. Adjusted EBITDA was EUR 166 million, 4% above H1 2023. The increase in both those items came primarily from the solid like-for-like rental growth of 3.4%, despite the offsetting impact of the net disposals. Property operating costs were 12% lower compared to H1 2023, driven by lower utility costs related mainly to heating expenses, which are recoverable from the tenant. Operating and other income declined for the same reason, leading to a slight reduction in the overall revenue. We recorded property revaluation and capital loss amounted to EUR 198 million, 2% like-for-like devaluation, net of CapEx of EUR 49 million, was the main driver behind this item. Overall, we report a loss of EUR 74 million for the first half of 2024 compared to a loss of around EUR 400 million in H1 2023. The lower loss was primarily the result of a lower revaluation losses as a result of a growing optimism regarding key factors such as expected interest rate cuts, the return of investors to the market, and improved access to funding sources. Those factors provide us with the comfort that any further reduction in the asset values in the short term will be minor. On slide 10, we summarize the FFO I and FFO II results for H1 2024. The effect of the reset of the two perpetual notes in 2023 continued to be the main negative impact on the FFO. However, due to strong operational growth and proactive management of our interest rate exposure, FFO I remains stable at EUR 94 million, which reflects a FFO yield of over 9%. Turning to slide 11, where we give an update on the maintenance and CapEx. Our focus remain on continuously improving the asset quality of our portfolio. We invested EUR 12.7 per square meter on repositioning CapEx and maintenance combined in H1 2024. Of this amount, EUR 9.8 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 selected basis and including measures such as adding balconies and installation elevator, as well as technical installation to ensure optimal power, water, and heating supply. We additionally invested EUR 8 million in pre-letting modifications. Investment related to energy efficiency and CO2 reduction, such as replacing windows and heating systems, are attributed to the above category, depending on the project specifics. Adjusted FFO amounted to EUR 53 million compared to EUR 56 million in the first half of 2023. On slide 12, we show our EPRA NAV metrics. Our EPRA NAV metrics are as follows: EPRA NRV per share and EPRA NRV was down by 2%. EPRA NTA per share and EPRA NTA was also down by 2%. EPRA NDV per share and EPRA NDV was down by 3% compared to end of 2023. The decrease in the EPRA NAV KPIs was primarily due to revaluation losses recorded, which were partially offset by strong operational profit, reflecting by FFO I of EUR 94 million. Idan, please continue. Thank you, Refael. Looking at slide 14, we present our strong financial profile. Our liquidity position remains robust with EUR 1.1 billion in cash and liquid assets as of June 2024. Our cash position decreased slightly compared to March 2024, primarily due to redemption of approximately EUR 270 million in bonds. This was offset by new bank loans, disposal proceeds, and operational cash flow. On a pro forma basis, including the impact of the liability management in July, our liquidity position stands at EUR 1.4 billion, which along with signed disposals, fully covers all debt maturities through 2027. Our LTV remains low at 37%, stable compared to December 2023, despite the portfolio devaluation. Our net debt to EBITDA decreased further to 9.4 x. As a result of our hedging activity in Q2, 94% of our debt is hedged, mostly fixed and swapped, and 5% capped. The remaining 6% of the debt is variable, which means that a potential decrease in interest rates will positively impact the variable and capped debt. The interest cover ratio stands at 6x. EUR 6.1 billion or 72% of our portfolio is unencumbered, which supports our strong access to bank financing. Our corporate credit rating by S&P is BBB+ with a negative outlook reaffirmed in December 2023. On slide 15, we provide a summary of our recent capital market activity. In 2024, we successfully returned to the capital market with several transactions that received strong investor support, underscoring our robust access to capital markets. In April 2024, we launched our perpetual exchange and tender offer, achieving an acceptance rate of over 80%. This transaction supported the company's S&P credit metrics and resulted in approximately EUR 2 million in annual coupon savings. Building on this success, in July, we issued our first bond since 2021, while simultaneously conducting a liability management exercise to buy back near-term debt. We issued a EUR 500 million bond with a five and a half year maturity and 4.375% coupon. The issuance was met with a strong demand from leading global investors and was more than 7x oversubscribed. The proceeds from the bond have been allocated for debt repayments, including concurrent tender offers, through which we repurchased EUR 238 million in nominal value of bonds at a slight discount of approximately 6%. This brings our total bond repayment to over EUR 500 million year to date. On slide 16, we show you an update of our debt maturity schedule, incorporating the pro forma impacts of the July 2024 issuance and liability management. These activities have allowed us to further reduce our refinancing risk with pro forma cash and liquid assets, and expected proceeds from signed disposals, fully covering all maturities through 2027. Our current cost of debt amounts to 1.9%, and our average debt maturity is 5.1 years. Following the issuance of the higher coupon bond and the buyback of a lower coupon bond, our pro forma cost of debt has increased to 2.2%, while the average debt maturity has extended to 5.3 years. Turning to slide 17, we provide an update on the significant headroom we maintain in each of our covenants. Bond covenants are calculated based on IFRS reported figures, with perpetual treated as 100% equity, regardless of whether they are called or not. Additionally, the equity classification by rating agencies does not impact these covenants. On the right side of the slide, you can see that we continue to maintain substantial buffer for value loss absorption before any covenant would be triggered. We would need to experience an additional 41% loss in total asset value, or approximately EUR 4.3 billion, to breach the covenant. With this, allow me to hand over to Christian to conclude the presentation. Thank you very much. Allow me to point out that in the appendix of our presentation, you will find more detail 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 matrix. Finally, allow me to finish our presentation on slide 19 with our updated guidance for 2024. As we expect rental like-for-like performance to remain strong, we increased our expectations to over 3%, which supports an increase in adjusted EBITDA and offset the impact of our signed disposals. While we still see higher perpetual note coupons and finance expenses, we have been able to mitigate some of the negative impacts, thereby supporting the FFO. Accordingly, we are pleased to update our guidance for 2024. FFO I, between EUR 180 million-EUR 190 million. FFO I per share, between EUR 1.04-EUR 1.10. Dividend per share, between EUR 0.78-EUR 0.83. Total net rent like-for-like growth, over 3%, and LTV to remain below the 45 internal limit. Thank you for your attention. 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. Please provide an update on your operating markets. How do you see the developments going forward? On the operational side, we do continue to see the strong and sustainable trends that have driven the market in the last several years and continue to observe a very favorable trajectory in Germany and London. Long-term structural changes, such as increased immigration and urbanization in major cities, continue to fuel demand. Furthermore, increasing single-dwelling household and demand for larger space is also fueling demand. Supply continues to remain constrained due to several factors. High construction costs, driven up by elevated interest rates and the current macroeconomic environment, along with bureaucratic challenges that prolong planning processes, particularly in Germany, significantly restrict the new supply. Despite the German government goals to increase housing availability and reduce bureaucratic hurdles, new housing completions in Germany are expected to drop considerably in the coming years. With some projections estimating fewer than 200,000 new units annually. The shortfall will be well below the German government targets and the previously assumed need for new housing, which have become outdated due to the increased immigration over the past two years and the increased need for space. As a result, we anticipate an excessive supply-demand gap to persist long-term, as many influencing factors require time to adjust, contributing to market rent growth and low vacancy rates for years to come. These dynamics have led to rising rental prices and market rent potential, and a notable reduction in vacant rental properties in both Germany and London. Our portfolio in both Germany and London is directly benefiting from these trends. We have experienced an accelerated like-for-like in-place rent growth, and we also note that our potential upside to market rent is substantial and increased to 24%, despite the strong like-for-like rental growth we have seen already. This significant potential, which is expected to grow further in the midterm due to the delayed effect of the regulated environment in Germany, which currently results in market rents growing even faster than our like-for-like in-place rent growth. This positions us well to achieve robust internal growth for many years to come. Could you provide some more details on the property revaluations? Which regions were impacted the most? What are your expectations going forward? In H1 2024, we recorded EUR 195 million of negative revaluation, reflecting a 2% like-for-like devaluation. The like-for-like impact can be split between 5% nominal devaluation from indexation, partially offset by positive revaluation of 3% from operational growth. The result reflects the significant decrease in the negative momentum of the values, which has significantly slowed down compared to the previous year. It is too early to predict precisely how values will progress this year, especially as we have just completed a full valuation. We do anticipate some potential for indexation, driven mainly by operational growth rather than a decrease in valuation. We believe that values have either bottomed out or may experience a minor decline in the second half of this year, which will be reflected in the full year 2024 financials. With stable interest rates, which are expected to decrease further, the operational achievement will consider in a stronger for upcoming valuation beside activities in the transaction market, which we expect to gain momentum in the coming periods. We do note that we are comfortable with our portfolio current rental yield at 5%, which we see as a conservative and is above the yield we had in 2018 on a like-for-like basis, which can position us well going forward. As part of our disciplined de-leveraging effort undertaking this and last year, which we mitigate most of the devaluation impact on our leverage ratio. We continue to maintain a low LTV and a substantial buffer relative to our covenants. Could you provide further breakdown of your like-for-like rental growth? How much was the like-for-like in London? Which regions contributed most? What is your outlook? The like-for-like rental growth was 3.4% as of June 2024, driven fully by in-place rent growth. As the portfolio has reached a low vacancy point, change in a vacancy are expected to be less impactful and reduce at a slower pace. The in-place rental growth like-for-like continued to accelerate, driven by strong market dynamic in our key regions. The main contributor to the in-place rent growth was the strong revision on a reletting contributing 2%, while indexation was 1.4%. The rental growth was strongest in London at over 5%, as the rent in London is not restricted, which enable us to capture the market growth faster. Further, strong contribution came from Dresden, Leipzig, Hamburg, Bremen, and Munich. In London, specifically, we continue our focus on lease extension at higher levels, thereby supporting operational efficiency by reducing operational cost and void periods, but also extend the period by which the full revisionary potential is achieved. Going forward, we expect to continue extract a strong like-for-like in-place rental growth. We note that the inflation of recent years will be more gradually reflected in the rent table levels in the coming years, leading to a faster pace of in-place rent growth compared to previous years, as we have already observed over the past years. Additionally, the significant gap between in-place rent and market rent is driven strong rent increase from reletting. Which we expect to continue as the primary driver of the like-for-like growth, and consequently internal growth for years to come. In line with this, we adjusted our 2024 guidance to over 3%, and we expect revenue to remain around 3% in the midterm. We note that our like-for-like is not materially driven by modernization CapEx, and drives top to down line growth with very little associated cost. You already maintain a strong liquidity position. What was the motivation behind the bond issuance? What are the results of the liability management, and what is the impact on your financial profile? We have observed an improvement in sentiment with the capital markets in recent periods, evidenced by constructive discussions we have had with investors across our various financing sources, as well as an increase in capital market activity within the real estate sector in general. Following our successful perpetual exchange in April, we decided in July to launch a liability management exercise in conjunction with the bond issuance. The bond issuance was seven times oversubscribed, exceeding our expectation and highlighting the strong investor support. This also validates the positive impact of the company's conservative strategy in recent years. In July, we issued a EUR 500 million bond with a maturity of five and a half years, carrying a coupon of 4.375%. Simultaneously, we bought back EUR 238 million of bonds with an average coupon of 1.4% at a discount of approximately 6%. The tender targeted three bond series maturing between 2025 to 2027, with the largest share of tendered bonds maturing in 2026. The remainder of the proceeds from the bond issuance has been allocated for the repayment of the bonds maturing in 2025, which totals close to EUR 500 million, including the tendered amount. Additionally, in Q2, we redeemed EUR 268 million of bonds, bringing the year-to-date debt repayment for 2024 to over EUR 500 million. As a result of the issuance and liability management actions we have undertaken year to date, we have been able to further reduce our refinancing risk. On a pro forma basis, including signed disposal proceeds, our liquidity position covers the 2027 debt maturities well in advance. The cost of debt on a pro forma basis, including the recent issuance and tender, slightly increases to 2.2% from 1.9% as of June. This increase is a combined result of issuing a higher coupon bond while buying back bonds with an average coupon below our current cost of debt. Could you provide an update on your financing strategy? Did anything change after your bond issuance? Do you expect to raise further secured or unsecured financing? Our goal has always been to maintain a diverse mix of financing sources. The recent bond issuance is a clear positive step in further reducing our refinancing risk and strengthening our access to this funding source. Regarding secured financing, there have been no significant changes since we published our financial year 2023 financials. In the first half of 2024, we raised EUR 100 million in new bank loans, demonstrating our strong and successful ability to secure debt. We are currently working on several additional bank loans and may consider raising more bank financing if we find it attractive. However, we are in no urgent need of issuing new debt, as we have effectively reduced our refinancing risk in recent periods, particularly with the recent bond issuance, which has already addressed the 2027 maturities. You mentioned that you hedged part of your variable debt in Q2. What was the annualized interest saving effect of the hedging? How will GCP benefit from a reduction in the base rates? We hedged several of our variable and capped bonds and bank loans to fixed rates, resulting in lower interest expenses compared to the previous floating rates. Consequently, we have increased our hedging ratio, including fixed and capped, to 94% from 88%, and increased the fixed only portion to 89% from 78%. This strategy has led to approximately EUR 5 million in annualized interest savings, based on Euribor rates as of June 2024. Since 11% of our debt remains variable or capped, lower base rates will lead to reduced financing expenses. Therefore, we expect to further benefit from any decreases in interest rates. Are you still focused on deleveraging? Do you see a change in pressure following your bond issuance? Despite the negative valuations, our LTV remained conservative at 37% as of June, stable to the 37% at the year-end 2023. EPRA LTV also remained stable at 48%. We successfully offset the negative revaluations through disposals, strong operational results, and dividend suspension. As we approach what we believe to be the end of these devaluations, we are proud of maintaining a stable LTV throughout recent years, thanks to proactive management, a key pillar of our strategy in navigating this environment. We remain committed to maintaining a strong and resilient balance sheet with conservative leverage and robust liquidity position aligned with our current stance. Consequently, we may consider pursuing external growth opportunities, provided that any acquisitions align with and support our balance sheet strengths. Could you provide some more details on how you see the activity on the transaction markets? Any details on your disposals? Where did you dispose properties, and what was the multiple? You mentioned that you see valuations bottoming. Would you consider acquisitions again? Do you expect to be a net seller? Transaction market have been picked up. We are seeing some improvement and trend supporting our view that transaction market could recover in the coming periods. We have completed EUR 40 million of disposal, which were signed in 2023, and signed further the first half of 2024, EUR 220 million of disposal, of which approximately EUR 120 million was completed in the period, and the remainder expect to be completed in the coming period. The EUR 160 million disposal we completed in H1 2024, including the sale of 650 units, mostly in London, as well as properties in NRW, Berlin, and Essen, at an average EPRA rent factor of 17, at a small book discount of 2%. The disposal include vendor loan amounted to EUR 60 million, supporting and speeding up the transaction process. The vendor loan was given for a period of 18 months and is fully secured to the assets. After the reporting period, we have further received over EUR 25 million of vendor loan for a disposal carried in the end of 2023. The EUR 100 million of disposal were signed with a non-refundable advance payment are primarily located in NRW and Braunschweig, and are expected to be completed in the few months with full payment. This transaction, like others, will support de-leveraging. In general, we are always reviewing the market for attractive acquisitions opportunities, as well as those match our acquisition criteria. In recent period, our cost of capital, as well as high market risk, set the hurdle very high. As a result, we were more comfortable disposing instead of acquiring. As we are getting more confident that the valuation are close to the bottom and our conservative financial profile remains strong, we believe there could also be more accretive opportunities that we may carry out. However, so far, we don't see opportunities fitting to our criteria yet at attractive pricing. They potentially may come, and we keep monitoring the market. We therefore expect to be a net seller in 2024 and mainly execute the disposal signed already, as well as reminder of our handful sale portfolio. We may do more disposal if we believe this is accretive to the company. As our leverage remain low, we are also comfortable at the current situation. Can you please provide an update on the likelihood for a dividend distribution based on 2024 FFO? We still have time until we need to make decision next year, and the Board will take the decision based on market condition. However, we are encouraged by the improvement in the market sentiment and in our performance and believe that the likelihood for payment has increased compared to early this year. We have seen volatility in the market, and therefore, think it is better to wait closer to the next AGM in Q2 2025 before making this decision. Could you provide some details on your updated guidance? What are the main drivers of the increase? Following the strong first half of 2024 and the positive current momentum, we're happy to increase the guidance for the year. The FFO guidance range increased by EUR 5 million to a range of EUR 180 million-EUR 190 million, which also is reflected in a higher guided FFO I per share of EUR 1.04-EUR 1.10. The increase in the guidance is a result of strong operational growth. We have seen strong like-for-like rental growth accelerating in the year, which has resulted in solid rental growth. As margins have slightly been better than expected, we see this reflected in a solid growth in our adjusted EBITDA, above what we had initially expected. In addition, while we have seen higher financing costs and perpetual note attribution so far in 2024, we have been able to execute measures mitigating part of the increase. As a result of the perpetual exchange, we have approximately EUR 2 million of annualized perpetual notes coupon savings. Furthermore, financing costs are lower than what we had previously expected due to the reduction in base rates and the impact of debt hedging and the successful bond issuance we carried out last month. As a combined result of these measures and impacts, we are now expecting a better result for the year 2024, more than compensating at the larger amount of disposals than previously expected. 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. The first question is from Ellis Acklin of First Berlin. Please go ahead. Yes, good morning, everyone. Thanks for the detailed presentation. You sounded quite a bit more upbeat about the revaluation situation. I was wondering if you could talk about a potential scenario that might cause you to reassess the portfolio again before the end of the year or parts of it? Thank you, Ellis. We expect to do another valuation by year-end, where we'll do a full valuation again of the portfolio. Thank you. The next question is from Manuel Martin, ODDO BHF. Please go ahead. Thank you for taking my questions. Two questions from my side, please. The first question is on your marginal cost of debt. Maybe you could elaborate a bit on that on 10-year secured and unsecured. What's your marginal costs right now? Second question is, when do you think that you could switch from being a net seller actually to become a net buyer? I.e., to switch to expansion. These are my two questions. Thank you. Thank you, Manuel. As to your first question, we see that the margin of secured debt in the range of 1.3%-1.5%. Of course, it's on a per property basis. This is the range we mostly see. As to your second question, when we might start buying properties. We're still focused on selling, as we have mentioned. In 2024, we expect to be a net seller. Looking at 2025, a lot depends on where we see acquisition opportunities. We're comfortable where our leverage is. We would buy if we see that it is neutral on the leverage, that it's supportive, that it maintains a strong balance sheet that we have. If we see attractive pricing. We know that so far we haven't seen attractive opportunities in the market. This may come, and we still have time, and we continue to monitor the market on an ongoing basis. Thank you. The next question is from Kai Klose, Berenberg. Please go ahead. Yes, good morning. I've got three questions for me. The first one is on the amount of CapEx spendings, which was, if I remember correctly, about EUR 10.90 just two years ago. We are now at EUR 12.70. Would you expect this amount to increase further, or does this proportion to increase further? Second question, what was the rent collection rate for the ancillary costs for 2023? The third question is, you mentioned that Mietspiegel are accelerating a bit faster. Could you indicate how many of your apartments have already in place rents above the Mietspiegel, the local Mietspiegel? Thank you. Thank you, Kai, for your questions. First on the CapEx. Yes, we've seen an increase in the CapEx. This is mainly due to cost inflation we've seen. I think, the number you mentioned, the EUR 10 is a bit from a few years ago. We've seen inflation in the recent years, but we feel that we stabilize on the level we are now, and we expect to be at around EUR 18, EUR 19, EUR 20 per square meter CapEx on an annual basis. As to the Mietspiegel, your last question. We see around 12% of our portfolio at Mietspiegel level and around 88% of the portfolio is below the Mietspiegel level, which is giving us the revision potential for further increases. As to rent collection, we see rent collection above 95% for the receivables. We're still working on it. We're still early in the year for this collection, we expect to reach a higher level. This is, of course, on the operating cost calculation that we have, not on the net rent. At the net rent, we see a higher collection level of over 98%. Thank you. The next question is from Ventsi Iliev at Kempen. Please go ahead. Hi. Good morning. Thank you for taking my questions. First one on the dividend. I know you mentioned that you have enough time, but can you just add a bit more color on what specifically needs to improve for Grand City to pay out a dividend? Second one, I might have missed this one, but can you reveal what the like-for-like rental growth was specifically in London? Thanks. Okay. Maybe start with your second question. The London like-for-like rental growth we've seen was just over 5% for the last 12 months. We expect this level to remain strong at similar levels also going forward. We see a very strong momentum in London, and we expect to see that continuing. As to your first question regarding the dividend. Yes, we see a higher likelihood now for distribution, but this is subject to market conditions, and that's what's going to set, in the end, the tone for our decision going forward. If we see the macro environment being supportive and we will continue to maintain our strong liquidity and strong leverage. We will feel more comfortable to recommend on a dividend distribution. However, we have time. We see good macroeconomic developments going forward, but we need to see them materialize and to feel more comfortable for the current situation. Thank you. The next question is from Paul May, Barclays. Please go ahead. All right. Four hopefully relatively quick questions from me. Noticed quite a large 76% increase in vendor loans half-on-half, which looked to be a bigger proportion of vendor loans in the disposals. Should we read anything into this given From what you're saying, the transaction market's increasing, but increased vendor loans doesn't necessarily support that. Secondly, on the disposals, looking at the value and the volume of those, I think you've been selling lower priced units, about EUR 116,000, which seems a bit odd because I think you said the most of the disposals are in London, which I'd imagine was higher price points than in Germany. I think you mentioned a 17 x disposal multiple or 5.88% yield. Obviously, that's significantly higher than the remainder of the portfolio. Just wondered what gives you confidence if you're selling at 5.8% to have values at 5%? Thirdly, I think this is the first time you've sold assets below cost. Your FFO II below FFO I. I might be mistaken on that. Were there any specific assets that that loss versus cost relates to? Sorry, finally, on the dividend. Others have moved to a more cash covered dividend, i.e., post CapEx spending. I think your guidance is still pre-CapEx spending. Arguably over distributing on a cash basis for the dividend if you were to reinstate at the guided levels. Is that something you're comfortable with or would you probably more likely move to an AFFO based payout? Thank you. Thank you, Paul, for your questions. First regarding the vendor loan. Yeah, one of the transaction had a EUR 60 million vendor loan. This is a transaction that we've been working for more than a year. We believe that for this transaction, specifically, a vendor loan was helpful to close the transaction. The vendor loan is relatively short, so we have a year and a half for the vendor loan, so we expect to get the full cash proceeds in the next 18 months. This is not necessarily indicating our situation going forward. We believe that we will see less vendor loans going forward. From the balance that we had as of June of EUR 150 million vendor loans, we already have been repaid over EUR 25 million, the balance is going down. We will evaluate on a case-by-case basis, but given the stronger market dynamics now going forward, we believe there will be less of a need for vendor loans. As to the multiple of 17 that we have sold on average, each asset has its different yield, different multiple. I think what's most important to see is that we sold at book value, and the multiple is indicating the value of the property. In the past, we've also sold land, which was at a 0% yield. Every asset has to be measured on its own multiple, and we feel very comfortable with our current yield of the portfolio at 5%. We expect to have transactions on average similar to book values, thus the 5% that we have. As to the dividend policy, currently we keep seeing the 75% distribution of FFO I per share. We haven't changed it, but we could continue and evaluate it maybe closer going to the dividend distribution period. However, we do know that even though we have CapEx, or maybe if you look at the AFFO, it's not materially different than the 75% we have in the FFO I. Regardless, we have discussions on how to distribute and what to distribute, and we will continue having these discussions going forward. Sorry, as to your last question on the difference in the cost and the disposal in the FFO I. The properties that we sold were primarily in London, where we bought properties relatively recently. This deal that we have done enables us to reach our deleveraging goals and strengthen our financial policy and our rating metrics going forward. Thank you. The next question is from Neeraj Kumar at Barclays. Please go ahead. Morning, everyone. Just a quick one from my side. How much return are you making on your cash balance, and how does that fare with your bond yields in the secondary market? Do you see any potential for further liability management exercises at current levels? Yeah, in H1 we have received around 3.5% on our cash balances. It will go a bit lower now that there was a rate cut in June that didn't really impact the H1 numbers. We do expect to see more rate cuts, so this amount will go down. It goes in sync with our bond yields. However, we will still be looking to do buybacks of bonds as we have done. As we have mentioned, we have our strong cash balance to repay debt either at maturity or earlier if we see the opportunity to buy them beforehand. Thank you. Thanks, everyone, again for joining us today. Those were the questions for today. We wish you a very pleasant day and talk to you soon.