Good day and welcome to the Vonovia Q1 2023 results conference call. This meeting is being recorded. At this time, I'd like to hand the call over to Niclas Karoff, CEO. Please go ahead, sir. Good morning, ladies and gentlemen, welcome to our Q1 2023 Earnings Call. A warm welcome also from my colleagues, Sarah and Christoph, who are sitting right next to me. As always, Christoph will be available afterwards for subsequent questions regarding our figures that you may have. Before we begin, I would like to share with you some information that relate to the very transmission of this conference. As already described in our invitation to this call, we recommend that you only use one of the dial-in options given. Either follow the presentation live via webcast or by telephone. If you dial in via webcast and via telephone at the same time, there will be a technical delay. Please understand that you can only ask questions over the phone. Now, let's focus on the presentation. I will first begin with a short overview of the Q1 figures, 2023. Afterwards, I'll provide you with more details on our current financial situation. As always, later on, or last time, Sarah will give you some insights into the development of our operational business. Let's start with the key figures for the Q1 of this year. Yes, as we all know, market environment continues to be largely determined by the war in Ukraine and the associated economic consequences. Despite those ongoing challenging market conditions, however, we are still continuing to keep on track both strategically and operationally, and had a good start as we think into 2023. Compared to the Q1 of 2022, we had an increase in rental income of more than 6%, mainly as a result of rent increases from property additions and indexation effects. FFO increased by over 23% and amounted to EUR 30.6 million, which corresponds to an FFO per share of EUR 0.17. NAV per share slightly increased during Q1 by 1.4% to EUR 12.03. Operational figures remained very solid, with a WALT of 6.5 years, and a vacancy rate of 3.3%. The vacancy rate has been affected by a temporary vacancy in our manage- to- core property in Mainz. More details on that later on by Sarah. Our financing structure remained very solid, which is reflected in a REIT equity ratio of 60.4%. An LTV, which compared to year-end 2022, has dropped to 38.2%. Let's now have a closer look at the operating and financial figures for the Q1 of this year. I continue with a closer look at our FFO development. As already mentioned, the increase in rental income was mainly caused by property additions and indexations. Total maintenance expenses decreased to around EUR 1.5 million year-on-year. Those expenses relate to regular ongoing maintenance and various smaller planned measures in the Q1 of this year. We expect maintenance activities to rise during the next month and still assume total costs for 2023 at around previous year's level. Personal expenses increased mainly due to onboarding of additional employees in the course of 2022. Other operating income amounts to EUR 1.7 million mainly due to the compensation payment for the early termination of the contract of a tenant in the property in Mainz. The increase in interest expenses is mainly the result of interest payments for loans refinanced in 2022, as well as of higher expenses due to increased interest rates for the floating rate bonded loan loans. Rising interest payments were partly offset by further interest income from cash deposits in an amount of EUR 600,000. On the next slide, yeah, we provide an overview regarding our current financial situation as of end of Q1 of this year. The REIT equity ratio as well as LTV level both remain very solid. Further debt indicators such as net debt to EBITDA and EBITDA to interest coverage still remain at comfortable levels of 9.7 and 4.4 respectively. Compared to year-end 2022, our financial liabilities have reduced as a result of the scheduled repayment of the bonded loans due in March 2023. Given the current interest environment as well as our comfortable liquidity situation, we decided to fully repay the loan and to procure the potential rate of additional debt, depending on further development of transaction markets in the course of this year. Our average financing costs are still on a comfortable level at 1.8%, with an average remaining term of loans of 4.8 years. All in all, our financial situation remains very solid. Sarah will now provide you with more details on our operational business development. Thank you, Niclas. Good morning and welcome to our conference call. Let me start with a few comments on the recent letting activities in our manage to core property in the City of Mainz. As you might have seen in our yesterday's press announcement, we were able to sign a new lease for our property in the City of Mainz, which leads to several impacts on our portfolio figures shown on the following slides. We acquired this property as part of our manage to core strategy in 2021, and the asset was fully let to a single tenant from the insurance sector. We recently agreed with this tenant on an early prolongation of the contract that was originally due in Q1 2024. We were now able to sign a lease contract with the City of Mainz, a tenant with a best credit rating and at a rent level that is slightly above market and a lease term initially of at least 4.8 years. Due to the current general legal restrictions, regarding the accommodation of refugees, we agreed a special termination right for the tenant as of end of December 2027. In case of changing legal regulations, we intend to continue our cooperation with the City of Mainz beyond 2027. To underline the importance of sustainability topics once again, this lease contains so-called green lease clauses. That includes, for example, sharing of consumption data, as well as the commitment to operate the property with renewable energy in the future. The signing of the new lease in Q4 2022 led to a significant value enhancement of the property by around 21.5% compared to its purchase price in 2021. All things considered, this project demonstrates our approach on how to generate value with managed to core properties, and is a success, not just from an economic perspective, but socially as well. Let me now continue with the view on the portfolio key metrics. In the Q1 of this year, there were no changes within our property portfolio. Portfolio value increased slightly following the signing of the sales contract for a smaller retail property in Mosbach. The fully vacant asset was sold to the local authority at a purchase price around half a million EUR above the latest market value. The transfer of ownership is expected within the Q2 of this year. The impairment adjustment of the property caused a slight increase of our portfolio value to EUR 1.61 billion by end of March. The average remaining lease term remains at a consistently high level of 6.5 years. The EPRA vacancy rate slightly increased to 3.3% year to date, which is mainly due to the temporary vacancy while the construction works in Mainz are ongoing before we hand over this property to the new tenant. The vacancy is also reflected in the ratios of our manage to core portfolio, shown on the lower right-hand side of this chart. Following our letting activities in Q1, the figures within our core portfolio improved with an office WALT of 5.2 years and a low vacancy rate of just 0.9%. Coming to the rent development. As you can see in the development of our annualized trends, we saw positive like-for-like effects of 3.9% of the total portfolio. This metric is also influenced by the current vacancy in Mainz. The like-for-like adjustment within the core portfolio were 6%. We could benefit from rent increases due to indexation amounting to 4.7% for the overall portfolio. Depending on further inflation development, we can expect some additional positive effects for the rest of this year. Let's look on the next slide showing the current leasing situation. As already mentioned, we secured several expiring and new leases in the Q1 of 2023. In Q1, contracts were signed for rental space of around 23,200 square meter, an increase by 33% in comparison to the Q1 of last year. Office spaces account for 75%. The leases currently outstanding for renewal in 2023 are at 4.3%, and we stay confident to sign further agreements over this year. Finally, a few comments on our tenant structure and tenant base. Compared to year-end 2022, there is a change in our top 10 tenants overview caused by the lease termination with the previous tenant in mind. The tenant was replaced by Immobilien Freistaat Bayern, the real estate company of the federal state of Bavaria, with office spaces in our properties in Erlangen, it's the location at Wetterkreuz and in Ingolstadt. There are no significant changes in our sector distribution. Food retailers still account for 1/3 of company's total annual rents, and we still have a diversified tenant base. Around 12% were generated with tenants from the DIY sector. In total, office tenants contribute with around 43% to total annual rents. To summarize, our tenant structure is still very solid and reliable. With that, I hand back to Niclas for a short outlook and guidance update for the rest of the year. Thank you very much. Thanks, Sarah, let me conclude the presentation with a short outlook. Given the positive business development in Q1, despite the continuing uncertainty, we are able to confirm our full year guidance for 2023. Rental income is still expected to be between EUR 88 million and EUR 89.5 million, and the operating result in a range between EUR 50 million and EUR 52 million. Development of rents and FFO will be mainly affected by our transaction activities in the course of this year. Corresponding to our original guidance, we still assume a net investment volume of around EUR 50 million. Besides investment activities, our earning situation will be mainly influenced by further development of rent markets, interest environment, and corresponding cost effects. With reference to NAV per share, we aim at a number slightly below previous year's level. This assumption includes further possible value adjustments in our property portfolio in the remainder of the year. With that, ladies and gentlemen, thank you very much for your attention and we are now looking forward to your questions. Thank you, Niclas. Ladies and gentlemen, if you wish to ask a question at this time, please signal by pressing star one on your telephone keypad. Please make sure the mute function on your phone is switched off to allow your signal to reach our equipment. If you wish to cancel your request, please press star two. Again, to ask a question, please press star one now. Our first question comes from Ventsi Iliev from Kempen. Please go ahead. Your line is open. Good morning. Can you hear me? Yes, we can hear you. Thanks. Okay. I have a few quick questions. The first one is on the one-off termination fee. Do I understand correctly that this is included in the FFO for Q1? Shall we reply directly? Yeah, yeah, it's included. Yes. Okay. Second one would be on maintenance. What level of maintenance expense do you expect this year compared to last year? Could you also let us know, the estimated CapEx for the property in Mainz? The total maintenance expenditure for this year, we expect more or less on the level of last year. Yeah. That's around EUR 9 million then that we would expect. With reference to the CapEx investment in mind, we are, yeah, I mean, based on the agreement with the tenant, we are not in a position to give you more details on that, but what I can tell you is that we don't expect a major impact on our internal statement here on our financial situation, yeah, on the P&L side. Okay, thank you. The last one is about the guidance. The guidance, as I understand, still assumes EUR 50 million of acquisition this year. Have you identified any opportunities with which you would like to go forward? As already stated in the last call, we are currently in a due diligence for two large scale retail properties. We more or less finished our due diligence and see a potential signing within Q2 this year. Okay, thank you. That's it from my side. Ladies and gentlemen, as a reminder to ask a question, please signal by pressing star one. Our next question comes from Kai Klose from Berenberg. Please go ahead. Yes, sir. Good morning. I've got 3 quick questions for me. The first one is on page three of the presentation. You mentioned that of the EUR 1.7 billion other operating income, EUR 800,000 came from the early lease termination agreement. What is the difference? What explains the higher volume compared to Q1 last year? Second question, you mentioned, if I understood you correctly, that you're expecting positive or a contribution from indexation to this year's rental growth in the remain of the year. Could you be a bit more precise on that? The last question would be, again, on the property in Mainz, I would assume that there is some CapEx needed to convert that into a kind of residential asset. Who's paying for that? Thanks. Kai, let me start with Mainz. The CapEx for the property will be paid by the tenant. Yep. With reference to... Sorry, one was contribution of CapEx. I'm sorry. Kai, can you repeat? The first one was on page three. You were referring to? Exactly. On page three. You say EUR 1.7 billion other operating income, of which eight- Yeah. EUR 100,000 came from the lease termination. Yeah. What's the difference, and what explains the higher volume compared to EUR 200,000 in Q1 last year? Maybe just one second, Kai. We'll be back soon. We're just looking for the figures. Just a second, please. Sure. Your second question was referring to rent development that we expect for the course of the year. We would expect 2%-3% more of the effect on the rental side here. You mean 200-300 bips as contribution from indexation? Yeah, that's right. Mm-hmm. to be precise, in addition to the 4.7% in Q1, or as a total year contribution from indexation? They will be more referring to the total year. Thanks. Thank you. There are currently no other questions in the queue. As a final reminder to ask a question at this time, please signal by pressing star one. We will pause for just a moment to allow you to signal. As there are no further questions in the queue, I'd like to hand the call back over to Niclas Karoff for any additional or closing remarks. Over to you, sir. Yes. Thank you very much for your attention. Should you have any further questions, please don't hesitate after the call to get in touch here with investor relations on our side. Apart from that, thank you very much, as I said, for your attention also on behalf of my colleagues, hope to talk to you soon. Thank you. Thank you. This concludes today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.