Hello, and welcome to the Hamborner REIT Conference Call Quarterly Results. My name is Caroline, and I'll be your coordinator for today's event. Please note this call is being recorded, and for the duration of the call, your lines will be on listen-only mode. However, you'll have an opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your questions. If you require assistance at any point, please press star zero, and you'll be connected to an operator. I will now hand over the call to your host, Mr. Niclas Karoff, the CEO and CFO, to begin today's conference. Thank you. Good morning, ladies and gentlemen, and welcome to our nine-month earnings call. Warm welcome also from my colleagues, Sarah and Christoph, who are sitting right next to me. As usual, we would like to share with you some information that relate to the transmission of this conference. As 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. And if you dial in via webcast and via telephone at the same time, there will be a technical delay. And please understand that you can only ask questions over the phone. But now let us focus on the presentation. After a short overview of the Q3 key figures, I will provide more details on the company's earnings situation, as well as the current financial circumstances. Afterwards, as usual, Sarah will give you some insights into the development of our operational business. So let's start with the key figures. Yeah, although economic environment remains challenging, we were able to continue our positive operational performance in the third quarter, generating further growth in revenue and earnings. Compared to the third quarter of 2022, income from rents increased by 4.8% to EUR 66.2 million, mainly due to additional rental income from property additions and index-based rent increases. FFO rose considerably higher with a plus of around 13% to EUR 42.2 million, which corresponds to an FFO per share of EUR 0.52. The result was positively affected by a solid development of operational key figures, and more details on that later on by Sarah. NAV per share slightly up compared to mid-year at EUR 10.76, but still below previous year's level, as a consequence of the dividend payment in Q2, and the effect of the portfolio revaluation carried out in June. Regardless of this, the overall financial situation is remaining, yeah, comfortable. Let's now take a closer look at the earnings situation. As already mentioned, the increase in rental income was mainly caused by property additions as well as the further indexation effect. Total maintenance expenses slightly decreased year-on-year to around EUR 5.4 million. Expenses still relate to regular, ongoing maintenance. Other operating income amounts to EUR 1.7 million, mainly due to the compensation payment for the early termination of a rental contract in the property in Mainz. We have adjusted the FFO by around EUR 500,000 during the year in connection with a write-up resulting from the sale of a smaller retail property at the end of the first quarter. The increase in interest expenses is mainly the result of refinancing that became effective over the year. Interest income rose to EUR 1.3 million following further cash deposits in Q3. Compared to previous year, we saw an increase in CapEx, essentially caused by the recent conversion work in our managed-to-core property in Mainz. The next slide here shows our current financial situation. Compared to year-end 2022, our financial liabilities have been reduced to below EUR 700 million, mainly due to scheduled repayments. The majority refers to a large part of the bonded loans taken out in 2018, which we decided to fully repay in March this year. LTV development in 2023 was negatively affected by the dividend payment in May, as well as the revaluation of our portfolio. Despite additional effects from the acquisitions closed in Q3, LTV and REIT equity ratio are nearly unchanged compared to mid-year and remain at solid levels of around 42.4% and 56.5%. Further relevant indicators such as net debt to EBITDA and EBITDA versus interest coverage, EBITDA to interest coverage further improved during the last quarter and amounted to 9.5 and 5.7 respectively. Thank you so far, ladies and gentlemen, and with that, let me now hand over to my colleague, Sarah. Thank you, Niclas. Good morning and welcome to our conference call. Following the presentation, I would like to give you a brief overview of our investment activities this year. In challenging market situations, we were able to acquire two large cash and carry stores in established locations in Hanau and Offenburg. Both properties are in good condition and fully let to our tenant, EDEKA. The assets were acquired in off-market transaction for a total investment volume of EUR 23.5 million, and offer attractive gross initial yields of 7.6% and 6.4%. With WALT of around eight and 12 years, respectively, the properties are a perfect complement to our existing retail portfolio, and further provide the basis for a stable and predictable rental income. Closing took place on 20th of July, which is reflected in our rental performance shown on the next slide. As you can see, the acquired assets contribute around EUR 1.6 million to our annualized rental income. As of Q3, we have seen a like-for-like increase of 3.8%, percent as a result of index adjustments. Further positive effects from reletting were offset by a slight increase in our vacancy rate compared to last year. In total, annualized rental income amounts to EUR 90.3 million. For the remainder of 2023, we expect further but limited like-for-like effects and currently anticipate an overall increase of around 4% by the end of the year. On the next slide, a few details on our tenant structure. The onboarding of the two acquired retail assets increased the share of our top tenant, EDEKA, by 150 basis points. At the same time, the share of food retail brands in total revenues increased to 33%. With the letting of space in our managed-to-core property in Mainz, the local authority moved up to the tenth place, replacing the insurance company, AOK. Otherwise, there were no significant changes in the tenant structure or sector distribution. Our tenant structure, therefore, remains very solid and reliable. Operationally, we can look back on a very successful third quarter. After several leasing activities in the first half of the year, including the letting of the entire managed-to-core property in Mainz, we would like to highlight the early lease extension with our DIY retailer, OBI, for three locations in Hilden, Leipzig, and Aachen. The properties were originally acquired between 2010 and 2012. The total lettable area is more than 33,000 sq m, and the lease terms have been extended to 2034 and 2037. As part of our sustainability strategy, we consistently seek to integrate sustainable criteria into our properties and the leases, and in this case, we agreed to optimize the energy efficiency of the properties. As a result, OBI intends to implement various measures to reduce carbon emissions at all three sites. These relate to optimizing the technical building equipment and will be implemented within 2024. With the contract signed, our rental income will increase to around EUR 90/sq m by end of the third quarter, an increase of 34% compared to last year. We continue to benefit from high tenant satisfaction and stable tenant retention rate of around 86%. The WAF of our retail portfolio increased to 7.8 years, and the overall portfolio WAF remains at a very stable level of 6.5 years. The early renewal of the OBI leases demonstrates the marked proximity of our asset management and the good relationship with our key tenants. Turning now to the next slide, just a few comments on the portfolio key figures. Apart from the acquisition of the two EDEKA stores and the sale of a smaller property in the first half of this year, there have been no other changes to our portfolio. It currently consists of 67 properties. As partially shown on the previous slide, the portfolio figures remain very solid. The temporary increase in vacancy caused by our managed-to-core property in Mainz was eliminated with the handover to the new tenant in August. The overall vacancy rate was 2.7% at the end of Q3. Finally, I would like to give a brief outlook on the upcoming letting activities. For the remainder of this year, leasing activities are limited. The remaining leases due for renewal in 2023 are mainly a few retail leases and smaller office leases. Some of the remaining leases were signed in the fourth quarter. Negotiations on the remaining leases are at an advanced stage, and we are quite confident of signing further leases in the upcoming weeks. The medium and long-term lease expiry schedule has been further smoothed by the recent letting results and remains well balanced over the next few years. And with that, let me hand back to Niclas for a short outlook for the rest of the year. Thank you. Yeah, thanks, Sarah. Let me now conclude the presentation here with an update on our full year guidance. In view of the positive operating performance in the first nine months, we were able to confirm the revenue forecast for 2023. We still expect income from rents and leases between EUR 88 million and EUR 89 million for this full year, 2023. And at the same time, based on our current income and expense expectations, we anticipate a slightly higher FFO between EUR 53 million and EUR 54 million, compared to our previous forecast of EUR 51 million-EUR 53 million. The assumed increase is mainly due to lower unplanned maintenance costs in the current year, and beyond that, to a postponement of maintenance and modernization work to 2024. With reference to the external entry evaluation of our property portfolio, we are still expecting that the NAV per share will be between 7% and 12% below the level at the end of 2023. Yeah, I'm sorry, 7%-12% below the level of end of 2022, at the end of 2023. In light of the continuing dynamic and uncertain market environment, the forecast range still takes into account further possible value adjustments as part of the regular external portfolio valuation scheduled for the end of 2023. And besides, the forecast does not consider any further property transactions until the end of this year. Yeah, ladies and gentlemen, with this, I would like to end the presentation and move on to the Q&A part. Thank you very much for your attention, and we are looking forward now to your questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. We will take the first question from line, Andre Remke from Baader Bank. The line is open now. Please go ahead. Yeah, good morning, together. Thank you for the presentation. A couple of questions from my side, please. Starting with the early lease extensions you reported some days ago. Could you elaborate a bit more on the terms here? If probably if you boil it down to the rent level, did you agreed on a higher nominal rent? And what magnitude of the expected CapEx you have to put into next year? And lastly, on this topic, what could be the potential impact on the valuation of these three assets year end? Well, thank you for the question. First, rental level is unchanged after these contract renewals, so there is no increase in rents. In terms of the measures, they are scheduled for 2024, and costs are partially covered by Hamborner via building cost subsidies, and the maximum amount is EUR 350,000. In terms of valuation, I mean, it's an external valuation, and it will be taken place by end of this year. We assume maybe slightly increase given the long lease term. Yeah. And coming back to your comment, thank you for that. Yeah, coming back to your comment, unchanged leases. Were there a next step in the inflation, or how should I read it? Did you compromise on a higher possible rent to get a higher lease extension? Well, indexation effects have been realized, and the new indexation hurdle rates will trigger once the index develops. Okay. Okay. Okay, thanks for that. Second question is on your 25, 26 debt maturities. When will you address these maturities, and could you give us an indication about the size of the tranches? I.e., are there so to say, bigger tickets included, because I guess it's across various properties, or is it very granular across many banks? In 2020, Niclas, you plan to diversify financing sources. Is this still also a plan for these kind of maturities in 25, 26, or will you stick to bank financing with regard to that? Yeah, Andre, so, with reference to the refinancing, I mean, for obvious reasons, we have this under strong consideration, meaning, we're working with this pretty early on. The debt is spread or diversified along quite a number of assets. So it's not a big bulge here. We are talking about various assets across the portfolio, the retail and the office portfolio, where it's referenced to. And, with concerning your question concerning financing products or financing sources, I mean, depending on further market development, for obvious reasons. But, based on today's expectation, I think we will rather concentrate on straightforward refinancing options via our lending partners here on the banking side. Yeah, but obviously, it depends on how the market further develops here in the next couple of quarters, especially now during 2024. Excellent. Thank you. Coming to your FFO guidance increased by EUR 1 million. It's not a big number, but anyway, you argue to shift some maintenance into next year. How could I see this? Will then 2024 face a higher number than you have planned to find your budget? Or is it step by step, you don't need the maintenance this year, probably next year? How could I see this? Yeah, that's right. Yeah, for 2024, the trend is towards slightly higher numbers here. And the reason for this, for the shifting is rather technical. I mean, we have just seen this in the past as well, that depends on many operational questions and how much progress you make with your schedule and how easy it is to address it to the service providers and to the companies who are involved. And this takes sometimes longer than expected. And for next year, we expect, as I said, a slightly higher rate. Yeah, slightly higher costs here on this side. Okay. And then a more general question, with regard to acquisition disposal strategy. I know it's, it's difficult in these market terms at the moment, but what is your current view on, on it? Maybe looking into the next 1-2 years, assuming that at least the market starts to stabilize next year. Would you, would you agree to, to sell more properties, more matured properties, if the window opens again? Or would you, would you, expect more in terms of acquisition? So would you become a bit more active in this regard if the, the signs in the markets are on a, on a better transaction environment? What is your view on that? Yeah, I mean, obviously, depending on, on, on the market development in general, we would expect that we, hopefully will be able to get more on a, let me call it a normal, normal track. Meaning by, reinitiating more here, again, our portfolio, general portfolio rotation, yeah. From a, from, yeah, the typical portfolio rotation, meaning, including select, selected divestments out of the portfolio and recycling of capital by, by reinvesting, right afterwards, if possible. And this for both asset classes and, and, obviously following our investment strategy for core as well as managed to core properties. So hopefully, during the course of next year, we, we, get back here to a more, more normal market environment again, and, and, and this obviously then reflecting in our acquisition and sales strategy. Okay. Thank you very much. That's on my side. We will take the next question from line, Alex Kolsteren from Kempen. The line is open now, please go ahead. Hi, team. Thanks for the presentation, and thanks for taking my question. First up, you improved the guidance to roughly EUR 0.65 or EUR 0.66 per share. And we're looking at the run rate of the first three quarters, that would come in a bit higher. Could you give some color on that? Sorry, maybe it was because of the technical problem here. Could you kindly repeat the question again for us? I'm sorry. Sorry. Is the line unclear? Yeah. I think now it's hopefully better. Better? Yeah. All right. Sorry about that. Yeah, so the question is regarding the guidance. Yeah. It would come into EUR 0.65 or 0.66 per share. Looking at the run rate of the first three quarters, they've come in a bit above that. So could you give some color on that? Hello? Hi, are you able to hear us from the main feed line? No, I'm sorry. No, it's okay. Sorry for that. Sorry for the delay. Yeah. Okay, but coming back to your question, I mean, you're, you're asking if I understand correctly, or you would assume that the FFO would be higher at the end of the year than what we guided. Yeah. Is it correct? Well, yeah, if you look at the run rate from the first- Yeah -quarter, that would come in above that. Yeah. Yeah. Okay. But please keep in mind that we have realized already during the first nine months some effects that obviously are reflected in the higher FFO, as it is of today, just as an example, with reference to our property in Mainz, this one-off effect, yeah. Mm-hmm. and some other sides as well. So therefore, we've. That's the number, what we guided, where we currently feel comfortable with, and why you can't move it straight- Yeah. From the current level. Okay, that's clear. Thanks. One additional question. You indicated that you could go back to a portfolio rotation strategy. What's your current view on the transaction market in that respect? I mean, at the moment, it's still. To be honest, it hasn't really changed within the last couple of months to our observation. Meaning we see not a lot of activity. We get not too much on the table, for instance, also concerning managed-to-core properties. So if you would have asked me three months ago, I would have told you more or less the same. Yeah, so no major changes as of today, and we don't expect coming from today until the end of the year, at least. Yeah, that's what we see, and what we hear from the market. And I just looked to my colleague, no reason to believe that this is going to change before the end of the year. Okay. That's clear. And that was all. Thank you. Yeah. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. It appears there's no further question at this time. Thank you. It appears no further question at this time. I'll hand it back over to your host for closing remarks. Thank you. Yeah. Then thank you very much for your attention and participating in this call, and also on behalf of my colleagues, wish you a good, remaining week, and hope to talk to you soon. Thank you very much.