Good afternoon, ladies and gentlemen. Welcome to Lar España nine months 2022 business update presentation. I would like to turn the conference over to Mr. Hernán San Pedro, Lar España's Investor Relations and Corporate Communication Director. Please go ahead, Hernán. Thank you very much, Marcos. Good afternoon, everyone, and thank you for joining us today. This is Hernán San Pedro. Welcome to our Q3 2022 business update. As always, the press release has been sent, and the presentation and financial report are also available in our website and at the official website of CNMV. Presenting for us today is Jon Armentia, Corporate Director and CFO of Lar España. Connected too for the Q&A session are Miguel Pereda, Vice Chairman of Lar España and Executive Chairman of Grupo Lar, and José Manuel Llovet, Chief Executive Officer of Commercial Real Estate of Grupo Lar. After the presentation, we will answer any questions you may have. Now let me hand the call over to Jon. Jon, please. Thank you, Hernán, and good afternoon, everybody. First of all, I would like to thank all of you for being here for our nine months 2022 business update. Let me start highlighting the macro situation we are currently experiencing. As you all know, the global macroeconomic situation is not at its best. The uncertainty generated by the war in Ukraine is affecting countries, companies and families. However, despite this complex situation, Lar España, thanks to the efforts of all those who work in this company, has achieved major milestones so far this year. In June, we presented our new strategic plan, in which we set out major objectives both at the business level and ESG terms. Fitch confirmed our BBB rating with a stable outlook on the idea due to the soundness of our financial structure. On the other hand, we continue with our strong commitment to shareholders and their remuneration, and in May we paid a dividend of EUR 0.36 per share, which represents a dividend yield of 7%. Finally, I would like to point out the strength of our assets, whose valuations, which as you know are done in June and December, have evolved positively. Since the acquisitions, our assets have appreciated by 54%. The decisions taken in recent years have allowed us once again to be prepared for these uncertain times. Although I will detail our operating and financial results below, I would like to highlight the strength of our business. Our GRI improved significantly versus the previous period, and our occupancy continues to be very positive. We have a high quality portfolio, fully renewed and with a large percentage allocated to core activities. Our relationship with our tenants is one of trust and collaboration, and all our leases are indexed to inflation. We continue to have sustainability as one of our main pillars, and we continue to reduce our emissions and make our shopping centers and retail parks more efficient. Our new strategic plan includes new objectives in terms of ESG and business, all with the aim of continuing to be the retail leader in Spain. I would like to highlight once again the strength of our financial structure, in which all of our debt is at a fixed rate and with the maturities until 2026. We can see the performance in terms of footfall and sales. If we look at the footfall, the increase compared to the same period last year is almost 10%. In relation to sales, they are up both with respect to the pre-pandemic situation in 2019, 10%, and with respect to last year, 16%. If we look at the operating indicators on slide eight, we can see that it is very good news. Occupancy levels remain high at 95.4%, and the FFO rate is still at very acceptable levels. The WALE spans at 2.6 years with 65% of the retailer leases with expiration date beyond 2025. At leasing level, in the first nine months of 2022, more than 42,000 sq m have been rotated and 127 operations have been closed. The annual rotation rate stays at 10%, and a total amount of EUR 8.6 million in rents have been negotiated during these first nine months. In short, we are facing a quarter in which the company has demonstrated again its strength, in which the results endorse a good strategy in terms of business and prudent leverage, as you all can see in the indicators at slide 10. At financial level, we are in a quarter where the company has demonstrated its strength. We have had good results in terms of both gross rental income, EUR 64.1 million, and net operating income, EUR 55.5 million, both figures increasing significantly versus the previous year's figures. Also noteworthy is the improvement in net profit that reaches EUR 68.4 million, 5x higher than the figure in 2021. EPRA NTA per share reaches EUR 10.88 at 5% higher than in December 2021. When analyzing the evolution of this figure, it's important to take into account the dividend paid in May, EUR 0.36 per share. EPRA earnings stands at EUR 0.33 per share, a 42% rise versus 2021. At the end of September, our assets present an EPRA t opped-up net initial yield of 6% and an occupancy rate of 95.4% with a gross asset value of EUR 1.5 billion. The collection figures are also doing very well, reaching to levels rounds to 97%. At the corporate level, I would like to point out several elements. I would like to remind you that last May, we paid out EUR 30 million in dividends, which represents a dividend yield of 7%, one of the highest in the Spanish continuous market. I would also like to highlight the soundness of our financial structure. Our net LTV decreased in this quarter to 38.9% with an average cost of debt of only 1.8%. Furthermore, I would like to remark that all our debt is at fixed rates and green. Finally, our cash position is close to EUR 200 million as of September 2022. If we look at the evolution of the company's financial debt in the slide 14, we can see the improvement that has been taking place in recent years. In the case of net LTV, it has gone from 41.9% in 2020 to 38.9% in September 2022. In the case of the average cost of debt, the current average rate is 1.8% compared to 2.2% in 2020. In relation to ESG, you all know how important it is in Lar España. I would like to mention some of the milestones and achievements of 2022. EPRA has granted us, once again, a gold award in recognition of our dedicated reporting on this aspect for the 5th consecutive year. We manage our assets in a responsible manner, and we position and manage each of them considering the aspects of environment, sustainability, accessibility, and society. We have also received the Financial Report EPRA Award for the 8th consecutive year. Besides, MSCI have ratified and confirmed their BBB ESG rating for Lar España. In relation to the carbon footprint, Lar España registered its carbon footprint of 2021, completing four years to being eligible for Reduzco label, which was confirmed last week by AENOR. The company also submitted its emission reduction plan to the ministry as another step towards carbon neutrality. Regarding BREEAM certifications, 100% of the company's assets are currently BREEAM certified, 93% of them with an excellent or very good rating. Let me also point out that Lar España has entered in the SDG Ambition program, an accelerator initiative that aims to challenge and support participating companies of the UN Global. The company is currently working on to develop an action plan, showing our commitment to align the company's sustainability strategy with UN Agenda 2030. Let's now look at the portfolio valuation in slide 16. At June 2022, Lar España's gross value reached EUR 1.5 billion. The total portfolio have risen 53.6% versus acquisition price, 4.1% since June 2021, and 3.2% since December 2021, recovering from the pandemic. It's important to point out that Lar España has a resilient portfolio of dominant shopping centers or retail parks in attractive catchment areas with assets 100% owned, delivering flexibility, control, and full decision capacity. Absorbing and diversified tenant base with a WALE of 2.6 years and close medium and long-term relationships and an active management employing the latest trends in technology, omnichannel strategy, and customer knowledge experience. Reflecting Lar España's financial strength, the last annual general meeting approved, based on 2021 results, a dividend of EUR 0.36 per share, amounting EUR 30 million at 7% dividend yield over market cap. This dividend positions us the leading Spanish-listed companies in terms of direct shareholder remuneration. Let's turn to slide 18 to go over the P&L. Our assets generated a total income of over EUR 64 million with an increase of 6% versus the same period last year. All main figures have presented a remarkable improvement versus the nine months of 2021 figures, reflecting Lar España's strength and resilient portfolio. This effect can be seen in the EBIT, EBT and the net profit, which increased to EUR 68.4 million, 5x higher than the previous year. All that has been said in this call, I would like to highlight the exceptional results that Lar España has obtained in the first nine months of the year. Lar España's resilience has been demonstrated one again. We are leaders by GLA and ownership in the retail sector in Spain. We have presented very positive operating results during the period, exceeding pre-pandemic levels. Our financial structure is sound. We have proven that with a net LTV of 38.9% and a cash position close to EUR 200 million. We continue our commitment to innovation, which will enable us to better meet the needs of our tenants and visitors to our shopping centers or retail parks. Implementing ESG best practices remains the cornerstone of our strategy and our way of relating to the society in which we operate. We remain committed to shareholder return and value creation. Finally, we want to go further. That is why last June we presented our 2022/2025 strategic plan, which includes among all the aspects, an annual profitability target of more than 10%. In short, we have achieved many accomplishments in the period, but we want to achieve many more. Although we are aware of the current delicate economic situation, we are prepared to continue working to achieve great results. Thank you for your attention, and now we can open the Q&A session. Ladies and gentlemen, we will now start a Q&A session. If you want to ask a question, please use the webcast functionality Ask a Question. I now hand over the call to Hernán San Pedro. Thank you very much, Jon. We have some questions. The first one is for José Manuel Llovet. Is from buy side. In terms of leasing activity, can you give us any color in the short and medium term for the company? Okay. Thank you for the question, Hernán. Hello, everyone. Yes, to answer this, I will take the chance to remark some of the KPIs previously mentioned by Jon. To see the performance and then maybe we can answer how the leasing activity is moving and how it is based in the performance of our assets. We have seen a very good collection of KPIs. First is the occupation, is 95.4%, which we think is stabilized now. GRI is +7.2%, and this is thanks to the indexation and a healthy rotation of more than 42,000 sq m in 127 deals with tenants. The rent uplift in average, it is near 2%. We have seen also that the collection is in the region of 97%, which is also very positive. The key of this good balance is the good balance of rents and sales, because we have an effort rate quite healthy of 9.3% in a context of sale increase that you have seen during the presentation, that it is about 10% over the numbers in 2019. My conclusion is that I think that this collection of KPIs show the strength of our portfolio and our retailers' performance, and this is resulting in an increase of sales and market share in the markets where we are. The answer is positive. We are having a strong relation with the tenants. The performance is positive, and the increase of rents is positive as well. Thank you very much, José Manuel. The next one is from buy side to Jon. Congratulations for being one of the highest yielding companies in Spain in the sale of the bond. Have you thought about showing some curve for them and buying back bonds in the secondary market as many companies have done? What better use of your EUR 200 million cash than buying back your own bonds at current levels? Okay. Thank you for the question. Well, as you know, we have a very high cash position always in the company. The bond buyback is one of the option that we have on the table. In parallel, we have the potential share buyback, also the potential asset acquisition. Yes, in the case of the bond buyback, as you ask, we are also analyzing it as one potential option in order to invest our cash and to increase the return and the profitability for the shareholders. Thank you very much, Jon. The next one is from sell side to Miguel Pereda. Miguel, can you give us some color about the performance of the company in this complicated macro scenario, thinking in the short and medium term? Thank you, Hernán. Thank you for the question. Well, I think that the most important thing is what José Manuel already explained. Probably, even in these difficult situation, or difficult scenarios that might arise, what we see is the good performance of our portfolio and of the assets, and that's probably the better answer that we can, we can give now. Not only the situation is good, it's that the results have been improving in the last months in occupancy, in rents, in uplift, in the rotation of some of the surface. All the aspects on the asset side of the company, I think they are very, very strong. The data of the collections also, even in the situation of today, shows the strength of the company. Of course, we cannot forget the liability side of the company is that, both in terms of cash position, but also in the cost and the length of the financing that we have. We are in a, I think a very extraordinary position in one hand to face situations that might be more difficult, but also to get advantages of the opportunities that we might see in the future. Even in a situation that might be a little bit more difficult, we think that both in the asset side, but also in the liability side, Lar España is in a very good position for the future. Thank you very much, Miguel. The next one is from buy side to Jon. What was the lease incentive in the P&L for the first nine months and Q3, please? Thank you for the question. Yes, the impact that we have registered in these first nine months in the P&L is EUR 10.6 million, more or less. Reducing the effect also in comparison with the one that we had in the previous year, and in line with the fact that we commented in the full- year 2021 closing that was going to be the effect during the rest of the year, you know, in 2022 and in the coming years, 2023 and 2024. Thank you very much. The next one for Jon too, around CapEx. Can you give us outlook for CapEx in 2022 and 2023, please? Well, about CapEx, as you know, in most of the retail parks on our shopping centers power portfolio, we have implemented our more important investment plans. For this year, the main asset that we are investing CapEx is Megapark and Gran Vía de Vigo. During the first nine months, we have invested more or less EUR 10 million, more or less. We expect to increase this figure in Q4 also, finishing those works. For 2023, we expect to reduce this amount in comparison with 2022. Thank you, Jon. One question must for, more for you from sell side. Thinking in year-end, what do you expect regarding asset valuations? Okay. Well, as you know, in the first six months of the year, what we saw in our portfolio was an increase of 3.2% in comparison with December, mainly because of the improvement in the cash flows generated by our shopping centers and retail parks. Taking into account what has happened in the third quarter, and as José Manuel said, no, that the leasing activity when we compare new rent with the new rent, we are improving that figure. Taking that into account, we are improving this second half of the year, the cash flow generated by our assets. For December, we don't expect significant changes in our losses value. We know how market is nowadays. By taking into account how our assets are performing, we don't expect significant changes and we think that in stability, you know, in terms of losses value for the year-end. Thank you, Jon. Marcos, can you remember the way the people have to use in order to send more questions? Ladies and gentlemen, As a reminder, if you want to ask a question, please use the webcast functionality Ask a Question. I now hand over the call to Hernán San Pedro. Thank you, Marcos. No more questions. Thank you very much for attending the call. Thank you very much for the interest in our company. Please remember that all the teams at Lar España level and Grupo Lar level, we are at your disposal, and please feel free to contact with us for any additional information you could need. Thank you very much and good evening.