Hello, everybody. I'm happy, together with Paul, to welcome you to this conference call to commence Covivio's 2022 annual results. I will first give you some introductory comments on robust performance and strong positioning. Paul will enter into more details regarding our 2022 achievements and growing financial results. I will end this presentation by commenting on our key priorities for 2023. First, page 4. Let's start with the key figures of 2022 that will provide a good overview of our performance. On the operating side, we gained momentum in 2022 with strong performance across all our businesses. This resulted in strong overall performance, as you can see on the left side. An historic 13%+ like-for-like growth in total in rental review. A 96.6% occupancy rate, together with a maintained long lease maturity of seven years. flat like-for-like value growth in 2022, despite the evolution of the environment. The strong operating performance drove growth in financial results, 5%+ growth in adjusted EPRA earnings and 10%+ growth in EPRA NDV. At the same time, our balance sheets remain healthy, with an LTV ratio of 39.5% and an average cost of debt of 1.24%, thanks to our high aging ratio. To enter through the presentation, let me start with the new environment, page 6. There has been changes in 2022. On the negative side, there is an increase in interest rates, but also the structural change in office demand having a strong impact on peripheral assets. On the positive side, we are benefiting from higher indexation and strong fundamentals in central areas for each of our asset class. In this environment, Covivio's main strength is to own a EUR 17.4 billion quality portfolio, diversified by geography in the major European countries and by asset class, with 55% offices, 30% German resi, and 50% hotels. Its high quality is improved on a regular basis through three strategic pillars. First, centrality, with a focus on major European cities. Since 2015, we have increased the centrality of our portfolio by more than 25 basis points. Second, a focus on high-quality buildings. Our office pipeline, 80% in city center and 67% prelet, is welcomed by tenants and drives the growth in the greenification of our portfolio. Third, client centricity, with clients very satisfied with our assets and services across all businesses. Our ESG ambitions are also another strength in this environment. Our strategy in ESG is based on four axes: sustainable buildings, well-being of end users, development of talents, and high governance standards. It enables us to continuously maintain strong ratings from ESG agencies. Another major strength to face this new environment is our balance sheet, which benefits from a high diversification by type, by asset, and by geography. A high granularity with more than 100 clients. A high available liquidity at EUR 1.5 billion, and a strong aging profile. These strengths give us a high degree of comfort to face the new environment. Thank you, Christophe. Hello, everyone. The best illustration of the solidity of our business model is the acceleration of the operating performance in 2022 across all the business lines. Starting with offices on page 11. We signed for 134,000 square meters of new leases in 2022. This success comes from our developments, as you can see on the right part of the slide, with 88,000 square meters pre-letting, which leads the pre-let ratio up to 67%. This has also enabled us to increase the occupancy rate of our operating portfolio with 46,000 square meters of new letting. In addition to that, we also renewed 138,000 square meters of leases for 5 years and slightly above the previous rent. How did we get this performance? Three ways you can see on page 12. Capture the reversionary potential, improve the occupancy rate, and follow our tenant growth. If we go through those 3 key asset management achievements, the first one, we have been able to extract reversionary potential on our core portfolio, as you can see with the example of the slide. The second one, we improve the occupancy rate, we put here the example of CB21, a tower we own in La Défense. We improve the occupancy rate from 83% to 93% at the end of 2022, and we are now at 97% at the beginning of 2023. The third example is the partnership with our tenants. Thales is a long-standing tenant in Vélizy. We sign with them in 2022, a new turnkey development with a 7% yield on cost. We increase the maturity of the existing lease by 15 years at passing rent. This asset management work participate to the acceleration of our rental revenue growth you see on page 13. This increase comes also from the accelerated indexation, as you can see with the blue lines. Indexation is progressively increasing. It will continue in 2023. Moving now to German residential. It has also been a good year in this business line. 3% like-for-like rental growth, thanks to indexation, thanks to the reversionary potential, thanks to the modernization. As you can see on the right part, 99% occupancy rate, which shows the quality of our portfolio, but also the lack of offer in the cities where we are. In German residential, we were active to extract rental growth. We were also active to extract value, as you can see on page 15. In the development pipeline first, with the delivery of EUR 122 million of project and a margin we obtained of 46% for the build-to-sell. On the privatization side as well, with 108 apartment sold for EUR 42 million and a 42% margin. Last but not least, hotels. Performance has returned to 2019 level more rapidly than what we anticipated initially, as you can see on the slide 16. Remember, we have 3 kind of revenues that we describe on the left part of the slide. If we go through the different kind of revenues, the first one is a variable lease, mostly with Accor in France. Revenue is already above 2019 since June. The second one, for our operating properties, we have here the EBITDA of the hotel. It is mostly in Germany and in France. After first half, still impacted by COVID, we had a strongly recovery in H2, and we are above 2019 since June as well. The third type of contract, fixed leases, we also benefited from a good performance with a 9% like-for-like revenue growth versus 2021, thanks to indexation, as you can see on the right part, but also thanks to the positive reversionary potential we obtained through asset management deals. We give you three example on page 17 on this, those asset management that enable us to boost the performance. On fixed lease, one asset in Madrid has been delivered to a new tenant, and we have increased the rent by 50%. In the middle, you see also on the variable leases that we change the hotel operators, and we strongly increase the rent significantly by signing a new fixed lease with BNB. The third example on the right part, it's on the operating portfolio. Three CapEx program we put with a 20% yield on the CapEx. To sum up on the operating trends, it's good on all our business line, and this is a driver of the growth for our financial results. That leads me to page 19, with, first of all, the disposals. We signed for EUR 485 million of new disposals in 2022, with a 2% margin above 2021 appraisal value. You see all the details on the slide. Offices represent the bulk of it with EUR 390 million. I already commented the German residential with a good performance thanks to the privatization. It was also the case of the block sales with a 9% margin. In hotels, we sold EUR 24 million of assets alongside hotel operators and benefited from a 9% margin as well. More importantly is what we have done very recently. As you can see on the right part of the slide, we managed to sign EUR 200 million of disposals since November with a 3% margin. This level of margin on disposals demonstrate the attractiveness of our portfolio and its resilience, as you can also see with our appraisal values on page 20. We are flat on the appraisal value at the end of 2022, with a decrease of -2.5% in H2 being offset by the growth of the first half. We give you some details on the right part of the slide. In offices, we benefit from the success of the developments. We benefit from the resistance of the city centers, thanks to the increasing rents. On the other hand, on our non-core portfolio, which is 8% of the office portfolio, we see the effect of the working from home with a -11% decrease. In German residential, the decrease in the second half is limited, this is thanks to the quality of our portfolio and thanks to the low average value of EUR 2,900 per square meters. In hotels, we resisted even better with stable values at the end of H2 2022 on the back of the recovery and despite the -2% in the U.K. As you can see, quality of the portfolio makes a difference, and we intend to continue to increase this quality. One of the driver, you can see it on page 21, is our ambition to reduce our carbon emission by 2030. To get there, we plan to invest EUR 32 million of Green CapEx per year by 2030. A large part is actually embedded into our regular CapEx plan. This enable us to continuously improve our assets. As you can see on the right part of the slide, 93% of our portfolio is certified green, and we increase progressively the part of the very good and above certification, 63% for the office. This also enable us to reduce the cost for our tenants. We estimate that 6% is a yield on cost on those Green CapEx. Moving to the revenue, page 22. Let me just focus on 1 number, +12.7% like-for-like rental growth. This is a record level. Roughly half of this comes from the variable revenue in hotels, the other part, 6.2%, comes from indexation, acceleration, rental reversion across all our different business line and from the increase in occupancy. You can see the 5%+ in the office like-for-like rental growth as an example. This rental growth is a strong driver to the performance of the EPRA earnings for the year 2022, on page 23. We end the year at EUR 430 million, EUR 4.58 per share, up by 5% over the year, slightly above the guidance actually. You can see the different effect. We have the vacation of non-core offices with an impact of -EUR 30 million. Development margin were also down, it's due to the fact that we have less ongoing project in offices. Disposals has an impact of -EUR 28 million, mostly linked to the agreement we signed in 2021. These negative effects are more than offset, as you can see with the blue graph, by the deliveries in city center projects, by the rental growth and the accelerated indexation, and by the strong recovery in our hotel business. Second important KPI for us is the net asset value on page 24. Our net disposal value is up by 10% over the year, thanks to the mark-to-market of our hedging instruments. This illustrates the quality of our hedging policy with a EUR 1 billion positive mark-to-market. You also see on the right part of the slide that the other NAVs are stable versus the end of 2021. This quality of hedging leads me to the balance sheet, page 25. Christophe mentioned it earlier on. We have high quality of debt. We kept it sound during 2022 by starting to reduce the debt -EUR 220 million. We have a 39.5% LTV at the end of 2022. By containing the cost of the debt, 1.24%, very close to 2021, and by maintaining a high hedging ratio at 87% for 2023, with a long hedging maturity of 6 years. Despite this environment and despite the bond market, which was closed large part of 2022, we had a very active financing activity during the year, as you can see, page 26. We signed for EUR 1.1 billion of financing in 2022, most of it actually in the second part of the year, with margins that are on average in line with what we had previously. This is thanks to the diversity of the debt that Christophe mentioned and to the long-term relationship we have with our banks. Two criteria that we'll use for 2023, working on our maturities 2024 and 2025, as you can see on page 27. Those maturities, 2024 and 2025, they are well spread between products, bonds, mortgage loans, corporate credit lines. They are well diversified, and they are highly granular with no individual debt, which is above EUR 350 million. To sum up, and before leaving the floor to Christophe, very strong, good year on the operating side and financial side as well. Thank you, Paul, for commenting this strong activity and good set of results. As introductory comments, there is new environment to face. During our capital market day last December, we shared our priority in this context with a clear focus on balance sheet. As you see page 29, EUR 1.5 billion disposal plan to refocus our pipeline for lower CapEx and a scrip option for 2022 dividend to accelerate net debt decrease. Starting with disposal, page 30. Last December, we announced a disposal plan of EUR 1.5 billion, which aims at financing our pipeline, decreasing leverage, and will also enable to keep on increasing the quality of our portfolio. As a reminder, we intend to execute this disposal plan by the end of 2024. We already signed EUR 200 million since its announcement, slightly above 2021 appraisal values. On top of that, we have EUR 100 million under advanced negotiation and also EUR 200 million under preliminary discussions. Today, the investment market continues to be slow, so we expect disposal to come more in the second part of the year. I am confident that we will achieve this total plan by the end of 2024 for three main reasons. The high diversification of our portfolio is located in 12 countries and three asset classes, the high granularity with an average value of EUR 15 million per asset, and the diversity of buyers that are buying our assets, institutions, developers, private or end users. Second priority in this new environment is on pipeline. In offices, we reduce the pipeline to EUR 2 billion of asset, mostly in city center, and have today a high quality pipeline and mostly pre-let. Second, our programs of transformation of French office into resi are focused on a build-to-sell strategy. As of today, it's a EUR 260 million pipeline, mostly presold with margin around 9%. In German resi, we adjusted our pipeline strategy by switching from build-to-rent to a build-to-sell strategy. Project are mostly in Berlin where demand is high and scarcity of products is the highest. All these actions are expected to generate a cumulative CapEx saving of roughly EUR 100 million per year. The first two priorities will enable us to reduce debt, but we want to accelerate the trend. That's why the board decided today to propose a dividend of EUR 3.75 per share, the same amount as last year's, which means a lower payout ratio. To add to it a scrip options, this decision received the support of our largest long-term shareholders present at the board, who committed to opt for scrip dividend option, meaning that 51% is already secured. That mean an improvement of the net debt between EUR 175 million and up to EUR 350 million. We also see rising opportunities on the major part of our portfolio, thanks to our relevant strategic pillars. In the office sector, following the health crisis, there were structural changes. We now see the structural impact of working from home with the demand focused on well-located green servicing and flexible assets. Today, we are thus facing a 2-speed office market. Let's take the example of Paris market. You can see here the difference between Paris CBD, vacancy rate decreased to historical low level, implying a new increase of the rents. While on the other hand, vacancy increased in the first ring with flat nominal rents, but even worse in economic rents. 65% of our office portfolio is made of assets in the city center, mostly in Paris, Milan and Berlin. It's a portfolio which is 97% occupied with a 5.5 years lease maturity, which will mostly benefit from high indexation. For the asset with break option in 2023, which represent EUR 30 million rents. 60% are related to assets that can be relet without major works with a 15% reversionary potential. The remaining 40% are related to assets that will be redeveloped with a high reversionary potential for above 60%. This asset to be redeveloped are mostly former Orange asset in Paris city center. At the opposite, the structural change in office demand impact negatively the non-core part of our office portfolio, which represent 8% of our office portfolio. It's EUR 800 million of asset, 92% occupied at the end of last year with 2.6 years of lease maturity. It's EUR 45 million of rents and half of these rents will expire in 2023. To cope with this situation, we have three level strategy relying on increasing occupancy rate, dispose some of these assets vacant or following occupancy increase. For the ones intense residential market, we'll transform it into resi. One good example of the way we'll manage our non-core offices is White Degrémont. It's an office asset, 100% let to Suez, delivering a high yield for years, and that will be vacant this year. Degrémont is located in one of the nicest sub-suburb of Paris, at the border of Rueil-Malmaison and Suresnes. That is to say, an area with office oversupply, but clearly lacking of good quality housing. Here, the idea will be to redevelop the asset into 140 flats with high standards and with an increase in green area by 40%. The current value leave room to have a positive development margin at the end of this operation. We expect to obtain the building permit by the end of 2023, for a delivery that is expected by the end of 2026. In German resi. Housing shortage kept on increasing in 2022, given the increase in population in parallel of decline in constructions. The consequence is that over 1 year, we still see rents and price increasing by respectively 6% and 10% for existing flats. In this shortage context, and given its central positioning, mostly in Berlin, Covivio has several growth drivers. First one, on rental growth through indexation, with an expecting increase in the next niche vehicle to be published in 2023 in Berlin. Through relatings, with an already high reversion potential of 15% to 20%, and through modernization, for which we realize 5% yield on cost on average. Second, we also intend to capitalize on our privatization potential, with 62% of our portfolio being divided in Berlin and with a margin between our book value and selling price of more than 40%. We also intend to deliver our build-to-sell pipeline, for which we still target margin of above 25%. Last but not least, hotels. Recovery was strong in Europe in 2022, especially over H2, with RevPAR up by 11% on average, thanks to a strong pricing power and occupancy closer to its 2019 levels. These positive trends are expected to continue in 2023 and will support growth. Indeed, looking at occupancy in France, it was only one point below 2019 levels in Q4 2022, meaning that demand was already back at the end of last year. On top of that, there will be major events for us in France, for example, the Rugby World Cup in 2023 or the European Games next year in Paris. We also noticed that supply is decreasing in hotels. Because of the regulation of Airbnb offer and also looking at the European construction pipeline. These positive trends will be positive for hotels activity in 2023. Thanks to our strong positioning partnership with the main operators and diversity of contract types, Covivio will benefit from the high indexation on its fixed lease, the pursuit of the recovery in variable rent on operating properties, further asset management opportunities. An example is what we signed over the last days, the new lease agreement in Spain on three hotels, increasing rent by 30% and with a 9% return on CapEx. Considering those priorities, let's move to the guidance of our 2023. We will have the negative impact of lease expiries on vacated non-core offices in periphery. The increase on financial cost also on that is highly hedged, but for the part which is not hedged. The impact also of disposal linked with deleveraging. On the other hand, we'll benefit from the acceleration indexation, the positive reversion in each asset class, and the continued recovery in hotels. Overall, that means that we will expect 2023 adjusted EPRA earnings to be flat without the effect of the deleveraging. That mean an amount of around EUR 410 million. To summarize what we said today, first, strong operating performance, which is driving the growth in 2022 with us. This was realized while reinforcing our healthy balance sheet with below 40% LTV that we want to maintain through disposal, refocus pipeline, and scrip dividend. In parallel, we continue to benefit even more from our three strategic pillars, which are even more relevant today: centrality, high-quality buildings, and client centricity. Thank you for your attention. Now with Paul, but also with Olivier Seel and Hugues de Villaines, we'll answer your questions. We have a question from Mr. Alfonso of Invest Securities. Mr. Alfonso, the line is open. Please press star six to activate your microphone. Yes. Good morning, thank you for taking my question. The first one on the office division, could we have an idea of the reversion in 2022? If possible, could you give us more granularity by localization. In addition, regarding your 2023 guidance, could you elaborate a bit more on your main assumptions, in particular in terms of indexation, occupancy and the cost of the debt that you target? Just to be clear on your guidance for EUR 410 million, does it include or not the new disposal that they are coming? Finally, one question on the ongoing review of the Paris urban plan for the PLU. To what extent are you exposed to this review? Thank you. Paul, I will let you to answer this first part of question. On the reversionary potential, hello, Stefan. We are roughly at 2%+ with a positive reversionary potential on in the city centers, as you see in the slide. Positive as well in part of the first ring, especially Velizy, and partly compensated by some negative reversionary potential in La Défense. On the guidance of EUR 410 million include the disposals, if it was your questions. On the PLU, Olivier will answer directly this specific question on Paris. Yes. For the PLU, what we can say that there are ongoing discussion with the city, and it's not totally finalized at this stage. Anyway, probably your question is tackling the question of housing on office building and the obligation to do some housing in case of redevelopment. We have to say that our portfolio in Paris is mainly extracted from the former Orange portfolio. Orange building are not at all, I would say, easy to transform in residential. It's more impossible, in fact, due to the high you have and also the wide of the building. No major stress on our side. On your main assumption on your guidance-? Yes. In terms of indexation, occupancy and the cost of debt please. Basically, as of today, in terms of indexation for the offices, we take an assumption of between 4% to 5%. Of course, if the index stays as the ones that were published, it could be even better. We have a slight increase in the cost of debt, roughly 1.5%. This effect, as Christophe mentioned, the increase of the cost of debt, the fact that we have non-core offices that will be vacated this year, is offset by indexation, by the good like-for-like rental growth that we expect on the other part of the business line. We have the effect of the deleveraging. Thank you. Our next question comes from Mr. Laroche-Joubert of ODDO BHF. Mr. Laroche-Joubert, the line is open. Please press star 6 to activate your microphone. Yes. Good evening, Christophe. Good evening. Good evening, Paul. Could you hear me? Yeah, yeah. Yeah, yeah. Okay. Yes. I would have maybe several questions. First one, maybe this is a follow-up question on the guidance. If I understand well, you already include the disposal of 2023 in the guidance, and we are only in February. Does that mean that you are really not confident to dispose of further assets in the year? Or does that mean that you already include further disposals in the guidance? This would be my first question. My second question. You just, if I understand well, you say that you justify this fact that you will do a scrip dividend to accelerate the deleveraging. If I look at your LTV ratio, so it's below 40%. Why to be so cautious today? Maybe a last question on hotels. Could we assume that the your performance in H2 2022 could be a good benchmark for 2023? Thank you very much. Yes. Thank you for this question. On the disposals, the main impact is actually the full effect of the 2022 disposals, that we have a full effect in 2023, and also on the EUR 200 million of agreements that we just reached, that will be there. We take into account EUR 500 million of new disposal assumption for the second part of the year, that will have a full negative impact, but a small negative impact also on the results this year. That's the assumption behind the guidance. On the question, why to be so cautious? We are in a new world, I have to say, compared to where we were one year ago before the war and before the evolution of the interest rates. As we see today, the markets, in terms of physical markets, there are very few transactions, so we don't know exactly where will go the values. For us, the question is to be prepared for the future and not to be in a hurry if there is a strong decrease in the valuation. That is not what we expect. Today. That's why we consider that we need to be ready for the future advance of the market, and that's why we put in place this plan with EUR 1.5 million of disposals. The fact that to reduce the CapEx and the fact that we want to preserve the liquidity of the company in this environment. On the hotel side, yes, what we can consider that if Pierre-Arthur Duliel, if you want to add some more, say some more on the results. Yeah. On the hotel side, we had a very, very strong second half, and it's probably a good starting point to figure out what would be 2023. Given the fact that probably the better performance that we should expect should materially crystallize in H1 2023, because in comparison, H1 2022 was still impacted by low performance. That's why we consider and we expect that the growth for 2023 versus 2022 will be quite decent in France and also in Germany. Okay. Thank you very much. Our following questions comes from Ms. Soo-Huynh from Barclays. Ms. Soo-Huynh, the line is open. Please press star 6 to activate your microphone. Hi, Christophe and Paul. Can you hear me? Yeah, yeah, we can. We hear you. Oh, super. I have two questions for you. The first question is on the reduction of the size of the committed pipeline. Regarding the scheme that you cancel, was it because of the yield on cost that was too low, or was it because there were too many operational risk on the leasing side? Can you confirm how much CapEx you intend to spend this year? My second question will be on the build-to-sell pipeline. Can you confirm that the targeted margin has materially come down in Germany and slightly in France, and what is it attributable to, please? Thank you. Could you repeat the second question, please? Yes. I'm looking at the margin on the build-to-sell pipeline. Okay. Sorry. Looking at Germany, looking at France, it seems like it's come down. Is it because of, you know, house prices are coming down or because of construction costs going up? Any comment on that? Okay. On the reduction size of the pipeline, the first questions, at the end, what we have decided is to postpone two operations that are back in the managed pipeline today. Perhaps they will come back in the future in the committed pipeline. It's two operation where today we consider that the KPIs were not enough appealing for us. As it was operation where we don't where we don't buy the land before, it was a possibility to postpone these two acquisitions. On the CapEx, the full amount of the CapEx, including modernization, that we expect for 2023 is around EUR 400 million. That means CapEx development, but also CapEx in term of modernization. Third question, the margin build-to-sell. I don't see, but I need to check the figures, and Paul will receive that in a day. If you're refer something to the property development margin decrease, in the revenue, in the results 2022, it is linked to the fact that we have less project on the office. As you remember, we share a certain number of office developments with investors. In this context, we kept fees and margins. As we have less project, we have less margin. It's not linked to the to the price at all. All right. On a like-for-like basis, it would have been flat. I think it will. In terms of following, yes, I have to say today, we don't see any impact today on the build-to-sell, on the evolution of the environment, on the resi part. Okay. Thank you. Our last question come from Mr. Kulessa of Bank of America. Mr. Kulessa, the line is open. Please press star six to activate your microphone. Yes, hello. Thank you for the call. Just a last question on the guidance. To make sure the disposals signed as of today, coming into 2023 are included, just if you can confirm. That if you keep the number of shares stable, this would be equivalent to a EUR 4.35 EPRA EPS, just to make sure I have the right number of shares. Following up on the number of shares, with 2023 guidance for dividend of EUR 3.75 will be also with scrip? Uh. With the- Okay. I will repeat on the dividend. I will answer on the dividend. On the guidance, the EUR 410 million fully include the disposals, including the 2022 disposals. On the number of shares 2023 disposal. 2023. On the number of shares, we will come back to you precisely so that you have the exact number of shares that you need to take. On the scrip- On the dividend for next year, it's really too early to speak about that. We'll see the results. Specific decision for this year linked to what we see on the environment and the fact that we want to continue to protect the balance sheet and to be prepared for the future. There is really no view on the future dividend. What we've done, what we have decided this year is just for this year, and there is no other commitment for the future. Okay. you didn't guide EUR 3.75 for 2023 dividend? That's the dividend. Amount. That's the dividend for 2023. Yes, what we can say today, we consider that we keep the level of dividend at minimum level that it is today. That means EUR 3.75 also for next year. The last question on the office transaction market. The assets you sold in office, if I read it correctly, are around the 5.5 net initial yield. In your portfolio for offices are at a 3.6 net initial yield, the EPRA net initial yield. To see how will we do to cross from your disposals into where the values of the cap rate of your portfolio could do, could go, and if you see any transactions in France in the cap rate. There is 2 different questions. First, on the transactions. It was done, mostly, I have to say, in Italy, with asset, in Telecom Italia asset. In fact, high yield, that represents this level of the yield. That Paul will check the point, but I think it's the main reason of these figures. On asset, in the French regional cities where the cap rate are little higher than in Paris CBD market, for example. Today, what we see in the Paris market, there are transactions in the CBD at really impressive pricing. Last transaction, but made by end users at price per square meter, above EUR 30,000 per square meter. That means, really, if you transfer that into yield, roughly around 3% yield today. That's what we see today in the market. As I said initially, there are few transactions today in the market. The market is continuing a wait and see position. We hope that will change in the coming months. As of today, that's what you can see in mostly in the market today in Paris, but also in the other countries. Okay. Thank you. Another question came in from Ms. Dormiel. Ms. Dormiel, the line is open. Please press star six to activate your microphone. Hello? Oh. Hello, hello. Can you hear me now? Yeah, yeah. We hear you. Apologies. Just a couple of questions on my side. Still with maybe regards to your guidance first. As part of the non-core, you know, office portfolio, how much, if you can give us an indication, you mentioned on slide 36, EUR 45 million of rent that are part of the non-core office portfolio. How much is that actually factored into your 2023 guidance? Maybe another question with regards to, you know, putting together the scrip dividend, additional disposals, holding on to your pipeline. What's the leverage level that you're comfortable with, if you can give us a sense where you're heading? I will let Paul to try to answer to your question, answer to the first question. The on the first questions, it's roughly a little bit less than EUR 10 million that are that have an impact in 2023, out of the EUR 22 million that you see in this slide. The second one, Marie, I didn't get it. Sorry. Could you repeat? It's, yeah. It's, it's trying to understand what's your leverage, target, in a way, given all the initiatives you're taking to limit, you know, the pipeline, the scrip dividend, the disposal. What's, what's your ideal, you know, leverage where you feel comfortable in this current environment? What we continue to stick to a target to be below 40%. That's what we want. As we don't know exactly where will go the value, the questions to reduce the amount of the debt as of today. Will be less than that, clearly with all the actions that we are taking today. Doing that, we want to keep our BBB+ rating also, which is important for us and our capacity to keep the same level of cost of debt in the future. What we can say today, we don't change this target to be below 40%. If we can be close to 35, we'll be happy. Thank you. I think there is no more questions on the phone. We have two questions just that are written. Why are you not increasing your dividend like other operators such as Gecina? Do you intend to acquire additional properties in Berlin? I have to say for me, these two questions are related to the same thing for us, as our main target is to strengthen our balance sheet. That's why we have decided not to increase the dividend, to reduce the payout also, as that mean. We don't forecast at this stage to acquire new properties in Berlin. We will see at the end of the year if the market will change, if there is demand change, if we change this strategy. Thanks, everybody, attending this call, I hope we will see some of you during the next roadshow in the next day. See you soon. Bye-bye. Bye-bye.