Hello, everyone. I'm particularly happy to be here with you at Icade's Half Year Results Presentation. The results are good and even very good. Given the current environment, it is a very strong performance. Before getting started this morning, I would like to recognize the hard work of our teams over the very busy first half of this year. The board of directors and I would like to thank them. Thanks to everyone's involvement, business was especially strong in each one of our three divisions in half one, 2021. Icade business mix and the adaptable risk profile of our office property investment, healthcare property investment, and property development business lines have once again demonstrated their ability to promote resilience, synergies, and growth in these challenging times. Olivier and Victoire will come back to this in a moment. I would like to emphasize. The office property investment division, strong leasing activity and several major disposals. The healthcare property investment division's continued expansion with its pre-IPO preparation process underway. The property development division's residential business, which is trending up. As a result, our businesses are adapting to new markets' needs, even though we are still gradually recovering from the crisis. For example, we remain committed to setting higher low-carbon goals by implementing the strategy that was presented to you last February. Our medium-term outlook remains unchanged, in line with the strategic plan approved at the end of 2020 and wholly consistent with our purpose, which is now included in the preamble of Icade's articles of association. This purpose has been an asset for us. It has helped us stay on course. Our teams have been able to adapt themselves to the unprecedented COVID-19 crisis, as evidenced by our half-year results. As you will see, they are better than in first half 2019. I thank you for your attention, and I will now turn it over to Olivier, who will present our results. Thank you. Thank you, Frédéric. Good morning, everyone. We are meeting this morning, one more time through video. Hopefully next time, we will be able to welcome you here at the Open Icade headquarters. I am also with Victoire Aubry, our CFO, and after our presentation, we will have a Q&A session with the entire executive committee of Icade. Please don't hesitate to send questions to us by email or by phone. Let's start right now with the result figures and KPIs. I'm now on slide seven. While self-evaluation is not my favorite exercise, but I think it's fair to say, as Frédéric has highlighted, that Icade has been very active, not to say successful, during the first six months of 2021. Our three business lines have performed very well this first half of the year, showing, if necessary, the solidity of our business model. Let me remind you that we were still in a sanitary crisis most of this period. We had a third lockdown in France that started in April. Even if it was a smooth lockdown in comparison to the 2021 lockdown, when we had to fully stop our construction site, it is still quite difficult to organize visits for office or healthcare premises. Still difficult to welcome our residential clients in marketing suites. As you know, the sanitary situation is not entirely stabilized, but our half year results prove that Icade is really able to cope with the COVID-19 crisis. Let's look at our KPIs, let's start with the property investment activity, offices, and healthcare. In terms of gross rental income, we have an increase of 3.5%, like-for-like, + 0.5%. Total rent amount to EUR 348 million. We have a very dynamic earnings, EUR 2.43 per share, which is a significant growth of +5.9% per share. Regarding the portfolio valuation, it's almost stable and stand at EUR 11.8 billion. Our financial occupancy rate for the office portfolio stands at 90.2%, a slight decline on a like-for-like basis. We will come back to that. In our view, these metrics illustrate the more than strong resiliency of our property investment activities. Let's move now to property development with Icade Promotion. The very good news of this first part of the year is that we didn't have, as we had last year, shutdown on our construction sites. We were able to book our entire revenues. Sales are up at EUR 536.3 million, which is an increase of +79% compared to 2020, and maybe more important, +38% compared to the first half of 2019. The cash flow of Icade Promotion is now back in positive territory at EUR 10.9 million. Last KPI that shows the positive trend of the business is the backlog that stand at EUR 1.5 billion, + 2.1% compared to the end of last year. On the liability side, we have also very good news. The cost of debt keep decreasing at 1.35%. It's a record low level ever for Icade. The average debt maturity exceeds six years at 6.4 year exactly. Our loan-to-value ratio has started to decline at 39.8%. At group level, our EPRA NDV per share stands at EUR 86.7 per share, slightly up by + 0.8%. Our net current cash flow per share is at EUR 2.57 per share. It represents a double-digit growth at almost + 18% compared to 2020. Also + 9% compared to 2019. With all those figures, again, we really do think that it is fair to say that 2021 first six months have been more than satisfying for Icade. I'm now on slide eight. Here, I would like to highlight some of the key achievements of Icade for this first part of the year, which has been a very dynamic period. Regarding our office property division, I would like to focus on the very dynamic portfolio rotation. We have completed three significant disposals for a total of EUR 462 million, and it is significantly above NAV at the end of December 2020, +9.8%, and also slightly above valuation at the end of December 2019. In terms of acquisition, we are and will remain opportunistic. We have closed two value-add acquisitions for a total of EUR 243 million. One is announced this morning. I will come back to it in a few minutes. Even more important, we also had a very strong leasing activity during this period, and we announced this morning also two significant letting transactions on two projects of our pipeline. I will come back to this transaction. Regarding our healthcare property division, it is a still growing portfolio, more than EUR 200 million of new investment during the first part of the year. We have also announced the 7th June that subject to market condition, we will go for an IPO of Icade Santé by the end of this year. Xavier Cheval will give you more detail about that in a few minutes. For Icade Promotion, our development subsidiary, thanks to a very strong demand for residential, as already said, a revenue growth of +79% compared to 2020 and +38% versus the first part of 2019. Important for the future, new orders are up by +20% at 2,613 units, an increase which is significantly higher than the market level. Finally, on the liability side, let me remind you, the successful bond issue in January, a 10-year, EUR 600 million bond with an annual coupon of 0.625%. Assuming we are close to the end of the COVID-19 crisis, we do confirm that Icade is accelerating to deliver our strategic midterm roadmap. Some more details now on the performance of each of our business lines. Let's start with the office investment division, and I am now on slide 11. The top three figures are reflecting the solidity of our rental office portfolio. 72 of our tenants are large corporates, listed companies or government agencies. Rent collection rate is still very high, nearly 97%, and cost of default still very low, below 1.2%. In terms of gross rental income, it's an increase of + 1.8% with a total amount of rent that represents EUR 190 million, and it's a like-for-like growth of + 0.9%. With a total of 82,000 sq m signed or renewed since January, which represents more than EUR 15 million of net rental income, our asset management team has been, again, one of the most active on the market. If our occupancy rate that stands at 90.2% slightly decline, let me highlight that the balance between new tenants and departure is positive. In terms of headline rent, it's EUR +5.3 million. We will also benefit from longer leases with a weighted average lease break at 4.2 years. Those figures do not take into account the two major letting transactions totaling more than 30,000 sq m that we are announcing this morning. Let's go to slide 12 to say a few more words on these two significant pre-letting transactions. First one, it's on the FRESK building, our ongoing project in Issy-les-Moulineaux, not far from Open, our headquarters. We have signed an eight-year lease on 14,000 sq m with a public tenant, PariSanté Campus. We have also signed a nine-year lease for 16,000 sq m, again, a pre-let transaction on our EDENN project, a state-of-the-art building located in Nanterre, close to La Défense. It's a location that we know very well. We have several office buildings there, including Origine and West Park 4 that we have completed this year. The tenant for EDENN will be Schneider Electric for the French headquarter of the group. To pre-let large office scheme is clearly the DNA of Icade. Our office building meet perfectly the requirement of large corporates for their premises. I'm now moving to slide 13. A few words now on our office development pipeline. Still a very strong driver for value creation. Look what we have achieved in 2021. We have completed three office schemes representing more than 90,000 sq m and EUR 36 million in annual rental income. This include Technip Energies' new headquarter, Origine, nearly 65,000 sq m of office space in Nanterre, a very attractive and dynamic location. Another example is the new Latécoère headquarter, a 13,000 sq m office building in Toulouse and fully prelet. Let's finish with West Park 4, also located in Nanterre and also prelet. Those three major projects represent a total investment of EUR 565 million for Icade, and a value creation at completion of EUR 192 million, which mean a development margin of nearly 34%. Our current pipeline represents still EUR 1 billion as of the end of June, and it's already prelet at the level of 46%. I'm now on slide 14. As I said earlier, asset preparation within our portfolio has more than actively resumed. We have announced during our Q1 results two transactions in Villejuif and Millénaire 1 in Paris, and we announced this morning another transaction on the Silky Way building located in Lyon for EUR 138 million. Total disposal since the beginning of the year represent more than EUR 462 million. We have completed the transaction with a premium of +9.8% to 2020 NAV, maybe more interesting, +3% compared to valuation at the end of 2019. In terms of acquisition, we have also completed opportunistic investment for a total amount of EUR 243 million, two transactions. This includes the acquisition of a building called Prairial in Nanterre for EUR 60 million, right next to La Défense in an area, again, that we know very well. The other one is the acquisition of Equinove, I'll give you further details on the coming slide. Those two projects have in common that they have first-class tenants and a significant value creation potential through redevelopment in the medium term. Slide 15 now. Here, we have some details about the Equinove project. Those two large office building represent a total of 64,000 sq m, and they are fully let to Renault. We have an appealing cash on cash yield of 8% since inception. The potential of value creation will be unlocked through a future redevelopment into a residential scheme when Renault will leave the buildings. It's a good example of synergy and strong complementarity between two of our business line. On slide 16, now you have the main KPIs of our office portfolio, and these key metrics are quite stable compared to the end of last year, and they are reflecting our operational solidity. Let's move now to slide 18, the second business unit, which is the healthcare division. As we said, earlier this year and the year before, the impact of the COVID-19 crisis has been very limited on this asset class. The figure confirm the very positive trend and a steadily growing business for Icade Santé. Our gross rental income amounted to EUR 157.6 million, up by +5.6%, and it's 0.6% like-for-like growth. We continue to benefit also from a very solid portfolio of tenants that are long-term committed. The average lease break is 7.2 years, and the occupancy rate is 100%. Slide 19 now. Growing in France and abroad is, as you know, one of our key objective for Icade Santé. Our total investment on the first half amount to EUR 217 million, including 40% of that abroad. In Europe, Icade Santé has completed its first acquisition in Spain with a preliminary agreement with the Amavir group to acquire two nursing home in Spain for EUR 22 million. This is a new milestone in the Icade Santé international expansion strategy. The total amount invested outside of France since the end of 2018 is now close to EUR 740 million. The facts and figure that you have on this slide illustrate the very favorable outlook for Icade Santé. Icade Santé delivers in a very disciplined way, its very ambition growth roadmap. Xavier Cheval will come back to that in a few minutes when he will present the project of IPO for Icade Santé. On slide 20. You have, on this slide, all the metrics for Icade Santé portfolio. This growing portfolio is by far the largest, close to EUR 6 billion, and the most financially appealing, with the cash on cash yield at 5.1%, is the most appealing healthcare real estate portfolio in Europe. Again, Xavier will come back to that. Now on slide 22, for our third business line, property development with Icade Promotion. Some figures that I have already mentioned. For the growth for the revenue for the first part of the year, it is an increase by +79%, up to EUR 536 million. This is also a growth of +38% compared to 2019. It is clearly driven by the residential segment with 2,600 new orders for residential apartment, a figure up +20% compared to the same period last year, and +16.5% compared to 2019. Again, the very good news of the first part of the year is the fact that we have no shutdown for our construction site this year. Now looking at page 23. I would like to emphasize two key messages that illustrate the strong dynamic for our property development business. I want to underline Icade's capability to meet the new market need, and we are also able to increase and to renew our offer by responding to new urban practices and lifestyle. To illustrate this, let me mention the launch of our subsidiary, Urbain des Bois. Urbain des Bois will develop real estate schemes that are both participative and very low carbon. Let me highlight also the fact that we put on the market more than 3,000 apartments during the first six months of the year, which is a +48% compared to last year and +36% compared to 2019. On the right part of the slide, you have our main KPIs illustrating the fact that this activity has still a growth potential that remain unchained. We have a growing housing stock, +7.1% at more than 4,400 units, a backlog that stands at EUR 1.5 billion, and a potential total revenue coming from the residential portfolio of close to EUR 3 billion. Our medium-term revenue potential is close to EUR 7 billion for Icade Promotion. All the indicators are well-oriented, and we are very confident that we will deliver our 2025 ambition, which is EUR 1.5 billion in terms of revenue with a margin of 7%. I'm now handing over to Victoire for the detailed financial result. Victoire, the floor is yours. Thank you, Olivier. Hello, everyone. By way of introduction, and in echo with Olivier's words, I would really like to emphasize the very good financial performances of all our businesses in this first part of the year. We may see it by getting into details of the income statement of our different divisions. Let's start on slide 26 with a focus on our property investment business lines. We are talking here about office division and healthcare, swarm. The key message to have in mind is that EPRA earnings for those divisions, which is EUR 2.43 per share, it is an increase of 5.9%, are very robust and reflecting the dynamic growth of these activities. Our net rental income goes up by +4% on a year-on-year basis to at EUR 333.8 million. Another important indicator is the improvement of our net gross rental income ratio, reaching 95.9%. We clearly improve on that during the first half. I also want to underline our attractive EPRA cost ratio. It stood at 14.5%, including vacancy costs, a quite low level ratios that reflect the good management of our operational and structural costs. The ratio only increased by two points, even though the turnover increases significantly. These figures are clearly reflecting the good performance of our property investment business lines. In addition, also including the improvement of financial costs over the period, our EPRA earnings reach a level at EUR 2.43 per share, as I said before, + 5.9% compared to June 2020, and already back to the level of 2019, taking into account the increase of shares during the period. While the office division is very resilient and solid, I will come to that in detail shortly. The part of the healthcare division continued to grow during this period and has provide for 42 basis points. Let's jump on page 27. On this slide, I want to draw your attention on the strong performance of both business lines, office and healthcare. The financial results of the office property division remain sound and healthy. The main figures illustrate the resilient performance and the very dynamic commitments of our asset management team. Gross rental income grew by 2.4%, supported by significant deliveries during the half-year, including Origine, Fontanot, and Latécoère, as Olivier said earlier. On a like-for-like basis, gross rental income is up 0.9% with a +4.6% growth for our business park subdivision. The net rental income grew by 1.5%, a more limited growth, mainly due to the sale of fully leased assets. As I explained before, taking into account the good control of operational costs and improvement in financial costs, the adjusted earnings increased to EUR 105.5 million, up 2.7% compared to 2020. In terms of healthcare investment division, all the indicators are well-positioned and reflect the continued momentum. We have a double-digit growth in net earnings, +12.1% to EUR 75.5 million. In terms of gross rental income, it grew by 5.6%, stimulated by our expansion in France and abroad, with net rental income of EUR 156.2 million, reflecting a high net rental income ratio at 99.1%. To recap, our investment activities have remained dynamic, thanks to a very resilient activity for our office investment division and growing performance of our healthcare investment division. We can now switch to the results of our property development activity, the third business line of the group. I'm on slide 28. As Olivier previously said, the business rebound is here, as we expected, and in line with our Q1 results. Economic revenues for the first half grew by 78.6% year-over-year to EUR 536 million, a 38% growth versus 2019. This variation includes, of course, a catch-up effect, but also a strong commercial dynamic over the last few months, which is bearing fruit. Revenue from the residential segment rose by 81%, EUR 458 million. That represents 85% of the total activity. This segment is also driven by a strong demand coming from both individuals and institutional investors, clearly back in the residential market since mid-2020. I also want to highlight that we improved our operating margin at 5% on average, even 5.2% in the residential segment. Last but not least, our net current cash flow is back in positive territory at almost EUR 11 million. I remind you, it stood at EUR - 11.9 million in the first half 2020 due to the construction site shutdown. To conclude on that activity and on the back of a demand that remains structurally high, we are fully ready to address the challenges and are in line with our 2025 ambition roadmap. What are now the key point regarding the group net current cash flow? I'm on slide 29. We are actually seeing a sharp rebound of the net current cash flow by share, up 18% year-on-year, at EUR 2.57 per share, and up merely 9% compared to the first semester 2019. We can say this is a strong performance on a half-year basis. This growth is obviously driven by the performance of our three business lines, as we saw before, perhaps even more, the positive effect of the recovery of the Icade Promotion, whose results, I repeat, have rebounded sharply after the crisis. The rebound of the net current cash flow clearly reflects our solid business model. Besides, I would like a word on the scrip dividend option, a success with an 85% subscription rate, therefore, a demonstration of Icade's attractiveness that had a marginal impact on the indicator per share, allowing at the same time to reinforce the equity capital. Let's jump on page 31. On this slide, I would like to share a few comments regarding valuations, a key topic in the current period. We have read a lot of things, nothing is better than concrete figures. Let me first remind you the valuation process at Icade, unchanged since five years. We conduct double external expertises on main assets, around 60% of the portfolio, with expert rotation. Last one occurred in 2019. Finally, as Olivier said, this program is the best illustration of the soundness of the valuation of the portfolio. Having said that, few comments regarding this slide. On the left side, on the office investment activity, it's a - 2.4% change on a reported basis due to the effect of disposal, - 0.7% on a like-for-like basis. This slight decrease mainly reflects cautious expert assumption on existing assets, longer time for commercialization, and lower level of indexation. Notice that those figures also include value creation of the asset delivered during the period. Concerning healthcare division in the right side. The valuation of the portfolio had a progression of +5.9% on a reported basis and up 3.4% on a like-for-like basis, benefiting from a yield compression at an average of 20 basis points. This compression concerned both short and long stay, MCO, and senior housing. It also highlight, if necessary to recall, the very positive outlook as well as growing appeal of the sector. Let's go right now on page 32. This slide is a good summary of what I presented to you before, the evolution of our NAV. Actually, the NAV NDV, Net Disposal Value. What should we notice from these figures? First of all, this metrics reflects our strong operational performance. The Net Disposal Value, NAV, is at EUR 86.7 per share after dividend distribution, to be compared with EUR 86.1 at December 2020. It is a progression of +5.4%, excluding the dividend. Notice that the property valuation, including development, hold up very well with EUR +1.9 per share contribution. I'm now on page 33. We have included here a new slide in order to better formalize the whole portfolio managed by Icade first, and to reflect how important the healthcare part is for Icade, and as a direct consequences, how important our IPO project is for Icade in term of value creation, beyond the significant contribution of the business line in the P&L of the group. On the left side, you have the total valuation of our investment portfolio on a 100% basis at nearly EUR 15 billion end of June. As of June 2021, healthcare portfolio was valued at EUR 6 billion, including duties, reflecting a EUR 1.5 billion expansion since 2018 and a 40% contribution. In the meantime, our office investment portfolio remains stable, including a net disinvestment position over the past four years. Teams are focused on asset rotation and slow down in speculative projects since 2020. This is a good illustration of the adaptability of our business model, taking into account the economic cycles and thus adapting our risk profile. On the right side, you have a concrete consequence on the NAV side. You find the breakdown of the NAV NDV on a group share basis. I was just saying on the previous page that our NAV is at EUR 86.7 per share. As of today, end of June, 33% of the NAV is dedicated to the healthcare activity, up 70 basis points compared to December 2020. You have here a visual illustration of our exposure to the healthcare business. On this occasion, we specify at the bottom of the slide the NAV of the healthcare division on a 100% basis at EUR 4.1 billion as end of June. Turning now to the question of liability. I'm on page 35. It goes without saying that our financial structure is still very robust. As we have repeat before, we have a very active and dynamic 2021 first half that allowed to keep optimizing the management of our balance sheet. Let me insist on a few points. Icade has successfully issued in January a 10-years, EUR 600 million bond with an annual coupon of 0.625%, a lower coupon ever for Icade. Those fund were mainly used to optimize the funding structure with early redemption of two bonds maturing in 2021 and 2022. Our continued and proactive management allowed us to maintain very attractive cost of debt that continue to decline at 1.35% and longer average debt maturity at 6.4 years. We still benefit from a solid liquidity position that merely covers five years of principal and interest payments. I will finish on this liability part with four metrics that show how sound our financial structure is. I'm on page 36. As I said, our average debt maturity is above six years, and we reach an all-time low point in term of cost of debt at 1.35%. Our ICR exceeds six multiples once again, and our net debt to EBITDA is under 10 multiples, at 9.8x. Finally, you can notice that our LTV ratio had begun to decline and stand below 40% at 39.8%. Finally, I'm happy to share with you, we received last Thursday from S&P, the confirmation of our rating BBB+, stable outlook. I have finished with the presentation of the financial results. We had given an appointment at the beginning of June to give you more detail on the IPO of Icade Santé. I will leave the floor to Xavier, who will give you more details. Thank you for your attention. Thank you, Victoire, and good morning, all. We want to take advantage of the presentation of Icade's semi-annual results to give you more color on Icade Santé on the eve of the IPO of the company. I'm now on slide 38. First, I would like to underline a key message. Icade Santé contemplated IPO is designed to confirm Icade Santé as the leading pan-European platform for healthcare real estate. That's Icade Santé's strategy, and that is Icade's ambition for its subsidiary. Therefore, we have revised upwards our growth ambitions with a new EUR 3 billion investment target by 2025. I will detail that in the next slide. To support our objective and fund these investments in the short and mid-term, the terms and conditions of the IPO as of the date of this presentation, are based on a primary offering of EUR 800 million. There might also be a limited offering with secondary shares to obtain a free float of around 15%-16%, in line with SIIC regime constraints. These features of the offering will obviously give us a strong investment capacity in the next five years. They will enable Icade Santé to reduce leverage and strengthen our balance sheet, and they will provide capital for new projects or cash acquisition. In a word, the IPO will greatly increase our financial flexibility. On the governance side, it is important to make clear that Icade intends to remain the controlling shareholder of Icade Santé post-IPO, with a long-term commitment to its subsidiary's growth plan. As such, Icade Santé will remain a major contributor to the group's performance, far above 30% of the group net current cash flow and net asset value based on June figures. At the end of the day, I truly believe that the IPO is an opportunity for Icade Santé and obviously for Icade as well. To dig further into this topic, I will specify the 2021 guidance and 2025 outlook for Icade Santé. Let's start on slide 39 with strong medium-term growth outlook in the perspective of the IPO. We think it is timely to revise upwards our ambition of investments with a new target of EUR 3 billion by end of 2025. This represents an average annual volume of around EUR 600 million. An indicative allocation is shown on the top right-hand corner with approximately 60% international and 40% France, but also 70% long-term care and 30% acute care. That results from a proactive diversification policy outside of France. Indeed, we are very active, as you can see on this slide. As of today, our pipeline of projects launched or yet to be committed stands at close to EUR 500 million. Acquisitions subject to an exclusivity of framework agreement stands at currently around EUR 350 million. On top of that, we have on a rolling basis, a further volume of opportunities under review for an amount ranging from EUR 600 million- EUR 1 billion. On slide 40, we provide you with detailed guidance for the 2021 full year period as well as KPI for Icade Santé for the post-IPO period. Here we consider a combined version of Icade Santé. It will be structured by the day of IPO. At that point, Icade Santé will encompass all healthcare property investment activities, so for France, Italy, Spain, and Germany. For 2021, the gross rental income will stand at EUR 318 million, up 5.5%. EPRA earnings is expected up 6% at EUR 251 million. For the period post IPO, so by 2025, we are aiming at an average volume of investments reaching EUR 600 million. For the current year, we expect to lend between EUR 450 million and EUR 500 million, but more is better. The CAGR for EPRA earnings is expected at +6%. EPRA cost ratio will be around 9%-10%, so a level that is very efficient compared to our peers. The target LTV ratio is set at 40%+, so 40%-42%. Finally, the envisaged dividend policy corresponds to a minimum payout ratio of 85% based on EPRA earnings. You can see that we count on delivering growing and reliable cash flows with the listed Icade Santé. I'm now handing over to Olivier for the conclusion. Thank you. Thanks, Xavier. Let's now go back finally, at the level of Icade Group. We, as we usually do, give you an update on our priorities for the current year. I'm now on slide 42, and those priorities remain the same compared to those announced in February 2021. We do think they are well underway. I remind you them briefly. With respect to the office investment division, the priorities are the asset rotation and the value creation deriving from the office development pipeline. For Icade Santé, the priority is further growth and international expansion and the preparation of the IPO. The priority for Icade Promotion, our property development business, is still to increase revenues and to achieve a higher margin. On CSR, the acceleration of our low-carbon strategy with notably the launch of our subsidiary, Urbain des Bois, at the beginning of 2021. Finally, the last priority, the operational implementation of our purpose. In all of our activities, it is a clear priority for 2021. Now, I'm on slide 43, and let's conclude this presentation with the financial outlook for 2021. Given the good and strong performance of the first half of the year and the transaction already announced or secured, we are in a position to raise the 2021 guidance as follows. 2021 net current cash flow per share is now expected up at +6%, excluding the impact of 2021 disposal, as well as the impact of the dilution deriving from the scrip dividend, which means a +3%, including the impact of the significant disposal of the year. This guidance is still subject to the health and economic situation not worsening significantly, which is not the case for the time being. The 2021 dividend will follow the same trend. It will be up by + 3%. This level of dividend reflects a payout ratio of 83%, which is more or less the same level compared to 2020. Thank you for your attention, and we are now ready with the executive committee to answer your questions. Thank you. Florent Laroche-Joubert calling from ODDO BHF. Please go ahead. Hi. Thank you very much for your presentation and congratulations for your strong results. I would have three questions, if I may. Maybe, the first question on the offices and the leasing activity on your offices. Would it be possible to give me more color on the reversion on the rent you have signed and maybe also to have an update on the percentage of break options that you still need to be secured by the end of the year? As a second question, could you please tell us if you contemplate to do more disposal in offices by the end of the year? Maybe my third question will be linked to the IPO of Icade Santé. Just to confirm, what will change for shareholders of Icade with the IPO in terms of weight profile between your three business lines? Thank you very much. We have some noise. Thank you very much for your question. Xavier will answer the third one, Emmanuelle the first one, and I will answer the second about more disposal by the end of this year. As we announced at the beginning of the year, we have in mind a volume between EUR 500 million-EUR 600 million. As you could have seen, we have already closed EUR 462 million, which means that we will do probably a little bit more. We want to remain flexible on disposal. No pressure on the disposal plan, for sure. Maybe more important, with your question, it's the future disposal that we may close by the end of this year are already included in our guidance. Xavier, you want to answer the question on Icade Santé, and after Emmanuelle on break option and reversion? Yes. About the impact for Icade of the IPO of Icade Santé. Overall, Icade Santé will remain fully consolidated into the Icade financials. It should remain a risk profile for the mix of activities for Icade. From Icade's perspective, very close to what it is today. You'll get the full valuation of Icade Santé within Icade. Maybe an additional comment on the answer given by Xavier, in terms of risk profile, we don't see any major shift or change in the risk profile of Icade after IPO, because for sure we will be a little bit diluted, but the company will be larger and bigger, therefore we will be able to, let's say like this, to capture the same amount of cash flow in terms of group share, even after the IPO. We have, as Xavier described, a strong acquisition plan over the next five years. Therefore we do not see any major change in the risk profile of Icade, even after the IPO. Emmanuelle? Hi, good morning. About the leasing activity and the break, we signed and renewed all the leases at the same level in perfect line with ERV, and we didn't see any reversion for the moment in any sectors of our portfolio. Okay. Thank you very much. Maybe a comment on the break option. [Non-English content] Break option. I think. The break option. We have a 25% of break option, and we already discussed with all the tenants to renew the leases in the next months. Okay. Thank you very much. Other questions on the phone? Before we move to the next question, please be reminded, if you'd like to ask a question, please press star one on your telephone keypads. The next question comes from the line of Véronique Meertens, calling from Kempen. Please go ahead. Good morning, all. Thank you for the presentation. A couple of questions from my side. First, you mentioned the dividend guidance, so the 3% growth is expected, but you also mentioned that the payout ratio is in line, plus there's distribution of part of the gain from disposal. I was wondering if you're also guiding for a +3% impact on NCCF, isn't the dividend then higher than 3%? That was my first question, and maybe the second question is, do you see or expect any difference in terms of leasing activity and discussions now that the Delta variant of COVID is causing new restrictions? Lastly, at the full year results, you stated that the EPRA NTA is your primary indicator for NAV, while in this presentation and also the results, there was a large focus on NDV. I was wondering if there was a specific reason for that. Thank you for your question. The first part, it was really difficult to hear you. If somebody could repeat, and Victoire will answer the second part of the question about LTV. Yeah, NDV. You mentioned a dividend increase of 2% and you mentioned a payout increase as well. Will you be able to maintain the level to 3% as you have indicated? The dividend policy? Yes, of course. It's fully relevant to confirm our guidance on the dividend side after the re-announcement of the guidance on the net current cash flow. It's fully in line. Perhaps few comments, I believe I understand your question, regarding the difference between NAV and NTA and NAV and NDV. We focus end of June on NAV and NDV. Also we always give you all the figures in each of our presentations. You have in the slide, we can say, the NDV, if you want to catch up the level of NDV, it's a slight decrease, 0.8% on the NTA as we disclose it end of 2020. On the NDV, as we said on page, it's always Sorry. I will give you the exact, 32. 32 on the NDV, it's a slight increase because it includes the valuation of the debt. That's why we disclose sometimes NAV NDV, sometime NTA, but you always have all the figures in the presentation. Okay, thank you. Maybe to repeat my first question, because I don't think it was completely clear. You mentioned a 3% increase in dividend, coming from a same payout ratio, but also distribution of the part of the gains. Since the NCCF already is guided with a 3% increase, if you top that up with the distribution of part of gains, on disposals, wouldn't the dividend be up more than 3%? I think that, as of today, that's our dividend policy to have, and it's the same dividend policy since now years. We have a dividend which follow more or less the same trend, at the net current cash flow per share. Last year was a bit specific as we were requested by the French government, let's say like this, to reduce dividend. It was the case for all the companies and corporates. Over time, we will follow the growth of the net cash flow per share. Our guidance for cash flow per share for this year is now including the impact of major disposal plus dividend. This also takes into account the small dilution deriving from the scrip dividend that we have made this year. I think we are very consistent. The technical comment or the tax comment that we said is that payout ratio will be more or less 83%, and we will distribute a part of the capital gain deriving from major disposal. It's a request with the SIIC regime, which is a specific tax regime for REITs in France. We have to distribute 70% of the capital gains, within a period of two years. It mean that we have, really the capacity to distribute such a dividend, and that will be the dividend for 2021. Part of the capital gain for sure won't be distributed this year, or let's see, in 2022, how we will manage the dividend policy. The policy for 2021 is really clear. Another question by phone, okay? Yes, we have. Who's next? I think it's from Barclays. No. We have a question by email. Three questions from Pierre-Emmanuel Clouard. Land b ank is down 20% like-for-like this half year. Okay, first question, Antoine, do you want to answer or Emmanuelle? Hello. Now this contraction is, in fact, is a 20% contraction, that is a reflection of the caution. Which are concentrated these reserves and in partnership with the territorial collectivities that are concerned, we have projects that are ready to be instructed for some of those who are ready to be launched, starting next year or the following year, with a proportion of residential operations, which will enable to have a certain diversity and answer to the needs and demands in terms of housing buildings. We have a lot of housing in our reserves. About EUR 129 million, and the total portfolio represent EUR 8 billion. This evolution is a very small part of the portfolio. Exactly. Second question from Pierre-Emmanuel. Do you have an? Second question, in fact. Home orders for this year? Are you expecting a recovery of building permits before the end of the year? Orders. Sorry. Emmanuelle? For Icade Promotion. We'll answer the question. We started off for the first half of the year. We had for more than 40 starts, cited an increase in 2020 and 2019, and we expect a second half that should be dynamic for the sales launches, even though we expect, like all the industry, a certain degree of caution by the authorities in issuing building permits. Insofar as this happens, we have acted. When we look at this market sequence and looking, in fact, at the development aspects, we have more than 5,000 accommodation units equivalents. When we look at compared to 2019 in the first half of the year, which means we should have more building permits and offset the delays in deliveries or the reductions by our elected representatives, for example. We're expecting a dynamic second half as a result of a strong solvent demand. Pierre-Emmanuel Clouard? No, there is no third question. We have another one on the line? We have no further questions coming through on the phone line. No question? We will be more than happy to answer if there are some more. By email or by phone. One question by phone. I was just wondering if you could reconcile the positive 0.9% like-for-like rental growth in offices and business parks and the declining like-for-like occupancy rate. Thank you. Thank you. Emmanuelle, could you answer like-for-like growth, business park, and offices? Occupancy rate. Occupancy rate. Antoine de Chabannes, responsible for portfolio management, will answer the question. Regarding the like-for-like growth in rent, it's positive +0.5% on the office investment division. It's mainly due to the business park division impacted by the Pulse location last year. Regarding the occupancy rate, it's stable if you compare to the last quarter, but there is a slight decrease for the beginning of this year due to the departure of Urssaf at Pont de Flandre, which will be a new project in our pipeline soon. Thank you, Antoine. For the time being, I think we have no more question. Final call. Thank you very much for attending this presentation. Probably we'll have another meeting in end of September, beginning of October, for the IPO of Icade Santé with Xavier. Thank you very much for your attention.