Ladies and gentlemen, welcome to the Tritax EuroBox interim results call. My name is Nadia, and I'll be coordinating this call. If you'd like to ask a question, please click Questions tab above the slides. If you have joined by the conference call, please press star one on your telephone keypad. I will now hand over to your host, Robert Orr, Chairman of Tritax EuroBox plc to begin. Robert, please go ahead. Thank you, Nadia. Good morning, everybody. Welcome on behalf of Tritax EuroBox. As we approach the three-year anniversary of the IPO of Tritax EuroBox, the Board is pleased with the great progress made by Nick Preston, our Fund Manager, and Mehdi Bourassi, our CFO, supported by the Tritax management team, in growing the company and delivering on the strategic targets. We've got an exciting period of continued growth ahead of us, and we have a laser focus on rapid and effective deployment in the short term. With that, I'll hand over to Nick Preston, our Fund Manager. Thank you very much, Robert. Welcome everybody. The presentation today, we're going to concentrate on the number of matters that with a particular focus, not only on actual results, which Mehdi will cover in a few minutes, but also looking at where our markets sit at the moment, how our deployment is proceeding following the recent equity raise, and then also forward and trying to see where we see the company moving to over the coming months. We believe there's still a lot of potential embedded within the logistics sector in Europe, and as we see that growing, see the company being well-positioned to capture that growth and deliver strong returns to our shareholders into the medium and long term. It's been a very busy six months. We've been focusing on implementing the strategy, both at a corporate level, and that includes such things as delivering our long-term strategic sustainability initiatives, and more of that in a moment, but also these more immediate one-off events, such as the successful equity raise in March this year, and then subsequent to that, the award of the investment-grade credit rating by Fitch, which provides us with a very strong platform to continue to grow the company, both from the equity perspective, but also our maturing debt profile. We'll talk about that in a little bit more detail later on. From the high-level corporate level, we're now also talking about the execution of the strategy at the property level, and we have been busy with deployment both before Christmas, we completed the acquisition of a property in Nivelles in Belgium. Following the equity raise in March, we have also signed the acquisition of two large prime, very sustainable buildings in Germany, which I'll talk more about in a few minutes time. We're also not taking our eye off the existing portfolio. We've been active on this front too. We sold a property in Łódź in Poland in an opportunistic way, as a substantial profit. We're also busy on a number of asset management initiatives across the portfolio, including the development of the vacant land plots which we own in Bornem in Belgium, which is proceeding well. We have a number of other initiatives, such as the extension at the Mango property in Barcelona, all of which are progressing well. We'll be able to make some positive announcements in due course over the coming months. It's worth saying that threaded through all of this is our sustainability strategy, which remains front and central of everything that we do. Our four key targets in this field to help own and manage healthy, sustainable buildings, to target energy reduction and green energy implementation, to ensure that the nature and wellbeing on our sites is top quality, and also to improve our socioeconomic impact on the communities in which the properties are situated. All of these, we target in terms of the ongoing management of properties. You can see here that we've been implementing this in a number of different ways, granting green leases, looking for in-use certification of buildings to prove the sustainability credentials. We're looking at energy usage such as photovoltaic cells installation, electric vehicle charging points, looking at biodiversity. All of this is being wrapped up in the new Green Finance Framework, which we are announcing today as well, which provides us with a platform for the future strategy around our debt policy. We will talk about that in a few minutes too. Turning on now to some of the key operational highlights. Before I hand over to Mehdi for the financial numbers, but just some of the key portfolio characteristics here. We have a portfolio of 12 assets. We bought one and sold one, as I said a moment ago. We remain invested in six countries across Western Continental Europe. We have an ambition to grow the number of those countries, and hopefully you'll start to see evidence of that in the coming weeks. We have a high-quality portfolio, valued at EUR 843 million. We've seen valuation growth during the six-month period of 3.4%. Our income has grown over the period by 0.5%. The rental value growth, which we talk about and which we are seeing across the market, that is also growing and has grown at 1% over the last six-month period. Our portfolio remains 100% income producing. We have a relatively long unexpired lease term of just under nine years. Also worth reminding you that we have 94% of our income is protected by CPI tracking leases. These are annually indexed leases that we benefit from where the income just trips up in line with CPI every year. Let me hand over to Mehdi now, and he will be able to provide a bit more color on some of the key financial metrics. Mehdi? Okay, Nick. Good morning, everyone, and welcome. The last six months have been rich in events which have moved the company to the next step of its evolution. The main one was the equity raise, which occurred close to balance sheet date and which resulted in a 45%+ increase in share capital and market cap of the company. We saw significant appetite for the company, and we'd like to thank existing and new shareholders for their support. The raise means we are today on a growth trajectory with a great pipeline, which will lead, when fully deployed, to a pro forma GAV north of EUR 1.3 billion. The raise also triggered a significant increase in liquidity, which helped the share price rebase at the peak in NAV. It's also important to stress that because the raise was so close to the balance sheet date, figures look different. I'll come back to it in detail in a minute. We are at the start of a J-curve, where we need to absorb the cost of the raise and the deployment. We expect the raise to be accretive very quickly, of course, in terms of earnings and NAV. Immediately after period end, we agreed the acquisition of two large prime German assets. This explains the high level of cash we see on the balance sheet as at March 31st. Actually, one of these two assets was closed on April 1st. Nick will come back on deployment and pipeline a bit later in the presentation. Moving on to the next slide and the performance during the six months, we saw a like-for-like valuation increase of 3.4%. Logistics markets remain very strong, and we see decompressing quickly. Our portfolio is valued at a net initial yield of 4.4%, and given the knowledge we have on properties being transacted on demand at the moment, we can reasonably expect further decompression over the next 6 to 18 months. Our IFRS NAV has gone up from EUR 1.19 a share to EUR 1.22, whilst our total return for the period is 2.3%. The total return during the six months was directly impacted by the raise, and we expect performance catch-up in the next six months. The company generated EUR 0.023 per share adjusted earnings, which means we are about 79% covered. The aim of the company is to be covered at all times. This figure is heavily impacted by the raise, which creates that exceptional uncovered dividend. We believe the company will catch up on the cover ratio by year end. The model shows that we can actually expect dividend growth as soon as next financial year. Finally, on the debt side, our debt structure and cost of debt remains stable at 2.3%. Our main event was that we obtained the BBB- Fitch investment-grade rating, which means that the cost of debt dropped by around 30 basis points from the April 1st. We'll see the impact of that reduction in the cost of debt in the figures from April onwards. On top of that, the company is actively working on the potential launch of a Green Bond. We have today issued a green framework in that respect. Issuing a Green Bond would further decrease our average cost of debt, which would lead to better earnings. More on that to come in the next few weeks. Moving on to the next slide and showing the NAV bridge. Moving left to right, we start of the IFRS closing NAV from previous periods. As we move right, we see the effect of income, costs, valuation, the raise, as well as the dividend payment, leading to a closing IFRS NAV of EUR 1.22. The EPRA NTA is EUR 1.25 and EPRA NRV EUR 1.31. During the raise process, we heard a number of stakeholders questioning the use of EPRA NRV to compute the company's total return. We have decided to early adopt the EPRA metrics, disclosing them all, but using mainly the NRV to compute total return. These new EPRA metrics are still very recent, and hence we are performing a review of what our peers do and what the market expects, with a view to reassess whether EPRA NRV is still the best metric to assess the company's performance going forward. More on that towards year-end. To conclude, next slide, please, Nick. Thank you. To conclude and give you an outlook on the next six months, the company is in a very good position with a great portfolio, which is expected to continue performing. We received 100% of our rent, including the bit that was deferred from last year, and have a great pipeline on which we are working actively. The deployment, the economies of scale, the reduction in cost of debt will be drivers for a strong performance in the next six months and beyond. Thank you very much. Nick, back to you. Thank you very much. Let me move on to the market where we see that we are well positioned, as I said earlier. Fundamentals of our market in terms of the supply-demand imbalance remains firmly in favor of the investor/landowner. Markets are positioning themselves post the COVID pandemic, and particularly on the occupy side, we are seeing an anticipation of the resumption of strong economic activity over the coming years. A lot of the demand in our space is from the e-commerce sector, and that is well documented, but that is by no means all of the demand. We're seeing a number of different drivers. We're seeing challenges in many manufacturing processes, particularly around supply of raw materials and components. Supply chains are reacting to this and becoming more efficient and more resilient. We're seeing higher inventories being held close to the consumers and end users of these products. There's other impacts, such as the ship that's stuck in the Suez Canal, all as evidence of weight to this. We are seeing manufacturers, pharmaceutical companies, and other occupiers really looking to grow their usage of logistics space in the key markets across Europe. Come back to e-commerce because this really is a critical driver and is something that is, as I said, well documented. The chart here show that the surge in demand that we have seen during COVID, and while we have no doubt that these levels will subside again, coming back down after the shops reopen and the COVID pandemic abates, these behavioral changes have been established. We have also got no doubt that there will be this growth. A lot of it will remain. We're still seeing the original trajectory of e-commerce growth. We fundamentally believe that that will not change. All that has happened is that COVID has accelerated that change. That as well is leading to further demand in our space. For these prime assets in the best locations, well-configured buildings, that are capable of taking automation. Add all of these factors together and the demand side is very well positioned. When you add that to the supply side, we're seeing that the new development of these properties is not keeping up with this demand, and vacancy rates are dropping. They have been dropping in the long term, and we fundamentally believe that they will continue to fall. It is the well-trodden path in the real estate industry that as vacancy rates drop, and in particular drop to below 5%-7%, that rents start growing. We are seeing this across the markets in the industrial and logistics sector. All of these effects are well documented and well appreciated by investors, and that is leading to further investment demand. In particular, when you look at the characteristics of the logistics sector relative to the other sub-sectors in the market, such as the retail sector and the office sector, both of which have significant issues facing them in the post-COVID world, investors appreciate the benefit of the logistics sector. There is a clear trajectory for the income stream. As many have said, we are collecting all our rent, and are able to pass that on to investors in terms of our dividend. Because of this, we are seeing ever-increasing demand, which is driving yields downwards. That is an effect that we expect to see into the short to medium term, at the very least. Fundamentally, we believe that the impacts of the increased demand, constrained supply, will continue for a long time, which position our sector very well for the long term. Moving on now and looking in a little bit of detail at our portfolio. Those of you who are familiar with the company will have heard me say this before, but we have built up a top-quality portfolio of assets in key prime mainstream logistics locations across Europe. You will see from this map that we have [audio distortion] in the Germany and Benelux regions. These are areas that we like in terms of, one, their proximity to population centers, their proximity to ports and good infrastructure, but also the strong economies that the German, Dutch, and Belgian economies in particular present moving forward. We have remained disciplined in our selection of assets. We have not compromised on the locations, we have not compromised on the building qualities, we have not compromised on the quality, the financial strength of our tenants. This stable platform that we have built up over the last three years allows us to exploit more interesting, exciting, and value-driving opportunities through our contacts that we have with our developer partners and our wider reach within the logistics community across Europe. This is also a useful point to bring in here, that as we have seen the yields in the market continue to drop, our access to these more value-add assets, counterbalanced by the stable portfolio that we have built up, allows us to access better value in what is a market that is, as we said, very competitive at the moment. We will continue with our balance of secure, stable income, but with the opportunities to drive shareholder value through capital appreciation through these acquisitions of these more value-add style assets. Moving on now, I know a number of people are interested in this. Following our successful equity raise in March, we have been extremely busy in deploying the proceeds of that equity raise. The numbers here show the total capital we have at our disposal. We raised EUR 230 million in the equity raise. The debt we have attached to that will amount to just under EUR 190 million. Also bear in mind the proceeds of the property we sold in Poland at EUR 65 million. That gives us just over EUR 480 million to invest. You will have seen from our RNS a few weeks ago that we have announced the acquisition of two prime German assets, I'll provide a little bit more color on those in a second, either side of Frankfurt, those amount to just under EUR 300 million. We have got three further assets, which are currently in advanced exclusivity, which we are working on and will be hoping to announce in the coming weeks. That will take us to over 80% deployed of the amount available, We are working on our current pipeline with our contacts and looking to invest the remaining EUR 94 million in the short term. We would expect that to happen, again, be able to announce some progress on that over the coming weeks, looking forward. Let me provide a little more color, in terms of some of the assets that we have just announced. Buying these two we bought in Germany. These were bought from our asset management development partner, Dietz AG. The total size of both of the buildings, here in Nuremberg and the next one in Lich and Gießen, north of Frankfurt, is EUR 290 million. The yield was just under 4% for both of the properties. This first one here, which as you can see, located just off the main motorway between Nuremberg and Frankfurt, is a very highly specified logistics unit for Puma. It is their global distribution headquarters, close to their global headquarters in Germany, their office headquarters. This property is designed to be carbon neutral. It is highly energy efficient. It has a string of best-in-class sustainability credentials attached to it. It also has, interestingly, the ability to extend the building by about 42,000 sq m, which will provide a value driver for us in the future. We have the benefit here of a very high-quality tenant, financially very strong, stable, and well-established in a prime location, in a first-class, newly built, highly sustainable asset. We have the benefit of a 15-year lease from last year, indexed to 100% of German CPI, which demonstrates the stability of income which we search for, but while also having the ability to add value. The next asset, this is 96,000 sq m of building in Lich, which is a town near Gießen in Germany, close to one of the major intersections between the Ruhrgebiet and Frankfurt. This property is again leased on a 15-year term to Wayfair, the American online furniture retailer. This is their first major distribution hub in Germany, where they are expanding very rapidly and have been trading extremely well through the COVID pandemic. Again, this property, very well located, high sustainability credentials, and demonstrates what we like about buildings. I would just say that the photograph you see on the slide there was taken towards the end of the construction period, and the landscaping and car parking is not yet complete, hence there's still some work going on. I think you can get an idea of the scale of that asset, in terms of over 90,000 sq m in a single building. Moving forward, and as I mentioned earlier, we have got just under EUR 100 million of assets in exclusivity where our teams are working on these positions. We have one in Italy. We have one in Sweden, our first foray into the Nordics, which we are very pleased with, and as I said, is looking to diversify our portfolio further. We also have another property in Germany, which we are very close to signing as well. Of those assets, two of them are value add, where we are taking a calculated leasing risk in very prime locations. The Swedish one is a foundation asset in probably the best logistics location in the Nordics. We've also got, as I said, a further EUR 94 million to invest, and we have a number of different opportunities which, through our various contacts, we are selecting the best options to invest the final slice of equity and capital into. As you can see, these range from more in Germany and Spain, further ones Italy, and again, demonstrating the depth of the pipeline that we have at our disposal. That gives us the reassurance that we will select the right asset, we will retain our investment discipline to be able to buy the best assets that complement the existing portfolio, and we'll be able to drive value moving forward. In terms of how we see this strategy evolving and can demonstrate that, we have mentioned to you before that we like the stability of these foundation assets, as we call them, the long, strong income. Balancing that up as we grow with more assets, and in particular, with the market being so competitive in the value add space. You will see here on this pie chart that we have around a quarter of our assets now in the value add space and just over a quarter in the growth asset space. This provides us with opportunities to drive value in the future. We see that that evolution will continue and where we will be recycling the value add and growth assets into foundation assets, to provide a long-term strategy for the company. That brings me to the end of the presentation, and I think just before we open up to the questions and answers, I think I would like to just summarize by saying we're very well on track in terms of delivering the strategy. We have an increased focus on these value add assets, which are underpinned by the stability of the existing portfolio, the long leases let to financially strong companies that we already benefit from. Bear in mind, and it's particularly relevant at the moment as talk returns to inflation, that our annually indexed income stream provides a good inflation hedge. As I said before, we have across 94% of our leases, we have indexation embedded within those leases to provide that hedge. We are working very hard, as I've just been describing, on the recent equity raise and the deployment thereof. We are close to 80% committed on that, and we are selecting the final assets as I was just describing. The other major milestone, and that Mehdi and I both touched on earlier, is the investment grade credit rating, which provides us with a platform for developing our debt strategy going forward, which will have a material impact on earnings. We believe that with the combination of what we have built up within the company, looking also at how the market conditions remain very supportive, and we believe that we are well positioned to capture this, looking forward. On that note, I would like to hand back to Nadia, who I believe will coordinate the questions going forward. Thank you. Of course. Thank you. Ladies and gentlemen, if you would like to ask a question, please hit the question tab above the slide. If you have joined via the conference call, please press star one on your telephone keypad. If you'd like to withdraw your question, please press star followed by two. When preparing to ask your question, please ensure your phone is muted, please. Our first question comes from Mike Foster from Hardman & Co. Mike, please go ahead. Your line is open. Hi. Thanks very much, and well done. Obviously, excellent set of results. I've got a few questions, but I'll concentrate just on one, which is construction inflation and your construction partners. Given that you're in a number of different locations, how are going forward with more of an emphasis on development? Are you going to reduce those construction inflation risk costs and also the monitoring of the construction? Thank you, Mike, for that question. Yes, good question. As you allude to, we are seeing raw materials costs and construction cost labor costs going up. This is something that we have to manage. We have very close links with our developer asset management partners, Logistics Capital Partners, and Dietz AG, who manage these processes for us. Ultimately, it is difficult to be able to resist construction cost inflation. We have to work with it. I think that I would turn it around and say that the positive of this, that as the input costs, such as construction costs, go up, that ends up being reflected in higher rents and is an underpinner of future rental growth. While we manage the development process very tightly and will always look to reduce costs, with raw materials and the costs going up, you have to be acknowledging that is just the case. As I said, there is another side, and that will underpin rental growth in the future. Thanks very much. Thanks. I've got a few questions. Can I just ask one more, which is on future equity raises, potentially using a share structure if you have a large raise to minimize the cash drag? Yes, we consider this all the time along with our advisors in terms of [audio distortion] as I'm sure you're aware, a lot of different options on these, and we will select the best. Yes, we certainly do consider these matters and continue to do so, and if the Board and the advisors feel that is the most appropriate thing to do, then we'll definitely do it. Thanks very much. Thank you, Mike. Our next question comes from [audio distortion]. Peter, please, your line is open. Hi, good morning, all. Yes, thanks for this presentation. I have a question on the geographies you're targeting, especially following disposal in Poland and then looking at your current pipeline in Italy, Sweden, Germany, Spain also there, and I know you're also targeting the Netherlands. Can we conclude from this that you will mostly focus now on Western and Southern Europe and no longer on CEE countries? Thank you, Peter, for that question. Yes, we believe that our investment strategy works best, and we believe that the returns that we will deliver to investors will be superior by focusing on markets with the best supply-demand dynamics. I think that it's particularly important in the investment climate we're in at the moment to focus on the top locations and not try and compromise quality or location to get slightly better yields. I think that in the long run, that the markets that you suggest in terms of Germany, Benelux, Nordics, France and Spain, northern Italy, those type of locations will see the best rental growth because there's very tight land supply and there's very strong tenant demand. We could look at going further east, and we have one asset now in Poland, which does what we want. We believe it will perform well as it's got some value add characteristics. We'll see that the land supply and the tenant demand dynamics are less strong the further east you go, and therefore we'll be more cautious. The preference being to be in the core locations, as you suggest, in Western Europe. That remains our preference. Not to say that we won't invest if a great opportunity does come up in CEE. Okay, good. Thanks. Thank you, Peter. We've had a question come through from Andrew Gill from Jefferies. Andrew, please go ahead. Your line is open. Morning. Could some of the asset management opportunities on sustainability, could they lead to any potential renegotiation of existing leases and potentially mark to market rents earlier than might have occurred naturally? Yes, quite potentially. These things are all wrapped up, Andrew, in negotiations. The one thing that we have noticed more recently is the appetite for our tenants to engage with investment into sustainability initiatives. It's something we're working on in a number of our assets right now in terms of us providing funding in turn for superior rents. Basically, we make sure that the returns work in such a way that it is accretive to rent and it is able to drive the income level forward. It's difficult to be very specific as every single opportunity is different. Our property in Bornem, we have a lease there where we're working alongside the tenant to try, or we are proposing, the plan is that we put in a number of sustainability initiatives, improving the building quality, improving the green credentials of the building, and in return for that, a longer lease and a better rent. Those type of initiatives are becoming much more common now than they were before. Okay, thank you. That's very clear. Is that kind of appetite from tenants across all geographies? Give or take. You have to bear in mind that most of our tenants are global companies, therefore they're fairly country-agnostic. If they have a sustainability agenda, they don't mind whether it's in Italy, Spain, Germany, Poland, Sweden. They are looking to implement that on a global basis, therefore we can work with them on a consistent basis across different geographies. That's great. Thank you very much. Thank you, Andrew. We currently have no telephone questions. I'll hand over to Nick to go through the webcast questions. Great. Thank you very much. First question is from Sebastian Isola at Peel Hunt. Are you able to give any color on the level of discount you achieve on acquisitions sourced through your relationship with Dietz? It is difficult to be very prescriptive here, but we do believe that we do get a reasonable discount from the market levels through the Dietz relationship. The reason being that it is the security of delivery that is appealing to a developer, and our certainty and reliability and speed of execution, and also the continuity of our ability to buy. It's very difficult, as I said, to be prescriptive, but I think that the two assets that we have just signed in Germany, as I was explaining about earlier on, which we signed at just under 4% yield, that I think that is a respectable margin above what those properties would have commanded in the open market. It's difficult to be very accurate on that. The next question is from Andrew Rees at Numis. Are you able to add any more color on the potential area of non-compliance regarding related party acquisitions from Dietz noted in the chairman's statement? Is there any likely financial impact? No. I think that we can't really say any more than that. This is something that we have notified in the accounts for transparency's sake, and we are awaiting a response from the FCA. We do not, at this current time, believe that there is a material financial impact. The next question is from Matthew Saperia at Peel Hunt. You rightly point out the inflation hedge on 94% of the portfolio, as well as the cost inflation being experienced in the market. Is market rental growth in your key markets running ahead of indexation, and do you expect that to persist? Good question, Matt. We are seeing our rental value growth over this period was about 1% for the six months, which I think must be slightly ahead, or it is slightly ahead of inflation at the moment. I think that in certain markets, we are seeing rental growth grow rapidly, but as ever with these things, it happens in fits and starts. It isn't a straight line effect. I think that we do expect in the long term that rental value growth will exceed inflation. However, the inflation always provides a useful catch-up in terms of keeping pace with the market growth in the cases that we can't always capture it, which is something that obviously we know. Our portfolio is building up reversion. We have a current reversion of 2.7% within our portfolio. We expect that to widen. As we've just been talking about, look to capture and close that gap through our asset management initiatives, whether it be, as Andrew was saying on the ESG side of things, whether it's be extending properties or what have you. We have a number of different mechanisms to do that. It's difficult to say, but I think that the indexation is a very useful driver in terms of just gently pushing the income up. We've also got to keep working hard at our asset management initiatives to deliver the market rental growth. Fine. Any more questions from anybody? Nadia, have you any more- There are no questions. None on the telephone line. I think we're exhausted on the chat line as well. I think if that is the case, it remains for us to say thank you very much for your time today, everybody. As ever, we're always available for any further questions that anybody might have. Please feel free to reach out to us. Thank you very much for your time. Nadia, I think you will now close the call in the usual way. Thank you very much, everybody. Thank you. Thank you. Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect your lines.