Good morning, and welcome to Tritax EuroBox's full year results presentation for the year ended 30th of September 2021. I'm Ian Brown, Head of Investor Relations for Tritax, and I'm pleased to be joined here this morning by Robert Orr, the Chairman of Tritax EuroBox, and Nick Preston and Mehdi Bourassi from Tritax Management. Before I hand over to Robert for some opening remarks, I will run you through some quick housekeeping points. Firstly, today's presentation is being recorded and a replay and transcript will be made available on our website. Secondly, Robert, Nick and Mehdi will present the results, and thereafter there will be an opportunity for investors and analysts to ask questions. To ask a question through the webcast, please type your question in the text box, and to ask a question via the phone, please press star one on your keypad. With that, I will hand over to Robert. Robert. Thank you, Ian, and good morning, everybody. A transformational year for EuroBox. That's not a description we use lightly. I think it's fair to say that at our IPO just over three years ago, we probably didn't necessarily anticipate in 2021, our third full year, issuing our debut EUR 500 million green bond to oversubscribed equity raises of nearly EUR 500 million, a portfolio of 15 prime assets of close on EUR 1.3 billion, a market capitalization of somewhat in excess of EUR 1 billion, and entry into the FTSE 250. While I think the manager, and to an extent the board, can feel, you know, quietly pleased about the output and the work done to grow the business in 2021, there are just two aspects I particularly wanted to highlight, and I'm, on behalf of the board, particularly pleased about. The first one is in relation to delivering on our ESG commitments. We have now 87% of our portfolio has green building certification, and our GRESB score has gone up from 64 to 82 out of 100, and from two stars to four stars. There's some very good work being done here by the team, and I think we are in a strong position on ESG. The second aspect is our tilt of our strategy towards value add, which was announced just over a year ago. It's good examples of this strategy in execution are the Mango extension in Barcelona, the speculative development of land at Bornem, generally the lease up of vacant assets, some of which have been under rental guarantee across the portfolio, and more recently, the acquisition of speculative developments under forward funding agreements with developers. I'm going to leave the details to Nick Preston, our Fund Manager, and Mehdi Bourassi, our Finance Director. Nick, over to you. Robert, thank you very much indeed for that introduction, and a warm welcome to everybody from the Tritax EuroBox team. As Robert has said, we've had a very busy twelve-month period, and Mehdi and I will now spend the next half an hour, forty minutes outlining some of the steps we've been making and filling you in on the details of this financial year-end, which we're just reporting today. I will now move on to the slides and just outline, first of all, our agenda today. I'm gonna cover the key milestones that we've achieved over the course of this year. We'll then look at the state of the logistics market in Europe and its prospects looking forward. Then, bearing that in mind, look at how that approach and how our approach fits in with those market conditions, which we'll talk about. Linking into that, not only our investment approach, but our, in terms of actual implementation, what are the steps we're doing and why are we doing what we've been doing to generate the returns which we will talk about. Looking forward, at the end, I will consider the future, where we see ourselves going, the next steps for the company, and then open up to questions which Ian will coordinate, at the end of the presentation. Let me just start off. As Robert has said, it has been a transformational year, and as also echoing Robert's comments, this is not a statement we use lightly. The progress we have made over the last 12 months has been considerable. We have, in this slide here, just models out some of the key steps that we have made. It has been on the equity side where we have raised EUR 480 million of new equity in two tranches. We have materially advanced our financing strategy stemming from the investment-grade credit rating issued by Fitch earlier in the year. This has had a knock-on effect, reducing our cost of borrowing, allowing us to issue the bond and recent private placement arrangement. Mehdi will comment on these in a bit more detail in a few minutes. Those capital events have been the bedrock from which we have been able to deliver on the investment side. From the investment program, we have bought 10 new assets over the last 15 months or so. We have generated two organic developments, which Robert referred to, Barcelona and Bornem. These are a combination of different assets in different locations across our core markets. A blend of foundation assets in markets such as Germany and Sweden. Our first foray into the Nordics, and then other development and value add strategies in Belgium, Italy, Germany, and another one in Sweden. I'll fill in a little bit more detail on this in due course. Just before I hand over to Mehdi, some headlines from the portfolio perspective. As Robert touched on, we have a portfolio valuation as at the year end at EUR 1.28 billion. This was driven by some valuation increase of just under 12% on a like-for-like basis over the period. That has been driven by not only yield shift, but also income growth and rental value growth. The income growth is coming from a combination of factors such as the indexation that's embedded in our leases which come through on an annual basis, but also organic growth from within the portfolio as we have been leasing out properties. As I said, the rental value growth, this is something that we've been talking about for a long time, and is really starting to manifest itself and come through in the markets in which we are operating in. Again, I will talk about this in a little bit more detail later on. We're making good progress with the equity we raised in September. Mehdi will talk through some of the details on the finances. The portfolio is just under EUR 1.3 billion. Today, it stands at just over EUR 1.5 billion, 21 assets. Our pipeline of assets is in a good place to be fully invested within the next matter of weeks. Hopefully by the end of January, February, we will be fully invested up at our target LTV of 45%. A very quick map, just because to illustrate where we are, what the shape of the portfolio is looking like. We now have a broad-based portfolio. As I said, 21 assets as of today. Over EUR 1.5 billion of gross asset value. 1.25 million sq m of floor space, and located in core markets across Western Continental Europe. Germany, Benelux, Sweden, Italy, and Spain. That's very much our focus, and I will again comment on this later on as to how we see the shape of the portfolio, moving forward. Let me now hand over to Mehdi for a little bit of detail on some of the financials. Mehdi, I'll hand over to you. Thank you, Nick. Good morning and welcome to everyone. As Robert and Nick already mentioned, it has been a transformational year in many aspects, and all these changes have had or will have positive financial impact. The next few slides, I'll run you through the key figures during the year. I'll discuss a change in how we actually measure performance, and we'll discuss a bit more in details what we did on the debt, and finally conclude on a financial outlook for 2022. Key highlights for the year. 2021 financial year has been a strong financial year. We have generated a total return of 14.3%, well ahead the 9% annual target, and that despite the impact of significant equity raises during the year. The total return performance was mainly driven by a like-for-like valuation increase portfolio of 11.9%, and that increase, as Nick mentioned, is the result of yield compression, the capacity of the company to structure deals that provide yield advantage and also asset management initiatives during the year. The company valuation average net initial yield as of 30th September was 3.9%. Given where the market is, we believe there is still room for that net initial yield, valuation net initial yield to further compress over the next 12 months-18 months. The total return is also the result of strong and growing income, with a 2.4% like-for-like rental growth and a 100% rental collection over the last 24 months. If you break down the 2.4%, 0.8% actually relates to CPI indexation, while the remaining is the result of asset management initiatives such as letting up of vacant space. On the cost side, we've seen a reduction in our average cost of debt from 2.3% to 1.9%. This is driven mainly by the investment grade rating during the year on the bond, although it arrived a bit later in the financial year, meaning the average is actually higher than the earn rate. I'll discuss in more detail the debt a bit later. Our EPRA cost ratio is 30.5%, and adjusting it to include rental guarantees, it is 28.5%. The ratio remains too high, despite the company's expectation it will decrease towards 25% or below. It is the result of strong valuation movements during the year, increasing the IFRS NAV and hence increasing costs. Costs which are directly calculated off the NAV, including the management fee. The company is very aware of the issue and is currently working on addressing this challenge in the short term. On the balance sheet side, the IFRS NAV per share has increased by over 10% to EUR 1.31, while the EPRA NTA has increased by 10.7% to EUR 1.35. Let me pause here to give you some explanation on a change in the company's primary performance metric. Last year, as many of you know, EPRA released some new NAV metrics, and the company early adopted the EPRA NRV as the primary metric. In the last 12 months, we've consulted with shareholders, with analysts and various stakeholders, and concluded that the EPRA NRV was more often than not different to what our peers adopted, making it harder for shareholders to actually assess our performance and compare to others. We'll continue to be transparent, and we'll disclose all three EPRA NAV metrics, but we have now decided to adopt EPRA NTA as the main EPRA NAV metric going forward. You can find more details on that change on the RNS in the section called Notes to the EPRA and Other KPIs. Now, coming back to the balance sheet, the portfolio is approaching EUR 1.3 billion, and you will note a low LTV of 13.3% and quite a large cash balance. This is the direct consequence of the September equity raise, and we expect the LTV to increase towards 45% as the deployment progresses in the next few weeks. Next slide, please. The debt, on the debt side, debt has evolved significantly during the year. The key trigger, as Nick mentioned, was the investment-grade rating awarded by Fitch, BBB-. If we look backwards a year ago, in September 2020, we had just one single RCF for EUR 425 million, costing us an average of 2.3% yearly. Now, moving to today, on the RCF, first of all, we have canceled, at no cost, a part of that RCF, reducing it from EUR 425 million to EUR 250 million. Also, the average cost on that same RCF has dropped by around 30 basis points from the moment we were awarded the investment-grade. You'll note on the slide that most of the RCF is expiring in 2025, except for a slice belonging to one single bank for EUR 59 million, which we expect to extend to 2025 very shortly. During the year, we also issued a green bond on the debt capital market. The bond has a five-year maturity and was met with significant appetite from bond investors. We were 7x oversubscribed, which meant we could reach a very attractive pricing of 0.95% fixed coupon. This was a green bond, as I said, meaning all the proceeds have to go towards green assets or green projects, and I'm pleased to confirm we have already fully allocated all the proceeds of the bond. Finally, we just announced last week our next source of debt financing. I'm very pleased we have concluded our inaugural bilateral private placement with two large US institutional investors. With the company now being much bigger, we've decided to opt for longer maturities, staggering the liabilities, in the future. The private placement is split in three tranches of seven, 10, and 12 years, leading to an all-in average fixed coupon of 1.37% and an average maturity of nine years. While slightly more expensive than the bond over summer, it provides much longer maturity in the context of uncertain rates in the short to medium term. Next slide, please. To conclude, before I hand back to Nick, let me give you a quick financial outlook for 2022. On the property side, you'll hear from Nick how the market is evolving and rents are growing. Our tenants have coped extremely well over the last 24 months, and as I said, we've received 100% of our rent. There is a lot of talk in the market about inflation and how it could impact our market. Let me say that 95% of our leases are annually indexed to inflation, and through the different caps and collars, in the long term, we capture north of 70% of that inflation. Whether we look at market rents, which are growing, or whether we look at indexation, which looks like it could be strong this year, we expect strong re-rental growth in the next 12 months. From a dividend point of view, we have today announced a EUR 0.0125 dividend for the quarter ending 30 September, leading to EUR 0.05 for the entire year 2021. The dividend is uncovered due to large equity raises during the year, and a key priority for us next year will be to return to full structured coverage by deploying quickly, increasing our rent, and decreasing our cost base. We can see a growth trajectory in our earnings, but we have decided to keep the dividend steady at this time to deploy the remaining proceeds of the September equity raise. To conclude, we are, I think, today in an excellent position. We have a strong balance sheet, and we are confident to be able to capture the market opportunity we see ahead. Thank you for listening, and handing back to Nick. Thank you very much, Mehdi. Now, on the back of that, let me pick up, and I think before we get into detail on the portfolio, but to look at a little bit of the market backdrop of where we are and what the situation is within the European logistics market. I won't dwell on this for too long, as many of you will be extremely familiar with this, and we've also been saying this for a while. I will just say that the societal changes we've been talking about for a long time in terms of urbanization, digitalization, these are all cascading through, and we are seeing the implementation of these in terms of growth of online retailing and then also on the supply chain side, a reinforcing resilience focus from occupiers. This isn't just from what we're seeing from statistics. What we have seen over the last couple of months as we've been allowed to travel again and met up with tenants, with leasing agents across the markets in Europe, is exactly this. We've been talking to leasing agents in Italy, we've been talking to developers in Sweden, and what they are saying is that they have seen a notable uptick in demand for online retailing usage in logistics units of companies needing to bring back and reshore inventory holding closer to consumers to make their businesses more resilient for the future. This is having an immediate knock-on impact into the demand side of the logistics market. This is, as I said, it's a positive trend that we've been talking about for a long time. We are now really seeing this manifest itself across the markets. We put some slides up here looking at the growth of e-commerce in Europe, and this we expect to continue to grow into the foreseeable future. COVID has assisted here in terms of accelerating this transition, while we expect rates to drop back a little bit. We don't expect them to drop back to anywhere like the level they were beforehand. All of this is leading to increased demand. The occupiers are looking to take space, and the developers who are building new space are not able to keep up with this demand. Ultimately, when you take all of this into account, it links through into the fairly straightforward real estate metric that vacancy rates are coming down. On this slide here, the chart on the left illustrates the difference between the vacancy rates last year in the core markets and where they are today. Virtually without exception, they are all the same or lower than they were last year. What this means is a continued upward pressure on rents. This is, again, an impact that we are noticing across the core markets in which we are operating in, that rents are going up. I will talk in a moment about the steps we are taking to capture these rental increases that we're seeing in the market. You know, we are still expecting the market to carry on in the same way in the foreseeable future. This is something that is widely recognized within the market. Investors do understand this, and that is leading to, or there's continued interest in the logistics sector across Europe. Although it has to be said that the stabilizing of some of the other competing sectors, office and retail, is leading to some diversion away from the logistics sector. We still expect strong performance from our sector as the yields will continue to compress, and also, as I've said, that the rents will continue to rise and rise more strongly. We will continue to carefully monitor these external market risks. We are not complacent about our position, but we still believe that the fundamentals will be well-placed for us into the foreseeable future. Let me now turn, and using that information that I've just communicated about the supportive market in which we operate, look at how we are placed as a company to execute our strategy based on what we know. First of all, let me remind you about our fundamental principles. We are focused on the mature, developed markets of Western Europe. We like the stability of the economies, we like the tight land supply, we like the strong consumer and occupier demand, which means that tension is there, which is pushing rents up. We know land supply is scarce from our discussions with developers. We know that occupiers are continuing to enter into the sector and wanting to expand. Lots of our occupiers who we talk to are all looking to expand on-site, to grow, take new space. All of this is very positive in these markets. Second point is prime, and we are very focused on prime locations, and we are looking to own, in the long term, prime assets in these locations. We feel that the discount, which has historically been in place between prime and secondary assets has narrowed and that you now get little reward for higher-risk investments. Therefore, we focus on these prime assets in prime locations. The third point is ESG focus. Again, sustainability is absolutely central to what we do, and I will comment on this in a moment, but it is threading through everything. What we are doing to implement this, our investment approach, is by broadening our scale, diversifying our portfolio further, and in doing this, expanding and broadening our developer relationships across these markets. We've also broadened our strategy, and this is a point that Robert touched on at the beginning, which gives us a different perspective, allowing us to access different return profiles, different timescales for developments, and accessing higher returns through careful, strategic assembly of a portfolio. I will talk about that in a couple of moments. I think that the final point as I move on, before I move on to that, is looking again at ESG. It is protecting the future returns of the company and the portfolio. This is in a number of different ways. It's a vital part of not only an occupier's ESG credentials in terms of the lower cost of more energy-efficient buildings, high-quality work environments and positive social impact. Also from our perspective, looking forward, these investments are better quality, higher performing assets. There is low capital expenditure expected on these buildings because they are modern and fit for purpose today. Our green credentials, and Manny touched on these with the issuing of the green bond earlier this year. We have made a number of different steps over the last 12 months. Our GRESB score has increased materially from 64 to 82. We have four green stars. Our green bond is now fully allocated, which has taken only a matter of months because the vast majority of our assets score very strongly on ESG credentials. We are granting green leases. All new leases we grant are now green leases. We're moving our electricity supplies to renewable energy. We also have a social program in place funding the Mission to Seafarers, a global logistics-focused charity. Then also we have a wide range of different on-site initiatives, and some of these are relatively small, but they all contribute to the overall impact. This is electric vehicle charging, cycle racks, and improved environmental amenities, beehives, and this type of thing. That still remains absolutely core to what we do, and it threads through all of our investment decision-making. Now let me move on, and bearing that in mind in terms of our sort of high level objectives, how are we actually doing this in terms of implementing this in our day-to-day investment decision-making? What we're looking to do, and I mentioned a moment ago, is an accretive combination of strategy. This is where we are looking at different angles, whether it be income, whether it be on the acquisition and development front, or whether it be through profitable sales and recycling of capital. These are all functions that we control to generate returns. By combining these different activities at different stages and timings in the cycle means that we can deliver overall property returns, yet also react to the market as things change and evolve. I will take each of these three sections separately, but first of all, move on to the income piece. Now, Manny has touched on this in his role as finance director. Income, growing income is extremely important. The capture of this through the compounding annual indexation, which we have within all of our leases across the portfolio is very, very important. We are improving the amount of indexation we capture through negotiating on new leases, and other various measures. All of this offers very good inflation protection, in particular as we sit here today with certain more uncertainty around inflation going forward. What this stable bedrock of income within these foundation assets that we invest in allows us to do is focus on the remainder of the portfolio on more value-adding strategies. This links in to the next piece on the income side, which is, and I've mentioned this before, we are in an environment where we are seeing rents growing and starting to grow really quite strongly in some of these prime markets which we're investing in. We don't have mark-to-market ability within the vast majority of leases in Europe, and hence we have to use leasing events to be able to capture the rents where they're growing above the local level of inflation. What we are doing is building our portfolio in such a way so that we are not just investing in long lease properties, but we are also investing in some shorter lease properties. These manifest themselves in either as being with short time until the lease expiry, or through investing in assets where we have a forward funding development commitment, where we have a lease guarantee in place whereby we can control the leasing and therefore capture the growing rents during the construction and rental guarantee period on these properties. We've put an example here of a high rental growth environment. This property that you see the photograph of here is in Bochum in Germany. We have recently bought two more properties, one a forward funding in Oberhausen, and the second is a nearly completed building in Gelsenkirchen. We bought this property in Bochum in 2018. The average rent on the four units you see there was just under EUR 55/sq m. The leases on the Gelsenkirchen property, which we have signed, we're about to complete in about a week's time, is let at over EUR 70/sq m. These properties are very, very similar. They're very close by, and that just demonstrates the difference in rental value that we've seen over that two and a half year period. Now, the interesting point is that the Oberhausen asset that we have recently committed to is a forward funding on a speculative basis. We do not have a tenant. We have underwritten this at around EUR 56/ sq m, and we will be hoping to be able to lease it at a rent above that. Remains to be seen exactly how much higher, but we would say certainly say materially higher than the EUR 56/ sq m. This is an example of how we are able to capture the rental growth that we're seeing in the market through our acquisition strategy. This follows on to the acquisition and development side of how we execute the strategy. One of the key ways we do this is through our development partners. This gives us access to off-market deals. It gives us an early lock-in of pricing. It gives us the control of the execution of these acquisitions and allows us access to very high quality assets in great locations. These can be done on a forward funding basis. These can be done on a pre-lease basis. I put an example here. This photograph I took two weeks ago when we were in Stockholm, and this is a very prime logistics site close to Arlanda, Stockholm Arlanda Airport. That photograph just illustrates it doesn't look very beautiful, I'm afraid, but it illustrates the importance of this site. There are three railway lines and a motorway in that photograph. This is a key location, very well located for infrastructure, very close to Stockholm city center. This is an area where we'd be speculatively developing two units on that site, in an area of extremely limited land supply, where again, we would hope to be able to capture advancing rents as the construction carries through. Those types of examples, this one in Stockholm, the one in Oberhausen I've just mentioned. We also have other opportunities where we are using forward funding structures through our development partners or other acquiring partners. We can do these in a number of different ways. I've mentioned the two in Rosersberg, in Stockholm and Oberhausen, which are fully speculative. There are no tenants identified. We also do these on a pre-let basis, where we get an advantage on the pricing, and we have just announced recently a property in Berlin and just near Dortmund in Germany, which is pre-let on a 15-year lease to Rhenus, the big German third-party logistics provider. We're also not doing only speculative or only pre-leased properties, but we also have the combination, the sort of hybrid. The photograph you see here on the right is a property in Nivelles, south of Brussels, which we have acquired from Logistics Capital Partners, our asset management partner in Belgium. They developed this, 50% of it was leased, and we were able to work with LCP on this to lease the vacant half within the rental guarantee period, and we were able to grant a new lease at a rent of just under 8% above previous rental level. Again, showing how we can capture the rental growth we're seeing in these markets, using our acquisition strategies, working closely with our asset management and development partners. In all these cases, it's all about taking appropriate levels of leasing risk in markets that we fully and fundamentally understand, where actually that risk is mitigated to be very low because of the supply/demand dynamics, the quality of the buildings we are investing in. The final point on the acquisition side is extensions and developments, and Robert touched on these at the beginning in terms of two good examples that we have executed this year. This photograph is the property in Bornem, just south of Antwerp. We've built a 15,000 sq m building, again, alongside our asset management development partners, LCP. This completed a few weeks ago, and we're in the process of letting that at the moment. The type of yield on cost that we will be able to achieve on this, on the assumption that we can lease it at EUR 45/ sq m, which is highly achievable, will be around 9% on the amount we have invested. This is just demonstrating that we can access development profit through these developments on our existing sites. You will have heard me mention before the extension of the Barcelona, which is in progress as we speak, with a scheduled completion for summer 2022. Both of those projects are in place and are delivering returns right now, but we have a range of other opportunities in the future which should also be able to deliver future development returns for us as the portfolio evolves. The final point is profitable sales, and this is recycling capital. You will have known, those of us who have followed the company during the course of the year, that we successfully sold this property in Stryków in Poland and we made a 16.5% IRR over the hold period of that. We are always looking at profitable capital recycling. We continually review our portfolio. We're assessing the market. We're looking to maximize value for our shareholders and take opportunities when they arise. This property had reached the end of its asset management program and therefore we felt it was a good opportunity to crystallize the gain at the right point in the cycle and reinvest in better opportunities elsewhere. As I approach the end, I think that it's worth just summarizing where the portfolio has got to today, where it was 12 months ago when we reported to you. In September 2020, the portfolio was over half represented in foundation assets, the longest secure income. Since our tilting strategy, we have been rapidly deploying. We have deployed over EUR 700 million so far this year, nearly half of that in value add strategy, some of which I've already outlined. That gives rise to a portfolio shape now at December 2021 of over EUR 1.5 billion. We have 21 assets, and 40% of those assets are in value-adding strategies where we have exposure to development and ability to capture the growing rents which we are seeing across our markets. The increased size of our portfolio, and once this current deployment program is complete, we will have a portfolio of around EUR 1.9 billion in total size, allows us to access more interesting land plays, whether those be bare land for speculative development, whether these are assets which are ready for redevelopment within a short space of time, and we're looking at a number of opportunities here. These are older buildings in very strong locations where we can add our development expertise and build these out, and produce highest quality prime logistics assets, capitalizing all our knowledge and taking the development returns from that. You can expect to hear more from us on that, over the coming weeks and months. Let me now look forward. We've been looking back at what we've achieved over the last year, but what are we looking to do, over the coming years? I think the key thing is to continue the success of the company that we've recently achieved, building critical mass in these selected core markets. We will retain our discipline, we will retain our focus. Yes, we will look to expand into new markets, and France is the obvious gap in our portfolio, and we are still working on a number of opportunities there. We will not be just going in indiscriminately to new markets. We will only do it when it is right. Our portfolio sustainability credentials remain critical, and we will always put that at the forefront to make sure that it is future-proofed. As I've mentioned before, the balance between the foundation and value-add assets is extremely important. At this current status of the market where we see there's strong growth, there's yield compression still to come, we think that the balance is right but we will also have the ability to flex that balance as market conditions change and evolve. We will be looking at more exposure to development as we carry on. We will be looking to recycle more capital to crystallize profits and move forward, but always keeping a clear eye on the market conditions and where things are heading. As I said before, we do not remain complacent here. We are always looking forward and looking out for risks over the horizon. In summary, we have seen the company transform over the year. The scale is evident. Manny has talked about the debt, which has again removed 100 basis points of debt cost from the company. That is really going to cut in through calendar year or the financial year 2022. The entry to the FTSE 250 has led to increased interest from shareholders, further widened our analyst coverage, and we believe stands us in very good stead. The shift to value-add approach has been well-received by investors, as is evidenced by the equity raising, the debt issuance, and everything that goes with that. The returns we delivered are strong. The existing portfolio provides us with a strong foundation. Income is at the heart of it, but we are moving towards value add to capitalize on these opportunities in the market. We have a range of different routes to achieve the return targets, which we believe we can deliver. We are optimistic for the future. Our strategy is aligned to the market. The structural drivers of our market, we believe, are well-placed for the long term. We're well-positioned to identify new opportunities. Our balance sheet is strong, and we have good visibility on how we will grow and continue to grow the portfolio and the company. That now concludes the presentation. Ian, could I hand back to you, please, to marshal the questions? Thanks, Nick. Good morning, everyone, again. As a reminder, if you want to ask a question, if you're on the webcast, you should see a tab labeled Questions. If you click on that, you should see a text box, and you should be able to enter your question in there. If you're on the phone, you need to press star one. We have a couple of questions already on the webcast, so we'll start there and then we'll shift over to the phones subsequently. The first question we've got is, Are you seeing much variation in countries or geographies in terms of yield compression and performance? Thank you, Ian. Basile will pick that one up. Are we seeing much variance in yield compression? The answer is no. We're seeing fairly consistent yield compression across the core markets in which we're operating in. As I said, we are focused on the very stable Western European economies. The markets such as Germany, Sweden, Netherlands are really quite. The yields are fairly consistent. We're seeing the prime yields down in the low 3%. Certain markets such as Italy and Belgium tend to lag a little bit. Those yields, while a step away from that at probably 3.5%, 3.75%, but they have still seen the levels of yield compression, but the ratio between the two remains. In answer to the question, no, we've seen a fairly consistent yield compression across these markets. To balance that, we are seeing the rents growing in these markets in the same way, and it's compensated effectively. I think that it is a justified yield compression. Okay, great. The next question through on the webcast is, Can you please elaborate on the makeup of the high tax charge and the likely effective tax rate going forward? Thank you, Ian. Let me take this one. In terms of taxation during the year, I'd like to split between deferred taxes, which are deferred taxes on the valuation gains, which makes up the vast majority of the tax charge during the year, around EUR 20.5 million, and the direct income tax, which is EUR 3.6 million during the year. If we break down the EUR 3.6 million, actually around EUR 3 million is directly related to the sale of our Polish asset during the year. As Nick mentioned, we sold that asset at a nice profit on cost, and therefore, that's quite exceptional. The remaining EUR 0.6 million is the recurrent taxation, which equates around 1.5% of total income. We think the 1.5 is a bit on the low side and we are modeling 2%-2.5% over the longer term. Great. Next question. Could you give some guidance around the dividend and when you expect to return to a covered position? Thank you. I'll take this one as well. As I mentioned earlier, we've issued guidance saying we are keeping the dividend steady, at least for the next few quarters. We are uncovered this year because of the two large equity raises. We increased our share capital by more than 90% during the year. Even if we have been deploying quite quickly, when you do real estate deals, it always takes a few weeks before you can actually be fully deployed, and that does create cash drag, and hence, the dividend not being fully covered this year. The fact that we are keeping the dividend steady, we are seeing income growth in the future, we expect to be back to full structural coverage very shortly. Great. Okay, next question is, what is the Stryków development cost and yield on cost? Let me take that one, Ian. Stryków development cost is in the region of EUR 8 million. The yield on cost is around 6%. This is something that has been structured with the vendor of the property, which is why it's a little bit lower than some of the other developments that we're doing. Okay. Okay, great. Just a couple of questions around the EPRA cost ratio, if you could perhaps give some more color on that and the sense of the direction of that as well. Sure. As I mentioned, the cost ratio as at third quarter September is 30.5%. If you adjust it for rental guarantees, which are not part of the IFRS income, it's actually 28.5%. We've always said we are modeling in the short to medium term for that EPRA cost ratio to decrease towards 25%. It hasn't this year because of the strong valuation movement leading to a number of costs being higher than modeled, because these costs are directly linked to the NAV. We, as a company, with the board, are perfectly aware that 30.5% EPRA cost ratio is too high, when you compare ourselves to our peers. Therefore, we are working on it, and we expect to be able to address the challenge in the short term. Great. Next question is the Bornem uplift in the net asset value yet? The answer to that, Ian, is partially. We have funded the construction so that the actual construction cost has been passed through into the valuation. However, we have not yet secured a letting on that, and therefore the profit on that will not be reflected yet in the NAV. As and when we secure a letting, depending on the terms of the lease, obviously, there will be a quantum of value to come through into the NAV. Great. I think we'll just turn to the phones. I think there's a couple of questions there. Just a reminder, if you want to ask a question on the telephone, you need to press star one. The first question comes from Saravana Bala at RBC. Saravana, if you unmute your line, you should be able to ask your question. Morning, all. Thanks for taking my questions. A couple have been answered, but still have a few left. Firstly, can you give any indication on the overall reversionary potential currently in the portfolio? I believe it's about 3% overall. We'll confirm that with you, Saravana. I think it's late 2s%, something like 2.8% rings a bell. We'll look that out for you. Okay, cool. Thanks. My next question is around build cost inflation. I appreciate, you know, EuroBox is not a developer obviously, but your key partners are, and you know, they may be focused on maintaining their development margins. I would be keen to hear about your views on the build cost inflation we're seeing in the market at the moment, and how you expect that to evolve over the next 12 months, and how you're planning to manage it. Yeah, no, it is something that is very topical. We're seeing, you know, through our development partners, build costs going up, whether it's raw materials, whether it's labor costs. Ultimately, this is just feeding in as increased input costs into developments in the same way that land values are going up and land prices are going up. Ultimately, this has to be passed through in terms of what the developer can sell the asset for at completion, and that is a combination of the rent and the yields. The yields have been compressing, which has been helpful, but ultimately, it will come through into rents. From our perspective as an investor, as a landlord of a portfolio, it will just mean upward pressure on rents in the long term. There's a separate argument, which is a different point about how sustained this build cost inflation is. Will it subside? I suspect that part of it will subside again. Much of this is a sort of macroeconomics, which I don't really need to go into here. I think the answer is. Does that cover that for you, Saravana? Yeah. No, that's great. Thank you. I think that's all the questions from me. Thanks, Saravana. Just turning back to the webcast, I think we've got a final question that's come through, which is around the future funding needs for the business over the next three years. What's sort of the capital requirements and how you're planning to fund that? Maybe I'll take this one. I think it's important to say we take things step by step. We've raised quite a lot of capital this year, and we are in the process of deploying the geared proceeds of the September equity raise. The capital needs over the next three years will very much depend on how the market evolves and the opportunity we can access. It's a difficult question to provide a precise answer because it's really depending on the market opportunity we will see in the next few months. We are now focused on deploying, as I said, the September raise, and we're just focused on that at the moment. Great. Thanks. Actually, we've just had a sort of flurry of additional questions coming through on the webcast. Just a question around occupational demand makeup. With 3PLs and e-commerce retailers making up the bulk of take-up volumes, what other industries could you see growing their occupational needs in 2022 and beyond? Yeah, I think maybe I've been a little misleading by suggesting that, you know, the vast majority of take-up is from e-commerce. It's you know, we're seeing a very wide base of demand. We have a number of non-e-commerce and quite a wide number of non-e-commerce and non-3PL type of occupiers, all of whom are expanding for the same reasons. We have pharma companies, those type of businesses, and manufacturers. They are all looking. The onshoring of goods, the supply chain issues that we've seen and read about in the media are all prevalent across every sector. We're seeing, you know, from whichever angle you come at, we're seeing demand for new space. I think that answering the question, where's the demand gonna come from in 2022? I think it will still come from e-commerce. Bear in mind, it's coming from a very low base in, Europe compared to the US and compared to the UK, and it is expected to grow strongly. Also, we are seeing just the economic hubs of Europe, the demand is coming from manufacturing companies, and a very broad range of different occupiers. I think we'll continue to see a broad wide range of different demand drivers. Great. Actually just turning back to the phones, Peter Runebeen at Kempen has a question. Peter, we'll unmute your line and, if you want to go ahead and ask your question, please. Yes. Thanks for the presentation. I was wondering, as you gain skills, typically, in Germany and you'd like to do more value add opportunities, would you also consider to be looking at internalizing and maybe and take some of these opportunities fully by yourself? The answer is that we share the development profits, Peter, you know, depending on the structure of each transaction. The development profit, putting to one side the internalization point, it's to do with, I think, how we structure a transaction in terms of, as I said, sharing the development profit, and it depends. You know, we have different ways of doing it. Yes, we are looking to take more of the development profit share, and this is by coming earlier into the process, buying land, and taking more leasing risk. You know, our investment restriction prevents us from buying unzoned land, but from anything beyond that, so anything after a piece of land is zoned for logistics use, we can and are looking to take advantage of that. It's just a question of arranging a development management agreement, construction agreement, and taking the profit accordingly out of that. There's not a simple answer, I'm afraid, but there are any number of ways to structure it. Yes, in answer to your question, we are looking to take more of the development profit as the company grows in certain circumstances. Yeah. Thanks. Great. Okay. I think that sort of wraps it up in terms of the questions that we've received. If you have any future questions, you do please drop us a line over email. With that, I'll hand back to Nick to wrap things up. Great. Well, thank you very much, Ian, for hosting that. Thank you to Robert and Mehdi for presenting alongside me. I hope you found that informative. As ever, we are very approachable here at Tritax EuroBox. If you do have any questions, please reach out to Mehdi or I. We are available throughout the day. We have a series of meetings, but we can always respond to emails and quick phone calls. Please let us have any questions you might have following this presentation. Otherwise, it just remains me to say thank you very much for your time, and we look forward to speaking to everybody in due course. Thank you very much. Thank you.