Good morning, welcome to our full year results for the financial year ended September 2022. I am Robert Orr, Chairman of Tritax EuroBox, and I'm joined by Phil Redding, Mehdi Bourassi, and Jo Blackshaw. This has been a significant year for EuroBox. During the first six months, we carefully deployed the proceeds from our equity raise in September 2021 into high-quality assets that will reinforce the strength of our portfolio. As market conditions change over the summer, we focused on the ongoing optimization of the business. An important part of this was revising the investment management agreement. This has reduced the manager's fee by over EUR 2 million and will significantly lower our cost ratio. Another significant change in the year was leadership. I would like to take this opportunity to thank Nick Preston for his key role in establishing our high-quality portfolio. I am delighted that Phil Redding has taken on the leadership of EuroBox. With his extensive experience in the European logistics market, we feel he is ideally placed to do so. As you will hear from the team, the strength of our portfolio and robust balance sheet means we are very well-positioned to weather the economic headwinds we are facing. The steps taken by the board and the management team over the last 12 months will support attractive income growth in the years to come, optimize performance, and create value for our shareholders. With that, I'll hand over to Phil. Thank you, Robert, good morning, everyone. I am delighted to be presenting my first annual results for Tritax EuroBox and to provide you with an update on the good progress the company has made during the year. We will follow the normal format with a brief introduction from me, followed by Mehdi taking you through the financial performance. I will come back and provide some thoughts on the business, the market, and the key elements of our activity over the last twelve months. After that, Jo will coordinate the Q&A, and if you do have any questions, please submit them on the webcast for Jo to collate. To start, some opening comments from me. I have been working in the European logistics sector now for over 30 years. During that time, I have been involved in all aspects of the market and worked through a number of market cycles. It is clear that we are entering a more challenging environment and the logistics sector will not be immune. In thinking about this changing context, it's also clear to me that EuroBox is very well-positioned, having a strong, resilient platform with opportunities to further optimize performance and capture income growth. Looking at our platform here on the left, the portfolio has the right assets in the right locations to fully benefit from the positive structural drivers in our sector. As I say, the portfolio is very resilient, being focused on high-quality assets, producing high-quality income, and with opportunities to grow rental income from within the existing portfolio. This is underpinned by a robust financial position with a low average cost of debt, no near-term refinancings, and the ability to fund existing and future initiatives. In terms of the performance of the business on the right, I am pleased with the progress made on several fronts, in particular, achieving our priorities of lowering the cost ratio and covering the dividend. This has been achieved by growing our income and improving operational efficiencies, in particular, the lowering of the manager's fee. These activities have had a positive impact on this year's results, but will flow through more fully next year. As we enter our fifth year, the business has a strong, established platform, a portfolio with significant potential, and we are delivering against our priorities. I will come back to expand on these points in more detail later, but first, Mehdi will run through the financial results. Thank you, Phil. Good morning, everyone. In the next few minutes, I'll run you through our financial results for the year, which demonstrate the strengths of our enlarged portfolio and the benefits of our focus on growing income and lowering cost while maintaining a robust balance sheet. Our financial period 2022 has been an important year. During the first six months, we were successful in deploying the EUR 250 million we raised just before the start of the year, the benefits of our investments are now coming through with the full effect expected in financial year 2023. We also made important changes to our investment management agreement and delivered a number of successful asset management initiatives. In terms of headline figures, our Adjusted EPS is EUR 0.0424 a share with a dividend for the year of EUR 0.05. Although this means we are only 85% covered for the full year, the dividend was fully covered for the fourth quarter, as we committed to do. We expect to continue to be covered going forward. Our NAV has increased slightly for the entire year, which reflects an increase in the first six months of the year, followed by a decrease in the last six months. This was mainly driven by valuation movements with a marked softening in yields in the last quarter of the financial year. Let's first break down the profit and loss statement, starting with the growth in our income. You can see here how our contracted rent has evolved during the financial year, and you can also see that we have high visibility on the drivers of our additional contracted income in the short- term. To illustrate this clearly, the chart here refers to annualized figures for each component. Starting on the left, we began the financial year with an annualized contracted rent of EUR 53.4 million. We acquired nine properties for circa EUR 533 million, driving the contracted rent up by EUR 18.9 million. As we acquired this property throughout the first six months, these have not yet fully made a full contributions to the earnings. Moving right, you can see how indexation has driven rents up EUR 1.3 million. A majority of our rents have yearly uncapped indexation, and during this period of increased inflation, we expect the indexation effects to accelerate as we capture recent movements. Phil will talk more in detail about indexation in all our leases later in the presentation. Continuing right, you see an additional EUR 0.7 million rent generated through asset management initiatives, such as the Hammersbach lease surrender and re-letting. This takes us to a contracted rent at the end of the period of EUR 74.3 million. We define contracted rent as rent actually being paid, and hence we expect to see the full effect of it in the 2023 financial year. Finally, to the right, in the near future, you can see how we have three projects for which CapEx is currently being spent and which are expected to deliver EUR 5.3 million of further income in the next 12 months. The Barcelona extension is now complete and the tenant has started paying rent from the end of November. The Oberhausen development, which is expected to receive permit imminently, will start benefiting from license fees as soon as we start construction, expected in calendar Q1 next year. Finally, the Settimo development will benefit from a rental guarantee from completion, which is expected in calendar Q2, 2023. These projects will take the yearly contracted income to EUR 79.6 million. This means we have good visibility as to our short-term top line growth, and you will hear a bit later from Phil how further effects from indexation and asset management will drive more rental growth in the medium term. Moving on to costs. This has been a clear priority for us, and I'm very pleased we delivered an amendment to our investment management agreement during the period, lowering the fees significantly starting August 2022. Financial year 2022 only sees two months benefits. We expect the full annual savings to be circa EUR 2 million based on the latest NAV. Looking now at the chart, you can see how we calculate an Adjusted EPRA Cost Ratio of 29.5%. Starting on the left, the unadjusted EPRA Cost Ratio is 41.3% for the full year. A significant portion of this reflects the EUR 4.3 million we paid our tenant at Hammersbach to vacate the building early. This enabled us to re-let immediately at a 24% higher rent, capturing the reversion and generating EUR 12 million net profits. We see this as an investment to improve rents and values, but under IFRS, it is expensed as a direct property cost. The next bar relates to license fees and rental guarantees we received during the year, which cannot be recognized as income under IFRS, but which are part of our adjusted earnings. Taking into account these two adjustments, we have an adjusted cost ratio for the year of 29.5%. As I mentioned, the adjusted ratio for the year reflects only two months of reduced management fees. As we move into 2023, the full year effect of this saving, coupled with the additional income, means that we expect to achieve a mid 20% adjusted cost ratio in the next financial year. We aim to keep that ratio in the range between 20% and 25% in line with our pan-European peers. We have now seen how top line and costs have evolved and what we expect for the short- term. This leads us to our earnings and dividend. We have declared during the year a total of EUR 0.05 dividend, which is 85% covered for the full year. However, the positive evolution throughout the year leads us to a covered position in the last quarter and confirms we are structurally covered going forward. The further benefits in cost savings and additional income I have just described in previous slides will continue to improve the levels of quarterly Adjusted EPS throughout 2023. Going forward, our objective continues to be to deliver a covered and progressive dividend. We will also maintain our policy of distributing at least 90% of our adjusted earnings. For simplicity and to ensure full coverage, we are guiding to a steady dividend for the first three quarter of the next financial year at EUR 0.0125 a quarter. We'll then decide the amount of any progression in the fourth quarter. Moving on to the balance sheet now. I'll first cover the asset side with a focus on valuation movements before covering the debt. The portfolio is valued at year-end at EUR 1.77 billion. Valuation initial yield is 3.8% and reversionary yield is 4.2%. Overall, on a like-for-like basis, our valuation increased 5.6% compared to last year. From an investment markets perspective, the financial year can be broken down into two distinct periods. Until the start of the summer 2022, we saw continued yield compression, leading to a strong positive valuation movement in the first six months. Since summer, we have seen the effect of high inflation and higher risk-free rates, leading to a softening of market yields and a significant reduction in transactions across all our markets. Between March 2022 and year-end, our valuation net initial yield increased by circa 30 bips from 3.5%- 3.8%, representing circa 8% rise. The valuation decrease in the second half was, however, mitigated by a number of factors inherent to our portfolio. Increased income through asset management and indexation, completion of the Mango extension. Finally, strong ERV growth. Turning to ERV, at year-end, the reversionary potential of the portfolio is 9.5%. This means that if all our properties reverted to market rents, we would capture a EUR 7.1 million increase in rent. As Phil will describe it a bit later, all our markets are characterized by tight supply and very low vacancy, which continues to support rental growth. This is especially the case in core Western European locations where our portfolio is concentrated. Moving on to the liability side of the balance sheet, our debt position is strong. As you can see on the chart, we have no maturities before Q4 2025, when our most expensive debt, the RCF, will mature. 73% of all our debt benefits from fixed coupon, with the remainder all hedged. The green bond benefits from an all-in 0.95% coupon, whereas the private placement benefits from an average of 1.37% fixed coupon. The RCF is floating but benefits from an interest rate cap maturing at the end of 2023, limiting the rise in Euribor to 0.65%. All in all, our average cost of debt during the year was 1.22%, and the run rate cost of debt when all debt is drawn is 1.46%. We expect the average cost of debt in the next financial year to be in between these two figures. Our LTV is 35.2% at year-end and increases to 40.6% if you include all commitments on developments and extensions. We expect a large majority of these commitments to be paid during 2023 and will be funded through our drawing of the RCF. The RCF has another EUR 130 million undrawn capacity, we'll be cautious with respect to our debt levels until we have better visibility on market conditions. We have taken significant steps to improve our financial performance during the year with the full effect of these actions also flowing into next year's numbers. Our contracted income will continue to grow and benefit from the asset management and development activities. Our cost ratio will come down with the full effect of the reduced management fees and other measures. We expect to structurally cover the dividend through 2023 and beyond, we'll continue to maintain the strength of the balance sheet by adopting a cautious approach to our capital deployment. I'm confident we can further improve the performance during 2023 through our focus on delivering organic growth and driving operational efficiencies. Now I'll hand back to Phil. Thanks, Mehdi. Before I provide an update on the market and our activities during the year, I'll first take a moment to briefly summarize my perspective on our portfolio strategy, our approach to creating value, and how these factors come together to build resilience. The quality that we have created in our portfolio is based on the four key elements that you can see here on the left. Primarily large-scale modern buildings with excellent ESG credentials, focused on key transport corridors close to large centers of population, leased to strong customers with inflation-linked reviews, and with the portfolio having the appropriate exposure to risk. On the right, I've highlighted the way we proactively manage the portfolio to add value. Through portfolio management, that is maintaining the optimum portfolio composition and balance, through working with our locally based asset management partners on leasing regears and other value enhancement initiatives, through collaboration with our customers to support their growth ambitions, and through our relationships with key developer partners to fund and develop new buildings. This approach is underpinned by a set of core principles, a disciplined approach to capital allocation, managing the balance sheet to maintain a robust financial position, and our commitment to ESG, which permeates through all aspects of how we run the business. This strategy has delivered the strong portfolio that we have today, and it will continue to provide both resilience and opportunities to grow our income over the long- term. It is this portfolio strength that will be particularly important as we move into more challenging market conditions. Starting here with the investment market. As has been widely reported, the change in macro picture is feeding through into European property markets with adjustments to asset pricing becoming more apparent over the second half of the year. Although investment volumes remained high in continental Europe into Q3, investor sentiment has now shifted, and we are likely to see the number of transactions fall significantly over the next two quarters. This will continue to impact pricing in the short- term, and I expect capital values to soften further as we move into 2023. Although the logistics sector will not be immune to the short-term macro headwinds, it's important to remember that inflation-linked reviews, rental growth, reversions, and the ability to capture asset management gains will insulate the sector to some degree. All of these characteristics are present in our portfolio, and I will talk more about these in a moment. Turning now to occupational markets, the outlook is more positive. What we are hearing from our customers is that they continue to seek long-term solutions to three important priorities: enhancing their e-commerce capability, building resilience in their supply chains, and reducing the environmental impact of their operations. These structural drivers remain an important source of demand across all our markets. As you can see in the top right chart, takeup remains robust and is derived from a diverse range of occupiers and sectors. Moving now to the supply side. While the development of new space has been relatively high, this has not kept pace with demand, as shown in the chart on the bottom right, the net effect being that rents continue to grow and vacancies remain very low. Looking forward, although takeup is likely to fall from the current high levels to a more normalized run rate, this will still represent a very healthy amount of demand. We also expect development activity to reduce, helping to keep market dynamics favorable. We will continue to monitor the market conditions very closely, but I remain confident that the business is well positioned to benefit from the positive structural drivers and strong market fundamentals that will continue to support the sector for some time to come. Before I turn to our activities in the year, I just want to emphasize the resilience of our business. This is a really key strength and one that we have deliberately built into the portfolio. This resilience is derived from two elements, the high quality of our sustainable assets and the strength of our income. The high quality of our assets is captured here. The portfolio is focused on modern buildings located in core Western European markets, close to large sources of consumption, and comprising large-scale buildings that can be easily adapted to accommodate a range of occupier demand. The integration of our ESG targets into our portfolio strategy underpins this position and is reflected in the further improvement in our ESG credentials during the year. The fully integrated asset plans and our close collaboration with customers ensure this high level performance is maintained, and we will continue to invest in projects that lower environmental impact and allow us to meet our ESG goals over the long- term. I'm really encouraged by these ongoing initiatives and further progress here is a key objective for the team in 2023. The second key component of portfolio resilience is the quality of our income, and as you can see, the portfolio is extremely well-positioned. It is well diversified, our customers are large and financially strong, and the assets are let on predominantly long-term leases with an average WALT of eight years. In addition, our customers have the scale and resources to take long-term decisions which enables them to invest in automation and technology to improve operations within their buildings. The strength of this income is demonstrated by the occupancy of over 99% and the rent collection rate of 100% that is consistently delivered by the portfolio. I also want to highlight the index link structure of our leases, which is particularly important with the high levels of inflation across Europe. Nearly all our occupational leases have some sort of annual uplift. 54% have uncapped annual increases linked to inflation, 29% have a hybrid arrangement or cap, and 14% have fixed uplifts. This structure enables inflationary increases to be passed efficiently into rental income. Taken together, our high-quality sustainable assets and high-quality income give us a resilient asset base that will underpin performance over the coming years. Turning to our activities during the year, these have reinforced the strength of our portfolio. The priority in the first half was the deployment of the proceeds from the prior year's equity raise. During this period, we acquired nine high-quality assets totaling EUR 530 million, comprising a range of stabilized value add and development strategies. I've highlighted here two of the acquisitions which demonstrate our approach. Roosendaal in the Netherlands was purchased off market through LCP, one of the company's preferred developer partners. The warehouse, totaling over 113,000 sqm, is a rarity in a market where the land and gaining consent for such a large-scale building is extremely challenging. It is occupied in its entirety by Lidl, who use it for backup storage to provide additional capacity to their network. This is a stabilized investment, the relatively low commencing rent, together with the full annual indexation and potential to capture the 24% reversion at the end of year five, provides the ability to meaningfully grow rents through the initial period of ownership. The second example is an off-market acquisition in Sweden, sourced through Verdion, again, a preferred developer partner. A speculative funding in a very constrained market, 9 km north of Stockholm, just south of Arlanda Airport. The current ERV is 8% above the agreed rental guarantee, with ongoing lease negotiations well in excess of this level, providing the opportunity to capture this reversion on lease up of the building, which we expect to do well within the 12-month guarantee period. Our acquisitions demonstrate that we can intelligently source high-quality investment that add to our portfolio resilience, but also offer the near-term potential to increase underlying rental income. As market conditions shifted in the second half of the year, our priorities moved to be focused on growing income and extracting value from the existing portfolio. The three examples shown on the slide provide a cross-section of the type of approaches we adopt to increase rents and generate value. With Hammersbach, which Mehdi has mentioned, we proactively agreed a surrender of the existing lease and accelerated the capture of the reversionary potential by immediately reletting the warehouse to a strong new customer, resulting in a 24% increase in the passing rent. We also took the opportunity during the negotiations to amend the indexation and review clauses to improve the overall investment. The Mango extension, which is now complete and income producing, highlights the advantages of owning buildings with expansion land and the attractive returns that can be generated from working collaboratively with our customers to facilitate their growth. As Mehdi has outlined, the additional income of EUR 2.3 million per annum will be a big contributor to our top-line rent growth in 2023. The development at Bornem shows how speculative development, carefully targeted in the right markets, can attract new customers, create new rental growth, and generate attractive returns. These and other asset management activities have added around EUR 4.4 million to the annual rent roll during this last financial year. We will continue to use our proven asset management skills to unlock the income opportunities that are embedded within the portfolio. This chart provides an illustration of the income growth potential that we see in the current portfolio over the near to medium term. Starting on the left, you can see the EUR 79.6 million of rental income that Mehdi described earlier, including the contracted income at Barcelona, Oberhausen, and Settimo. Moving right, in the near- term, we have good visibility on capturing the reversion from leasing up our speculative developments, with these projects currently generating an encouraging level of interest. Discussions are ongoing with existing customers on a number of extension possibilities, and preparation work is also progressing well on the redevelopment at Malmö. While timing will be dependent to some extent on market conditions, we would expect all these projects to be delivered over the next two to three years. Indexation, assumed here over a five-year period, will of course be driven by levels of inflation, but we will continue to improve the structure of our inflation clauses whenever the opportunity arises. Finally, on the right, you see the portfolio reversion, some of which may take some time to fully crystallize. Again, as the Hammersbach example demonstrates, it is possible to accelerate the capture of these uplifts through proactive asset management. This chart illustrates the attractive income growth potential within the existing portfolio, and delivering this will be the focus of the team over the coming years. To summarize today's presentation, during the year, we have continued to build on our strong platform and optimize our operational performance. The priorities for the year were clear. From a portfolio perspective, to deploy the proceeds of our prior year equity raise to reinforce portfolio resilience and provide future income growth opportunities. From an operational perspective, to reduce the cost ratio and cover the dividend by lowering the management fee and increasing revenues through growing rental income. As Mehdi and I have both outlined, we have taken significant steps during the year to deliver these priorities, with the positive impacts expected to feed through into earnings more fully in 2023. Looking forward, the near-term focus will be on securing the income growth opportunities we currently have within the portfolio, as well as seeking further operational efficiencies. To conclude, our portfolio is well-positioned to benefit from the long-term structural drivers in our markets. We have an established platform, a resilient portfolio, and a strong balance sheet. The team will continue to focus on growing income and optimizing performance. With that, we can open up to questions. Thank you. Just a reminder, if you would like to ask a question, please use the toolbar below and type your questions in. I'll just leave a few moments for people to get their questions in. Thank you. We've got a couple of questions on the broader market. Paul May is asking how negotiations with tenants have been affected, if at all, by the cost pressures that tenants are facing with regard to energy and wages. Yeah. you know, in talking to our customers, at the moment, you know, these don't seem to be big factors. I think, you know, as we sort of said before, the total occupational costs relating to logistics buildings is a smaller percentage than some of these other costs. In terms of what people, when they're looking at rents and inflationary increases on the rents, it is a smaller proportion to some of their others. We're not hearing any pushback from tenants with regarding that, at the moment. Thank you. Another sort of broader market question, around the insulation for EuroBox in terms of the threats caused by any economic slowdown across the portfolio. I think the first thing is, you know, we are very aware of the market outlook and the potential for conditions to weaken. I think, you know, the important thing about the EuroBox portfolio is the strength of its assets. You know, I've mentioned in the presentation, the strength of the underlying customers that we have, the long leases, the fact that their portfolio is fully let within eight years. All these things will insulate the portfolio to some degree, together with the great locations that it's at. I suppose also, in terms of the EuroBox portfolio, there is a number of things we can do to add value to the portfolio in terms of asset management activities, the developments, and the extensions that will also add to the performance and insulate the business to some degree. Thank you. Further questions around strategy in the portfolio. We're being asked about indexation of the rental contracts. I know we've spoken to this in the presentation, but just a reminder of what percent of our leases are capped and uncapped. Yeah Fixed up there. I think this was in the presentation, but to remind everybody, in the portfolio, 54% of the leases are uncapped CPI, and all, you know, paid annually, so 54% annual uncapped. Another 29% of the portfolio are linked to CPI, but some of these are hybrid arrangements, so some will have caps. The majority of the caps around 4% of CPI. Then we have a fixed percentage of about 14% that's fixed at 0.9%. Finally, 3% with no increases, and that is really just short-term leases or leases approaching the end. Okay. Looking at the rental income, on rents, what is the current IFRS rental income and what's the quantum of rental guarantees and/or license fees in the EUR 74.3 million of contracted rent? Thank you, Jo. The IFRS rental income is EUR 57.9 million for the year. As a reminder, the IFRS rental income has a number of accounting adjustments such as rent smoothing. We try to strip that out to get to a free cash flow position in our adjusted earnings, which is then based to determine the dividend we pay. That's on rental income. On your second question, which is on rental guarantees, the rental guarantees represent circa 7% of the contracted income of EUR 74.3 million. Out of the 7%, some of it is license fee on existing developments, which have a prelet in place, so the rental guarantees or license, when it expires, will be replaced immediately by the tenant in place already. Some of it is on a speculative basis, where we are actively looking for tenants as we build the buildings. Thank you, Mehdi. Sort of moving on to sort of looking at the balance sheet, what's been the impact of rising interest rates on any debts obligations of the company? How do we view the current financing environment, in terms of interest rate caps on our RCF? Currently, we, as I explained in the presentation, we have 73% of our total debt, which is benefiting from fixed coupons. That's the green bond we raised last year and the private placement we raised at the end of last year. The 27%, which is floating, is currently benefiting from an interest rate cap which limits the rise in Euribor to 0.65%. That cap is maturing at the end of 2023. We will be looking to renew that cap during the current year next year. Thank you. Looking at your LTV, are there any plans to increase the LTV, or looking at what LTV and net debt to EBITDA levels we feel comfortable with? Just as a reminder, the LTV at period end was around 35%, if we include all the CapEx and commitments, that gets us to 40.7%. We still have circa EUR 130 million of available undrawn debt beyond that. We are conscious that valuation are currently under pressure from yield expansion, and that means that the 45% LTV targets, which is a medium term through the cycle targets. At this point, we are happy with the current level of LTV and we are not looking to increase our level of drawdown to get to that 45%. In short, in the short- term, we are not expecting to increase the LTV by further deployments. Thank you. Now looking at the portfolio further, could you please outline how you're thinking about new standing investments going forward? Is that acquiring standing investments? Is that the, is that the question? You know, how we're thinking about sort of the standing investments and whether we're going to sort of diversify more in terms of the tilt to value add. Yeah. Okay. Well, look, I think, and you would've picked it up from the presentation, the main focus of the business at the moment is to deliver the growth opportunities and the income that we currently have from within the existing portfolio. That will be the main focus of the team. I think in terms of undertaking new acquisitions, you know, we will continue to look at the market. Obviously, we've got great contacts all over continental Europe, so our intelligence there is strong. In terms of acquiring new investments, that isn't a priority for the business at the moment. Again, the focus will be on trying to get as much value and income out of the opportunities we currently have. Thank you. Yes. In the same vein, question from Mike Prew at Jefferies, are there any assets we might consider selling to reinvest in land development? If we can talk a little bit more about our development partners. Yeah. Well, in terms of disposals, I probably should remind everyone, you know, we undertake a regular bottom-up asset-by-asset review. This is to ensure that we maintain the portfolio performance. Part of this exercise is to identify disposals. I mean, this is part of our normal portfolio management process. I mean, I would say at the current time, you know, we've seen investments volumes fall, so there is limited liquidity. A lot of investors are pausing investment decisions at the moment. I don't think it's a good time to be actively looking to sell at the moment when the only buyers are looking for, you know, substantial discounts. Now, I do expect this situation to change as we go into the new year, and I would expect market conditions to become more supportive to disposals. In terms of disposals, I think that is something that we will look to explore more fully next year rather than right now. I think the second part of that was investing into land. Again, as I said before, at the moment, the priority is to use the money we have available to fund the existing projects that we have within the existing portfolio. That will be the priority. Again, new acquisitions, whether that's investments or land, not the priority. And I think the final part of that was about our development partners, Dietz and LCP, which we have a very strong relationship with, who I have met on several occasions since taking the leadership role. Of course, we have other development partners as well in Verdion and also MIGS in Sweden. Hopefully we'll continue to build the relationships with those development partners. Also, yeah, I mean, I think definitely look to try and expand the relationships we have with other development partners in the new year. Yeah, I mean, I don't see any reason why we can't grow the number of partners that we have. Thank you. Sort of going back to looking at our tenants and customers, what, in terms of looking forward to vacancies, are we aware of any tenants that plan to vacate or indeed, are there any conversations ongoing to renew or extend contracts? We have regular conversation with our tenants. We, like, will not be commenting on specific discussions with specific tenants, but obviously we keep a very close eye to all our tenants, the creditworthiness of our tenants, and also what the reversion in the space or in these buildings are. Yes, we're having a lot of these discussions. Just to add, you know, maybe a little bit more color about, you know, what we're hearing from our customers, because, from my perspective from going out into the portfolio and meeting the customers, it's been quite noticeable how they are still focusing on growing. I think there is a number of solutions that they're looking for. I mean, I mentioned it in the presentation. They're still looking to enhance their e-commerce capabilities, still looking to build resilience in their supply chains, obviously looking to reduce environmental impact. you know, I think companies, I mean, particularly the companies that we have in EuroBox, so tend to be bigger organizations in bigger buildings, you know, stronger companies. They're looking at, you know, multi-year investments in their supply chains. It seems that in my conversations, some of those customers are looking through short-term challenges. I mean, I think we are closely watching the how the economy evolves. Obviously we recognize that growth could slow and business confidence may be affected and this could affect decisions on leasing and expansion and maybe this could feed through into lower overall demand levels. I think, you know, we've gotta remember that, you know, demand is coming from exceptionally high levels. Market conditions are still fundamentally tight. On the supply side, we don't expect more development to come through, particularly with the cost and limited availability of debt. It's getting increasingly hard to source land for these opportunities. You know, I think that will keep market dynamics favorable going forward. Thank you, Phil. Also another question. We've seen spreads widen between the levels buyers are willing to pay and sellers are willing to accept. Could you provide some more color, please, in relation to your acquisitions, how these negotiations are going, as well as if you're seeing any early signs of distress among sellers, please? Yeah. I think I've mentioned it, the priority of the business at the moment is to focus on the opportunities that it has. We're fortunate that the business has a number of expansion opportunities through building extensions and developments and that is the focus rather than doing acquisitions. I think more generally in terms of, you know, buyers and sellers in the market, you know, I sort of briefly commented. You know, we have seen values weaken, and this is a result of the liquidity in transactions in the market falling. You know, the sellers out there at the moment are faced with some pretty opportunistic buyers, and that is coming through in the yields. Indeed, that has come through in the EuroBox portfolio to a degree in the second half. I would expect as we go into the new year for yields to probably soften a little bit more to reflect that buyer and seller dynamic. I do think that the market, you know, liquidity will return and transactions will increase, you know, as we move through the year in 2023. Great. Thank you. Mehdi, question from Saravana at RBC: Are you negotiating all new leases to be uncapped inflation linked? Do you aim to increase your exposure to these leases over time to a certain level, or prefer to retain some exposure to fixed uplifts in anticipation of inflation returning to historical levels over time? I mean, we clearly prefer uncapped inflation linked. It's currently, as we said earlier, representing 54% of the total leases, and we'd like that figure to be higher. We believe like the fixed component currently in the portfolio is averaging 0.9% fixed indexation. We believe over the long- term that inflation will be higher than the 0.9%. We've been successful actually in signing in all our recent leases, unlimited CPI, and that translates the favorable landlord market we have currently and the tight supply and low vacancy we have in the market. Yes, to your question, the plan is to continue to try and aim for uncapped CPI in all the leases. Thank you, Mehdi. Sort of broader questions now about where we think capital values and yields are going, Phil. Yeah, I sort of touched on it, haven't I? You know, in my presentation, I noted that transaction volumes were likely to fall into Q4, and pricing in the logistics sector will continue to soften. Again, this has come through in the EuroBox portfolio over the second half. I mean, it really was a year of two halves, with values up 8% first half and then down to 2.3% in the second half on a like-for-like basis. I think it's, you know, as we look forward, I mean, I think it is pretty difficult to predict, you know, where the yields are gonna go, and at the moment, a lot of the pricing is being driven by the macro. Probably just worth two things to touch on here in terms of things that may mitigate further yield expansion, particularly in the logistics sector. I think firstly, the point to get across is, you know, on that, on the macro, that picture does seem to be stabilizing. I think, you know, interest rate and bond yields in Continental Europe, you know, maybe will not increase sharply as other jurisdictions. Obviously at the moment, your bond yields and swap rates in Continental Europe are much lower than the U.K. And also, you know, there is still a significant amount of capital looking to gain exposure to the logistics sector. You know, any pricing adjustment could be seen by some as an attractive entry point. You know, that may help make the, the yield movements in Continental Europe a little bit more shallow than what we're seeing perhaps here in the U.K. The other thing is, you know, in terms of the portfolio itself, the EuroBox portfolio, there are things that we will be doing that will help mitigate as well. You know, such as, you know, the rental growth that we have in the existing portfolio, indexation, the asset management initiatives, capturing those reversions. All that organic growth will help to offset the market yield shifts, which may come through in the, in the, in the new year. Thank you. Another question from Paul May at Barclays. Would annualizing the fourth quarter 2022 adjusted earnings of EUR 0.0126 be a good guide for full year 2023, or will additional income from higher starting rents and lower costs from the investment management fee propel earnings growth further? Yes. I say, I think yes and yes. The annualizing the Q4 is, call it a floor for our EPS. You've seen in the presentation how we expect additional income and lower costs to further enhance that EPS number. We expect the dividend to be covered. As I said, we expect dividend to be steady in the first three quarters. Our objective is for that dividend to be covered, and we'll decide for any uplift in that dividend in the fourth quarter. Yes. Thank you. Thank you, Mehdi. Another question on, how we're looking at, views on potentially selling assets across the portfolio and how we look at that. Yeah. Well, I think I've mentioned this, haven't I? I mean, it's, it is a process that we go through on a regular basis. You know, as I said, I think at the moment, with liquidity very low, and the sort of opportunistic prices that are around that, it's not a good time to be doing that. I would expect us to market conditions to get more supportive and certainly undertaking disposals next year would be something that I'd be very keen to explore. Thank you. Just a reminder, if you've got any questions, please use the toolbar to type them in. I think we've got across most of the questions now. Thank you, and I'll hand back to you, Phil. Well, thank you very much for everyone to dial in this morning. Thank you very much for your time. I hope you found the presentation and the Q&A informative. If you have any other questions that Mehdi and I or Jo can help with, please feel free to forward them after we finish. Thank you very much for your time, and good morning.