Good morning, and welcome to the FY 2024 half-year results presentation for Tritax EuroBox. I'm Charles Chalkly, Director of Investor Relations. Before Phil Redding, our CEO, and Mehdi Bourassi, our CFO, talk us through the results, I'll make a few quick points about today's webcast. First, today's presentation is being recorded. A replay and transcript will be made available on our website. Second, there will be an opportunity for investors and analysts to put questions to the team at the end of the presentation. To do so, please use the text box in the webcast viewer. In the interest of time, we will look to aggregate and answer similar questions together. Should you have any subsequent questions, please do not hesitate to get in touch. Our contact details can be found on the company website. Finally, regarding the running order this morning, as usual, Phil will begin with a brief overview of the progress made during the period, highlighting the key messages for the half. Mehdi will then talk through our financial performance before Phil provides more color on the market and our portfolio, as well as outlining some of the initiatives the team has been working on through the half. Thank you. I'll now hand you over to Phil. Thanks, Charles, and good morning, everyone. I'm glad to say that over the past six months, we've continued to build on the good progress made with the strategic priorities we outlined 18 months ago. Although conditions have been challenging, we remain focused on capturing the opportunities within the existing portfolio and maintaining our balance sheet strength. We also have good visibility on the delivery of further initiatives in the second half of the year. Reflecting our focus on these strategic priorities, there are four key messages I want to highlight in today's presentation. Our high-quality portfolio remains well-positioned to benefit from the favorable market dynamics and positive structural drivers that continue to underpin the European logistics sector. Reflecting the uncertain macro environment, the value of our portfolio has declined marginally over the last six months, although we are seeing signs of investor sentiment improving. We've delivered a solid operational performance and further progress on our priorities, in particular, maintaining a fully covered dividend, while advancing our disposal program that has now reached EUR 173 million. Looking forward, we have good visibility on delivering our objectives over the second half of the year and expect to grow income, maintain a fully covered dividend, and complete the disposal program to maintain our balance sheet strength. First, a quick review of our operational performance. When I became CEO of EuroBox at the end of 2022, I outlined four strategic priorities: to grow income, manage costs, drive earnings to support a fully covered dividend, and maintain balance sheet strength. Our activities over the last six months have remained focused on delivering all these objectives. As I'll come on to, I'm really pleased with how busy the team has been across a broad range of activities throughout the portfolio, delivering a number of important initiatives. One of these has been our disposal program that has lowered leverage, but as expected, impacted some other of our financial metrics. Reflecting these sales, annualized rental income declined 2.6% to EUR 74.3 million during the period. The cost ratio of 24.1% improved slightly and remains within our stated range of 20%-25%. Adjusted EPS declined 3% to 2.62 cents, again, mainly due to disposals, but with the dividend of 2.5 cents remaining fully covered at 105%. Including the recent sale of Gothenburg, gross sale proceeds now total EUR 173 million, with the pro forma LTV reducing further to 43.3%. As a result of this progress and the high-quality nature of our assets, during the period, Fitch reaffirmed our investment grade credit rating and upgraded their outlook to stable. Before I hand over to Mehdi for the financial review, it's important to say that the board and the manager are acutely aware that the share price continues to trade at a significant discount to net asset value. This has been widely discussed by the board, the manager, and the company's advisors, and there is a clear alignment and focus on delivering value to all shareholders in an effective and efficient manner. Now over to Mehdi. Thank you, Phil. Good morning, everyone. In the next few minutes, I'll give you an overview of our financial highlights for the period. I'll provide details on our operations first, explaining movements in our income and costs, which result in a fully covered dividend. I'll also show the impact of our successful disposal program on our income and balance sheet, and go into more detail on valuations, which have seen a further marginal decline since September, impacting NAV and LTV. This slide provides a summary of the key figures. Our IFRS rental income increased 10.1% to EUR 35.9 million against H1 last year. This is mainly the result of rental guarantees on development converted into leases with customers, now recognized under IFRS as rental income. Our costs continue to evolve favorably. The investment management fee cut delivered in the prior year, as well as the lower NAV and additional efficiencies in the portfolio, means the Adjusted EPRA cost ratio is now 24.1%, down from 25.6% in H1 2023. Our Adjusted EPS has come down 3% to £0.0262 from £0.027 in H1 2023. This was mainly due to the impact of disposals, but despite these sales, the dividend remains well covered. Moving to the balance sheet on the right, we have seen another expansion of property yields during the period, leading to a 2.9% like-for-like drop in our valuations. But ERV growth was once again strong at 4%, and this helped to mitigate some of the impact of the yield expansion. This move in our valuation has led to our EPRA NTA declining from 1.02 EUR in September 2023 to 0.96 EUR at the period end. Let's go through the detail of all these figures, and let's start with the P&L. The chart shows how our rental income has progressed during the half, and all these figures are annualized. Moving left to right, our annualized rental income at the end of last financial year was EUR 76.3 million. During the period, indexation events grew the income by EUR 0.6 million. We have also been actively working on new asset management initiatives and have signed new leases, which delivered EUR 1.2 million additional income. However, we also had a unit become vacant in our Bremen asset, and the rental guarantee at Rosersberg One expired, which meant reductions of EUR 0.2 million and EUR 1.8 million, respectively. This is partly compensated by the completion of our fully let Polish extension in Strykow, which delivered EUR 0.5 million of additional income. Finally, the disposals during the period resulted in losing EUR 2.3 million of annualized income. And as you can see on the right, this has all led to a total annualized income at the end of the period of EUR 74.3 million. On a like-for-like basis, our annualized rental income has decreased 0.3% during the six months. Excluding Rosersberg, the only non-stabilized asset, it has increased by 0.6%. As usual, indexations are weighted to the second half. Hence, we can guide to like-for-like rental growth of the stabilized portfolio of 3%-5% for the full year. Let's now have a look at the cost side of the P&L and what this all means for earnings and dividend. As I said earlier, the adjusted EPRA cost ratio has continued to improve and is well within our target range. Our costs have continued to come down, mainly as a result of a lower NAV, although this is partly offset by the effect of the lost income from disposals. As we have stated before, our aim and expectation is for the cost ratio to remain well within our target range of 20%-25% in the full financial year. The disposal program has reduced income, and our adjusted earnings therefore come down slightly from EUR 0.027 in H1 2023 to EUR 0.0262 at the end of this period. We have today announced a steady half-year dividend of EUR 0.025, which means the company's dividend remain well covered at 105%. Looking forward to the end of financial year, we expect the dividend to continue to be covered, including the impact of asset sales as we complete the disposal program. Let's now turn to the balance sheet and start with the property valuation movements. As mentioned previously, our portfolio valuation has continued to drift in the first six months of the year. This is the result of low transaction volumes, reflecting the ongoing higher rate environment. As you can see on the first chart, our net equivalent yield has expanded by 26 basis points, which, as Phil will outline a bit later, is exactly in line with how the market has moved during the period. Combining this with the 102 basis points you see during last year and the 31 basis points in H2 2022, our net equivalent yield has expanded by a significant 159 basis points since the peak, which represents a 44% increase in the property yield over 24 months. Coming back to the past six months, it means our portfolio valuation has declined by 2.9% on a like-for-like basis. Combined with the impact of disposals, the portfolio total valuation is now EUR 1.47 billion, against EUR 1.56 billion at the end of September 2023.... On the flip side, the yield expansion has continued to be partly offset by strong market rental growth. You can see this on the right. The six months to March 2024 have seen an increase of 4% in like-for-like ERV growth, leading to a total reversion potential in the portfolio of 21.3%, or EUR 15.9 million, significantly up against last year's. To finish on valuation, it's worth highlighting a couple of points. First of all, we see some differences across geographies in the valuation movements. Some countries, such as the Netherlands or Belgium, have seen yields stabilize or compress very slightly. On the other hand, our German portfolio was impacted by further yield expansion. This reflected transactions on prime, lower-yielding assets in Germany. The second point relates to ERV. As just mentioned, the total reversion for the portfolio is 21.3%. With a long weighted average lease length of 9.5 years, we can only capture this reversion over a number of years. However, it provides us with great comfort as to the security and quality of our income stream and how it will grow in the future. Turning now to the debt side of the balance sheet, you can see that we continue to maintain a strong position. We have a total of EUR 950 million of available debt, of which EUR 250 million is currently undrawn. The earliest maturity is the RCF in October 2025, and this is now completely undrawn. Beyond the RCF, the green bond matures in summer 2026. Inevitably, we expect the refinancing of that bond to be more costly than our current cost of debt. We have a little over two years until that matures, but we are already working on a refinancing plan. 100% of drawn debt is fixed, and the cost of debt during the period was 1.43%, a slight increase against last year. We expect the cost of debt for the entire financial year to remain between 1.25% and 1.5%. Finally, as Phil said earlier, Fitch not only reaffirmed our investment-grade credit rating but also upgraded our outlook from negative to stable. This was mainly the result of the successful disposal program undertaken in the past 12 months, with EUR 139 million sold in line with book value overall. This also improved visibility on our key debt metrics, including the net debt to EBITDA and the LTV. Let's spend a bit of time going through how the LTV has continued to fall. As a reminder, we announced 12 months ago a revised LTV target to be in the low 40s. Moving left to right, we started the period with an LTV ratio of 46.4%. The combined disposals of Bochum and Malmö during the period decreased the ratio by 2.7%. And you can see the favorable working capital movement, which reflects the cash inflow from the exceptional receivables in Germany I described at the last year-end. This has lowered the LTV by a further 1.1%. On the flip side, we are also progressing well on the last development in the pipeline, with some CapEx spent during the period on the Oberhausen building. This has increased the LTV by circa 0.2%. Finally, you can see the impact of the valuation movement, resulting in an LTV of 44.5% at period end. Post-period end, we announced the Gothenburg disposal, which was broadly at book value and further decreases the pro forma LTV to 43.3%. Our objective remains to further reduce the LTV percentage to the low 40s, with the aim to complete the disposal program in the second half of the calendar year. To summarize, operationally, it has been a good six months. A key priority was to manage the balance sheet, and I'm pleased Fitch not only retained our investment-grade rating but also upgraded the outlook to stable. This was achieved thanks to the successful disposal program around NAV in a market with very low volumes, given the macro uncertainties. We expect to complete the announced disposal program in the second half of the year. And while the disposals have inevitably reduced our annualized rental income, our dividend remains well covered as a result of the combination of indexations, asset management, and further improvement in our Adjusted EPRA cost ratio. The quality of assets and income means we remain confident we will deliver a fully covered dividend in the second half of the year. With that, back to you, Phil. Thank you, Mehdi. Before we take a closer look at the portfolio and some of our recent activity, let me provide a few comments on recent market trends. First, a look at investment markets. As the chart top left shows, with the outlook for interest rates turning more positive, investment volumes in Continental Europe over the last 2 quarters have increased by 17% from the same period 12 months ago. This improving picture can also be seen in the chart bottom left, which shows the extent and change in pace of price adjustments across our markets. The green bars show the changes in yields over the last 6 months, which have slowed markedly compared to this time last year. And as Mehdi referred to earlier, the overall 26 basis points change during the period is exactly in line with the eBox portfolio movement. Along the top, the chart also shows where yields currently stand, with investors increasingly seeing these rebase levels as attractive entry points, particularly when combined with the strong underlying sector fundamentals that continue to generate rental growth. Now turning to occupier markets and the chart top right. As you can see, occupier take-up continues to slow, and while part of this is a normalization from recent exceptional levels, we are seeing the weak economic outlook leading to some occupier caution and slower decision making. As a result, as shown in the chart bottom right, vacancy continues to edge up, but remains at relatively low levels and hides significant differences at country and local market level, with availability in core markets where we are focused remaining limited. As a result of this demand and supply dynamic, rental growth continues to be generated, albeit below the exceptional levels of recent years, but still healthy by longer term standards. So bringing all this together, over the last six months, the higher interest rate environment has translated into continued weakness in investment markets and a degree of caution becoming evident in occupational markets. But with a growing consensus, that interest rate-driven yield shift is now behind us, the backdrop for logistics markets should be more supportive over the second half of the year and into 2025. So with trends in investment and occupier markets being somewhat mixed, it's essential to have a portfolio with the right characteristics. I've outlined before the attractive features of our portfolio, but being a key strength, it's worth a quick reminder, as it allows us to benefit from the sector's positive growth drivers, while also providing defensive qualities in tougher market conditions. Looking at the top half of the slide, as you can see, we operate in well-established Western European logistics markets, with a portfolio made up of modern, predominantly large-scale buildings with excellent ESG credentials. These buildings play an essential role in our customers' distribution networks, and with the considerable investment made in automation, IT, and staff, it is these types of occupiers that are prepared to make long-term commitments and build long-term relationships. And this is reflected in the strong income characteristics shown on the lower half of the chart, which demonstrates our strong customer base, long-term leases, and indexation structure with over 80% of our leases subject to annual inflation uplifts. These attributes combine to generate a robust and predictable source of income, and this is reflected in the 100% rent collection achieved since the inception of the company and high occupancy rates of around 96%. As we look ahead, the portfolio remains well-positioned to grow income, both through the regular uplifts from inflation-linked leases and also our proactive approach to capturing new income. And I'll talk more on that in the next slide. As I mentioned earlier, I'm really pleased to report another busy period of portfolio activity. Turning first to asset management on the left. During the period, we agreed a new lease on the second unit at Settimo Torinese at a rent 9% above the first unit in ERV. The scheme is now fully let, and the rental guarantee de-risked. We also agreed a new five-year lease at our two-unit development in Rosersberg, with the rent 20% above the underwrite level and 3% above the September ERV. Post-period end, at Strykow, we signed a short-term lease with Arvato for an additional 17,000 square meters, adding EUR 0.6 million of rental income over the ten-month term. The scheme is now fully let, and this reduces portfolio vacancy from 3.9% to 3.1%. We also regeared the lease at Unit B at Bornem and agreed a new lease for Unit C. Taken together, this secured EUR 1.5 million of annualized income until 2032. So the team has been very active, but there's plenty more for us to do. And the bottom left table shows the leasing priorities, particularly at Rosersberg, which will be our focus in the second half. And moving to the right, following the significant pipeline of new developments funded in the last financial year, we now only have one further project to complete at Oberhausen, near Düsseldorf. The 23,000 sq m brownfield redevelopment is currently on time and on budget for completion in Q3 2024, with potential income of EUR 1.9 million when built and let. The project is targeting a development yield of around 6.5% and a profit on cost of over 25%. Leasing this space will also be a key priority for the team during the second half. Finally, we have the building extension opportunities at Geiselwind and Wunstorf. In the near term, these could add up to EUR 2.5 million, depending on the timing and space requirements of the current occupiers, and also on generating appropriate returns. Alongside the good progress with our asset management and development activities, we continue to take steps to enhance the portfolio's ESG performance. You will remember back in December, I spoke about our four ESG pillars, one being climate and carbon, and we've been working with our customers in this area to advance new solar projects at four of our assets in Germany. You can see these new projects in the middle alongside our existing schemes on the left. During the period, we secured a guaranteed long-term floor price for all power entering the grid, and we'll look to secure agreements with our customers and start installations towards the end of the year. As you can see from the right-hand box, these new projects build on the increased capacity we delivered in the last financial year and will more than double installed capacity to 21.5 MW. In the near term, there is a further 6 MW of capacity which can be installed across three more assets in Germany, plus an extension to an existing scheme in Italy. Our solar projects provide benefits on multiple levels, including the ability to reduce the environmental impact of our buildings, generate additional income, and preserve value, as well as providing opportunities to collaborate with our customers and help them deliver on their own ESG commitments. Let me now expand on the ongoing disposal program we announced 12 months ago. When launched, the program had two principal aims: to improve balance sheet metrics, particularly our LTV ratio, and to fund existing opportunities within the portfolio, subject to the delivery of acceptable returns. We previously announced the disposal of our Bochum asset, where we had limited opportunity to add further value following the completion of its asset management plan. We also completed the sale of Malmö for data center use at a level nearly 40% above book value, accelerating the capture of development profits and comparing favorably to the expected returns from undertaking the project ourselves. Post-period end, we agreed the sale of our second asset in Sweden at Gothenburg at a price of EUR 34 million, 3.8% below the September 2023 valuation. Bringing all this together, to date, gross proceeds from the disposal program have totaled EUR 173 million, with the combined exit price in line with the aggregate book value. Securing these sales during a period of subdued investment markets is a great achievement and demonstrates the value placed by investors on our high-quality assets. I'm really pleased with the progress we've made and anticipate completing the planned disposal program by the end of 2024, in line with the previously announced timescale. Now, taking a look forward, this chart shows the future income growth potential of the portfolio. The first three buckets show the embedded income opportunities made up of indexation, estimated at EUR 4.8 million over the next three years, lettings and uplifts above rental guarantees on unlet space, adding EUR 1.7 million, and portfolio reversion of EUR 12.3 million on let space. Out of this reversion, we expect to capture around EUR 1.2 million in the next three years. But of course, we are constantly looking for ways to bring forward and crystallize the later reversions. The next bucket relates to projects with committed CapEx. First, the Oberhausen development, which is expected to add EUR 1.9 million when finished and let, and then the four solar schemes in Germany I mentioned earlier that are anticipated to generate around EUR 0.9 million when fully installed. The last bucket includes projects where CapEx has not yet been committed, made up of the extension opportunities at Geiselwind and Wunstorf that could add up to EUR 2.5 million in the near term. So we've continued to have good visibility on rental income growth, which underpins our confidence in delivering our strategic priorities in the second half. So to conclude, the higher interest rate environment continues to frame investor behavior. But with a growing consensus that the rate hiking cycle is now behind us, this should lead to a more supportive backdrop for asset values for the remainder of the year and into 2025. Our portfolio of high-quality assets with strong income characteristics continues to be well-placed to benefit from the sector's positive growth drivers, with its defensive qualities also providing income security through the market cycle. Although market conditions have been challenging over the last six months, we've made great progress in delivering our strategic priorities, as you can see here. We've worked hard to capture the new income from within the existing portfolio, and we expect like-for-like rental growth to move up to between 3% and 5% on the stabilized portfolio in the second half. We continue to manage our cost base and expect to maintain the cost ratio within our target range of 20%-25% for the full year. The dividend has now been covered for seven consecutive quarters, and we expect it to remain fully covered for the financial year 2024, including the impact of asset sales. We are on course to complete the planned disposal program by the end of 2024, as originally outlined, and expect the LTV ratio to move to our target of low 40s to maintain balance sheet strength. However, as I said at the start of today's presentation, despite our high-quality portfolio and the good progress made on our strategic priorities, the board and the manager are acutely aware that the share price continues to trade at a significant discount, and there is complete alignment and a clear focus on delivering value to all our shareholders in an effective and efficient manner. So, to close, a reminder of today's key messages. Our high-quality portfolio remains well-positioned. We've delivered a solid operational performance, made progress on the strategic priorities set out 18 months ago, and have good visibility on driving performance in the second half. With that, I will now hand over to Charles to coordinate the Q&A. Good morning, everyone. I'm Charles Chalkly, Investor Relations Director at Tritax EuroBox. I'll help manage the questions this morning. Just as a reminder, if you'd like to ask a question, please submit it via the text box in the webcast platform, and as far as we can, we will look to answer similar questions together. We've had a few questions come in already, so I was gonna wait before we make a start, but I think let's crack on. Phil, I'm gonna come to you first. There's a question here from Mike Prew at Jefferies. "So with the portfolio value stabilizing, is the de-gearing process complete, having delivered 43% LTV, or are more asset sales anticipated? Thank you, Charles, and good morning, everyone. Yeah, just a quick recap. So 12 months ago, I outlined the intention to undertake disposal of at least EUR 150 million, by the end of 2024, and that was aimed at reducing the LTV, to a percentage in the low 40s. So, you know, we've made really good progress here. So we've now got the sales up to EUR 174 million, and the LTV has reduced pro forma now to 43.3%, including that last sale in Gothenburg. So we're making good progress, but I, I would anticipate we would look to do one more sale, over the remaining course of 2024, so we can get that LTV into our target range of low 40s. Great, thank you. And, we've got a follow-on from that, actually, and this one's for you, Mehdi. "So can you talk about the remaining disposal pipeline, in terms of, the impact on earnings and dividend cover? So what's the, what's the impact on our forecast there? Sure. Good morning, everyone. On the future dividend, and as I said in the presentation, we're confident that the dividend will remain covered for the full year 2024, and we have good visibility for the full year 2025 as well. Excellent. Thank you. And then, Mehdi, sticking with you here, so your a question along the lines of, development costs. "So your forward-funded developments, what risk is there on construction cost inflation please? So let me start by saying we have one development outstanding. That's in Oberhausen in Germany, and that development will complete over the summer. Typically, when we fund developments, we enter fixed price contracts with the developer, which means the construction cost risk is mitigated or removed from the start of the development. Thank you. One here from Paul May: "So outside of Rosersberg Two, are there any other rent guarantees, e.g., Oberhausen? If so, when are these due to expiring?" Phil, I think that's, that's one for you, if you can- So further rental guarantees? That's right, yeah. So- For the Oberhausen. Yeah. Well, so the only rental guarantee running at the moment. So, at Rosersberg, obviously, Rosersberg One, the rental guarantee expired. We've got another rental guarantee in Rosersberg, which will expire in July of this year. Oberhausen, it does have a rental guarantee. It's only very short, so it's just a couple of months. It's not. It's more to cover fit-out periods rather than a rental guarantee. Okay. It hasn't started. It will start from practical completion of the building. Thank you. Yeah. One here for you, Mehdi, on rent growth expectations: "So, of the 3%-5% that we mentioned in the statement, is that for H2 2024 or for the full year?" That's from Rob Jones at BNP Paribas. It is for the full year. As I mentioned in the presentation, our indexation events are triggered on the anniversary of keys, and it's weighted—the timing is weighted in the second half, which provides us good visibility for the full year on the stabilized portfolio, i.e., excluding Rosersberg, we expect to be between 5%. Okay. And then a couple here I'm gonna combine, actually. One, have you looked at ASLI? And there's one more question along those lines. So Phil, I think, this is for you, this is about abrdn European Logistics Income. Yep, yep. I mean, I've mentioned this before. So in terms of ASLI, I mean, firstly, I should say that the board and the manager are always open to assessing opportunities that can maximize shareholder value. And I think I said before, we did engage in the formal sale process. ASLI is currently progressing. But we approach this as we would approach any capital investment. And what we said previously is we'll look at this in a disciplined way, and we'd look at it only if it made sense for shareholders. What I can say now is that we are not involved in that process. Very clear. Thank you. And Mehdi, one here for you about the Fitch announcement that we came out with earlier this year, we've reiterated today. Can you say a bit more about the rationale for Fitch reaffirming the company's investment grade status and upgrading the outlook? So this is, I guess, along the sort of process and the background behind that. Yeah, sure. I mean, first of all, we are very committed to our investment grade rating. As we are to Fitch, they, they recognize the high quality nature of the portfolio and the resilience of the income stream. They recognize the company made significant progress on the deleveraging, which improved a number of key debt metrics. And in particular, for Fitch, the net debt with EBITDA metric is quite important, and we are on track to be between 10.5 and 11 on that particular KPI. Very helpful, thank you. And then, Phil, back to you. A question here along the lines about, well, it's about the geographies and markets. So have you seen any difference in performance across geographies? Yeah. Well, I think Mehdi touched on this, didn't he, in the presentation, around the valuation slide there. So yes, we have. So we saw a better performance in terms of the valuation movements in Belgium and Netherlands, probably reflecting the very tight market conditions that are in those geographies. But I think Mehdi also mentioned in the German portfolio, we took more outward yield shift there. And I think, yeah, that's a reflection of Germany being slightly slower to adjust than some of the other geographies, so yields there are relatively low. I mean, that does reflect how the sought after nature of that market. But recent market evidence, I think, led to the slight softening there. In terms of just, other differences, if you like, I mean, vacant buildings obviously were valued down a little bit, and the larger lot sizes saw a little bit more of a movement, but that was the sort of balance. So, it's a little bit more, sort of country specific and asset specific than, you know, the sector-wide moves than we've seen before. And looking forward, I think we'll see more of that in terms of differentials between the core geographies and the core markets, and the high quality assets with good ESG credentials performing better. Okay, thank you. And Mehdi, one on our solar progress. What return do we get from the solar portfolio, and what impact does it have on the value of the building? So a two-parter for you. Yeah. Happy to tackle that? Yeah. It depends on an asset-by-asset basis, and the range goes from mid-single digit returns to mid-teens, depending on each asset and how much the tenant is actually consuming from that energy. In terms of value, which is the second part of the question, I would say it provides the additional income, so that gets valued. But we see it more as a protection of the value of the building and future-proofing it, in a time where ESG is becoming increasingly more important. Thank you. And a question that's come through here, and this one's, you know, I'm gonna give to Phil. So how will you deal with the share price discount in NAV? And then a follow-up on that: Will you use your facility to buy shares back and cancel them? So it's about, yeah, share buybacks and, and the share price discount. Well, I mean, there, there's a few comments in my presentation there at the start and the end, wasn't there? So I should, I should kick off by saying that, you know, the board and the manager still fundamentally believe in the strategy of the business, and also the opportunity that we see in the European logistics market. But we have to acknowledge that shares have continued to trade at a persistent discount, a meaningful discount, and, and, and we do need to address this. So clearly, there are a number of options available. I'm not gonna go into any detail of, of these at, at this time. You know, what I can say is the board and the manager are quite clear on what we're gonna do on the way forward, and we'll be open to exploring all avenues. Thank you very much. And two, I'm gonna combine here about income growth. So was the like-for-like rental income decline disappointment, or was that disappointing? And then another one come in that's along the lines of the good visibility we mentioned in the statement. So please, will you provide a bit more color about income growth being weighted the second half of the year? And Mehdi, I think these are both for you. So, disappointment in the like-for-like rental decline and color on the second half. Well, let me run you through a number of the figures. So the headline like-for-like is indeed negative 0.3%, and that's mainly due to the rental guarantee expiring at our Rosersberg one asset. Now if we look just at the stabilized portfolio, so excluding that Rosersberg one asset, the like-for-like growth for the period was 0.6%. Now some of you might still be disappointed by the 0.6% for the six months, and that's why we've provided guidance for the full year. We know we have a number of indexation events happening in the second half. We have a number of catch-ups happening on some leases in the second half, which provides us comfort that we will be achieving a 3%-5% like-for-like income growth for the full year on the stable asset portfolio. Very helpful. Thank you. And, so we might need to dust off your crystal ball here if you've got one. One here about values. How do you think values are going to move in 2024? Are we at the bottom? Well, I don't have a crystal ball, is my first line. I think as I said in the presentation, you know, I think with the outlook for interest rates turning a bit more positive, you know, we're seeing a bit more a positive mood in terms of investor sentiment. You know, I said this in the presentation, you know, the backdrop for the logistics markets in the second half and into 2025, you know, should be more supportive in that environment. So, you know, in terms of, you know, where we are, I mean, you know, our valuation, the yields have moved quite a lot. I think we're sort of there or thereabouts, you know, in terms of yield shift. There may be some more modest moves, but I think this will be more asset specific or market or sub-market specific even, rather than any significant movements from here. Very clear. Thank you. One for you, Mehdi, here. Mehdi mentioned that a refinancing plan for the green bond is being worked on. Can you elaborate on what options you are considering, and what impact it can have on your debt cost? If that's when], appeal on. Sure. Well, as I said, we work on a plan. I cannot comment at this stage because it's work in progress in terms of what the plan is. What I can say is you should not expect any announcement before Q1 2025 at the earliest. Inevitably, as I said in the presentation, the refinancing will be more expensive than our current cost of debt. Thank you. Okay, as there are no further questions on the webcast, we'll bring things to a close there. Please get in touch if you have any subsequent questions, and all that remains is for me to thank everyone for joining today and to wish you all a good morning.