Good afternoon, ladies and gentlemen. Welcome you warmly to Q3 and nine-month GTC's results. Today with me is Zoltán Fekete, the CEO, and Ariel Ferstman, the CFO. We will conduct, as usual, a presentation, which will be followed by question and answer session. I just want to say that the call is being recorded and the recording of the call will be available on our website. Let me pass the floor over to Zoltán Fekete to start the presentation. Thank you, Malgosia. Welcome everyone. Well, if we start the presentation, I would like to start with a summary of the results. I'm happy to report good financial results for the nine months this year. Our rental revenues increased to EUR 126 million, up from EUR 124 million same period last year. Gross margin, more or less the same, EUR 92 million. Our FFO increased to EUR 54 million compared to EUR 52 million. Our EPRA NAV currently stands at PLN 11.15 per share, compared to our current share price of the range of 6-6.2 PLN per share. LTV slightly increased to 44% from 42%, and our occupancy remains high at 89%. We continue to have a strong cash position, EUR 128 million, plus we also have available credit facilities of EUR 94 million. If we turn the page. In the office segment of our business, in this quarter and so far nine months this year, we have been experiencing strong leasing activity. Tenants have come back big time and prolonging leases and we also managed to sign new lease agreements. 80,000 square meters leased in nine months this year, compared to 66,000 square meters in the previous year. In Q3 alone, 27,000, almost 28,000 square meters office space was leased. Our occupancy in the office segment is 86%. Some major events I would like to highlight. We commenced the construction of Matrix C a few months ago in Zagreb after the successful sale of Matrix A and B, which is expected, this is the transaction which was announced a few months ago. This is expected to close in the coming days. Earlier this year, we also completed the construction of Pillar in Budapest. On that project, the uplift on the valuation was almost EUR 30 million. If we move to the retail segment of our business on the next slide. Occupancy on the retail side is 96%. We see positive trends in our shopping malls. Footfall is growing and turnover exceeds pre-COVID levels. If we compare to the same period in 2019, before COVID, we are at 114%, and we also list here the turnover and footfall figures for the period. You can see that the trend is upwards. On the next page, just to highlight, the main characteristics of the portfolio. 88% of GAV is income producing. We have just before 65% of our income producing portfolio is in the office segment. We have some projects in development phase, but it's relatively low, 4%. We haven't had any major shift in the composition of our portfolio, so 93% of our assets in EU countries. We also continue to have the green profile. 88% of the assets are green certified with 11% on the certification process. Turn the page, just a few words on the development projects. We have 4% of the portfolio in development phase, and we have EUR 84 million in total in development phase. That doesn't mean that we are not progressing with the pre-development work on some major projects. I would like to mention here, for example, in Serbia, the project in Napred, which is a 75,000 square meter office development. We just completed the development of GTC X in Belgrade. It's fully leased, so the market in Serbia remains to be strong, and there is high demand for quality office space. We are also doing pre-development work in Wilanów, in Warsaw. Obviously, it's a major project. It's still time before we launch, but we are progressing and busy on preparing the plans. Just some more details on other existing development projects. Our project in Sofia Tower, the office extension of the existing building is progressing well. 50% of that, the new part of the building is pre-leased. Matrix C, I mentioned the project has started in Zagreb. It's 84% pre-leased already. I also mentioned GTC X in Belgrade. That has been completed, and we are opening actually tomorrow this new building. In Budapest, Center Point 1 and 2, office building, the redevelopment of this site is going well. Some tenants are moving in fairly soon. We are also progressing with the redevelopment of the Rose Hill Business Campus in Budapest. On the next slide, just a few words on projects in the pre-development phase. ABC 3 in Sofia is starting soon. The project is expected to be completed in roughly about two years' time. That will add EUR 1.7 million income. Napred, I just mentioned in Belgrade, 72,000 sq m. We are progressing with the architect selection on this project. This would have a rental income once completed at EUR 13 million. We started Center Point 3 development project in Budapest. On Spatio, the project in Bucharest, we are at the moment in amending the permit and hoping to get it in the coming months. With that, let me hand over to Ariel. Thank you, Zoltán. Finances. Thank you. Indeed, we have, I think we have a strong operational quarter, overall, with strong numbers, especially operationally speaking on the retail portfolio. We end up the nine months of 2022 with a profit of EUR 49 million. Our gross margin from operations are down by 1%, which is pretty good, especially given the fact that we have disposed all our existing office portfolio in Serbia early this year, and we quickly swap it with the acquisitions in Hungary. EUR 92 million versus EUR 93 million. If we zoom in the numbers, like I say, we lost some income relating to the successful disposal of the Serbian assets, EUR 15 million. This was offset by the acquisitions of the Hungarian assets, at the beginning of last year, during the course of the first six months of last year, which contribute EUR 9 million. Also, we contribute with the completion of Pillar, which was recently opened in March. EUR 1 million contributes positively to the gross margin. Now, regarding the EUR 4 million euros increase on gross margin from operations like-for-like, this is a mixed component. I think, I want to break it down for a minute just so you understand that we have a very successful nine months in the retail portfolio. We have an increase on a like-for-like basis, around EUR 9 million, comparing 2021, nine months versus nine months, 2022. With the, for instance, the Polish retail portfolio is 17% up. The Serbian asset, Ada Mall, with the 38% up. The Sofia Mall also with 33% up if you compare like-for-like the nine months. Even if you compare the last three months, the trend continues to be very positive with similar growth in that perspective. We are very satisfied with the results on the retail side. This was offset with the office decline in gross rental income, especially on City Gate. We discussed about this asset previously in the previous calls. The team is working very exhaustively to replace the tenants that left the building. We are investing a substantial amount of CapEx and fit-out. Basically, at the end of last year, we had an occupancy around 56% on the asset, and today we are happily reporting around 70% with the prospect to get close to 80% or above 80% by the end of next year. Recently, we signed a lease agreement with Alpha Bank, which we're very happy with it, around 4,000 sqm in the asset. If we zoom in on the profit from revaluation on the investment property, EUR 12 million. This was driven mainly by our strong development profit on successful projects, especially GTCX contribute around EUR 8 million, which Zoltán mentioned we're opening tomorrow, fully leased. Pillar also contribute around EUR 3 million. This was offset with some investments on the existing portfolio, especially in City Gate and other assets in Poland. On the financing cost, finally, we see the results of our exhaustive financing activity last year. EUR 24 million versus EUR 34 million last nine months of 2021. If we zoom in on the numbers, there is a one-off around EUR 8 million, sorry, EUR 7 million related to the refinance of the secured financing versus the bonds. If we neutralize that expense in a like-for-like basis, we are two million decrease on the financing interest, pure interest expenses, which represent 8% decline on the financing cost. I'll speak in a moment about the, you know, our healthy maturity profile that we have. Moving into the next slide on the balance sheet. Our balance sheet is changing a little bit as we speak. This is as a result of the recent investments we have done changed the way that we have done investments in real estate. Just to give you the flavor, you know, we recently did the investment in Ireland and the project in Ireland. This was done through notes through a securitization vehicle in Luxembourg. In agreement with the auditors, we are disclosing this. Although for us it's a real estate investment, we are disclosing this as a non-financial asset on the line EUR 117 million. In addition to that, we acquired recently a portfolio units in a fund of the portfolio jointly with other institutional investors in Croatia and in Slovenia. Very successful portfolio with double-digit IRR, and it's quite giving us a good return around EUR 12 million, and was booked in this line as well. For us, we consider this, you know, part of the investment in real estate as well. The asset held for sale declined from EUR 292 million to EUR 99 million. In the middle of the summer, we announced three key disposals. We start with the Cascade in Romania, which was closed in July, followed by Matrix A&B in Zagreb, which we're looking forward to closing in the next weeks, in Croatia, and also the office building in Debrecen, which we hope to close by the end of this year for us. Overall, like Zoltán mentioned, we end up with a strong cash position, roughly with the deposit EUR 152 million. Let's move to the next slide. In the next slide, as you can see, great healthy average debt maturity, 4.5 years. We are in a very strong position, full flexibility, 95% of our debt fixed interest or hedge. You can also see, by the way, reflected on our balance sheet, over EUR 20 million position booked on derivatives assets. These are all the instruments that enter into a fixed interest rate swaps or cap, and we get the benefit of that and, you know, on the low average funding cost of 2.18%. A slight increase on the LTV as a result of the investment in Ireland, 44.3% versus 42%. A very, very healthy, annualized, coverage ratio is still at 3.6. No foreseen, new refinance or, new upcoming maturity, except the bonds that, we recently, repaid, in Poland. I think, on the last slide in the cash flow. You see here what I was mentioning, the investments on the real estate. We start at the beginning with a few assets in Hungary in Q1. Followed by the acquisition of NAP, as Zoltán mentioned, a little bit about the details on how we are making progress on the development. The purchase of the Irish project, plus this new portfolio in Slovenia and Croatia. Of course, this was also indicating the net proceeds that we got from the sale of the Serbian portfolio at the beginning of the year and the proceeds that we got from the share issuance that we have done on the back of the end of last year. I think, Magda, with this conclude our presentation, and we open for questions. Ladies and gentlemen, do you have any questions? Hi. This is Jakub. Sorry, go ahead. No, please, you take it. All right, thanks. I was wondering about the FFO. It increased by around EUR 20 million this quarter. Could you talk about the drivers of this jump and maybe expectations for the next quarter? I think the FFO is driven by two main things. One is we have a very successful retail operational quarter, in terms of the cash flow, even exceeded our expectations from a budget perspective, and that's very good news. All the malls are performing exceptionally well. In addition to that, some inflation also impacted on the FFO. Of course, the driving force is still the, you know, we managed this decline 8% on the financing cost, which is also impacting the FFO line. But overall, that's the main key drivers of the increase of the FFO. We are expecting. Well, depending on the closing of certain transactions, but we are expecting to be in the range of close to EUR 69 million-EUR 70 million FFO this year. But more or less on that, my estimation. Thanks, Ariel. That's very helpful. Maybe if I can have a couple more questions on the lease levels in offices and in retail. What is the dynamic? Given the strong performance, would you say that you think it would be possible to pass through the indexation and also not have to subsidize the energy costs for tenants next year? Look, on the office side, occupancy dropped a little and we are focusing on those critical areas which we were expecting. Ariel mentioned City Gate in Bucharest, where I believe the trend has turned around and we are at 69% occupancy level. Based on the discussions and the increased leasing activity, we expect to increase this probably in the range of 75%, if I could give you a specific number. Also in Poland, UBP and Sterlinga in Łódź are assets that we have to focus on, so we need to fix those situations. Otherwise, we actually see tenants signing leases, expanding. There is good activity on that front. On the retail side, as mentioned, it looks actually very strong. Passing on service charges. Energy Energy levels. Of course, it's hard to tell, and it's also. Well, I have to start with the actual expectations for next year because it changes, varies country by country how the, you know, energy pricing is going to change. So, and even energy prices are going, and if you follow the gas price development, we are not far above the pre-February levels, so it's hard to tell how it is going to impact. For sure, there will be impact, partly because inflation and of course energy prices are going up. Everybody sees that. How are we gonna be able to push that through to tenants? Look, we managed situations during COVID when people were not even using their offices or shopping malls were closed. If you look at the finances, of course, through hard work, but we managed to get through that. Obviously it requires the attention, focus on tenants. We have to be on top of them. In terms of collection rates, we don't see any difficulties. Look, it's the reality impacting everybody. Our own buildings are fairly new, so obviously that is going to be a factor every time we consider, for example, selling an asset and building a new one that improves the profile. That is the way to get through difficult periods like that. Tenants will have to realize, you know, what the reality is. Our leases are, of course, cover all costs. Legally speaking, we are fully covered, indexed, but we will have to manage each and every situation. For sure, there will be issues. At the end of the day, again, I can only quote the last 2 years within, through COVID. If you look at the numbers, in 10 years' time, we will have to point out, by the way, this is when COVID happened because we won't see it in the numbers. Now, there's no room for complacency. It's gonna be hard. That's our job at the end of the day. No, thanks very much. Maybe, just one more, from my side on the revaluations. What are the indications that you are getting from the appraisers? Do you expect to see sort of pressure on the yields during the year-end valuations? As you know, we do full valuations twice a year, Q2, Q4. Although all the assets in light of the volatilities on the market and the recent issues With neighbor countries as well and so on. Everything was revised by the external evaluators. I just remind everyone, we work with three different external evaluators, and they confirmed valuations for September. There are certain uncertainties, certain discussions about yields, expansions. At the same time, our asset valuation's always been very conservative, even if you take a look at our portfolio on a capital value per square meter, very conservative. I think the best answer to that is our recent disposals that we have done, and we are trying, you know, we are aiming to close during the course of this year, some on book value, some above book value. That it's a confirmation on the valuations in itself. We see certain challenges, the liquidity on the market due to some increase in the financing costs. We're not unaware of that situation. At the same time, I think everything has to be, in our opinion, evaluated case by case. Like Zoltán mentioned, we have certain challenges on certain selective assets. The performance of the portfolio is very strong. You know, I cannot give you. I don't have a crystal ball. We will approach the evaluators in the next, you know, coming months to understand the full assessment on the portfolio. I know there is certain tensions, especially on the Western European markets regarding valuations. We see on our share price as well. But our answer always to our share price is selling assets above or book value. I don't know, Zoltán, if you want to comment on something else. Just as a general comment, of course, it's in vogue to talk about yield decompression these days, and it's justified. At the end of the day, the evaluators will always look at each and every asset, the situation there. The reason why I'm or we are comfortable with the valuation is simply because we usually realize uplift on new projects when they are completed. Otherwise, we don't really make major changes. When COVID began in 2020, we had some significant devaluations. Since then we did not adjust the numbers. If we look at the retail side, I think it could be the performance would justify some revaluation, but we never take advantage of short-term gains, honestly speaking. I think we will be able to. Honestly, I don't think there are any potential surprises, major surprises, negative surprises. Thank you very much. Hi, guys. Maybe if I can come in next and just three questions from me as well, if I may. First is on the Kildare, Kilkenny transaction in Ireland. If you can just give a bit more detail about the structure of the investment. I note that it's structured as a securitization, you say, as a debt note. Does that note pay any guaranteed interest or any other guaranteed payments? Should we expect any cash flow from it? I think you disclosed that it entitles you to a share of the profits, which is sort of vague. I think what we disclose regarding this transaction, it's already on the financial statements. I mean, besides the fact that yes, we have a securitization vehicle, we own notes, that's part of one side. At the same time, we have protection mechanism in order to make strategic decisions on the site. I think we have disclosed enough on the reports. Everything is all clear on the reports. Unless you have specific questions regarding the wording on the reports, you know, that's what we can tell you at this point. There's no guaranteed income from that structure? I mean, I think the project in itself explains it itself. It's the same with the development. Well, that's why I'm asking. I'm not sure it does explain itself. Let's put it this way. There is no guaranteed annual fixed revenue because there's significant upside in the development project. We expect to realize the gain after this project materializes. How do I define that? Obviously, there's a planning process, permitting process for an additional function in place, which we believe it will take about a potential year or two. It's not too long out. Also, leasing activity for potential major tenant. The upside on this investment is certainly not through a fixed income guaranteed return. It's more of a equity type investment with much higher significant upside. If I have to put timing on that, in 18-24 months. Understood. Thank you. Can I just ask about the disclosure of that and why it isn't disclosed in the accounts as a related party transaction, given the vehicle is managed or owned by your second largest shareholder? I think you're mixing transactions. I think the Irish transaction was not qualified as a related party transaction. I think it was clear from the financial statements. The only transaction which was qualified as a related party transaction was the portfolio we bought in Slovenia and Croatia, EUR 12.5 million. Which was required as a related party transaction, requires independent board members' approval. Which transaction? The Irish portfolio. The Irish is not qualified as a related party transaction. It's not on the financial statements. I don't know why you are asking us about it that date. It's not managed by a related party. That's why. Okay. I must be confused. Yeah, yeah. No, there is two transactions on the same item. That's what I'm saying. I think it's the second transaction. Yeah. Okay. Well, I'll look back at that. Thank you. The other question is about the proposed rights issue. I know that you've taken all references to it out of the documentation in this period. If I missed it, my apologies. Have you kind of moved on from that as there had not been sufficient interest? The last update I saw was a reduction in the anticipated size. Yes. In the last two months, we went through the process in order to obtain, I mean, starting in late August. We initiated the EGM and asked for a EGM approval for a capital raise. By the way, it's not in the form of a rights issue, kind of cash/capital raise, with no rights to existing shareholders. That, under Polish regulation, requires 80% approval from the EGM, and we got that. The approval is there. It's valid for six months. Starting from late September- Twenty-sixth. Twenty-sixth of September. It's now up to the management to decide when and how to launch a capital raise. Of course, until yesterday, we were in blackout restricted period because of the Q3 results. In the coming period, we will monitor the situation in terms of pricing, how the market sentiment is, and we'll take the decision on the basis of that. In a way, recent days or weeks showed some strength in general in the markets. It's very difficult to judge as you better know than us. It's not off the agenda at all. We believe that main shareholder support is there as it was in late September with the 80% approval at the EGM. It's. We still have about four months to complete. Understood. Thank you. That's all from me. Thank you. If there are no further questions, maybe if I can have a follow-up on the question which Peter asked. In the Irish project, I think that in the report you highlight that in case the permitting wouldn't go as expected, you have sort of the option to walk away from the project. Is it possible to share more details on this optionality also when it comes to timing? Because, I mean, often with permitting, it's, I mean, not clear when we should expect it, right? I mean, maybe not having the permit in 6 months doesn't mean that it cannot come in 18 months. Also maybe following on Peter's question, can you talk about the other co-investors who also hold stake in the project? On your assessment, just to correct, not walk away, and there is a fallback scenario in the structure, which would give us the right to go up to 75% ownership in the project with it under our full control. And the pricing would be such that we assume we would not require further investment on our side, further equity on our side. Basically, the worst-case scenario, we end up with a fantastically located site in Ireland, 15 minutes outside Dublin, 15 minutes from an airport. I can quote major players like Intel, Facebook, Google, they have all sites there. 72 hectares, half developed, currently already revenue producing. That is not a bad downside from our perspective, and why the upside is, we believe, is quite significant. This is really the full assessment of this decision that the downside is, we believe we have proper downside protection and, at the same time, we have quite some significant upside. Co-investors. We have, in the project, investors from Switzerland, U.K. We don't have, I think, the authorization for disclosure on that. No ... reputable investors from these markets. Thanks much. Just to clarify. Timing-wise, sorry, because I didn't answer that part of your question. That's 18 months from today. Give or take. Thanks. Thanks very much for the clarification. Just to make sure I understood correctly. In case from 18 months from today there is sort of no progress on the zoning front, then you would have the optionality to become a major shareholder in this structure without having to invest additional cash from your side? That's the main assessment. Exactly. That's a good summary. Yes. I see. Okay. Thank you. Yes. Hi there. I just have a quick question on the LTV. We see a slight increase over the last nine months, while of course it's a small increase coming from sort of a debt investor side. You know, as if this keeps increasing up towards the 50% number, that's when rating agencies may sort of start having questions themselves. Are you able to qualify at all any reasoning for this minor increase from December 2021? Is it a reduction of valuation? Is it more to do with the assets that were disposed were less encumbered than the ones that have remained? Just any color on that slight increase would be helpful. Thank you. You're asking of the increase of the. LTV ... of the LTV, but from which number? The increase is from 42% in December to 44%. Yes. Yeah. That was related to the acquisitions that we have done in Ireland, mainly. That was the big acquisition, which was, you know, investments through the net debt increased slightly because of that acquisition. At the same time, once we complete the disposals of Matrix and Forest, this will go back into more or less lying in the 42%-43% range. That's where we see the LTV so far in the next coming months. Sure. That's the color on the LTV. I mean, this is not a result of the declining on the valuations. We haven't had any losses from revaluations, which was booked in the last three months losses. Understood. Thank you. Sure. Good afternoon. I have two questions for you, if I may. Can you know, you certainly since the beginning of the year, you made a bit of a strategic shift, with, you know, going to Ireland. You have this project to enter the PRS segment. It helps the diversification. At the same time, I just, I would just wonder if there is other option that you have in mind, new geography or other segments. Also at the same time, because the year has been quite tough, you mentioned the funding, which is a bit challenging. Do you have specific element that you can put on hold? Like, is the PRS, for example, something that you will contemplate but not at the top of the agenda if you think that the funding and other things are a bit stuck? My second question is actually the nature of the funding. As in you made an important move in 2021 to move toward unsecured, and I understand the rating agency were, you know, definitely on board with that, but and expect a bit further into that direction. If you look at the next 18, let's say 18 months, the way you see it as in terms of funding, is it fair to say that you would have to push more on loans instead of unsecured lending? Then how do you plan to play with the rules set up by Fitch and Moody's? Like, how can you balance those two elements? That's my two question. Thanks. On the first part, if I may begin. Yes, new strategic directions, I could also summarize as more opportunistic being open to new opportunities, considering the cash position we have, and we can take advantage of those growth areas where we believe will survive and have much longer growth prospects than in our existing traditional portfolio. Geographically more diverse as well, safer. That's also important. At the same time, on the PRS part, we are planning to involve third party investors in that. We do not assume that the PRS direction would consume equity or just marginal amount of equity. At the same time, it would provide solution for some of the very interesting sites that we have in Warsaw, for example, Wilanów, and some other locations. With a dedicated team and platform with third-party investors equity, we could actually realize growth or uplift in our value through that. Obviously all new directions and opportunities would have to go hand in hand with the financing ability. We mentioned capital raise. Obviously capital raise would give us more firepower when it comes to exploring new directions. This is a new approach, and I think we will need that to go through the current difficult period. We just can't stand still and wait for things to happen. That's really the difference in perhaps previous years in our strategy. Of course, just one other thing, for example, on ERS, their leverage you can achieve in some cases 60, 65, 70%. If we do it through a separate platform with third-party investors, of course we can remain at the current LTV level, but at the same time benefit from the uplift in that market segment. Ariel, do you wanna answer the second one? Yeah, sure. Funding, where funding is coming now. You're absolutely right. Unsecured funding, it's scarce or too expensive, if we can say so. We start with changing the financing policy. We were in the making of the second Eurobond also as well, and the market changed as a result of the war in Ukraine. Since then, you know, pressure on inflation and yields, you know, has made unsecured financing, especially the issuing of new bonds, not feasible. Not on the numbers or at least on the cost that we will feel comfortable with. But it's good that we have a relationship over 25 years with, you know, different banks, over 20 different banks in the region. We are basically complementing our funding strategy with secured financing. We are fully aware of the bonds, the covenants that we have, and at any moment, you know, we are between the boundaries that we have. The good news is there is a lot of financing available. We even recently signing financing in different markets that we are present with very competitive terms. There is some term discussions regarding how to hedge the variable rates. Some are more expensive than the other ones, but funding is available. Financing is still available, which is good news. We are in extremely very close contacts with our rating agencies. If it's either Moody's, if it's Scope, if it's Fitch, on constant monitoring. They are fully aware of every move that we do. We explaining every move that we do. They put it on their metrics. They understand the strong results of our portfolio, the diversification that we are implementing. I think, from our perspective, you know, cash flow is strong. There's still some question marks regarding, you know, energy prices. I think, like Zoltán said, if we pass through COVID, we would pass through this as well. We are pretty confident of the balance sheet we have, the team we have, and the numbers we are presenting today. Just one addition. I think the main takeaway to this question related to debt structure is, you know, average debt maturity is four and a half years. Weighted average interest rate 2.18% cost of debt, which is 95% of which is fixed. It's a comfortable position we are in, and this is not expected to rise any significantly. This is a very comfortable position. Of course, we would have loved to complete the shift to unsecured earlier this year. We couldn't, but the good thing is that last year when we did the refinancing with the EUR 500 million Eurobond, of course, as you can imagine, those project financing facilities were replaced, which were the least beneficial in terms of pricing and other conditions. We kept the cream of the best part of the secured financing element of our debt. Thanks for that. Just on your last comment, you are saying that you kept the secured debt, which is on the best quality asset or on the higher sale TV. What do you mean by the cream of- Quality means the most competitive terms. Okay. Okay. The cheapest. The cheapest one. The cheapest. Thanks. I'm with you. But just to follow up on your point about the 4.2-year maturity for the debt, it's coming from 5 at the beginning of the year, so obviously you didn't do much because, as you said, you're in comfortable situation now. If I'm thinking about your weighted average on the asset side, which is, let's call it 3.5, that's the reason I was focusing on the next 18 months, because I suppose you want to obviously keep your liability duration much longer than the one you have on your asset. I suppose that would be common sense. This is driven by the markets we are, you know? Yeah. We have a long extension discussion. With some rating agencies, which are rating our bonds as well, about this specific issue of the WALT. What we, you know, what we demonstrate and came to the conclusion is what we call average relationship term with our tenants. Just to give the flavor, ExxonMobil is with us for over almost I would say 18 years at GTC together with us. Mm-hmm. Take for instance, IBM, over seven years of relationship on different countries and so on. There are different examples. Even though the WALT is because it's 13 normal markets, 3-5 years, this is what the market in our region is usually. Yeah. I totally understand. No, I agree with you. The only thing I would say to maybe double-check with you with the rating agency is when they listed some elements on the secured funding versus unsecured funding, you know, they said, "Oh, it may be a consideration for a downgrade in particular." Does the relationship you have with them, the ongoing conversation is also helping them to reconsider those key elements for downgrades? Do they recognize that it's a bit outdated target, given the same situation that prevented you from issuing the second unsecured lending debt, for example? Is it part of the ongoing conversation to drop those specific targets? No, the WALT is not a consideration. Understood. Thanks. Ladies and gentlemen, do you have any additional questions to the management? Maybe if I can just jump back in just to clarify on this point, because I'm sure I wasn't making that up about the Kildare transaction. Reading from your reports, the project involves other international professional investors acting through a partnership advised by Icona Capital, an entity from the same group as GTC's minority partner. That's what I'm referring to when I say was this a related party transaction, i.e., if this transaction is being managed by your minority shareholder. It's advised, but it doesn't mean that they are the owner. The investment from GTC's part is in a vehicle managed by a third-party investor. It is true that the opportunity was brought to us through Icona. They would qualify as related party if they were shareholders in that vehicle. Okay. They brought the deal to you. Exactly They are not. They have no financial interest in that structure. That's correct. Okay. Thank you. I'm assuming there are no more questions. Thank you very much for your participation, for your interest in GTC. In case you have any additional questions, I'm more than happy to answer any questions you may have. Have a very nice evening. Goodbye. Thank you. Thank you.