Good morning. Welcome, everybody. I am Alex Morar, I'm here today with Mirela Covasa, our CFO, and Marek Noetzel, our Executive Director. We're here to present the 2020 full year results. We are live. We're in the NEPI Rockcastle studios. The room's one of our conference rooms, it's just across the street from one of our shopping centers. The three of us will go through the presentation, which is available onscreen, I understand, as well as on our website since this morning. Afterwards, we will take any questions via audio or the online platform, which we will be able to check when we get to that section. Please excuse a couple of second delay between my voice and the slides that you will be seeing. Thank you everybody for joining, including to our team that is around and online. A one-sentence comment that I would like to make is that, despite the adverse conditions, I think NEPI has again proven its position in the market, successfully treading the waters of this challenging year. With that, I'll get to our presentation. Our presentation will be structured into four main parts. Firstly, an overview of the business from me. I am sure everybody's very well-briefed on market events of 2020, we will try to keep that part brief and give as much color as possible to our own operations. Marek will follow with an overview of our actual asset management and more detailed operations, while Mirela will provide even more details on the finance aspects of NEPI Rockcastle. I will provide the conclusion with a main focus on our prospects and outlook for 2021. Before I go onto the next slides, I wanted to highlight that NEPI Rockcastle has been through turbulent times before, and with the support of our team and our stakeholders, we have fared well through them. 2020 has certainly been our biggest challenge yet, and I consider that we have yet again succeeded in making the best of a very challenging situation. The challenges of 2020, stemming from COVID-19, affected the entire world and our own business sector, was likely among the more affected ones, being a business centered around social destinations and interactions. Despite this, we are here to present a set of results, which I personally consider is a very good one, given the context. We have adapted quickly and managed to achieve our revised objectives, namely: to preserve liquidity, to ensure continuity of our retail ecosystem, and keep our business sustainable overall. A big thank you to our team for all the hard work that went into achieving these results, as well as to our shareholders and stakeholders that have supported us during this exceptional year. Moving into our first section, I want to follow up from where we left off at the August 2020 presentation. The dotted line that you see across the graph on the slide, represents roughly the image we had when we made that midyear results presentation. We had just been through a series of full lockdowns. We had started to see full reopenings as well as partial reopenings, so everything seemed on a positive trend. Hence, we had a rather optimistic outlook for the remainder of the year. Unfortunately, the rest of the year turned out quite differently than our expectations. Namely, we had another set of lockdowns. I think everybody is aware of how history unfolded thereafter. Nevertheless, we have slightly adjusted our guidance and continued to successfully navigate 2020. With that, we have achieved these following key business highlights. On the next two slides, I'll briefly go through our main achievements. First, our business KPIs and then some financial metrics. First and foremost, I want to mention that our footfall was down roughly 32%. This is on the back of an approximately 20% of the year, being with full restrictions on a weighted average basis across our portfolio. This 32% drop in footfall resulted in us coincidentally achieving approximately a 32% drop in our distributable earnings. This is on the back of a EUR 323 million collected NOI during 2020, which reflected, as at year-end, approximately a 95% collection rate. Up until mid-February, we collected a further 2%. We were up to 97%. Our earnings were in line with guidance. We are, as I'm sure most of you have seen already, distributing 90% in cash for H2 2020. Other main achievements include the addition of roughly 45,000 sq m of new GLA to our portfolio, the successful disposal of our Romanian office portfolio, as well as a swap from Unibail-listed securities into NEPI Rockcastle shares. This was a very interesting transaction as it was a liquidity neutral, yet accretive event for NEPI Rockcastle. As far as some financial metrics of the company, we have achieved, or we have ended the year with a very prudent LTV. Mirela will give you more details on it. Over 80% of our assets remain unencumbered. We have managed to extend our term to maturity of our debt, all of this with EUR 1.2 billion in liquidity on our balance sheet as at year-end. We have, of course, retained our investment-grade credit rating. All in all, I think this confirms NEPI Rockcastle's strong position in the market. On this slide, I want to highlight the main areas of focus in 2020. As you can imagine, the initial plan was much different than what actually turned out. As the market circumstances worsened, we quickly adapted our focus on these key four matters. The order is not relevant, as they were all important in order to drive our business forward. The four are related to our retail ecosystem. Maintaining it, keeping it going for the present year as well as sustainable for the long term, was essential. Focus on our liquidity was critical, both to our businesses and all businesses across the world. Despite these hardships, we continued to deliver on our committed projects. You'll see later on in the presentation, new openings, refurbishments, as well as maintenance CapEx. Last but not least, we had a strong focus on our customer safety as well as maintaining the quality of our asset base. Moving on to the next slide, just a few words on our strategy regarding our retail ecosystem. Marek will, of course, go into more detail on this, but I want to give you a very brief introduction. Keywords for 2020, I think, were agility and adaptability. We've relocated teams. We had a very agile team structure. Everybody contributed to us achieving the previously mentioned figures. All the structures that were normally in place in previous years had to be rethought to address roughly 6,000 lease addendums that were concluded in 2020. We have actually gotten to sign some form of agreement or other with 97% of our tenant base. This is all up until December 31, 2020. It is clear that achieving this required a very strong discipline and execution, and I'm proud of our team to have been able to do that. In approaching our retailers, as the slide depicts, we focus on fair and balanced criteria. I won't go through all of these point by point. I want to highlight. Sorry. I actually dropped my highlighter. So interesting. I want to highlight the fact that in granting all of these concessions to tenants, we received a number of concessions in return. As we mentioned back in the August presentations, we have obtained extensions of lease periods, increased levels of reconciliation of service charges, introduction of step rents, break options in our favor, as well as concessions and clawback mechanisms. That means if a tenant's turnover turned out to be better than initially expected, we actually got back a portion of the discount granted. As you can see here, we've maintained an occupancy cost ratio of roughly 14.5%, which, given the circumstances, I think still reflects a sustainable position. The fact that this occupancy rate went up indicates that the burden of this crisis was shared both by NEPI Rockcastle as well as its tenants. On the following slide, I just want to highlight the aspect that despite it being a slower year in terms of new lease signings, we still managed to sign a significant amount of new leases to our shopping center. Over 300 new entries into our shopping center. All of this in the context of our vacancy increasing only a couple of percentage points to roughly 95%. The rest of the information on this slide indicates the fact that we remain not being exposed to any single individual tenant. We continue to have a high-quality tenant base. No significant tenant of ours is in any significant distress or at risk of endangering our tenant mix. All in all, I'm happy for us to have followed the strategy we did, focused on a high-quality tenant mix, given the results that we've had. Before I hand over to Marek, I just want to highlight some key milestones of 2020. These are projects we have opened or redeveloped or transactions achieved. The first one, Shopping City Târgu Mureș, was our greenfield development of the year. We opened approximately 40,000 sq m of GLA. This development was done on time, despite the impact from COVID-19 on construction workers and so on. Coincidentally, this is my hometown as well. The project turned out to exceed expectations in terms of turnovers and footfall. In May of 2021, we will also open Inditex in this property. On the right side, you see a picture of Shopping City Buzău, where we developed an approximately 5,000 sq m extension, which added some new tenants and kept this property as the city's top destination. On the next slide, we highlight Liberec and Zielona Góra. Liberec, we did a full refurbishment of the food court. It remains the best located shopping center in the region, and we've attracted new tenants, including new brands, to the Czech market. In Zielona Góra, we continued with our redevelopment. It is the only large shopping center in a 300,000 people catchment area, which comprises retail and entertainment. That project will be completed this year, by the way, Zielona Góra. On this slide, we show Bonarka and Ozas. On Bonarka, we are busy redeveloping the mall. We are continuously doing improvements, but it's a rather large project. We are aiming for this to become the number one destination in the region. I look forward to a visit with our shareholders to the location once travel is possible again. In Ozas, we are actually busy adding a swimming pool as well. We have entirely redeveloped the minus one section. We have added an O'Learys entertainment destination, and it is certainly now the most vibrant destination in Vilnius. The last two milestones I want to comment on are the disposal of the Romanian office portfolio and the issue of a EUR 500 million green bond. The disposal of the Romanian office portfolio was something that we had in the plans for quite a while. You may recall that at the August presentation, we did not announce this as completed. We did not have exact timing as to when that will happen. I'm very glad to be able to report that we concluded this transaction on the terms agreed back in 2019. Despite a temporary rough patch, the transaction was a success, significantly contributing to our liquidity during 2020. Last but not least, we managed to issue a EUR 500 million bond. It was our first green bond that we issued. This again, significantly contributed to our liquidity as well as extended the debt maturity profile of NEPI Rockcastle, and the aspect that it was a green bond, significantly enlarged the investor base interested in our debt securities. With that, I thank you, and I invite Marek to continue with the asset management section. Thank you, Alex. Good morning, everyone. It's my pleasure to yet again present to you what it was in asset management of 2020 for the group and what is it in it for the year 2021. I think Alex summarized it very well. Year 2020 was a year of fast adoption, flexibility, and out-of-box thinking. When we were faced with the challenges of mid-March 2020, we have immediately changed the structure of everyday work. We have immediately created a team, international team. To liaise with all the tenants related I'm trying to click the slide. It's lagging. Yes, there we are. We immediately created an international team to liaise with the tenants on group level, and that's liaison with tenants, but with any other operational issues. We are operating in nine countries. We are operating in different legal environments. It was very important for us to liaise and to learn best from each other in order to achieve our KPIs for 2020. Intense coordination meant that no tenant or any other operational discussion would have lay outside the group framework. Group framework assumed various principles, rules, pillars, based on which our operations were carried out in 2020 in order to get us to what we consider very good results, given the circumstances. All the discussions with tenants, as Alex said, were based on data. It was a partnership approach. We all realized we are in the same ship, and it's everybody's interest to steer through the storm in best possible way in order to rebuild the businesses and look forward. There were systems put in place that allowed international teams to deal with multiple issues at the same time in the period of very intense work. That allowed us to not only sign over 6,000 addendas over seven months without increasing the headcount, thanks to utilizing the internal resources of people who were not dealing every day with leasing or asset management, but they were supporting the efforts of the group to get to signing over 6,000 agreements. On top of which, around 700 new agreements or extensions were signed. Which I think is remarkable given we signed 97%, more or less, of what it was to be signed. As Alex mentioned, various improvements were achieved, so I will not repeat. I think that the main takeaway is there is always partnership approach, and in exchange for short-term easements, there was long-term perspective for both parties in the negotiations looking forward to the future. We did manage to collect 95%, as it was said before, lower than historically, but given the circumstances, we are proud of the result, and we did manage to keep our vacancy ratio at acceptable level of 4.3%. Again, put into the perspective, a result that to be proud of. We need to as well report that we as a group, we are not exposed to any of the retailers worldwide who would be going through some issues. I refer here to those big department stores like JCPenney, Sears, Marks and Spencer. This is not the structure of the CEE retail market, and we seem to be benefiting from different structure and different ways of shopping. In 2020, we did manage, despite the difficult times, to, as we call it, and I like this phrase very much, it was most about intensive GLA over extensive GLA. It was everyday work with tenants. We did manage, thanks to everyday liaison, maintain the lease agreements at five years. They are all EUR. The terms are comprised of base and service, such are marketing fees. There is proper reconciliation, indexation. Fundamentally, the lease agreements have not changed. Of course, there is certain level of flexibility to reflect COVID-19 situation, but overall, the lease market seem to be remaining in our favor. A little bit about performance. It hurts me to present the negative numbers of turnovers. I would like to take a few minutes about this slide to share with you our takeaways. Let's focus at the beginning of the year. As you look at January, February numbers, all the KPIs were way ahead of budgeted 2020 numbers. We talk about 9% sales up January, February to corresponding period of 2019. Very strong start of the year. We stayed very positive after two months. Unfortunately, we had to adapt, change our KPIs, and as you can see what has happened, the footfall must have dropped to the lowest point in March, April. As the lockdowns were lifted, we started to see very quick rebounds of turnovers, clients coming back to shopping centers, and the numbers we have seen in July, August and September, kept us in a quite positive mood. Of course, the second wave made us adjust our estimations for the year, expectations for the year. I think the main takeaway is should the restrictions be lifted, should the vaccination work, we see that our customers are loyal to our properties, they are loyal to our tenants, and they are waiting for those restrictions to be gone in order to go back to their previous lifestyles. Breaking down per category, it comes with no surprise that entertainment and those tenants whose success is based on everyday traffic, performed weaker on a relative basis to other tenants. There are some other trends that emerged. The customers of our shopping centers who had to adapt to the work from home routine, it is not only work from home, it is actually is as well school from home and entertainment from home, started to spend more money on home decoration, electronics, appliances, et cetera. We can see this trend carrying on as we go into 2021. At the same time, it is worth noting that we can see, even though leisure, dining, entertainment are the first to be closed and the last to be reopened, those are the fastest rebounding categories. We are sure in our strategy going forward, and we have a whole slide about entertainment, that entertainment is playing a key role and will play even bigger role in our strategic thinking over further development and extensions. When we speak about 2021 approach, it goes without saying that health and safety will remain the highest priority when we carry our operations. We will stay, as we did in 2020, close to monitoring local legislation. We will stay close to local authorities. We are party to most of the governments in our respective markets, where we partner with them in order to support their efforts to reopen the shopping center. We are busy preparing and helping to prepare reopening protocols that will allow meeting the strict health measures. Of course, close liaison with tenants is our DNA. That won't change. There are a lot of intensive works aimed at moving tenants across the borders and then within countries. We have a few slides about tenants. We want to showcase some of the leasing that happened last year in order to prove what we achieved and what we are proud of. Tenant mix management and tenant mix and layout optimizations, improving quality of offering by moving tenants to various cities. This is in our DNA. Tenants are following us. Despite difficult 2020, we did manage to deliver a lot of new GLA. Tenants trust us. We have track record of delivering successful projects, and I think in those turbulent times, those partnerships are more important than ever, and they prove to be working well. Looking at some examples, we have three slides where we showcase various leasing activities that we did manage to achieve in the year 2020. You would recognize lots of international brands, and there are lots of extensions, right sizing, refurbishments, and new leasing happening across whole of the portfolio, which again proves that the partnership with tenants is there and probably was stronger than ever in 2020. As I said, we are all with tenants in the same boat, and there is common interest in making our properties being successful place for conducting business. I've mentioned we moved the tenants across the borders and between the cities. Buzău is a great example. You can see that there's first Hervis in town. There is first Cinema City, Office Shoes, and Sinsay and others. This is the proof of us being able to take our tenants with us as we develop in the region, and that we will make sure that this trend carries on. There was a lot said about entertainment, and I will focus on that in a second. It's just worth mentioning, looking at Forum Liberec, and Alex mentioned that Apart is a Polish jewelry store that we brought to Czech. Aupark Žilina, Sizeer, another Polish brand that we have very good cooperation with, and we move them across the region. Sinsay Žilina, and we are about to enter Bulgaria with that brand. We are very focused on working with the existing tenant base and extending that tenant base with newcomers to the market. We are very much focused on making sure that NEPI Rockcastle portfolio is the first choice for new tenants or existing tenants in the market. When it comes to entertainment, there's a lot of questions. There are lots of debates about what's going to happen with the entertainment. We are big believers that what's happening in entertainment today is a temporary thing, and here are some examples with some statistics to showcase this particular situation. These are few slides from Ozas. As you would remember, upon acquisition of Ozas, one of our strategic goals was to actually refurbish 6,000 sq m of lower floor in Ozas and make it a proper entertainment center. I'm happy to report that as of today, whole of 6,000 sq m were leased, partially opened last year, and that is Adventica. As you remember, I used the phrase of honeymoon effect in August because it was just two months after we reopened Adventica. I have at my hand five years results of Adventica, and despite difficult times, over five months, Adventica did manage to attract 70,000 customers, and there were 1,400 birthday parties organized over 150 days. This is amazing, given that there were still social distancing rules in place, and we are very eager to reopen Adventica again. Not only that, Adventica raised interest in expanding with us in the region, and we are starting negotiations about opening Adventica in Poland, Romania, Bulgaria, and other countries we are present in. Alex mentioned as well about swimming pool. As much as it may sound bizarre for some, this development just finished. We received occupancy permit earlier this week. We are just waiting for restrictions to be lifted. As of today, there is already 700 people who have signed up and bought their plans to get to the swimming school that is operator of the swimming pool. There is additional 1,600 people that filled the register in order to enroll to the school. We are talking at about 2,300 people who would be the regular users of the swimming pool, who I sincerely hope will very soon reopen. Olyris. Olyris is a concept of over 3,400 sq m on the upper floor of Ozas, which combines cinema with dining experience, VR, gaming field, basketball court, et cetera. That's a huge entertainment center. The tenant has taken over the unit just about two weeks ago and is due to open in the autumn, while the restaurant part of the concept will open in April or May, which is a function of the works going on and restrictions being lifted. We are very curious, and we are very eager to see it opening. We saw that concept operating in Estonia. Huge success, and I think this is what we mean by entertainment. It's no longer about cinemas and food courts. It is about going one step further. It's about delivering our customer whole family entertainment in one place, high quality, convenient, accessible, and available every day. Of course, the discussion could not go without talking about e-commerce. I think it's worth reiterating that some statistics here, as we all know, the online share of total retail sale in CEE is below the average for Western Europe or the U.S. It is expected to catch up at some pace, but probably difficult to predict when it will catch up with Western peers. The difference to the rest of the world is that the total retail sales in the part of the world we operate in, is increasing at a higher pace than anywhere else in the world, except maybe for Asia. In other words, to picture that the pie is getting bigger, and we are in that pie, and there is place for e-commerce and brick-and-mortar shopping. If we add on top of that the total shopping center floor space, you would notice in lower bar, lower chart, that the average density per 1,000 population is somewhere around 200 in CEE, while in Western Europe it's way over 300, and as high as 1,500 in U.S.A. It's worth adding as well, those numbers exclude high street retailing. In the CEE, there is no tradition of high street retailing, except maybe for lovely city of Prague, but that's an exception. In other words, shopping centers play bigger role than anywhere else in the Western Europe. We stay fairly optimistic about the future of brick-and-mortar, in the region we operate in. When we talk about conversion, it's, I think, interesting to note how in different countries it differs. You would notice in lower left-hand that internet use versus online purchases vary from country to country. There are much higher penetration in U.K. or European Union out of CEE, but it's meant to catch up. There are some inconveniences coming with e-commerce, and that is mainly missing social element of shopping trip, that is low customer confidence in online payments, and there are some difficulties related to logistics. This is based on the studies done with clients following the COVID outbreak. What it tells us, the way to overcome those inconveniences is to combine online and offline. Omnichannel is again, a way to go for both tenants and landlords in the near future. What do we do as a group to respond to this ever-changing environment? Mid-March, not only have we changed the operations, but we have changed the way we looked at marketing. We got much more digital. We realized before, but it was the year where creating a customer-centric ecosystem to increase the footfall and turnover is key. We have rolled unified loyalty program across some of the countries in 2020. We focused very much on personalized communication versus what it was, mass communication, mass events. This is no longer the way for marketing and communication to go for our industry. We always make sure that experience in our shopping centers is of the highest level. Just to give some examples, you can see what some of the initiatives we have undertaken. Sezam loyalty app that was launched in Poland. Despite difficult time, because pandemic is probably not the best time to actually launch a loyalty app, even though we did manage to witness over 40,000 downloads, and our customers registered over EUR 7 million worth of receipts through the system. We are rolling that system in the other countries out of Poland, and we will continue, so we won't stop. We have launched various click and collect campaigns to support our tenants and promote their e-commerce initiatives within our shopping centers. We have had various gamification events, very themed, very well received in Romania. We had very successful, unprecedented in the market auction in Arena, with very huge number of participants, and the results of that are very promising, and we will carry on doing similar as well, cultural events based on social media live streaming. We are using the latest technology to be closer to our tenants, our customers. We improve communication. We're using YouTube, TikTok, etc. This is the way for us going further. We are not stopping there, of course. We are delivering new services. This year, we will be able to deliver to our clients call and collect services, almost like a drive-through experience, where customers will be able to collect their purchase from one single point in the shopping center. We will have a Christmas season event where we will be shipping gifts for free. The loyalty program for the shopping center employees in Romania. This is very important one, because we want the employees of our shopping center tenants to be very much engaged because they are the people who sell, and their engagement is very much needed. We will extend Christmas campaigns. This is aimed at encouraging safety as people spend more time in shopping centers at high seasons. We want to extend those high periods in order to maintain health and safety in our shopping centers. Of course, we carry on, we have not stopped a single ESG-related initiative in 2020, despite it was a difficult year. As you would notice, we are focusing on minimizing waste to landfill. We have a plan, we are on a good way to aim to achieving that, which is zero waste to landfill starting 2025. As per the certification we received in August 2020, already we can proudly report that 100% of the energy we use for common area is coming from renewable sources. From all the energy that we purchase, 50% comes from renewable sources, which I think is a major achievement. All our properties received the BREEAM certification at either excellent or very good level, which is another reason for us to be proud of. We are compliant with all the policies of the organizations we are part of, GRESB, GRI, and others, and we will continue doing so. We want to encourage our customers as well to improve and have impact on our sustainable being. We are installing electrical car charging stations in our shopping centers. We have not stopped that process last year. We have the aim to put them everywhere where our properties are located, and we want to change the world to a better place to live, and we want to start with ourselves. These are not only words. I can just tell you that I have my electrical car test drive few weeks from now, so I'm very much looking forward to contributing to making the world a better place to live. Last but not least, Alex mentioned that, worth reiterating, we did manage to issue EUR 500 million worth of green bonds. Few more words about developments. I think this slide showcases us being one of the most active landlords in terms of improving the quality of our portfolio. We have delivered four shopping center refurbishments or redevelopment in 2020. There are five ongoing, and that's Promenada Mall, Plovdiv, Craiova, Bonarka, and Focus Mall Zielona Góra. We are on a good way to deliver them later this year or in 2022, and we will be happy to report on the progress as we go. Again, I want to reiterate what we did to make our places safe. Without further ado, I mean, social distancing rules, as much as it hurts, as much as it influences our operations, this is rule number one. Without social distancing, the virus won't go away as fast as we would all hope to. We all need to comply with those rules. The measures that we implemented are in line with World Health Organization. Thanks to our buildings being quite modern, quite new, we have been able to install antiseptic filters in our HVAC systems. Again, aiming at making our shopping centers safe places to be. There is the hourly disinfection of areas in our shopping center. The hand sanitizing dispensers are available all over our properties. There are face masks available for our customers, and whenever needed, temperature checks are done. On top of that, we are monitoring the footfall life, so wherever there are restrictions as to number of customers per square meter, we can track it online, and we can respond quickly should there be any issues. So far, so good. We did manage to maneuver to be compliant with all the local legislations and measurements. We are being checked up by local authorities, have never experienced any mismanagement, and we are proud to carry on into 2021. Thank you, and over to you, Mirela. I am happy to take any questions. Thank you, Marek. Thanks. Hello, everyone, and thank you for joining our presentation today in such large numbers. Let's dive in, and I'll be happy to take your questions at the end. First of all, I will start by presenting financial matters and then move on to accounting matters. Before we go into the details, I would just like to highlight the EPRA BPR Gold Award received in 2020 as an acknowledgment of our achievements in improving financial reporting and BPR compliance. Many thanks to the team. We'll start by looking at our financial strategy. The focus of the financial policy during 2020 has been to maintain adequate liquidity, and generally, a safe balance sheet in terms of debt maturity, low LTV, and access to funding. To that end, we have taken various measures to preserve liquidity and optimize capital allocation and also took active steps to raise funding. We closed the year with liquidity of EUR 1.2 billion, split almost evenly between cash and committed revolving facilities. We have included here on this slide the most important measures taken during the year to preserve and improve liquidity. On the financial strategy. Over the past years, we have successfully maintained the balance between profitability and prudence by keeping LTV in the region of, let's say, between 28% and 33%. The June decrease in asset values resulted in a temporary LTV increase to 36%. As we announced during our August 2020 presentation, we are committed to our 35% LTV cap, and we have now reduced LTV to 31.5%. This was achieved through a combination of measures such as the sale of the Romanian office portfolio, which was planned since 2019, and the capitalization issue in the first half of the year instead of the cash dividend. We also manage net debt to EBITDA ratio closely, and we have successfully maintained it within prudent intervals, as you can see from the bottom right chart. Another notable achievement was maintaining our BBB ratings as confirmed by S&P and Fitch, more recently in September and November last year. In July, we successfully issued a seven-year EUR 500 million bond, which was oversubscribed. It was our first green bond ever; it attracted significant support from ESG investors. It was an LTV neutral transaction, really focused on improving liquidity and extending debt maturities. We have also extended two revolving facilities during the year and slightly improved our weighted average cost of debt. Last but not least, because it's quite a busy page, we have a high proportion of our property portfolio unencumbered, as always, and the interest rate risk is almost fully hedged. Okay. On the unsecured debt covenant side, we have significant headroom across all covenants. Just to address potential concerns about further asset devaluations, the yield expansion that would lead to a covenant breach is 800 basis points, and we obviously believe this is highly unlikely. On this slide, we address the government measures, the most ones related to our business during 2020. On the upper side of the slide, we have an overview of the legislation impacting the lease agreements for the lockdown period in 2020, when the non-essential stores were closed. We can group the government approaches into three categories. The first one, which actually applies to Poland only, required landlords to grant full relief to tenants, therefore placing the entire financial burden on the landlords. Secondly, some governments supported both tenants and landlords by regulating the discounts, but at the same time financing part of the rent for the period when trading was not allowed. This was the case for Slovakia, Czech Republic, and Lithuania. In all other countries in our portfolio, no specific regulation was enforced. On the bottom half of the page, we see general support measures taken by most CEE government. However, this had a very limited impact on our business. The main benefit to us from the government measures was really the support provided for part of the income during the lockdown period in Slovakia, Czech Republic, and Lithuania. With this, I will move to accounting matters. Again, quite a lot of information here, but it's not really new. We've covered this also in the June presentation. Probably one of the most important things in accounting is related to the accounting of the concessions granted to tenants. The accounting treatment is indeed same as presented before, but I would just like to recap it because it's quite important and because we have taken a different approach and more prudent approach compared to our peers. Similar to other retail real estate companies, we granted various concessions to our tenants to support them through the pandemic-induced lockdowns. As you probably saw, the applicable accounting treatment is driven by IFRS 16, and the standard defines lease modifications as concessions contractually agreed and signed between the parties. As of June, the number of concessions that we had contractually agreed and signed was insignificant, somewhere below 5%. However, at the time, there were already many tenant negotiations that were advanced, and we had expected them to result in significant concessions granted. Therefore, if we had only considered IFRS 16, that would have resulted in recognizing income at the time as per the existing ongoing contracts, although it was quite clear to us that much of the income would actually be affected by concession negotiations. At that time, we took the view that we can apply IFRS 9 and fully recognizing the income statement for the periods, the expected impact of concessions under negotiation at the date, and also the impact of the government required reliefs in Poland. This treatment was continued also in the second half of the year. We recognized the concessions as soon as we had estimates, even before the lease addenda were signed. To summarize, the total impact of the concessions to date is EUR 72 million, and this includes, as mentioned, the impact, the estimates for those concessions where the lease addenda are not yet signed. Although this represents quite a small portion of the tenant base at the moment. Out of this EUR 72 million, EUR 69.5 million were recognized as a decrease in income in 2020, and only EUR 2.5 million will be deferred over the remaining lease period, which is approximately three years. In other words, we have recognized during the year, 97% of the impact of the concessions granted, which is quite important. We have included in this slide also a breakdown of the tenant concessions by accounting method. I would just point out here the main difference, that is that the concessions imposed by governments, which was the case for Poland, were recognized as a decrease in gross rental income and service charge income, while concessions granted voluntarily were expensed and included in the partial forgiveness of receivables line in the income statement. Just to summarize on this topic, I would highlight once again that our accounting treatment is much more prudent compared to our peers because we have not straight-lined the concessions, but recognized them during the year. We should consider this different accounting treatment when comparing the financial results. On the next slide, we take a quick look at collection. Probably, let's say, the most important achievements of our team during 2020 were the significant progress made in finalizing tenant negotiations and also the excellent receivable collection rate. These two are quite linked. We have reached 95% collection for 2020 by the end of December. This further improved to 97% in February 2021. We'll now address the valuation of the property portfolio. First of all properties are valued twice per year. We have shown here in the table the split between the appraisers' mandates. The valuers made detailed assumptions about the impact of the COVID-19 pandemic. Most of the assumed cash flow impact referred to the short-term period. Another important thing to mention is that the material uncertainty clause that was included in the valuation reports from June, as per the risk guidance, has been removed from the December reports. This also triggered removing the emphasis of matter from our audit opinion. Therefore, the audit opinion is now standard, completely unmodified. We're now looking at some numbers. As noted in our financial statements, the value of the property portfolio decreased by 5.2% during 2020. Very important to note that this decrease is directly attributable to the effect of the pandemic. We wouldn't have expected this movement in the property values if it wasn't for the COVID-19 pandemic. The table shows the variance in exit rates and discount rates by country, and this led to a 3.8% decrease in the value, and the remaining 1.4% decrease is derived from lower cash flows driven by more prudent valuation assumptions, and this is mostly due to the concessions granted to tenants. On this slide, we will recap quickly the transaction executed in late November, early December. As you know, we have disposed of the Unibail-Rodamco-Westfield shares, and we have repurchased our own shares. This came to light because the company had a small listed securities portfolio that was a legacy from Rockcastle. During November, the board noted that the Unibail share price appreciated, and the ratio between the Unibail and NEPI Rockcastle share prices would make such a share switch accretive. We have executed this transaction, and we have repurchased the shares that were later canceled in December. It is very important to note that this transaction is accretive from an EPRA NRV and EPRA earnings perspective. I will now walk you through some key reconciliations. First of all, we are looking at EPRA NRV. This is the variance between 2019 and 2020, and the decrease during the year is mostly due to the fair value decrease in investment property values and also in the value of the listed securities portfolio. The next one is related to distributable earnings. We have shown here the variance between 2019 and 2020. The decrease is largely due to concessions granted to tenants as expected due to the pandemic. The lack of dividends from the listed securities portfolio, as well as slightly higher finance expenses due to the higher liquidity that we have held during the year, again, as a response of the pandemic. These movements were partly compensated by savings in corporate expenses and also lower taxes. The variance in taxes is due mostly to the lower NOI, which is due to the pandemic. The last reconciliation refers to distributable earnings and operating cash flows. As you can see, the difference between the two is very small, so the distribution is fully supported by operating cash flows. As you can probably remember, this chart looked quite different in June when we've done the presentation, because at that time we had working capital adjustment of around EUR 56 million, and this was mostly due to higher receivable balance. At the moment, we have only EUR 5.6 million in working capital adjustments, so this is quite a significant improvement, which really results from the completion of the tenant negotiations and also the high collection rate achieved by our team. Just to finalize this section, we're looking at the dividend for the second half of 2020. We have declared a dividend of 90% of the distributable earnings per share, and this is in line with our previous, let's say, policy, to distribute minimum 90%. The dividend will be settled in cash in March. A detailed timetable has just been published in an announcement. Quite important, our LTV is estimated to be below 33% after the dividend payment. This is still very prudent. Overall, for the year, we consider that the economic effect of the, let's say, combined capitalization issue for the first half of the year and this cash dividend for the second half of the year, they add up to approximately 95% total distribution for the year 2020. I will now ask Alex to take over. Hello. Thank you. Thank you, Marek. Thank you, Mirela. In this section, I would like to discuss how we see the way forward, how we see 2021. To begin, I would like to first give a bit of context. First we'll provide some external context, macroeconomic circumstances, then we'll provide some company specific internal circumstances, if you'd like. Then I'll put this in the context of our broader strategy for the year and the coming periods. On this slide, we present the usual macroeconomic data. The key point is that the macro fundamentals remain valid. The countries in which NEPI Rockcastle operates remain on a stronger growth path versus the rest of E.U. or E.U. Zone countries. This is exemplified also by the private consumption growth index as well as unemployment trends. On the following slide, I'd like to highlight that the case rate of COVID-19 is on a decreasing trend everywhere. The [NRP] regions are on a better path than the average. The vaccination rate in our countries is better than the E.U. average. Overall, the E.U. expects to reach approximately 70% vaccination rate by summer. All of this, we hope, will result in a return to normalcy in terms of social interactions and footfall to our properties. To provide some company specific information, I would like to highlight the percentage of the group's GLA that was open at December 31 and that is open now. We now have approximately 85% of the group's GLA open. I point out that in August, when we had our presentation, we were roughly at 96%. Nevertheless, there was a downturn in autumn 2020, recovery towards end of the year, which continued into 2021 with this figure of 85% to date. Other company specific circumstances include our significant development pipeline. We have roughly EUR 1 billion of controlled development pipeline, which we will continue to develop selectively with cost of capital versus growth potential principles in mind. As we speak, we have close to EUR 100 million committed to development of our existing pipeline and CapEx into our properties, all of this, we consider, will be accretive for the medium long term. The most interesting aspects are always the future. With this, I would like to discuss our outlook and strategy going forward. The main points that I would highlight here are five key areas. First and foremost, we are a cash flow producing business, so of course, we will continue to focus on maximizing our long-term sustainable NOI. In our view, we are focusing on increasing and intensifying the use of our existing GLA. We are not necessarily looking to extend existing GLA. We believe our portfolio is very well located, and we intend to keep the adequacy of the tenant mix and the liveliness of our properties as high as possible to keep these places attractive to our final customers. A second point is digital acceleration. This includes further investment into our omni-channel initiatives, with the final goal being to provide a continuously improving experience to our final customers, which will continue to spend money both online and offline. Thirdly, we will continue to develop our committed development pipeline within the context which I previously mentioned. Fourth, not necessarily in fourth place, but the safety of our balance sheet, the financial sustainability or the financial standing of NEPI Rockcastle will continue to remain a key element in all of our strategic actions. Last but not least, we will continue to remain vigilant for any opportunities which arise, given that we are very well-placed to take advantage of new investment opportunities, given our liquidity. With that being said, it all concludes into us being able to provide a guidance of approximately 10% growth in 2020. Sorry, in 2021. This is on the assumption that the trends that we observe to date continue, and that no further mass lockdowns are implemented in addition to the ones that are already in place. That is the entire presentation which the team and I have prepared. I thank everybody for your time. Before we move to the Q&A, I just want to summarize very briefly. 2020 was a year of good performance, given the context in which we operated in. We've succeeded in maintaining a strong financial standing and even improved the financial standing of the company. We are paying out a cash dividend equivalent to 90% of the second half earnings, which is proof that we are confident in our financial standing as a company. Overall, I think we're in a great position to pursue opportunities going forward. Thank you, and we will now move to the Q&A desk, which is a few meters to my right. As a reminder, to ask a question over the phone, you'll need to press star one on your telephone keypad. To withdraw your question, press the pound key. Please stand by. We will compile the Q&A queue. Again, in order to ask a question over the phone, you will need to press star one on your telephone keypad. Okay. There are no questions over the phone at this time. We can take some questions from those received online, because we have a few already. Yeah. The first one is from, I hope I'm pronouncing this correctly, Sandile Magagula. The first part of the question is, can you please advise on any planned share buyback program by NEPI Rockcastle going forward, and the scale thereof, with the associated impact in NAV? At the moment, we don't plan to have any other share buyback program. Obviously, we will keep an eye on the market and investment opportunities, and if we consider that this is something appropriate, we can do this. It's okay. I have it. In respect of the development pipeline, the question was submitted prior to my statements on the slides. We have a number of developments underway. As I said, our currently committed cash flows are up to about EUR 100 million for the present year. We are developing these on a priority basis, depending on potential growth and the yield of these development projects. Okay. Continuing with the question from Sandile. The second part is, can we expect the issue of green bonds to continue into the future? In which year a bulk of the lease will be expiring? To start with the second part, you'll have the lease expiry profile in the financial statements. There's nothing significant soon. Yes, we do expect to continue to issue green bonds in the future. This is the main reason why we've put in place the green framework. We expect that most of the debt that we'll contract in the next years will be as per the green framework. The last part of the question, is there any circumstances in the near term which will cause NEPI to revise down its payout ratio? Alex, if you want to- The payout ratio question? Yes. Okay. This topic was, of course, discussed during our board meetings in the last couple of days. We are not in a position to state the payout ratio going forward, but at this moment, we continue with our policy to date, which was to pay out at least 90% of our earnings. I have no reason to believe at this moment that we should not be able to do this going forward. Okay. I'll move to the next question. This is from Nazeem Samsodien from Investec. The first part is related to the pipeline. I think you've provided some details on that. The second part is, how do we plan to resolve the cash drag from all the proceeds from bond and sales not being reinvested? If I can start with this one, the bond proceeds were actually only used for debt refinancing, so there was no impact on liquidity. It was mostly, let's say, a maturity extension, and allowing access to the revolving facilities. While the sales not being reinvested, indeed, the cash remaining from the sale of the Romanian portfolio has quite a significant impact. The 10% guidance would be much higher if that part of the cash was reinvested. Alex, if you want to comment on potential acquisitions. I would first add that, yes, indeed, the cash drag is usually a problem. I would say that in these circumstances, it is a balanced cost of our business to maintain a strong liquidity. I think that having this cash positions us well to take advantage of future opportunities. In comparison, the cash drag is a small cost in my and the board's view. As far as pipeline opportunities, we do not have anything that we can disclose as far as ongoing transactions. Nevertheless, we are aware of opportunities in the market, and we do look forward to pursuing some. The next question comes from Stuart Simpson from Standard Bank. Can you please give an indication of the percentage change in base rentals on the leases that have been concluded and amended with tenants? I think this one is for Marek. Thank you, Mirela. We will probably need to do the exact computation, but I think the best answer now would be that the new agreements that have been signed, which is about 700 of them last year, were close to where we budgeted them and envisaged them, but some of them would include some COVID related turbulences. In order to convince tenants to open in the difficult year of 2020, without being able to predict when potentially we could get locked again, et cetera, we had to come to some solutions that would give tenants more comfort in exchange, of course, for various improvements. The lease agreements would be automatically extended should another lockdown be kicked in. The turnover reconciliation would be every month, instead of annual. The percentage of turnover rent would be higher. There would be clawback mechanism. Eventually, in order to see what was the base rental effect, one would need to wait until this period of lockdown closes down, because there is some giveaways and some potential earnings for us should the claw back mechanism be in place. It's a mix of various tools that we use while leasing in 2020. I hope that answers the question. Thank you, Marek. The next one comes from Chris Reddy from Mazi, and there are actually two questions for Alex. The first part is regarding the dividend declared at 90% payout ratio. How should we think about this payout ratio going forward? Is there a cash buffer or LTV that you are targeting before going back to 100%, if ever? Yes, I would say that our long-term plans is evidently to revert to a full payout. Nevertheless, the current payout is, as I said a couple of minutes ago, a balanced risk mitigating measure. The target LTV remains 35%. We are well within that range. Yeah, I think that's all I can say on the matter. Okay. The second part of the questions, it seems like COVID cases are arising again in CEE. Possible third wave. Is the plan the same as for the first two waves regarding tenant assistance and other initiatives? As we said in the presentation, we reached agreement with virtually all our tenants in relation to 2020. However, negotiations continue, and it will be a continuous effort until the ecosystem restabilizes. All of our expectations and forecasts are taken into account, in the guidance that we have provided. Yes, we will provide some assistance to tenants, but it's all balanced with keeping a very close eye on how the turnovers and footfall evolves. Thank you. The next one is from Bandile Zondo from Standard Bank. I think this one is for Marek. Any tenants looking to downsize, and if so, a trend by category, if any? Thank you. No, we don't see that trend happening. As you saw in our presentations, actually, when we say rightsizing, it's mainly rightsizing by means of increasing the space. We observe the biggest tenants occupying bigger space in order to allow their stores to be not only shopping place, but as well experience. The short answer is no, and there is no per category trend. Thank you. The next question, I can't see where it comes from, but I can read it. You said during the call that you have five ongoing development projects. Can you tell me the expected CapEx needed to finish those projects during 2021 and 2022? Just a minute. I have the exact number somewhere in the presentation here. I can't find it at the moment. It is in the presentation somewhere. The approximate number for 2020 is under EUR 100 million. I don't have a figure for 2022. Yeah. In my mind to disclose at this moment. Okay. Is there any CapEx left from 2020 that still need to be paid in 2021? No, we have a CapEx budget for every year, and it's updated. We don't have any leftovers. Can you please remind me your annual maintenance CapEx, please? This would be, let's say, roughly between EUR 20 million-EUR 25 million every year. The P&L effect from concessions. I would point out that in that figure, there's a very large proportion of tenant fit outs. Marek, please jump in if you consider. A lot of this CapEx, as we categorize it, is paid in order to accommodate new tenants into our shopping centers, which we consider are a better fit than existing tenants. It's part of the effort to always keep our properties fresh and well maintained. Yeah. Alex, it's almost a little bit less than 1/2 of that number that is aimed at leasing efforts. About EUR 15, EUR 16 is related to health and safety regulations. In other words, the cost that we have to carry because of the local legislations and health and safety measures. The rest is incentives and tenant-related expenditure. Continuing with the same question, the P&L effect from concessions, this was EUR 69.5 million recognized in the year. That's correct. Do you think you should recover most of that number? Most of it is, let's say, what was granted as concession, I don't think we will recover it, but we have recovered almost fully the remaining balance. Do you have any outstanding shares in Unibail? No, we don't have any shares in Unibail or in any other company. The entire listed portfolio was disposed. Does your target LTV continue to be 35%? Yes, this is correct. We still target 35%. The next one, also from Bandile Zondo from Standard Bank, maybe for Marek. Can you please give us a sense of how loyalty program works at a mall level, and how do you measure the success of these loyalty programs in Poland malls? Thank you for the question. We measure by various statistics, and without into getting the details of that, we measure the number of displays, which is how many people we reached. What was the range? We are talking about couple of millions of displays and range. We measure the click-through rate, which is actually how many people who have been displayed, clicked to the presentation. I think that this data is quite sensitive because it's our know-how, but I can only tell you we are talking about the program that lasted three weeks, and the reach was way above 10 million. The displays were above 10 million customers. It's quite impressive, and we are building our strategy based on this particular case. Okay. We have another question on the payout ratio. I think Alex covered this already. Another one on the payout ratio. It seems to be quite an interesting topic. A few questions from Jakub, from WOOD. Rent level dynamics of the newly closed leases versus the rent which was in place previously. I think Marek, you covered this in one of the previous questions. Financial health of tenants, should we expect to see some pressure on occupancy throughout FY 2021? As we presented, the vacancy remained at quite stable level. We don't experience any major tenant being in a financial situation that would lead to incremental increase of vacancy. There are some individual cases, but this relates mainly to local tenants, maybe some local franchisee partners, which has absolutely immaterial impact on our overall vacancy. As we stand today and seeing the market today, we do not envisage high risk of vacancy going up. Okay. Alex, maybe you take the points three and four of this question. Sure. The question is, if we're seeing any big-ticket transactions in retail in CEE, either closed or under negotiation. As we speak now, I can only think of some opportunities that are arising. I can say that there's no bargain deals to be made yet. By bargain deals, I mean quality properties at bigger discounted prices. Nevertheless, I expect that the right opportunities will come to us and we are ready to take advantage of those. The question four is, how much capital could we allocate for such purchases? I cannot give a euro figure in the hundreds of millions, but certainly it can be computed recurringly depending on where we stand at the time that the opportunity arises. We have a bit of room in the LTV. We have a lot of liquidity, and we certainly have the team to manage these transactions. Okay. I'm moving to the next question. This is from [Ejiden Onabule] at Barings. The first one is probably for Marek, that related to the discounts given to customers for 2021. For 2020, I think we've already answered. Marek, if you can provide some color. I know we don't have numbers yet, but if we have provided anything for 2021. We have not provided anything yet. We are in discussions. The general rule and one of the principles is that we first want to reopen the shopping centers which were closed. We want to see the numbers. The cutoff date should be, let's say, end of Q1. When we can retrospectively look at the performance, and our strategy is to have support targeted as those branches who were hurt most. Having seen the numbers for 2020, we know how the retail evolved, and there are some winners and some losers, and our support needs to be targeted very precisely, and we are working on that as we speak. Okay. The second part of the question, what is the percentage of leases to expire in 2021? This is, at the moment, around 7.4%. How much of this have been renegotiated and renewed? If you see the progress, in June, we reported about 14% of leases to expire in 2021. Half of them have already been renewed in the second part of 2020. I would expect the rest to be ongoing. The remaining percentage is quite low. What is the average lease term for new leases? This is still around five years, as always. The next one, what do you expect the trajectory of your occupancy cost ratio to be given that it is increased quite a bit in this result? I would expect that it stays in this range for the short, medium term. Okay. The next one is from Glenn Baker at Anchor Capital. With the concessions being recognized in FY 2020 and assuming no vacancy spike, this is correct, why only 10% is distributable income? There's a significant impact coming from the fact that the cash resulting from the sale of the Romanian office portfolio has not been reinvested. Very roughly, if that was invested, it would probably be 8%, 9%, really depending on the yield. That's quite significant. Generally, it's because we still prefer to maintain a significant, let's say, cash balance or liquidity, because we want to make sure that we get through this pandemic in good health, let's say, good balance she+++et health. The next one- What percentage of our malls have a gym, and which of those have a swimming pool? I really don't know this particular breakdown. A good portion of the city center ones have some form of fitness facilities. Swimming pools, I can only think of a handful. Yeah. Marek, tell me if you know otherwise. Very few. Of three or four off the top of my head. Yeah. Three or four out of the more than 50 properties we manage. Yeah. They are quite packed, though, so it is an attractive destination. The next question is residential development build to sell or build to let? It is built to sell. The next question from Standard Bank. Around LTV, 33% post-dividend and future payout ratio in context of the stated development pipeline of EUR 1 billion. All I can say is that the EUR 1 billion pipeline is evidently a long-term endeavor. LTV is a fixed point in our lives, and so 35%, we evidently have a headroom to 40 before rating agencies would take action, but our target remains 30%. Payout ratio I've commented on before. Next question from, it says anonymous, but the question is, how CEE markets differ from the U.K. and the U.S., and why do we think CEE will differ and not fall privy to the same retail apocalypse? The brief answer here is that I would expect we have something to learn from places where some of what we're doing has already been done. We are not looking to make the same mistakes of oversupply or under-representation of leisure and entertainment, or design flaws, or adequacy of digital infrastructure and technology. Okay. The next one. Please provide guidance on reversions, if any, that you expect in the portfolio. I think this was also covered by Marek, partly. CapEx expected to spend in 2021, 2022. I think this was also covered. Has the waiting to turnover leases on a permanent basis increased post lease modification, and are management comfortable with the change? This is from Ridwaan Lunat from Nedbank. Marek, if you can take this one. Generally, there was no major shift. The general rule is that these agreements are on fixed rental plus service charges and other fees. There might have been some individual cases where some more flexible adjustments were done in some very particular cases, but that's very immaterial. No, the share of turnover-based agreements has not increased significantly. Okay. Can you expand on the type of leases that the likes of Adventica are signing? I'm not sure I understand the question. This is, again, long agreement with fixed rent. I think those bigger tenants, actually, we have signed them not for five years, but 10 or seven years. There is no contribution from our end or very little. There is fixed rent plus service charges reconciled with proper bank guarantees, et cetera, in place. They are all bankable and according to pre-COVID-19 standards. Just to add, say that we signed Adventica before COVID, we developed the unit during COVID, and we opened after the first wave. So far, the operation is successful. We see no threat of having to change the strategic assumptions for those leases. Okay. Alex, maybe you can take the last part of this question. There was an addition. Yeah. Why did our development or CapEx spend decrease at the end of the year? As we've mentioned before, we are very flexible in our approach to development spending. Having seen how the lockdowns evolved, we've delayed some of the development spend in order to reopen in more favorable times. It was a cost of capital linked decision. The next question, are there any tax consequences of the payout ratio? No, we are not structured as a REIT, so we don't have this type of obligation, so there's no tax consequence. The next one is do you observe increase of turnover only related rents in total rental income? The short answer is no. I think Marek has provided some details here. Can you give us an idea of what proportion of the tenants are restaurants, gyms, cinemas, entertainment, and travel-based? This is from Standard Bank. Basically, the question is, what proportion of the tenants are under sustained pressure due to COVID-19? Calculating the leisure element of our portfolio, it was historically somewhere around 12%-14%. These are the tenants who get first to lock down and last to reopen. As well, we observe them when they are reopened, the bounce back is quicker on relative basis to other branches. We stay fully confident that those are sustainable branches to our portfolio. The next question is from Stuart Simpson at Standard Bank. Is management budgeting any further asset write-downs in 2021? It's quite difficult to budget asset write-downs. What we can say is that we do believe that our yields continue to be very prudent. As Marek mentioned, there are no discounts granted for 2021, we don't expect at the moment. This is obviously not in our control. All valuations are done by external experts. Another question is. It's titled last question. We have more. There are a few more. Can you? Yeah. What assumptions did we make for our guidance around lockdowns, third wave, relative to the 73 days experienced in 2020? The main assumption that we have made is that the lockdowns currently in place end at the times that they're currently announced to end. I don't know off the top of my head when the lockdowns in each one of our countries is expected to end, but evidently there are still several weeks of closure planned within our existing guidance. The next question is from Barings. Are there any leases renewed with rates increasing? Marek? Yes. Maybe surprisingly for some, there are some like that. We have some leases expiring which were 10 years old. Over that period, those rentals were only indexed. We did manage to get some upward reversions as well in some cases. The next question is, NEPI Rockcastle has only one shopping center in the Baltics. Are there any plans for acquisitions in the Baltic region? Alex? We have in our site's properties in the Baltics regions as well. Yes. The next question is, maybe Marek can help here. Can you provide a range of sustainable rent to sales ratio for the portfolio? Thank you. I think that this is quite complex question because just applying one ratio for the whole portfolio, it would be a bit misleading. There are tenants who trade at lower margin and they, of course, can accept only lower OCRs. There are others who trade at higher margins or have higher certain densities, and they can live with more than 20% OCRs. If we were to weight it all in, this is around 15% that we consider for our portfolio as being sustainable. If I were to give one number, that would be around 15%. Okay. The next question is from Michael Porter at HH Group. Have there been any market transactions against which we can compare our valuations? I am not aware of any properties similar to ours transacting in the past several months. The short answer would be no. Okay. The next question is, what% of your tenants are food tenants, supermarkets? That would be around 13%. These are the groceries, but there are some other similar tenants as well to supermarkets. What structural changes are you seeing that might impact the portfolio in the long term, both positive or negative? Maybe you can answer this one. Sorry? The structural changes that we're seeing which would impact the portfolio, positive or negative. Other than the broad macroeconomic circumstances, there isn't much more to comment. Evidently, we had in 2021 a lot of negatively impacting matters. I think we are now in a low point from which we expect to recover, and restructuring our thinking around more digital acceleration, as Marek presented, should result in increasing our income and even new income streams for us. Okay. Really the last question that I have online is from Alvaro Mata Segura. Following the disposal of the Romanian office portfolio, should we expect any other disposal in 2021? For the moment, no, we don't have any specific plans. Yeah, nothing, no material significant disposals to speak of at this moment. One more question that just came. Any material debt coming up for refinancing? Any plans to come to the international bond markets this year? No material debt. We have some secured loans coming up in 2021, but they're quite small, also considering the liquidity that we have. Yes, we may come to the bond market. It really depends on the pricing and the opportunities that we'll have maybe also related to the pipeline. For the moment it's uncertain, but we don't exclude it. At the moment, I don't have any other questions online. Maybe we can check if there's anyone asking questions by phone. There's still no question over the phone at this time. If you'd like to ask a question, just press star one. Okay. If there are no further questions online. There's- Sorry, there is somebody? Yes, sorry. There are no questions over the phone. Okay. Okay. Thank you very much for those of you that joined us. I have seen the number. There were quite a lot of participants, thank you very much. We look forward to a strong 2021. Thank you very much to our team and to all our stakeholders. Have a good day. Thank you very much.