Markets are expected to remain volatile in 2023, and CTP continues to monitor events closely. However, the I&L sector has proven to be resilient, as it is mainly driven by secular drivers of demand and rising barriers to new supply. At the same time, market turbulence can create opportunities, and CTP’s strong balance sheet allows for new opportunities. CTP continues to see a strong operational backdrop, with high tenant demand and vacancies close to record lows in many markets, allowing the Company to generate strong rental growth going forward. This growth, together with the impact of deliveries coming online, will drive CTP’s earnings. For 2023, CTP expects a Company Specific Adjusted EPRA earnings growth of 18%, from €0.61 per share in 2022 to €0.72 per share in 2023.