On the left, we show yield by property type in Europe. Net yields have increased over the past few quarters, as inflation has kept rental income afloat while higher interest rates have added downward pressure to property prices. On the right, we are showing rent growth by property type in Europe. Industrial rent growth has rebounded after falling in 4Q22 and still remains well above the pre-pandemic trend. Retail rent growth continues to recover from its pre-pandemic lows with growth edging up slightly in 1Q23. Lastly, office rent growth decelerated in 1Q23 but nonetheless remains above the lockdown era and pre-pandemic growth rates.