GECINA - REFERENCE DOCUMENT 2017

COMMENTS ON THE FISCAL YEAR EPRA reporting at December 31, 2017

2.8.3

EPRA NET INITIAL YIELD AND EPRA “TOPPED-UP” NET INITIAL YIELD

The table below indicates the transition between the yield rate disclosed by Gecina and the yield rates defined by EPRA:

12/31/2016

12/31/2017

In %

GECINA NET YIELD (1)

4.39% -0.28% 0.00% -0.41% 3.69% 0.35% 4.05%

4.59% -0.30% -0.02% -0.41% 3.86% 0.25% 4.11%

Impact of estimated duties and costs

02

Impact of changes in scope Impact of rent adjustments EPRA NET INITIAL YIELD (2) Excluding lease incentives

EPRA TOPPED-UP NET INITIAL YIELD (3)

Like-for-like basis 2017 (including Eurosic assets, reconstituted like-for-like portfolio). (1) The EPRA Net Initial Yield rate is defined as the annualized rental income, net of property operating expenses, after deducting rent adjustments, (2) divided by the value of the portfolio, including duties. The EPRA “topped-up” Net Initial Yield rate is defined as the annualized rental income, net of property operating expenses, excluding lease incentives, (3) divided by the value of the portfolio, including duties.

2.8.4

EPRA VACANCY RATE

The financial occupancy rate disclosed corresponds to (1 – EPRA vacancy rate).

12/31/2016

12/31/2017

In %

Offices

4.7% 3.1% 9.7% 4.1%

4.5% 3.4%

Traditional residential Student residences

10.9%

Other activities

N.A.

Healthcare

N.A.

0.0%* 4.1%

GROUP TOTAL

4.6%

*

Until July 1, 2016.

2.8.5

EPRA COST RATIOS

12/31/2016 (141,371) (63,198)

12/31/2017

In € thousand/%

Property expenses

(169,330) (71,840) (1,795) 116,083

Overheads

Depreciation, net impairments and provisions

(9,559) 100,199

Expenses

Rental expenses recharged in gross rent Other income covering G&A expenses Share of costs from equity-accounted affiliates

0

0

73

201

4,519

61

Land-related expenses

772

792

EPRA COSTS (INCLUDING COST OF VACANCY) (A)

(121,518)

(112,876)

5,479

Cost of vacancy

4,993

EPRA COSTS (EXCLUDING COST OF VACANCY) (B) Gross rental income less land-related expenses

(116,525)

(107,397)

571,671

539,239

Rental expenses recharged in gross rent

0 0

0 0

Share of rental income from equity-accounted affiliates

GROSS RENTAL INCOME (C)

571,671

539,239

EPRA COST RATIO (INCLUDING COST OF VACANCY) (A/C) EPRA COST RATIO (EXCLUDING COST OF VACANCY) (B/C)

21.3% 20.4%

20.9% 19.9%

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GECINA - REFERENCE DOCUMENT 2017