MRM - 2018 Registration document
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General information on the issuer and its capital
Consolidated financial statements for the financial year ended 31 December 2018
Changes in investment properties
31/12/2018
(in thousands of euros)
NET BALANCE AT OPENING
158,520
Works
14,536
Change in fair value
-13,976
NET BALANCE AT CLOSING
159,080
Breakdown of investment properties As of 31 December 2018, all investment properties were retail properties.
Capitalisation rates and discount rates retained by the independent appraiser for investment property valuation purposes as of 31 December 2018
Capitalisation rates
Discount rates
Between 4.25% and 7.50%
Between 5.25% and 8.30%
The capitalisation rates correspond to the yield on the buyer’s side or with a view to a management year. The capitalisation rate expresses, in percentage terms, the ratio of gross or net revenue from the property to its monetary value. It is called gross or net depending on whether the gross or net revenue of the property is chosen.
Active net rents from investment properties and sensitivity study
Active net rents per year and per m ² as of 31 December 2018
Range (1) 18 – 754
Average
(in euros)
131
(1) Excluding rental income generated by parking decks and antennas.
A sensitivity study simulating a change in the capitalisation rates as of 31 December 2018 showed that a 50 basis-point increase in these rates would reduce the asset portfolio value by €13,150 thousand (down 8.3%), whereas a 50 basis-point reduction would increase it by €15,580 thousand (up 9.8%).
M.R.M. 2018 REGISTRATION DOCUMENT
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