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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