MRM - 2019 Universal Registration Document

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General information on the issuer and its share capital Management report for the financial year ended 31 December 2019

which focuses on modern design, exchange services and proximity. They include the creation of rest and sharing areas as well as Wi-Fi access. • works to subdivide one of the units at the Aria Parc retail park in Allonnes to create 1,200 m² of space to house the new anchor brand that moved in during the third quarter. 1.3.2 Changes in the portfolio As of 31 December 2019, M.R.M.’s asset portfolio stood at €168.1 million excluding transfer taxes compared with €164.7 million excluding transfer taxes as of 31 December 2018, up 5.5% on a like-for-like basis, i.e. compared with its value as of 31 December 2018 restated for the property sold in 2019, namely the Urban office building. In 2019 M.R.M. invested €7.9 million in its properties. As of 31 December 2019, the change in the fair value of M.R.M.’s asset portfolio was a positive €0.8 million, reflecting the progress made in the retail property value-enhancement plan during the year.

In 2019, 41 new leases or lease renewals were signed in the retail property portfolio, representing an annual rental income of €2.1 million. As of 1 January 2020, the annualised net rent for retail properties was €8.5 million, up 4.0% from 1 January 2019. As of 31 December 2019, the occupancy rate of the retail properties was up 4 percentage points to 88% compared with 31 December 2018. This increase was due primarily to the arrival of new tenants in the Aria Parc retail park in Allonnes and the Carré Vélizy mixed complex in Vélizy-Villacoublay. In 2019, within the context of its retail-property value- enhancement programme, the investments made in these portfolio assets amounted to €7.9 million. These were primarily: • the partial redevelopment and 2,600 m² extension of the Valentin shopping centre in northern Besançon. The completion of the works was postponed for six months to the end of the first half of 2020 (1) . • the refurbishment of Galerie du Palais in Tours, renamed Passage du Palais. Completed in the first half of 2019 the renovations improve the customer experience by implementing the “Synergies Centre by M.R.M.” concept

+5.5%

Change in fair value €+0.8m

CAPEX €+7.9m

€168.1m

€164.7m

€159.3m

Disposals €-5.4m

12/31/2019

12/31/2018

12/31/2018 on a like-for-like basis

At the end of December 2019, the nine retail properties located in the Ile-de-France region and in the provinces accounted for all of M.R.M.’s portfolio value, compared to 97% a year earlier. This asset allocation reflects the completion by M.R.M.

of its refocusing on retail property following the sale of the Urban office building. As of 31 December 2019, M.R.M.’s asset portfolio covered a total area of 84,897 m².

(1) As indicated in Section 1.4.6 “Recent events” of this Universal Registration Document, the health crisis linked to the COVID-19 epidemic has led to the temporary halt of the work. M.R.M. will update the completion schedule once the situation is back to normal.

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M.R.M. 2019 UNIVERSAL REGISTRATION DOCUMENT