MRM - 2019 Universal Registration Document

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General information on the issuer and its share capital

Consolidated financial statements for the financial year ended 31 December 2019

Note 1 Company profile and significant items

1.1 General information M.R.M. (the “Company”) is a société anonyme (public limited company) registered in the Paris Trade and Companies Register. Its head office is located at 5 avenue Kléber, 75016 Paris, France. M.R.M. opted for SIIC (French real estate investment trust) status with effect from 1 January 2008. M.R.M., parent company of the consolidated group, is a holding company with subsidiaries dedicated to holding and managing retail properties. The consolidated financial statements for the 12-month period ended 31 December 2019 encompass the Company and its subsidiaries (hereinafter referred to as the “Group”). The Company is listed on Eurolist, in Compartment C of Euronext Paris (France). On 27 February 2020, the Board of directors authorised the publication of the Group’s consolidated financial statements as of 31 December 2019. They are denominated in thousands of euros, unless stated otherwise. The functional currency of each Group entity is the euro. The annual reporting period for all Group entities ends on 31 December. 1.2 Highlights of the period In early 2019, M.R.M. became a pure play retail property investment company. The disposal in January 2019 of Urban, a vacant office building in Montreuil, marked the completion of the Group’s move to gradually refocus on holding and managing retail properties, a strategy adopted in June 2013 when SCOR entered M.R.M.’s share capital. In addition, M.R.M. is in the last phase of its investment plan designed to enhance the potential value of its retail properties. For the record, M.R.M. committed to a €35.5 million investment plan covering seven of its nine existing properties. Investment programmes have been launched gradually since 2016 and the last, and largest of these, namely the partial redevelopment/extension of the Valentin shopping centre near Besançon, was launched in April 2018. Of this amount, €0.5 million was spent in 2019, bringing total investments to €34.5 million as of 31 December 2019.

Rental management and lettings The 2019 financial year was marked by a dynamic letting and rental management momentum with 41 new leases or lease renewals signed representing annual rents of €2.1 million, in particular: • a new 1,200 m² lease in the Aria Parc retail park in Allonnes, which took effect in the third quarter of 2019; • nine leases (including two renewals) for over 2,100 m² of office space in the Carré Vélizy mixed complex in Vélizy- Villacoublay. The leases all took effect in 2019 at intervals; • ten leases (including three renewals) for close to 1,300 m² of space either existing or under development at the Valentin shopping centre in Besançon. The cafeteria moved out of its 1,000 m² premises currently in redevelopment and took out a new lease for premises in the future extension where it will resume trading; • nine new leases for GammVert garden centres with firm periods of six or nine years, depending on the premises, and unchanged rents. These leases took effect in the third quarter of 2019. The logistics hub lease remains in effect, while two garden centres (one vacant and the other to be vacated in the first quarter of 2020) will be sold; • a new 450 m² lease in the Les Halles du Beffroi shopping centre in Amiens, which will take effect in the second quarter of 2020. The lease signed with Maison Dépôt (part of Conforama) for 3,300 m² in the Aria Parc retail park in Allonnes, took effect in the fourth quarter of 2018 once the premises were made available to the tenant. Given Conforama’s financial difficulties, the Maison Dépôt store did not open its doors in 2019, and in early 2020 both parties agreed to cancel the lease (see Section 1.3 “Subsequent events”). As of 31 December 2019, the physical occupancy rate (1) stood at 88%, up 4 percentage points on 31 December 2018. For its part the financial occupancy rate as of 31 December 2019 stood at 87%, up 4 percentage points on 31 December 2018. Annualised net rents as of 1 January 2020 amounted to €8.5 million, up 4% on 1 January 2019. New leases not yet in effect accounted for €500,000 of additional annualised net rents.

(1) Based on the total of existing units, including those held as strategically vacant.

M.R.M. 2019 UNIVERSAL REGISTRATION DOCUMENT

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