MRM - 2019 Universal Registration Document

3

General information on the issuer and its share capital

Consolidated financial statements for the financial year ended 31 December 2019

Changes in investment properties

12/31/2019

(in thousands of euros)

NET BALANCE AT OPENING

159,080

Works

7,946

Change in fair value

864

NET BALANCE AT CLOSING

167,890

Breakdown of investment properties As of 31 December 2019, 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 2019

Capitalisation rates

Discount rates

Between 4.25% and 8.25%

Between 5.05% and 8.70%

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 12/31/2019

Average

Range (1)

(in euros)

22-785

137

(1) Excluding rental income generated by parking and antennas.

A sensitivity study simulating a change in the capitalisation rates as of 31 December 2019 showed that a 50 basis-point increase in these rates would reduce the asset portfolio value by €13,660,000 (down 8.1%), whereas a 50 basis-point reduction would increase it by €14,640,000 (up 8.7%).

78

M.R.M. 2019 UNIVERSAL REGISTRATION DOCUMENT