MRM - 2020 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 2020

Changes in investment properties

12/31/2020

(in thousands of euros)

NET BALANCE AT OPENING

167,890

Works

3,802

Change in fair value

-10,022

NET BALANCE AT CLOSING

160,950

Breakdown of investment properties As of 31 December 2020, 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 2020

Capitalisation rates

Discount rates

Between 5.25% and 8.75%

Between 5.50% and 9.40%

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 Sqm as of 12/31/2020

Average

Range (1)

(in euros)

21-789

133

(1) Excluding rental income generated by car parks and antennas.

A sensitivity study simulating a change in the capitalisation rates as of 31 December 2020 showed that a 50 basis-point increase in these rates would reduce the asset portfolio value by €10,650 thousand or -6.6%, whereas a 50 basis-point reduction would increase it by €13,160 thousand or +8.2%.

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M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT