MRM // 2021 Universal Registration Document

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Information on M.R.M.’s activities

Key figures

Income capitalisation approach These methods consist, on the basis of either reported or existing income, or theoretical or potential income (market rent or market rental value), of capitalising this income by applying a yield rate. Income-based methods are also known as “income capitalisation” or “return” methods. They can be applied in a number of ways depending on the income base in question (effective rent, market rent, net income) to which specific yield rates correspond. The capitalisation rates correspond to the yield on the seller’s side or with a view to a management year. The capitalisation rate expresses, as a percentage, the relationship between the gross or net income of the property and its monetary value. It is called gross or net depending on whether the gross or net income of the property is chosen. As of 31 December 2021, the average capitalisation rate of the Group’s asset portfolio was 6.1%.

The yield rate corresponds to the yield for the buyer or investor. The yield rate is the ratio, expressed as a percentage, of the gross or net income of the property to the capital committed by the buyer (acquisition price + transfer fees and duties = gross monetary value including “commission and fees”). Discounted cash flow method This forward-looking method is based on estimating income and expenses relating to the property, determining a “final” or exit value after the analysis period, and discounting all cash flows. Over a given period and on a forward-looking basis, it involves anticipating all events (reflected as financial flows) that will have a positive or negative impact on the life of the property (rents, charges, vacancies, works, etc.). By discounting, all future financial flows are stated at today’s value in order to determine the present value of the property.

Summary of the appraisal valuations

31/12/2021

Appraiser

BNP Paribas Real Estate Valuation

67% of assets (1) visited less than 12 months ago 33% of assets (1) visited 12 to 24 months ago

Date of the latest visits

13 fully owned assets 1 condominium asset 3 assets in volume units

Type of ownership

Appraisal value excluding transfer taxes

€162.0m €162.0m

Value in the consolidated financial statements

Capitalisation rates

Between 5.3% and 8.0% (i.e. 6.1% on average) Between 5.0% and 7.5% (i.e. 5.7% on average)

Net yield rate

Physical occupancy rate (2) Financial occupancy rate (2)

90% 88%

(1) In value. (2) Calculated on the basis of total existing units in the portfolio.

M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT

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