MRM // 2021 Universal Registration Document

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Information on M.R.M.’s activities

Key figures

In detail, this new mortgage loan secured against M.R.M.’s real estate portfolio breaks down as follows: • a €75.7 million credit facility that has enabled M.R.M. to repay all its bank debt early, namely: €55.1 million due in June 2022, €15.2 million due in October 2022 and €3.7 million due in June 2023; • a €6.4 million credit facility to fnance new investments aiming to capitalise on the portfolio’s remaining potential for value creation, as well as investments to support the environmental targets set by M.R.M. It was taken out with a pool of banks comprising Banque Européenne du Crédit Mutuel, LCL and BRED Banque Populaire. As of 31 December 2021, the line of credit referred to above to be used to fnance new investments had not yet been drawn down. The amount of credit available is therefore €6.4 million.

As of 31 December 2021, the Group’s outstanding bank borrowings amounted to €74.4 million, compared with €76.8 million a year earlier. This decrease is mainly due to the repayments made following the two property disposals carried out in 2021. As of 31 December 2021, 100% of the Company’s bank loans were contracted at fixed rates. 77% of variable-rate bank debt is hedged by fnancial instruments (caps with strike rates between 1.0 and 1.25%, cap bearing on the 3-month Euribor). The average cost of debt in 2021 was 155 basis points, 3 basis points lower than in 2020. As of 31 December 2021, taking into account cash and cash equivalents for a total of €9.7 million, the Group’s total net debt was €64.7 million, representing 40% of the portfolio value excluding transfer taxes. As of 31 December 2021, the Group met all of its commitments to its banking partners in terms of LTV and ICR/DSCR covenants. The maximum thresholds are between 60.0 and 65.0% for the LTV covenants, and the minimum threshold is 200% for the ICR/DSCR covenants.

31/12/2021

31/12/2020

31/12/2019

FINANCIAL DEBT

€74.4 M

€76.8 M

€77.1 M

Average cost of debt (1)

155 bps

158 bps

158 bps

CASH AND CASH EQUIVALENTS

€9.7 M

€10.2 M

€12.3 M

LOAN TO VALUE (LTV) (2)

46.0% 40.0%

47.7% 41.4%

45.9% 38.6%

TOTAL NET DEBT (3)

(1) Excluding the impact of ancillary costs. (2) Financial debt, on appraisal value excluding transfer taxes. (3) Net financial debt in cash and cash equivalents, on appraisal value excluding transfer taxes.

The Group’s total debt has evolved as follows over the last three years:

€77.1 m

€76.8 m

€74.4 m

41.4%

40.0%

38.6%

158 bps

158 bps

155 bps

2019

2020

2021

Debt

Net LTV

Average cost of debt

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M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT