MRM // 2021 Universal Registration Document

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General information on the issuer and its share capital

Consolidated nancial statements for the nancial year ended 31 December 2021

Changes in investment properties

31/12/2021

(in thousands of euros)

NET BALANCE AT OPENING

160,950

Asset disposals

-4,380 2,772 2,643

Works

Change in fair value

NET BALANCE AT CLOSING

161,985

As of 31 December 2021, all investment properties were retail properties.

Capitalisation and discount rates used by the independent appraiser for investment property valuation purposes as of 31 December 2021

Capitalisation rates

Discount rates

Between 5.25% and 9.25%

Between 5.70% and 10.50%

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.

Passing net rents from investment properties and sensitivity study

Passing net rents per year and per Sqm as of 31/12/2021

Average

Range (1) 6–1,000

(in euros)

210

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

A sensitivity study simulating a change in the capitalisation rates as of 31 December 2021 showed that a 50 basis-point increase in these rates would reduce the asset portfolio value by €5,775 thousand or (3.6)%, whereas a 50 basis-point reduction would increase it by €6,695 thousand or 4.1%.

M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT

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