MRM_REGISTRATION_DOCUMENT_2017

3

General information on the issuer and its share capital

Consolidated financial statements for the year ended 31 December 2017

Note 1

Company profile and significant items

1.1 General information M.R.M. (the “Company”) is a société anonyme (public limited company) registered in the Paris Trade and Companies Register. Its head office is located at 5 avenue Kléber, 75016 Paris, France. M.R.M. opted for SIIC (real estate investment trust) status with effect from 1 January 2008. M.R.M., parent company of the consolidated Group, is a holding company with subsidiaries dedicated to holding and managing retail and office properties. The consolidated financial statements for the 12-month period ended 31 December 2017 encompass the Company and its subsidiaries (hereinafter referred to as the “Group”). The Company is listed on Eurolist, in Compartment C of Euronext Paris (France). On 22 February 2018, the Board of directors authorised the publication of the Group’s consolidated financial statements as of 31 December 2017. They are denominated in thousands of euros, unless stated otherwise. The functional currency of each Group entity is the euro. The annual reporting period for all Group entities ends on 31 December. 1.2 Highlights of the period Having strengthened its financial position through the SCOR SE recapitalisation coupled with the complete restructuring of its bank and bond liabilities in 2013, M.R.M. largely restored its financial leeway. In 2017, M.R.M. focused on letting the available space in its office and retail properties and maintained strong retail property momentum with the signing of 13 new leases. M.R.M. also continued the operating phase of many of its investment programs designed to make the most of the potential value of its retail properties. Total projected investments identified for all retail properties went from €32 million to €35 million following the implementation of a new value-enhancement plan for the Aria Parc retail park in Allonnes. Of this amount, €4.6 million was spent in 2017, bringing total investments to €13.6 million as of 31 December 2017. M.R.M. is selling the last two remaining office properties in its portfolio to complete the process of refocusing on its retail properties.

Lastly, in 2017 M.R.M. refinanced a bank loan maturing at the end of the year.

Rental management and lettings In 2017, the retail and office portfolio saw 13 leases signed or renewed, representing an annual rental income of €1.0 million, including: • The signing of two leases covering a total area of 3,825 sqm, of which 2,300 sqm as part of a project to extend a retail unit to house a homeware store in the Aria Parc retail park in Allonnes. These lettings are part of a programme to reconfigure and extend the retail park in which M.R.M. increased its stake during the year (see “Investments” below); • The signing of two new leases for approximately 900 sqm in the Nova office building in La Garenne-Colombes, which boosted its occupancy rate to 78%; • The reletting of a 1,275 sqm unit in the Les Halles du Beffroi shopping centre in Amiens which La Grande Récré vacated on 31 December 2017. The new lease is intended for a fitness studio and will come into effect in the first quarter of 2018. In June 2017, the sole tenant of the medium-sized 2,470 sqm high street retail unit in the city centre of Reims activated the 3-year lease termination option and gave notice of departure to M.R.M. effective on 31 December 2017. New tenants are being sought. As of 31 December 2017, the physical occupancy rate for retail properties stood at 76%, a decrease of 8% from 31 December 2016. This decline stemmed mainly from tenant departures from properties in Reims and Amiens, which more than offset the impact of the lease agreements signed in 2017. The physical occupancy rate of office properties stood at 45% as of 31 December 2017, up 5% from 31 December 2016, thanks to lettings of the Nova building in La Garenne-Colombes. This occupancy rate includes Urban, a vacant office property of 8,000 sqm located in Montreuil, to be sold as is in order to be restructured into residential units.

76

M.R.M. 2017 REGISTRATION DOCUMENT