MRM_REGISTRATION_DOCUMENT_2017

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General information on the issuer and its share capital

Consolidated financial statements for the year ended 31 December 2017

5.5 Result on disposals of properties

Gains (losses) on the disposal of assets break down as follows:

Disposal of property

Disposal of property

31/12/2017

31/12/2016

(in thousands of euros)

Sales proceeds net of expenses Net book value of disposed assets

65

37,494

-90

-40,333 -2,839

RESULT ON DISPOSALS OF PROPERTIES

-25

5.6 Change in fair value of properties

31/12/2017

(in thousands of euros)

OPENING NET BALANCE OF PROPERTIES

197,847

Acquisitions

1,826 6,150

Works

Reclassification of rent-free periods

278

Change in fair value

-6,444

Asset disposals

-90

CLOSING NET BALANCE OF PROPERTIES

199,567

5.7 Net borrowing cost

Net borrowing cost breaks down as follows:

31/12/2017

31/12/2016

(in thousands of euros)

Interest received

-

2

Interest and similar expenses NET BORROWING COST

-1,899

-1,916

-1,899

-1,913

5.8 Change in fair value of financial instruments and marketable securities There was no change in the fair value of financial instruments and marketable securities over the period.

5.9 Earnings per share Consolidated net earnings per share at €(0.11) is calculated by dividing consolidated profit (loss) by the number of shares outstanding (excluding treasury shares) at closing, i.e. 43,632,801 shares as of 31 December 2017. See “Information on the number of shares outstanding” under note 4.10 “Equity” above.

Note 6

Tax

6.1 Group tax status Since 2008, M.R.M. has been registered as an SIIC (real estate investment trust) with a scope covering all the Group’s entities.

SIIC status grants tax exemption on: • Profits from the letting of buildings and the subletting of buildings under a property leasing;

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