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First Half2008 Results

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First Half2008 Results First half2008 results 12 september2008 LIABILITY LIMITATION Declaration of Forward-Looking Statements (Safe Harbor) This presentation includes forward-looking statements (drawn up in accordance with the provisions of the Private Securities Litigation Reform Act of 1995). Intrinsically, these statements contain an element of risk and uncertainty. These forward-looking statements are part of the opinion formed by the company on future events and are basedon the information currently available. Therefore, the company cannot guarantee their accuracy or exhaustiveness. Moreover, the actual results can differ tangibly from the company‘s projections, due to a certain number of uncertain matters, which for the most part arenot known to the company. For more information on these items and other key factors that are liable to change the actual results of the company compared to expectations and projections, please consult the reports filed by the company with the Autorité des Marchés Financiers (French Financial Markets Regulatory Authority). 12 septembre 2008 œ 2 First half2008 Introduction MRM Asset portfolio Value creationprogrammes Consolidatedfinancialstatements Outlook Introduction H1 2008 highlights (figures as of 30.06.2008, variations from 31.12.2007) ° Continuation ofthestrategyimplementedin 2007 ° SIIC status from 1 January2008 ° Increasein thevalue(1) oftheportfolio: ⁄507m (+6.3% ) ° Progress on value creationprogrammes ° Robust business activity: ° Gross rentalrevenue: ⁄13.6m ° Net income: ⁄6.5m, or ⁄1.86 per share(2) ° Increasein Net Asset Value: ° Liquidation NAV: ⁄24.5 per share(2) (+ 8.3% ) ° Replacement NAV: ⁄33.2 per share(2) (+ 14.1 % ) (1) appraisal value excluding transfer taxes (2) on the basis of 3,501,977 shares as of 30 June 2008, restated for treasury shares 12 september2008 œ 5 H1 2008 marketcontext ° Credit crunchimpact: ° Decreasein transaction volumes in H1 2008: • France: ⁄7.1 billion, -50% in 1 year, backto 2004-05 levels • Ile-de-France: ⁄4.7 billion (⁄10.9 billionin H1 2007) ° No «megadeals» ° Change in yields different from an asset categoryto another: ° Lowerincreasefor retailassets (0 to +25 bps) thanfor offices (+25 to +75 bps) ° Higherincreasefor grade B andC assets ° Increasein office rent partiallyoffsettingrisingyields: ° Favorable ICC(1) indexation: +3.7% over6 months; +8.1% over12 months ° Furtherincreasein office rentin Ile-de-Francein H1 2008: • Prime rent: +4.5% (from ⁄739 to ⁄772/sqm) • «New» averagerent: +1.2% (from ⁄327 to ⁄331/sqm) nd • «2 hand» averagerent: +1.2% (from ⁄240 to ⁄243/sqm) ° Significant decreasein new development projects limitingriskfor over-supply in themedium term: ° Delay or cancellationofnew schemes as a consequenceofa lowerdemand: H1 2008 take-uptotalling1,175,000 sqm (-19% vs H1 2007 andH1 2006) A market environment that makes selectiveinvestment andasset enhancement allthemore relevant (1) French cost of construction index 12 september2008 œ 6 Methodology for investment sourcing ° Tworesearchplatforms at MRM‘s disposal: CBREandCBRE Investors ° A pro-activeprocess ofidentifyinginvestment opportunities: Phase I Phase II Phase III Phase IV Macro Cities submarket Asset type Asset economics(1) selection selection selection Demographics Quality of available Quality Off-market deals Tertiary employment properties Size Consumption trends Supply/Demand Occupancy level Capital market trends Construction pipeline Attractiveness Focus on off-market deals: targetingassets to beenhanced in attractive locations and/or specialsituations (SIIC) (1) Macro economicdata : source Experian 12 september2008 œ 7 An illustration ofPhase II analysis Office realestate(at mid2008) 4 AMSTERDAM 3 FRANKFURT e t a r y c n a c a v Western Crescent NorthernInner Rim e t a i La Défense dec2007 Outer Rim d e LONDON mid2008 EasternInner Rim m m GREATER PARIS I Paris CBD NorthEastern SouthernParis Paris 1 2 Stock increase/ Net absorption(1) 1 Low completions due in theperiodandlow immediatevacancyrate 2 Low immediatevacancyrate but highlevelofcompletions due in theperiod 3 Marketsaturatedwithimmediatelyavailablespaceandcompletions due in theperiod 4 Significantavailablesupplyandfew completions in theperiod (1) completions due in thenext24 months / net absorption overthelast24 months 12 september2008 œ 8 MRM Asset portfolio A mixedandbalancedassetportfolio (figures as of 30.06.2008, variations from 31.12.2007) ° Appraisalvalue(1) : ⁄506.9m (+6.3% ) ° Up4.4% excludingacquisitions ° 60% offices / 40% retail ° 64% stabilised/ 36% value-added Portfolio breakdown Stabilised Stabilised in value offices retail 41% 23% Retail value-added opportunities 17% Offices value-added opportunities 19% A well-balancedmixofrecurringrevenues andvalue-addedopportunities (1) excludingtransfertaxes - appraisals performedby Catella(offices) andSavills (retail) 12 september2008 œ 10 Stabilisedoffices (figures as of 30.06.2008, variations from 31.12.2007) Appraisalvalue(1) ⁄ in million +2.9% ° Stable appraisal value excl. acquisition: 200.9 206.8 H1 acquisition - 1igheryields 200.3 Excl. H1 acquisition Cergy-Pontoise building - upcomingvacation -0.3% + Rentindexation New leases ° Acquisition: 122.0200707 0260.200808 ° Rue de la Bourse, Paris 2nd district, price(1) ⁄6m Lease break up timeline ° Increasein rents: as % of stabilised office rents (2) Break up = termination possible without penalty ° Net annualisedrent : ⁄13.8m (+5.4 % ) ° Net yield: 6.7% (vs 6.5%) 70 ° Securedrevenue: 60 ° Occupancyrate: 97% 50 (3) 40 ° 49% ofrents securedbeyond3 years 30 20 10 0 Impact of higher yields offset H2 2008 2009 2010 2011 and + by increase in rents (1) excl. transfer taxes (2) excl. taxes, charges, rent-free periods and improvements (3) to mid-2011, firm leases or leases with early termination penalties 12 september2008 œ 11 Offices value-addedopportunities (figures as of 30.06.2008, variations from 31.12.2007) Appraisalvalue(1) ⁄ in million ° Value creationin H1: +⁄9.4m - Higheryields (+ 11.1% ) + Significantprogress in enhancement 85.7 95.1 H1 CAPEX programmes Excl. H1 CAPEX 122.0200707 0260.200808 ° CAPEX over theperiod: ⁄8m ° Mainly, «Le Charlebourg» atLa Garenne- Colombes and«Cap Cergy» Scheduled delivery of office space atCergy-Pontoise over 5,000 sqm in sqm ° Enhancement programmes: 30, 000 25, 000 ° 3-year CAPEX (mid2008-mid 2011): ⁄44.4m 20, 000 ° Net annualisedrent: 15, 000 (2) 10, 000 • current : ⁄2.3m 5, 000 • forecast(3): ⁄12.0m 0 HH22 2008 2009 2010 H1 2011 Value creation and forecast of (1) excl. transfer taxes (2) excl. taxes, charges, free rent a substantial increase in revenue periods and improvements and charges on buildings undergoing restructuring (3) after enhancement, excl. indexation 12 september2008 œ 12 Offices: H1 2008 highlights ° Letting: ° Signature of10 leases (4 new leases and6 renewals) representing a net annualised rental income of ⁄1.3m(1) ° Enhancement programmes: «Cap Cergy» «Charlebourg» Cergy-Pontoise, 7,100 sqm La Garenne-Colombes, 10,700 sqm ° Completionofworks ° Completion of stripping ° Letting strategy under work consideration: rental, with ° Planning permission adjacent building vacated in application filed in H1 February 2009(2), of a total (granted since) surface area of 13,500 sqm ° Acquisition: ° April 2008: 1 office building, Paris 2nd district, rue de la Bourse, 1,100 sqm for ⁄6m (excl. transfertaxes) (1) excl. taxes, charges, rent-free periods and improvements (2) notice given by the tenant of a 6,400 sqm building at Cergy-Pontoisefor end of the three-year lease period 12 september2008 œ 13 Stabilisedretailassets (figures as of 30.06.2008, variations from 31.12.2007) Appraisalvalue(1) ⁄ in million ° Slight increasein appraisalvalue + 3.7% excl. acquisition: 112.7 116.9 H1 acquisitions - Unevenincreasein yields Excl. + Rentindexation 114.1 H1 acquisitions + 1.2 % New leases Intensive management of«Sud Canal» centre in Montigny 122.2000077 062.0200808 ° Acquisitions: Two Gamm Vertgarden centres for ⁄3.1m(1) ° Increasein rents: Breakdown of stabilised retail asset portfolio (2) by region (in value) ° Net annualisedrent : ⁄7.8m (+3.4 % ) ° Yieldstable at6.7% Paris 10 % ° Securedrevenue: ° Occupancy rate: 98% ° Number of tenants: 97 ° Proportion of national chains: 76% of rental income ° 10 tenants = 38% of rental income Regions 55 % Paris region (Bricorama, BessonChaussures, Cultura, ED, Epicerie (excl. Paris) Globe, Gamm Vert, Go Sport, Haworth, Interiors, King 35 % Jouets) Resilient retail portfolio (1) excl. transfer taxes (2) excl. taxes, charges, free rent periods and improvements 12 september2008 œ 14 Retailvalue-addedopportunities (figures as of 30.06.2008, variations from 31.12.2007) Appraisalvalue(1) ⁄ in million + ⁄10.5m ° Value creationin H1: (+ 13.5% ) 88.1 ° Significant progress with enhancement 77.6 H1 CAPEX programmes, particularly with the Excl. «Marques Avenue A6» shopping centre H1 CAPEX in Corbeil-Essonnes 122.0200707 062.0200808 ° CAPEX over theperiod: ⁄3.6m ° Two main projects: «Marques Avenue A6» Scheduled delivery of retail space shopping centre in Corbeil-Essonnes in sqm and «Les Halles duBeffroi» in Amiens 2255,0 00000 2200,0 00000 ° Enhancement programmes: 1155,0 00000 1100,0 00000 ° 3-year CAPEX (mid2008-mid 2011): ⁄34.9m (2) 55,0 00000 ° Net annualisedrent : 0 • current: ⁄2.2m H2 2008 2009 2010 H1 2011 • forecast(3): ⁄8.0m Value-creating enhancement programmes and significant 1) excl. transfer taxes (2) excl. taxes, charges, free rent periods and improvements and charges on buildings potential in rental income growth undergoing restructuring (3) after
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