Earnings Release • Mar 11, 2016
Earnings Release
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Building up French metropolises
INTRODUCTION / 3
BUILDING UP FRENCH METROPOLISES / 11
RETAIL REIT / 17
PROPERTY DEVELOPMENT / 27
FINANCIAL RESULTS / 45
OUTLOOK / 58
APPENDICES / 64
| STRATEGY | PROPERTY DEVELOPMENT |
RETAIL REIT |
RESULTS |
|---|---|---|---|
| Refocusing on real estate |
Change in dimension |
Two-fold increase to come |
Robust growth |
| Disposal | €2.0 Bn | Potential to increase gross rents from €200 M (2) to €400 M (at 100%) |
FFO: €161 M (+28%) (4) |
| Acquisition | in take-ups (+49%) (1) |
~€600 M potential value creation (3) in Group share |
Creation of real estate value: €293 million (+18%) (5) |
(1) 190,000 Altarea shares, i.e., approximately 1.5% of share capital.
(2) Total residential take-up, compared to the private development market estimated at 102,000 units (up +17% in Q3 2015 applied to the market of 86,800 in 2014 - source Sustainable Development Commission).
| ALTAFUTURE | INNOVATION CULTURE |
|---|---|
| A dedicated and multidisciplinary team 7 persons |
Commitment of top managers Learning Expedition Cycle (Executive Committee, Retail, Office, Residential) |
| An Open Innovation approach with incubators |
Mobilization of the staff Internal collaborative platform dedicated to innovation (Trends, Innovations, Benchmarks, Startups…) |
Conferences, Workshops, International innovation exhibitions (Consumer Electronic Show, Big Retail Show …)
A scientific advisory board (Economists, Philosopher, Sociologist,…)
Customer knowledge & relationship Digital Factory, CRM and digitalization of the customer process
Innovation at the heart of business transformation
| OUTPERFORM REGULATION |
GO FURTHER IN CSR PERFORMANCE |
RECOGNIZED CSR APPROACH |
|---|---|---|
| Energy consumption: (1) -33,5% 2020 Objective / - 40% Objectives of the Energy Transition Law: -25 % by 2020 and -60 % by 2050 |
st 1 retail REIT 100% certified (2) 100% of the portfolio certified Breeam In-Use |
99% for transparency A- for performance |
| CO emissions: 2 -36,5% (1) 2020 Objective / - 50% |
96% of new projects (3) Less than 500m from a public transport network |
Property investment: 18th / 688 worldwide rd Development: 3 / 304 worldwide |
(1) Between 2010 et 2015 on the existing portfolio, at constant scope and constant climate.
(2) 100% of the managed portfolio is certified BREEAM In-Use.
(3) New residential, office, retail and hotel projects.
A different spirit: 100% employee shareholders
| GROUP'S EMPLOYEES | A UNIQUE COMBINATION | SHARING VALUE | |
|---|---|---|---|
| 1000 employees | Attract the best |
Regular distributions of shares | |
| 200 hires planned in 2016 Rapid growth |
Keep the best Managed wages policy |
Macron's law benefits 0.8% to 1% of capital distributed per year for the next three years |
|
| Entrepreneurship for growth |
| FFO (1) (in Group share) |
NAV |
|---|---|
| result (FFO) reported (2) Recurring €161.2 million (+27.8%) |
Creation of real-estate value (4) +€293 million |
| FFO / share (3) €12.95 (+ 23.8%) |
NAV / share (5) €137.3 (+ 5.8%) |
Territories with exceptional fundamentals, a unique operating method
| FRENCH METROPOLISES(1) | THE GROUP'S ORIGINAL APPROACH | |
|---|---|---|
| Concentration | 9.5% of territory 36% of the population 71% of GDP |
Focus on 11 targets based on demographic criteria (targeted territories: +740,000 inhabitants in 5 years (1)) |
| € Wealth |
Average income 15% above the national average |
Systematic multi-product approach |
| Demographics | Sharp increase(2) | Developer Investor Asset manager |
(1) Aggregate data in the 11 French metropolis in which the Group operates (Source: INSEE).
(2) Between 2008 and 2013 +740,000 people data in the 11 French metropolis in which the Group operates (Source: INSEE). Over 30 years, French metropolis have gained more than 9 million inhabitants.
| PIPELINE (1) | Surface area (2) |
Potential value (3) | |
|---|---|---|---|
| Shopping centers | 553,100 m² | €3.6 Bn | |
| Convenience stores | 100,300 m² | €0.3 Bn | |
| Offices | 531,000 m² | €2.2 Bn | |
| Residential units | 1,503,000 m² | €5.9 Bn | |
| TOTAL | 2.7 million m² |
€12.0 Bn | Reinforcement in progress Strategic areas |
(1) Only the retail projects are intended to be retained in the Group's assets.
(2) Retail property: m² GLA / Residential units: Net floor area / Offices: Gross floor area or leasable surface area.
(3) Shopping centers: rents 100% capitalized at 5.5% / Valuation of convenience stores: €2,500/m² / Residential value: properties for sale + future offering (i.e excluding projects under construction) / Office value: Off-plan sales/CPI Share of signed amounts, MOD: Share of capitalized fees, Altafund: 100% cost price.
Retail, the entry key to French metropolis
High expectations from local authorities
A product that is generally neglected by developers
Untapped source of value
(1) Convenience stores cover several categories, from 500-m² building ground floors to small shopping centers of 5,000 m² to 7,000 m²
Mixed-used urban projects
Global projects Capacity to build cities within cities
as well as new central areas through retail and leisure
| Mixed-use projects | m² | # units | m² non residential |
|---|---|---|---|
| Bezons City center | 66,000 | 700 | 18,700 |
| Strasbourg Fischer | 33,000 | 430 | 5,000 |
| Hospices Civils Lyon | 16,000 | 250 | 3,500 |
| Toulouse Montaudran | 75,000 | 600 | 27,350 |
| Gif-sur-Yvette (1) | 19,000 | 300 | 5,300 |
| TOTAL including Convenience stores |
209,000 | 2,280 | 59,850 ~ 45,000 |
(1) Group share only, i.e. 25% of 1,200 residential units built in co-development with Vinci and Eiffage, and 100% retail.
Focus: creating cities within cities
700 subsidized and social rental housing 20,000 m² retail space 17,000 m² green space 600 parking spots
Our vision about shopping centers in France (excluding convenience stores)
| LOCATION, SIZE | PRODUCT |
|---|---|
| French metropolises High average retail density, but very different |
Large regional centers Cap 3000 |
| if we geographically target development | Travel retail Gare Montparnasse |
| Minimum size per project This threshold varies depending on products (footfall, number of m², investments) |
Retail parks (Family Village ®) Marques Avenues® A13 |
| A REFOCUSED PORTFOLIO (€Bn) | GOOD PERFORMANCE OF KEY OPERATIONAL INDICATORS |
|
|---|---|---|
| Tenants' revenue | +1.5% | |
| Portfolio of €3,8 Bn | Change in net rents | +2.6% (+1.3% like-for-like) |
| Occupancy cost ratio | 9.9% | |
| €201 M in rent (1) | Bad debt | 1.9% |
| 39 assets |
Financial vacancy | 2.9% |
| Average value of €98 M | Signed leases |
215 |
| Average uplift |
20% |
(1) Property value including transfer duties and gross rents at 100% as of 1st January 2016, respectively €2.6 billion and €152 million in Group share.
Asset management: 2015 highlights
Qwartz Successful launch (1) 100% controlled (2) €400 million
Italy portfolio Four small-sized assets €122 million
Marques Avenue® A 13 1 st wooden shopping center
Jas de Bouffan, Aix-en-Provence
(1) On December 31, 2015, Qwartz posted a 10% increase in attendance and 9% increase in rental revenue, after restating the opening effect.
(2) Qwartz was developed under and was held until now in a 50/50 joint venture with Orion.
7 million visitors (1)
280 M€ tenants' revenue
2015 : +10% footfall +9% Merchant revenue (2)
Digital Factory (3) : 220,000 customer journeys retraced / month
70% of repeated visits within 30 days after 1st visit
(1) And 600,000 visitors/month.
(2) After retreatment of opening effect.
(3) Qwartz is the first center to feature Digital Factory functionalities., which is a unique tool to collect and process customer data.
L'Avenue83 , Toulon-La Valette
51,000 m² shopping and leisure center
12 medium-sized outlets (Primark, Nike Store etc.) One Pathé movie theater with 16 screens 60 shops and kiosks
100% leased
with 30,000 m² of retail space open throughout the week
in the extension of the Jardin des Plantes, between historical Paris and New Paris
Promenade de Flandres, Roncq (Lille metropolitan area)
Retail park of 60,000 m²
Reinforcement of a leading retail hub of the Lille metropolitan area 2km from Belgium
More than 60% pre-let
Construction launched beginning of 2016 Delivery in H2 2017
The main untapped source of value for the Group
(1) Projected gross rents in retail development pipeline
(1) Current gross rents of property portfolio assets. €152 M in Group share.
(2) Projected gross rents of property portfolio assets and projected gross rents of retail development pipeline, not updated and excluding potential divestments, at 100%. €304 M in Group share.
(3) Difference between the potential value including transfer duties of the projects on delivery (triple net rents capitalized at 5.5%), not updated, and net investment on development project. Value in Group share.
PROPERTY DEVELOPMENT
Very sharp increase in results
(1) This margin includes all of the Group's operating costs billed to the Development division, for an amount equivalent to around 100 margin points.
| MARKET | PRODUCTS & SERVICES |
CUSTOMER | COGEDIM STORE Bercy Village |
|---|---|---|---|
| A deep market Shortage situation and under production Needs very unevenly distributed on the territory Stabilized prices |
Proximity to public transport The consistency of our product lines with the qualitative DNA of COGEDIM Neighbourhood services and attention to details |
Incorporate the multiplicity of customer profiles Offer rental management assistance to customer/investors Rethink the customer process and improve satisfaction rate |
Growth sales (1): +33% (i.e. twice the domestic market (2))
(1) In number of units. Domestic market 102,000 units: housing market up 17% in 2015 (86,900 units. Source: Ministry of Sustainable Development).
(2) In units.
(3) Serviced residences, renovation etc.
(1) Excluding Pitch Promotion (which sold 1,021 units for €236 M in 2015).
Strong impact of interest-free scheme and the Pinel Act
Cogedim retiree residences Club ®…
Specific offering, mixed-use urban projects
H&P historical monuments, stripping...
Grand Paris 2 nd and 3rd rings
Lyon 2 nd Lyon-based agency
Atlantic coast and Grand Ouest
North "Paris-Metropole" Leading developer
Grand Paris Area (2) Not in the Top 10 In the Top 3 within 3 years
(1) Ranking of sales in value for traditional collective properties (Source : CAPEM).
(2) Without "Paris-Metropole". NB : sales in the "Paris-Metropole" area are equal to the sum of the sales in the rest of Ile-de-France.
Outstanding views and terraces (from 12,000 to €20,000/m², excluding parking space)
Finn Geipel and Anne Demians for the architecture Sara Lavoine for interior decoration
Subsidized housing, Retiree residence, Executive residence
Launched mid-November, 75% sold
Refurbishment of the former Marchal plant Remarkable volumes, double ceiling height lofts (€4,700/m² excluding parking space)
130 rent-to-own units including 6 individual houses 44 refurbished homes 82 social housing units + 37 in intermediate rental 1 industrial unit and 3 retail outlets
launched in 2015, nearly 100% sold
| INSPIRATION PROGRAM – "Quartier de la Création" in Nantes |
||
|---|---|---|
| New uses | • Ceiling height of 2.70 m • Private rooftop sun rooms • Residential units for shared living • Mutability of residential units |
|
| Shared services |
• Shared bicycles, repair workshops & storage areas • Fitness area • Shared terraces and gardens • Concierge services |
|
| Connected residences |
• Smart connected lobbies • Digital instructions • Single smart phone application (residents + neighbourhood social network) |
OFFICES Our values
| MARKET | LOCATIONS | NEXT GENERATION OFFICES |
|---|---|---|
| Sharp increase in the rental market (2.2 million of m² leased in 2015) Abundant liquidity core locations (rare) Compression of capitalization rates |
Assets requiring reconstruction often have the best locations City of Paris, West Crescent & La Défense |
Outward looking Iconic architecture Flexibility New uses Image of the company Creative restructuring |
Sales: €567 M for 11 transactions, including the Austerlitz disposal (15,000 m²)
Purchase of the Pascal Towers 69,000 m², La Défense
| Final building permit |
2 projects | 82,000 m² |
|---|---|---|
| Construction start | 7 projects | 98,000 m² |
| Deliveries | 8 projects | 70,000 m² |
| OPERATING INCOME AND RESULT | ALTAFUND | |
|---|---|---|
| (1) Development margin |
€18.2 M | Discretionary fund with €650 million in equity |
| (2) Service fees |
€20.2 M | (Group share 18/30%) |
| (3) Investor capital gain |
€8.5 M | 1 project delivered (Boulevard Raspail) 1 project sold (Austerlitz SEMAPA) 3 projects under construction |
| Total income | €46.7 M | (4) Altafund I: quick liquidation planned |
| Operating income | €30.4 M +70% |
Altafund II: in investment stage Altafund III: in fund raising stage |
(1) Off-plan sale, CPI.
(2) MOD, asset management, promote.
(3) Share of AltaFund capital gain and partnerships.
(4) Monetization planned in 2016 (pro forma IRR forecasted >30%)
on behalf of Altafund and Goldman Sachs
Selection of an internationally-renowned architect, Dominique Perrault
Creation of new surface areas Capacity increased to receive 5,000 people
Change of the architectural images of façades, and adaptation of towers to environmental requirements
190-192 avenue Charles-de-Gaulle in Neuilly-sur-Seine In front of La Défense
25,000 m² of offices 3,000 m² of terraces and gardens 400 parking spots Business center and several restaurants
2015 FINANCIAL RESULTS
Growth in all business lines
| RECORD YEAR | LONG TERM REPROFILING OF BALANCE SHEET |
SHARPLY INCREASING FINANCIAL INDICATORS |
|---|---|---|
| Historic year for retail |
€2,2 billion of funding | FFO (2) : €161,2 M (+28%) |
| LTV (1) : 44,5% |
Excellent long-term visibility |
NAV: +€293 million of real estate value creation (3) |
An exceptional year
including mortgage: €1.5 Bn (21 assets) including corporate: €0.7 Bn
Duration of arranged financing: 7.5 years
(1) Including financing signed and firm commitments received early 2016.
(1) Including commissions and CNU, i.e., 1.85% on the drawn-down debt only.
Sharp increase: +28% (+11% like-for-like)
| €126.1 M 19,6 Disposal Rue du Commerce |
+28% 145.7 |
15,5 Real estate activities +11% |
€161.2 M | Development Commercial landowner Services and Commercial Development Others Consolidated FFO |
€70.5 M €113.9 M (€19.7) M (€3.5) M €161.2 M |
+59.1% +1.7% x 1.8 n.a. +10.6% |
|---|---|---|---|---|---|---|
| 2014 | 2015 | Net result, Group share | €108.4 M | -5,2% |
(1) Funds from operations (Net profit excluding changes in value, calculated costs, transaction fees and changes in deferred tax, and excluding activities held for sale (IFRS 5), in Group share).
(2) Cf. hereinafter.
Portfolio rotation
Investments essentially geared towards the pipeline (1)
(1) €600 M of value creation in the long-run (non updated figures, in Group share).
(2) Developments, deliveries, launches (Cap 3000, Qwartz, Aix and Aubergenville extensions, Train stations tenders, convenience shops.
(1) Net non-controlling interests
(2) Cogedim and Altafund.
(3) Including deferred tax, calculated charges, transaction fees
KPIS PER SHARE Slight dilution (full year effect)
| FFO / SHARE (1) | NAV / SHARE | ||||
|---|---|---|---|---|---|
| €12.95 /share (+23.8%) |
€137.3 /share (+5.8%) |
||||
| Including real estate results |
€13.99 /share | Including real estate value creation |
€23.5 /share | ||
| Including dividend |
€-10.0 /share | ||||
| dilution (2) Including |
€–1.04 /share | Including Rue du Commerce |
€-5.8 /share |
(1) Funds From Operations or operating cash flow from operations, Group share. Up 23,8% per share, and up 7,2% like-for-like (with impact of Rue du Commerce restated in 2014).
(2) Dividend paid in shares, full year impact in 2015
Subject to the AGM approval on April 15, 2016
€10.55 of reimbursement of contributions €0.45 of revenue distribution (of which €0.25 of tax-exempt income)
Based on a 10% discount on the average share price of the last 20 opening days prior to the AGM, minus the dividend
(1) Tex-exemplt / non-taxable in France.
OUTLOOK
Low interest rates
Zero inflation
Macro-economic and political risks
Accelerate in property development with a reinforced risk control policy A fast and efficient marketing strategy
Develop on prime locations Continue disposals
2015 ANNUAL RESULTS
The leader of complex urban projects
10,000 residential units
([ ≥ €500 M of annual orders
Doubling the REIT business (€600 M of value creation in share)
FFO: 50% Development and 50% REIT REIT: > 80 to 85% of the balance sheet
(1) In a constant political and economic environment.
OUTLOOK 2016 guidance & Mid term outlook
| 2016 GUIDANCE | MID TERM OUTLOOK |
|---|---|
| FFO Group share: +15 to +20% | FFO Group share: +5 to +10% /year |
| Good visibility Development Backlog Retail Deliveries (Toulon / Macdonald) Secured debt cost |
Growth drivers Until 2018: development > 2018: retail REIT (pipeline) |
LTV target ~40%
2017 and 2018 dividend: minimum €11/share
Dividend in shares in 2017-2018 or Capital increase from €200 M to €300 M
Innovation and risk managment
Value creation and sustainable development
| 12/31/2015 | 12/31/2014 (1) | ||||||
|---|---|---|---|---|---|---|---|
| In €M |
Funds From Operations (FFO) |
Changes in value, estimated expenses and transaction costs |
TOTAL | Funds From Operations (FFO) |
Changes in value, estimated expenses and transaction costs |
TOTAL | |
| Shopping centers | 195.9 | 4% | 10.7 | 206.6 | 188.6 | 3.6 | 192.2 |
| Residential | 883.1 | 17% | – | 883.1 | 755.3 | – | 755.3 |
| Offices | 128.5 | 94% | – | 128.5 | 66.2 | – | 66.2 |
| REVENUE | 1,207.5 | 19.5% | 10.7 | 1,218.2 | 1,010.1 | 3.6 | 1,013.7 |
| Shopping centers | 155.5 | (3.9)% | 111.4 | 266.9 | 161.7 | 104.5 | 266.2 |
| Residential | 52.3 | 28.7% | (5.0) | 47.4 | 40.7 | (7.0) | 33.7 |
| Offices | 30.4 | 70.4% | (1.1) | 29.4 | 17.8 | 1.4 | 19.3 |
| Others | (3.5) | n/a | (0.7) | (4.2) | 0.6 | (2.8) | (2.2) |
| OPERATING INCOME | 234.7 | 6.3% | 104.7 | 339.4 | 220.8 | 96.2 | 317.0 |
| Cost of net debt | (31.9) | (4.8)% | (5.4) | (37.4) | (33.6) | (5.0) | (38.6) |
| Discounting of debt and receivables | – | - | (0.2) | (0.2) | – | (5.9) | (5.9) |
| Change in value and income from disposal of financial instruments | – | - | (40.5) | (40.5) | – | (72.8) | (72.8) |
| Proceeds from the disposal of investments | – | - | (0.1) | (0.1) | – | 0.0 | 0.0 |
| Corporate income tax | (0.9) | (27)% | (3.9) | (4.8) | (1.3) | 86.3 | 85.0 |
| NET RESULTS FROM CONTINUING OPERATIONS | 201.8 | 8.5% | 54.7 | 256.5 | 186.0 | 98.8 | 284.8 |
| Net Results From Continuing Operations, Group share | 161.2 | 10.6% | 19.5 | 180.7 | 145.7 | (6.6) | 139.2 |
| Average number of shares after dilution (million) | 12.442 | 12.055 | |||||
| FFO (GROUP SHARE) PER SHARE | 12.95€ | 23.8% | 10.46€ | ||||
| (1) Adjusted for the impact of the application of the IFRIC Interpretation 21 – Levies. |
| In €M | 12/31/2015 | 12/31/2014 |
|---|---|---|
| NON-CURRENT ASSETS | 4,498.0 | 3,940.5 |
| Intangible assets | 202.1 | 244.7 |
| o/w Goodwill | 128.7 | 128.7 |
| o/w Brands | 66.6 | 96.8 |
| o/w Other intangible assets | 6.7 | 19.2 |
| Property, plant and equipment | 6.2 | 10.6 |
| Investment properties | 3,759.6 | 3,163.6 |
| o/w Investment properties in operation at fair value | 3,453.6 | 2,974.4 |
| o/w Investment properties under development and under construction at cost | 306.0 | 189.2 |
| Securities and investments in equity affiliates and non-consolidated interests | 361.0 | 362.0 |
| Loans and receivables (non-current) | 42.9 | 43.3 |
| Deferred tax assets | 126.2 | 116.4 |
| CURRENT ASSETS | 1,634.9 | 1,406.4 |
| Net inventories and work in progress | 711.5 | 617.9 |
| Trade and other receivables | 475.0 | 392.5 |
| Income tax credit | 6.0 | 6.3 |
| Loans and receivables (current) | 29.2 | 15.2 |
| Derivative financial instruments | 20.0 | 15.9 |
| Cash and cash equivalents | 266.0 | 358.0 |
| Non-current assets held for sale | 127.2 | 0.7 |
| TOTAL ACTIF | 6,132.9 | 5,347.0 |
| In € M |
12/31/2015 | 12/31/2014 |
|---|---|---|
| EQUITY | 2,250.9 | 2,169.9 |
| Equity attributable to Altarea SCA shareholders |
1 230.3 | 1,250.1 |
| Share capital | 191.2 | 191.2 |
| Other paid -in capital |
396.6 | 518.7 |
| Reserves | 534.0 | 425.9 |
| Income associated with Altarea SCA shareholders | 108.4 | 114.3 |
| Equity attributable to non -controlling interests of subsidiaries |
1 020.6 | 919.8 |
| Reserves associated with non -controlling interests of subsidiaries |
749.8 | 579.1 |
| Other equity components, subordinated perpetual Notes | 195.1 | 195.1 |
| Income associated with non -controlling interests of subsidiaries |
75.8 | 145.6 |
| NON -CURRENT LIABILITIES |
2,416.2 | 1,850.0 |
| Non -current borrowings and financial liabilities |
2,366.4 | 1,795.1 |
| o/w Participating loans and advances from associates | 63.6 | 50.8 |
| o/w Bond issuances | 477.8 | 477.2 |
| o/w Borrowings from lending establishments | 1,825.0 | 1,267.1 |
| Long -term provisions |
17.4 | 21.3 |
| Deposits and security interests received | 29.8 | 26.2 |
| Deferred tax liability | 2.5 | 7.4 |
| CURRENT LIABILITIES | 1,465.8 | 1,327.0 |
| Current borrowings and financial debt (less than one year) | 450.6 | 448.3 |
| o/w Bond issuances | 4.4 | 4.3 |
| o/w Borrowings from credit institutions (excluding overdrafts) | 335.1 | 326.5 |
| o/w Treasury notes | 60.5 | 53.0 |
| o/w Bank overdrafts | 4.9 | 2.1 |
| o/w Group shareholders and partners | 45.8 | 62.3 |
| Derivative financial instruments | 37.3 | 102.7 |
| Accounts payable and other operating liabilities | 837.7 | 757.4 |
| Tax due | 9.5 | 18.7 |
| Liabilities of the activity in the process of being sold | 130.7 | 0.0 |
| TOTAL PASSIF | 6,132.9 | 5,347.0 |
| GROUP NAV |
12/31/2015 | 12/31/2014 | |||||
|---|---|---|---|---|---|---|---|
| In €M | Change | €/action | Ch./sh. | In €M | €/action | ||
| Consolidated equity, Group share | 1,230.3 | 98.3 | 1,249.5 | 99.9 | |||
| Other unrealized capital gains | 381.4 | 276.8 | |||||
| Restatement of financial instruments | 20.8 | 87.8 | |||||
| Deferred tax on the balance sheet for non-SIIC assets (international assets) |
20.1 | 22.4 | |||||
| EPRA NAV | 1,652.5 | 1.0% | 132.1 | 1.0 % | 1,636.5 | 130.8 | |
| Market value of financial instruments | (20.8) | (87.8) | |||||
| Fixed-rate market value of debt | (19.4) | (13.1) | |||||
| Effective tax for unrealized capital gains on non-SIIC assets * |
(18.2) | (17.6) | |||||
| Optimization of transfer taxes * | 66.4 | 55.6 | |||||
| Partners' share ** | (15.8) | (14.9) | |||||
| EPRA NNNAV (NAV liquidation) | 1,644.7 | 5.5% | 131.4 | 5.5% | 1,558.6 | 124.6 | |
| Estimated transfer taxes and selling fees | 75.4 | 65.9 | |||||
| Partners' share ** | (0.7) | (0.6) | |||||
| DILUTED GOING-CONCERN NAV | 1,718.4 | 5.8% | 137.3 | 5.8% | 1,623.9 | 129.8 |
* Varies according to the type of disposal, i.e. sale of asset or sale of securities.
** Maximum dilution of 120,000 shares.
| *** Number of diluted shares: | 12,513,433 | 12,512,638 |
|---|---|---|
| ------------------------------- | ------------ | ------------ |
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