Altarea Sca · EURONEXT:ALTA
Altarea Sca — Altarea Cogedim — Investor Presentation (May 2016)
69 slides from Altarea Sca's investor presentation, May 2016
Slide 1: Delivering Superior Growth in French Property
DELIVERING SUPERIOR GROWTH IN FRENCH PROPERTY May 2016
Slide 2: Contents
CONTENTS INTRODUCTION / 3 ALTAREA COGEDIM AT A GLANCE / 4 OUTLOOK & GUIDANCE / 15 CAPITAL INCREASE / 21 A PREMIER RETAIL REIT / 25 A RESIDENTIAL AND OFFICE DEVELOPMENT LEADER / 33 FINANCIAL PERFORMANCE / 48 APPENDICES / 63 2
Slide 3: Introduction
INTRODUCTION Strong momentum for Altarea Cogedim across all segments (Retail / Residential / Office) Step-change in both retail REIT and property development activities CONTEXT Short-term opportunities requiring financing Objective to maintain solid balance sheet (~40% LTV) Supportive equi
Slide 4: Altarea Cogedim at a Glance
N ALTAREA COGEDIM AT A GLANCE ALTAREA COGEDIM
Slide 5: Key Pillars of Altarea Cogedim's Business Model
KEY PILLARS OF ALTAREA COGEDIM’S BUSINESS MODEL Entrepreneurial spirit : controlled risk taking to create real estate value STRATEGIC VISION Constant innovation to foster profitable growth Multi-product offering : Retail / Residential / Office COMPREHENSIVE Full capabilities accross the valu
Slide 6: Altarea Cogedim: A French Real Estate Major (1/3)
ALTAREA COGEDIM: A FRENCH REAL ESTATE MAJOR (1/3) Integrated platform with multi-product expertise (Retail / Residential / Offices) #3 RETAIL REIT IN FRANCE LEADER IN PROPERTY DEVELOPMENT WITH DISTINCT BUSINESS MODEL BY ASSET CLASS PIPELINE Surface area (2) Potential value (3) Business Model €3.8 Bn
Slide 7: Altarea Cogedim: A French Real Estate Major (2/3)
ALTAREA COGEDIM: A FRENCH REAL ESTATE MAJOR (2/3) Unique positioning in European property sector STRATEGIC FOCUS ON 11 METROPOLITAN AREAS HOLISTIC SOLUTIONS WITH SUPERIOR FUNDAMENTALS(1) LEVERAGING THE GROUP’S CAPABILITIES 9.5% of territory 36% of population 71% of GDP Density Systematic multi-produ
Slide 8: Altarea Cogedim: A French Real Estate Major (3/3)
ALTAREA COGEDIM: A FRENCH REAL ESTATE MAJOR (3/3) Optimized capital allocation ATTRACTIVE RISK-RETURN PROFILE Office 19% Property Development Residential ~45% 81% REIT Retail ~55% Capital Employed FFO Group Share • Capital employed primarily allocated to retail REIT activities, with lower risk profi
Slide 9: History of Altarea Cogedim
HISTORY OF ALTAREA COGEDIM COMPANY’S MILESTONES AND MARKET CAPITALISATION (€MM) 2,500 €2.4 Bn market cap. Creation Capital opening to IPO + SIIC status(1) Acquisition of Acquisition of Cap 3000 of Altarea Morgan Stanley Entry of CAA Cogedim shopping center 2,000 1,500 Bercy Village 1,000 opening €2.
Slide 10: An Entrepreneurial Success Story
AN ENTREPRENEURIAL SUCCESS STORY SHAREHOLDING STRUCTURE Founding shareholders + concert Major shareholders • Created by Alain Taravella in 1994 (< €1 MM seed capital) Associé Alain Partners in commandité TARAVELLA Concert • Incorporated as a limited 8.2% 27.1% partnership (Société en 47.2%(1) Comman
Slide 11: A Partnership Culture
A PARTNERSHIP CULTURE Illustrative Examples CAP 3000 ALTAFUND PLATINE Portfolio Acquisition of Cap 3000, a major shopping Discretionary investment fund focused on Sale of a minority stake (49%) in center (100,000 sqm) in 2010 existing office buildings to be repositioned 5 prime shopping centers Heav
Slide 12: Innovation at the Heart of Business Transformation
INNOVATION AT THE HEART OF BUSINESS TRANSFORMATION DIGITAL PILOT PROJECTS Marketing Use of the latest immersive technologies Comfort & well-being WELL certification: Richelieu - Paris 2 Pont d’Issy – Issy-les-Moulineaux Tours Pascal – La Défense OCULUS RIFT 3D MODELING Conception & Construction Mobi
Slide 13: Integrated Platform Delivering Synergies
INTEGRATED PLATFORM DELIVERING SYNERGIES Examples of major mixed-use projects won in 2015 MAJOR MIXED-USE PROJECTS WON IN 2015 m² non Mixed-use projects m² # units residential Bezons City center 66,000 700 18,700 Global projects Capacity to build cities within cities Strasbourg Fischer 33,000 430 5,
Slide 14: Outstanding Track-Record of Value Creation
OUTSTANDING TRACK-RECORD OF VALUE CREATION Consistent growth since IPO in 2005 OPERATING INCOME, CONSOLIDATED FFO & DIVIDEND GROWTH SINCE IPO Operating Income 235 Consolidated FFO(1) & Dividend (2) € MM 220 219 € MM - € p.s € 201,8 MM 179 124 11.0 €/s 10.0 €/s 10.0 €/s 10.0 €/s 9.0 €/s 8.0 €/s 7.0 €
Slide 15: Outlook & Guidance
OUTLOOK & GUIDANCE N\ ALTAREA COGEDIM
Slide 16: Outlook
OUTLOOK ECONOMIC ENVIRONMENT OUR STRATEGY Accelerate in property development with a reinforced risk control policy A fast and efficient marketing strategy Low interest rates Develop on prime locations Zero inflation Continue disposals Macro-economic and political risks Long-term financing at a low a
Slide 17: Outlook: Targets
OUTLOOK Targets(1) TARGETS(1) The leader of complex urban projects 10,000 residential units (~6,000 / 7,000 units excl. / incl. Pitch in 2015) ([ ≥ €500 MM of annual orders (€560 MM in 2015, €230 MM in 2014) Doubling the REIT business FFO: 50% Development and 50% REIT REIT: > 80 to 85% of the balanc
Slide 18: Outlook – Q1 2016 Results Confirm Strong Momentum
OUTLOOK – Q1 2016 RESULTS CONFIRM STRONG MOMENTUM Growth driven by property development, intense level of commercial activity Q1 2016 Results Q1 Revenue – 2016 vs. 2015 €321 MM €276 MM €203 MM €235 MM €48 MM €53 MM €25 MM €34 MM Retail Residential Offices Total Q1 2015 Q1 2016 RETAIL REIT PROPERTY D
Slide 19: 2016 Guidance & Medium-Term Outlook
OUTLOOK 2016 Guidance & Medium-Term Outlook post capital increase 2016 GUIDANCE MEDIUM-TERM OUTLOOK FFO Group share: +15 to +20% FFO Group share => Upper-end of the range 2017: ~14.5€ / share => ~13.5€ / share Thereafter: +5 to +10% / year on average High visibility Retail Pipeline Development backl
Slide 20: Financial Policy and Distribution
OUTLOOK Financial Policy and Distribution FINANCE GROWTH OVER THE LONG TERM LTV Medium-Term Target = ~40% Dividend: minimum €11/share 20
Slide 21: Capital Increase
CAPITAL INCREASE \ ALTAREA COGEDIM
Slide 22: €210 MM Capital Increase with Preferential Subscription Rights
€210 MM CAPITAL INCREASE WITH PREFERENTIAL SUBSCRIPTION RIGHTS Key Terms & Calendar Capital increase with preferential subscription rights OFFERING Public offering in France STRUCTURE Reg S only Investors can place (i) non-reducible orders up to their pro rata stake and (ii) reducible orders
Slide 23: Shareholding Structure Pre / Post
SHAREHOLDING STRUCTURE PRE / POST(1)(2) Slight increase in free float, reference shareholders maintaining significant ownership Pre-Rights Issue(1) Post-Rights Issue(2) Treasury Treasury Free Float 0.9% Free Float 0.8% 14.1% 15.9% C. Terrassoux 1.2% A. Taravella A. Taravella(3) C. Terrassoux 1.2% Op
Slide 24: Transaction Rationale and Use of Proceeds
TRANSACTION RATIONALE AND USE OF PROCEEDS Delivering strategy announced during full year 2015 results 1 2 3 Finance Growth Reduce LTV Increase Free Float Short-Term Medium-Term 44.5% ~16% 2 major mixed-use Portfolio GAV x2 (1) ~40% ~14% development projects €7.4 Bn under exclusive €2.5 Bn negotiat
Slide 25: A Premier Retail REIT
N A PREMIER RETAIL REIT | ALTAREA COGEDIM
Slide 26: Business Model & Organization
A PREMIER RETAIL REIT Business model & Organization #3 RETAIL REIT IN BUSINESS MODEL ORGANISATION FRANCE(1) 39 assets / €3.8 Bn GAV (2) ALTAREA FRANCE Regional shopping centers, large retail PORTFOLIO parks, and traffic retail DEVELOPMENT. • Asset management • Development • Portfolio manag. Developm
Slide 27: Our Vision on Retail in France
A PREMIER RETAIL REIT Our vision on retail in France (excluding Convenience retail) LOCATION and SCALE PRODUCTS French metropolises Large regional Centers High average retail density, with geographical Cap 3000 discrepancies leading to development opportunities Travel retail Gare Montparnasse Minimu
Slide 28: Solid Performance from a Refocused Portfolio
A PREMIER RETAIL REIT Solid performance from a refocused portfolio A REFOCUSED GOOD PERFORMANCE OF KEY PORTFOLIO (€Bn) OPERATIONAL INDICATORS(2) Tenants’ revenue +1.5% +2.6% Change in net rents Portfolio = €3.8 Bn (1) (+1.3% like-for-like) Occupancy cost 9.9% > €200 MM in rents (1) ratio Bad debt 1.
Slide 29: Connected Retail: Qwartz & La Digital Factory
A PREMIER RETAIL REIT Connected retail: Qwartz & La Digital Factory A SUCCESFUL OPENING YEAR 7 MM visitors (1) €280 MM tenants’ revenue 2015 : +10% footfall +9% Merchant revenue (2) Digital Factory (3) : 220,000 customer journeys retraced / month Targeted CRM Program 70% of repeated visits within 30
Slide 30: Unique Development Pipeline: Potential to Double the REIT Portfolio
A PREMIER RETAIL REIT Unique development pipeline : potential to double the REIT portfolio RENTAL REVENUE EXPECTED TO DOUBLE POTENTIAL VALUE CREATION FROM €200 MM(1) TO €400 MM(2) €600 MM GROUP SHARE(3) Largest pipeline in France Group Share 100% GLA 435,000 m² 553,000 m² Capex €1.9 Bn €2.5 Bn Poten
Slide 31: Illustrative Pipeline Project: Paris-Austerlitz Train Station
A PREMIER RETAIL REIT Illustrative pipeline project : Paris-Austerlitz Train Station 4TH PARIS STATION RETAIL DEVELOPED BY THE GROUP Retail scheme in a new neighborhood under completion in Inner Paris A new destination in Paris with 30,000 m² of retail space open throughout the week A green and rela
Slide 32: Cap 3000 Case Study
A PREMIER RETAIL REIT Cap 3000 case study : bringing a dominant shopping mall to the next level DEMONSTRATED ABILITY TO DEVELOP SUPER REGIONAL CENTERS 2010: acquisition of Cap 3000, a major regional shopping center in Nice In JV with APG + Predica(1) Total investment to date: €600 MM (including refu
Slide 33: Property Development
\ PROPERTY / DEVELOPMENT | ALTAREA | COGEDIM
Slide 34: Property Development (Residential & Office)
PROPERTY DEVELOPMENT (RESIDENTIAL & OFFICE) 2015 : sharp increase in results OPERATING INCOME REVENUES AND MARGIN (1) 8.2% 1,012 M€ 82.7 M€ +23% 7.1% 822 M€ +41% 58.5 M€ 2014 2015 2014 2015 Residential Office property Residential Office property (1) This margin includes all of the Group's operating
Slide 35: Residential: Business Model & Organisation
RESIDENTIAL Business model & organisation BUSINESS MODEL ORGANISATION POSITIONING(1) Cogedim : ~ 6% market share Wide offering mix based on ALTAREA COGEDIM PARTNERS >6,000 housing units sold in 2015 100% c.100% powerful brand image to RESIDENTIAL Turnover x2 since 2007 address all market segments PI
Slide 36: Residential: Our Values
RESIDENTIAL Our values PRODUCTS & COGEDIM STORE MARKET CUSTOMER SERVICES Bercy Village Proximity to A deep market public transport Incorporate the multiplicity of Shortage situation customer profiles and under production The consistency of our product lines with the Offer rental management qualitati
Slide 37: Residential: 2015 Performance
RESIDENTIAL 2015 performance: paving the way of a new growth cycle COMMERCIAL OPERATING SUPPLY RESERVATIONS REVENUES LAUNCHES INCOME €52.3 M +25% €883 M ex. VAT €1.4 Bn ex. VAT 6,011 units +17% €1.6 Bn inc. VAT +33% 6,800 units €2.9 Bn inc. 88 projects VAT 13,400 units +53% +38% 37
Slide 38: Residential: Growth in Sales
RESIDENTIAL Growth sales (1): +33% (i.e. twice the domestic market (2)) STRONG DEMAND FOR RESIDENTIAL SALES (2) COGEDIM PRODUCTS +75% +28% €1.42 Bn 12.0% €1.10 Bn 21.8% Individual +23% investors 66.2% Entry level / Mid-range Individual High-end investors (3) Others +39% Institutional Institutional i
Slide 39: Residential: 2007-2015 Change in Scale
RESIDENTIAL 2007-2015: change in scale RESIDENTIAL UNITS (€ M) AND GROWTH(1) +4% +1% 2,202 2,285 -28% +112% 1,948 1,963 1,675 1,417 -7% 1,212 901 839 668 2007 2015 2007 2015 2007 2015 2007 2015 2007 2015 Nexity Bouygues Altarea Cogedim KB Icade (1) Excluding Pitch Promotion (which sold 1,021 units f
Slide 40: Residential: Development Strategy (1/2)
RESIDENTIAL Development strategy (1/2) : products and clients TARGETING BUOYANT MARKETS Core market Entry-level and midscale Strong impact of interest-free scheme and the Pinel Act High-end Sevran – multi-produits, multi-partenariats Serviced residences Soléos, Romainville Cogedim retiree residences
Slide 41: Residential: Development Strategy (2/2)
RESIDENTIAL Development strategy (2/2) : new territories TARGETING NEW TERRITORIES ILE-DE-FRANCE COVERAGE (1) Val-d’Oise 10th Grand Paris Seine-Saint-Denis Yvelines 2nd and 3rd rings Hauts-de- Paris 3rd 9th Seine Seine-et-Marne 1st Not present 6th Essonne Lyon Val-de-Marne 2nd 2nd Lyon-based agency
Slide 42: Offices: Business Model & Organisation
OFFICES Business model & organisation BUSINESS MODEL ORGANISATION POSITIONING 2.5 MM sqm developed ALTAREA COGEDIM Partners over the last 25 years Developer A unique integrated model Off-plan sales / leases 100% 100% 30% 70% (VEFA / BEFA) ALTAREA COGEDIM ALTAFUND LP ENTREPRISE ALTAFUND GP SANOFI, Ly
Slide 43: Offices: Our Values
OFFICES Our values NEXT GENERATION MARKET LOCATIONS OFFICES Assets requiring Outward looking Improving restructuring often benefit occupier market from best locations Iconic architecture (2.2 MM of m² leased in 2015) Flexibility Abundant liquidity City of Paris, West Crescent core locations (rare) &
Slide 44: Offices: 2015 an Outstanding Year
OFFICES 2015 : an outstanding year COMMERCIAL SUCESS STORIES OPERATIONAL SUCCESS STORIES Sales: €567 M for 11 transactions, including the Austerlitz disposal Kosmo (22,000 m²), Neuilly-sur-Seine Pont d’Issy (60,000 m²), Issy-les-Moulineaux (15,000 m²) Final building 2 projects 82,000 m² permit Purch
Slide 45: Offices: Strong Momentum, Driven by Altafund Performance
OFFICES Strong momentum, driven by Altafund performance OPERATING INCOME AND RESULT ALTAFUND Development margin (1) €18.2 M Discretionary fund with €650 MM in committed equity (Group share 18/30%) Service fees (2) €20.2 M 1 project delivered (Boulevard Raspail) Investor capital gain (3) €8.5 M 1 pro
Slide 46: Product Focus: Pascal Towers
OFFICES Product focus: Pascal Towers – Creative restructuring PASCAL TOWERS, LA DEFENSE (92) Extensive reconstruction of the Pascal Towers (9,000 m²) on behalf of Altafund and Goldman Sachs Selection of an internationally-renowned architect, Dominique Perrault Creation of new surface areas Capacity
Slide 47: Product Focus: Kosmo
OFFICES Product focus: Kosmo – Next generation office KOSMO – NEUILLY-SUR-SEINE Outstanding location 190-192 avenue Charles-de-Gaulle in Neuilly-sur-Seine In front of La Défense Exemplary renovation A campus way of life 25,000 m² of offices 3,000 m² of terraces and gardens 400 parking spots Business
Slide 48: Financial Performance
N FINANCIAL PERFORMANCE ALTAREA COGEDIM
Slide 49: 2015 Key Highlights
2015 KEY HIGHLIGHTS Office / Residential STRATEGY RETAIL REIT RESULTS DEVELOPMENT Refocusing Change Two-fold increase Robust on real estate in dimension to come growth Disposal Potential to increase FFO: €161 MM gross rents from €200 MM (+28%) (4) €2.0 Bn to €400 MM (2) (at 100%) Acquisition in take
Slide 50: 2015 Key Highlights: Acquisition of Pitch Promotion
2015 KEY HIGHLIGHTS Acquisition of Pitch Promotion PITCH PROMOTION AGGREGATE PRO FORMA TAKE-UPS €347 MM in take-ups 2,769 Residential: 1,021 units in share 2,327 M€ 2,450 1,980 M€ Office property: €111 MM (+49%) Enterprise value: €180 MM 7x EBIT Partial payment in Altarea shares (1) 347 M€ Growth dr
Slide 51: 2015 Financial Results
2015 FINANCIAL RESULTS Growth in all business lines LONG TERM REPROFILING SHARPLY INCREASING RECORD YEAR OF BALANCE SHEET FINANCIAL INDICATORS Historic year for retail FFO (2) : €161,2 MM (+28%) €2.2 Bn of funding LTV (1) : 44,5% NAV: +€293 MM Excellent long-term of real estate visibility value crea
Slide 52: Property Portfolio Value
PROPERTY PORTFOLIO VALUE Increase driven by retail CHANGE IN VALUE, IN €MM Capital employed: +€787 M 142 €5 489 M 248 166 Development 380 €4 702 M (148) Capex Like-for-like change « at cost » (2) Retail (1) Disposals Retail acquisitions Retail 81% and openings 2014 2015 Development 19% (1) Including
Slide 53: Debt: Change in Debt
DEBT Significant investments completed in retail REIT CHANGE IN DEBT, IN €MM +€500 M 110 23 2,442 92 555 Others Swaps 1,943 WCR Increased LTV : 126 45 (120) development 1,772 (161) 44.5% Cash loss RDC Disposals Dividend FFO (vs. 37.7% in 2014) Capex(1) 2014 2015 (1) Including €190 M of Capex on Cap
Slide 54: Long-Term Re-Profiling of Debt
LONG-TERM RE-PROFILING OF DEBT An exceptional year EXTENSION DEBT’S DURATION EXTENSION HEDGE’S DURATION Hedged notional (in €Bn) €2.2 Bn in financing/refinancing 2.5 set up (1) 2.0 including mortgage: €1.5 Bn (21 assets) 1.5 including corporate: €0.7 Bn Hedged notional in 1.0 2015 0.5 Hedged notiona
Slide 55: Debt Structure
DEBT STRUCTURE Long-term visibility MORTGAGES BELOW AVERAGE LONG-TERM SECURED DEBT Development Corporate 9% banking 22% Long duration 49% 20% Mortgage Markets Strong debt coverage Low costs Consolidated net debt: €2.4 Bn Duration: 6.0 years Average cost: 1.94% (1) Including commissions and CNU, i.e.
Slide 56: Reported FFO
REPORTED FFO Sharp increase: +28% (+11% like-for-like) FFO (1) (IN GROUP SHARE) (€MM) Development (Residential & office) €70.5 M +59.1% +28% €161.2 M 145.7 15.5 Retail REIT €113.9 M +1.7% €126.1 M 19.6 Real estate activities Services and Retail Development (€19.7) M x 1.8 Disposal Rue du Commerce +1
Slide 57: FFO Development
FFO DEVELOPMENT Sharp increase FFO DEVELOPMENT, ATTRIBUTABLE TO GROUP SHAREHOLDERS (€MM) +59% +2.0 €70.5 M 2015, a year of strong +12.6 Other FFO (1) recovery €44.3 M +11.6 Operational FFO Office property Very strong outlook for Operational FFO 2016 Residential Residential backlog: €1.7 Bn Numerous
Slide 58: FFO Retail REIT
FFO RETAIL REIT Portfolio rotation FFO RETAIL REIT, ATTRIBUTABLE TO GROUP SHAREHOLDERS (€MM) +1.8% 1.6 €113.9 M €112.0 M (3.7) Like-for-like 12.5 NC interests (8.5) change and Others (1) High portfolio France Disposals Qwartz rotation in 2015 acquisition 2014 2015 (1) Reconstructions, indexing, chan
Slide 59: FFO Services and Retail Development
FFO SERVICES AND RETAIL DEVELOPMENT Investments essentially geared towards the pipeline (1) FFO SERVICES AND RETAIL (€MM) €(19,7) M (2,7) Other (4,7) unrecognized €(11,2) M (1,1) Increase of expenses due to development Projects under costs projects under development Personnel costs development (2) C
Slide 60: NAV
NAV Creation of real estate value: +€293 MM GOING-CONCERN NAV (€MM) +18% €1,719 M 161 FFO 2015 €1,624 M (126) 293 Dividend 84 Value Shopping Centers (1) (72) €1 373 M Rue du Creation of Commerce real estate value 112 Value Development (2) and Semmaris (41) Value Financial instruments 2014 2015 (24)
Slide 61: KPIs per Share
KPIS PER SHARE Slight dilution (full year effect of 2014 scrip dividend) FFO / SHARE (1) NAV / SHARE €12.95 /share (+23.8%) €137.3 /share (+5.8%) Including real estate value €23.5 /share Including real estate results €13.99 /share creation Including dividend €-10.0 /share Including dilution (2) €–1.
Slide 62: 2016 Dividend (for 2015)
2016 DIVIDEND (FOR 2015) Up +10% to €11 / share 2016 DIVIDEND (for the 2015 fiscal year): €11 / share 2016 dividend: €11.00 / share Taxation €10.55 of reimbursement of contributions €0.45 of revenue distribution (of which €0.25 of tax-exempt income) Option of conversion into shares Based on a 10% di
Slide 63: Appendices
APPENDICES NN ALTAREA COGEDIM
Slide 64: Analytical Statement of Income
ANALYTICAL STATEMENT OF INCOME 12/31/2015 12/31/2014 (1) Funds From Changes in value, Funds From Changes in value, In €M Operations estimated expenses TOTAL Operations estimated expenses TOTAL (FFO) and transaction costs (FFO) and transaction costs Shopping centers 195.9 4% 10.7 206.6 188.6 3.6 192.
Slide 65: Balance Sheet (1/2)
BALANCE SHEET (1/2) 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 i
Slide 66: Balance Sheet (2/2)
BALANCE SHEET (2/2) 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 n
Slide 67: Net Asset Value
NET ASSET VALUE 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 (int
Slide 68: 2015 Asset Management Highlights
A PREMIER RETAIL REIT 2015 asset management highlights ACQUISITION DISPOSALS EXTENSIONS Marques Avenue® A 13 Qwartz Italy portfolio 1st wooden shopping center Successful launch (1) Four small-sized assets 100% controlled (2) €122 MM €400 MM Jas de Bouffan, Aix-en-Provence (1) On December 31, 2015, Q
Slide 69: Disclaimer
DISCLAIMER This document has been prepared by ALTAREA (the "Company") solely for use at its meetings with investors held in connection with the proposed rights issue and the offering to institutional investors in and outside of France (the “Offer”). This document is confidential and is not to be rep