2022 annual results – FREY: the sustainable retail REIT executes its strategic plan and posts strong growth for all of its indicators

• FREY “B Corp Best for the World™ 2022”
• 4 major ESG commitments to “restore retail as a service for the common good”
• A climate strategy aligned with the SBT (Science Based Targets) initiative
• Target to reduce GHG emissions by 42% in scopes 1&2 and halve the carbon intensity of the construction and operation components of scope 3 ⁽¹⁾
• Solar energy production potential: 40,000 MWh on 100% of the portfolio ⁽²⁾ by 2028
• FoREY® 1,667 ha in exploitation: 48% of 2030 target achieved

1^st multi-country open-air shopping platform with solid fundamentals

• Economic portfolio: €1.7 billion (+16.9%)
• Internationalisation of the portfolio⁽³⁾: 35% 
• Financial occupancy rate⁽⁴⁾: 98.0%  (stable)
• Annualised rents Group share: €100.1 million (+24.2%)
• 2022 collection rate ⁽⁵⁾: 98.1%
• Tenants’ sales ⁽⁶⁾: +10.4% (vs. 2019)
• Group OCR ratio ⁽⁷⁾: 8.4% (8.7% vs. 2021)
• Cap rate ⁽⁸⁾: 6.0% (5.7% vs. 2021)

The leading French operator specialised in urban renewal of commercial zones at city entrances

• An innovative partnership serving the Territories: FREY, Banque des Territoires and CDC Habitat are creating a real estate bridge financing vehicle
• “New VITAM”: new project secured in a JV with Migros France at the heart of the Genevois region
• Development pipeline ⁽⁹⁾: €732 million in investments

An excellent operating performance

• Rental income: €91.5 million (+25.6%)
• Profit from recurring operations: €65.0 million (+22.5%)
• Net income Group share: €129.4 million (+97.7%)
• Net income Group share excluding MTM valuation: €68.3 million (+19.6%)

A solid financial structure

• EPRA NAV NDV⁽¹⁰⁾: €35.0/share (+9.3%)
• LTV ratio (incl. transfer tax): 38.9%
• Available liquidity ⁽¹¹⁾: €277 million
• Proposed 2022 dividend ⁽¹²⁾: €1.70/share (+6.2%) fully in cash

(1) Excluding visitor movement.

(2) Portfolio comprising assets more than 50% owned by FREY (excluding Finestrelles Shopping Centre) and with more than 3 cells.

(3) Calculated on the basis of annualised rents, including Finestrelles Shopping Centre and Parque Mediterráneo.

(4) At 31 December 2022, the vacancy rate calculated in accordance with the EPRA Best Practices Recommendations stood at 2.0%.

(5) Charged rents collected relative to charged rents invoiced.

(6) Tenants’ sales from January to December 2022, changes versus comparable periods in 2019 for FREY data.

(7) Rolling 12 months/FREY Group scope (France, Spain, and Portugal). France scope: 8.4%.

(8) Potential annualised rents relative to the value incl. transfer tax on delivery of works remaining to be disbursed – scope of operating assets.

(9) Incl. development.

(10) Calculated according to the standard developed and published by the European Public Real Estate Association (EPRA).

(11) €72m in cash and €205m in corporate credit lines.

(12) As proposed to the General Meeting to be held on 9 May 2023.