2016 HALF-YEAR RESULTS : STRONG INCREASE IN RECURRING INCOME (FFO): +15.3%

Strong results growth 

• Recurring income (FFO): €92.0 million (+15.3%) i.e. €6.96/share (+10.8%)
• Diluted Going Concern NAV: €132.6/share (+4.8% over one year)

Positive operational dynamic over all business lines 

• Retail REIT: Strong rents increase to €86 million (+6.8%)
  • Tenants’ revenue up by +2.2% (+70bps)
• Development: New orders (Residential and Offices) up by +38% to €1,204 million
  • Residential sales: 4,000 units (+47%)

A confirmed growth dynamic 

• Leader in French metropolises’ real estate development: €14.3 billion in the pipeline
• Growth notably financed by the €369 million in equity raised this half-year (LTV at 40.8%)
• Short and medium term FFO/share increase driven by the strong Development growth (2016 and 2017 targets at €13.50 and €14.50 respectively)
• Long term growth fed by the retail REIT pipeline (doubling of rent forecast)