Analysis by Good Value for Money of the characteristics and key figures of SCPI de Bureaux Primopierre (Primonial REIM)

Primopierre SCPI

Good Value for Money Analysis of Features and Key Figures

Version as of September 7, 2022

Reference elements

Characteristics of the SCPI

SCPI investment policy

The SCPI’s investment policy favors office real estate with assets of significant size and integrating Hygiene, Health and Environment issues (known as “HSE” issues).
The tenants of the SCPI are leaders in their sector.
Intensification of sustainability commitments SCPI over the years, with:
- a Governmental SRI labeling by Primopierre obtained on December 22, 2020label valid for a period of 3 years,
- the deployment of an ESG strategy in the acquisitions made.
Increased rotation since 2021 of assets held by Primopierrewith :
- of the more frequent arbitrage of mature assets,
- the repositioning of certain real estate assets to bring them up to the highest standardswhether in terms of the environment or with regard to the new expectations of employees.

Heritage of the SCPI

Heritage area
- June 30, 2022: 671,619 m²
- December 31, 2021: 670,096 m²
- December 31, 2020: 606,362 m²
- December 31, 2019: 587,381 m²
- December 31, 2018: 570,849 m²
- December 31, 2017: 533,907 m²
- December 31, 2016: 418,819 m²
- December 31, 2015: 372,539 m²

Geographical distribution of assets (% in market value as of June 30, 2022):
- Betting: 27.2%
- Paris region: 61.0%
- Province: 11.8%

Breakdown of assets by type (% in market value as of June 30, 2022):
- Offices: 99.4%
- Mixed Offices/Retail: 0.6%

Rental risk breakdown (December 31, 2021, as a % of rents collected):
- Window (Energy) 5.6%
- Thales (Industry) 4.4%
- Sigma (Transportation) 3.8%
- PSA (Automotive) 3.5%
- BNP Paribas (Financial Services) 3.4%
- Faurecia (Industry) 3.3%
- Amundi Asset Management (Asset management) 2.8%
- Ministry of the Interior (Administration) 2.6%
- Soft Bank Robotics Europe (Robotics) 2.5%
- SNCF (Transport) 2.5%

In total, these 10 tenants represented 34.4% of the SCPI’s annual revenue in 2021.

Breakdown of risk by building (as of December 31, 2021, in % of m²):
- 1 General Eisenhower roundabout in Toulouse 7.1%
- 6-8-18 avenue Léon Gaumont in Paris 4.1%
- 16 avenue d’Alsace in Courbevoie 3.3%
- 2 rue de la Verrerie in Meudon 3.2%
- 2 rue Georges Stephenson in Montigny-Le-Bretonneux 2.7%
- 6-12 rue de la Clef des Champs in Saint Ouen 2.7%
- 5 rue Charles de Gaulle in Alfortville 2.4%
- 2-10 boulevard de l’Europe in Poissy 2.4%
- 34-48 rue Guynemer in Issy-Les-Moulineaux 2.2%
- 24 rue Villeneuve in Clichy 2.2%

In total, these 10 locations represent 32.4% of the rental area of the SCPI at the end of 2021.

Costs

Subscription fee: 10.77% including tax
Annual management fee :
- 10% excl. i.e. 12% including tax of the amount HT rental products collected by the SCPI and by the companies that the SCPI controls (limited to the share held by the SCPI).
- 5% excl. tax (commission exempt from VAT) net financial income received by the SCPI and by the companies that the SCPI controls (limited to the share held by the SCPI).
Period of enjoyment of shares:
- The shares carry enjoyment for the subscribers from 1^er day of 3^th month following the month of subscription.

Key figures

Physical occupancy rate (TOP)
- December 31, 2021: 85.9%
- December 31, 2020: 92.5%
- December 31, 2019: 93.3%
- December 31, 2018: 93.2%
- December 31, 2017: 89.1%
- December 31, 2016: 82.4%
- December 31, 2015: 85.7%

Financial occupancy rate (TOF)
- June 30, 2022: 91.0%
  of which 76.5% occupied premises + 6.8% franchised premises + 6.5% vacant premises undergoing restructuring + 1.2% vacant premises under promise of sale
- December 31, 2021: 87.1%
- December 31, 2020: 91.7%
- December 31, 2019: 86.1%
- December 31, 2018: 90.5%
- December 31, 2017: 91.1%
- December 31, 2016: 82.7%
- December 31, 2015: 91.7%

Evolution of capitalization
- June 30, 2022: €3,800m
- December 31, 2021: €3,633m
- December 31, 2020: €3,299m
- December 31, 2019: €2,934m
- December 31, 2018: €2,421m
- December 31, 2017: €2,175m
- December 31, 2016: €1,675m
- December 31, 2015: €1,351 million

Market Value Distribution Rate (TVDM)
- 2021 TDVM: 4.77%
- 2020 TDVM: 5.04%
- 2019 TDVM: 5.92%
- 2018 TDVM: 4.50%
- 2017 TDVM: 4.85%
- 2016 TDVM: 5.00%
- 2015 TDVM: 5.02%

Share price
- June 30, 2022: €208
- December 31, 2021: €208
- December 31, 2020: €208
- December 31, 2019: €208
- December 31, 2018: €208
- December 31, 2017: €208 (increased to €208 on 1^er April 2017)
- December 31, 2016: €196
- December 31, 2015: €196

Withdrawal value
- June 30, 2022: €185.92
- December 31, 2021: €185.92
- December 31, 2020: €185.92
- December 31, 2019: €185.92
- December 31, 2018: €185.92
- December 31, 2017: €185.92 (increased to €185.72 on 1^er April 2017)
- December 31, 2016: €175.19
- December 31, 2015: €175.19

5-year internal rate of return (IRR)
- 5-year IRR measured at the end of 2021: 4.09%
- 5-year IRR measured at the end of 2020: 4.32%
- 5-year IRR measured at the end of 2019: 4.25%
- 5-year IRR measured at the end of 2018: 4.64%
- 5-year IRR measured at the end of 2017: 4.72%
- 5-year IRR measured at the end of 2016: 3.70%
- 5-year IRR measured at the end of 2015: 3.77%

Real estate products
(rents, charges, ancillary products)
- 2021: €200.1 million
- 2020: €189.4m
- 2019: €195.4m
- 2018: €154.8m
- 2017: €126.5 million
- 2016: €103.5m
- 2015: €75.3 million

Financial debt
- December 31, 2021: €358.1 million
- December 31, 2020: €338.5 million
- December 31, 2019: €337.2 million
- December 31, 2018: €560.2 million
- December 31, 2017: €575.7 million
- December 31, 2016: €275.6 million
- December 31, 2015: €146.5 million

Financial debt / Capitalization
- December 31, 2021: 9.86%
- December 31, 2020: 10.26%
- December 31, 2019: 11.49%
- December 31, 2018: 23.14%
- December 31, 2017: 26.47%
- December 31, 2016: 16.45%
- December 31, 2015: 10.85%

Financial debt / Net inflow
- December 31, 2021: 107.51%
- December 31, 2020: 92.67%
- December 31, 2019: 65.75%
- December 31, 2018: 227.29%
- December 31, 2017: 149.58%
- December 31, 2016: 84.91%
- December 31, 2015: 46.69%

WALB (weighted residual firm lease term)
- June 30, 2022: 4.15 years
- December 31, 2021: 3.98 years

WALT (weighted residual duration of the leases until their term)
- June 30, 2022: 5.25 years
- December 31, 2021: 5.17 years

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