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S H A R E H O L D E R ’ S N E W S L E T T E R
N ° 11
HIGHLIGHTS
ITALY OFFICES
Telecom Italia partnership strengthened and renewal of the leases for 15 years firm
Acquisition of two office buildings to be redeveloped in central Milan
Launch of the Symbiosis office programme in Milan
Appointment of Christophe Kullmann as Chief Executive Officer of Beni Stabili
CORPORATE & GOVERNANCE
€2.1 billion in investments in 2015€1.4 billion in disposals
and agreements for disposalsContinued integration of women (40%)
and independent directors (60%)* in the Board of Directors
S&P rating restored to BBB, Stable outlookSuccessful capital increase of €255 million
Dissemination of the study on the Sharing Economy and Working Space from the viewpoint of European employees
* Contingent upon shareholder approval at the General Meeting on 27 April
GERMAN RESIDENTIAL
Record investment in the centres of the dynamic cities of Berlin and Hamburg
(€871 million)
Success of the takeover bid for a portfolio of prime housing units in central Berlin
Improvement in portfolio quality: 53% of the portfolio is in growing cities (vs. 36%
at end-2014)
FRANCE OFFICES
Delivery of nine operations in 2015 representing over 100,000 m2 let at 90%,
an average of close to 30% of created value
France Offices occupancy rate of 96%
Launch of 6 new operations, primarily located in Paris and in Major Regional Cities
96,000 m2 in renegotiated leases
CSR
Carbon Disclosure Project: selection in the CDP’s “Climate A List” with a 99A rating/
Top 5 France
Greening rate for the France Offices portfolio: 61% at year-end 2015 (comfortably
exceeding the set objective of 50%)
Two EPRA Gold Awards 2015 for the 2014 Reference Document and the 2014
Sustainable Development Report
HOTELS IN EUROPE
Increase in the share capital of the Foncière des Murs subsidiary (from 28% to 43%)
Renewal of the partnership with AccorHotels, extension of the leases to 12 years firm and
disposal of assets
Two new partnerships with European operators Motel One and Meininger
B&B Hôtels supported in its European development, in Germany among others, thanks
to the acquisition of 22 hotels of the brand
2015, AN EXCEPTIONAL YEAR. Thanks to Foncière des Régions’ diversity of skills, we have delivered well-paced growth in all three of our operating countries simul-taneously, each with its own distinct context. This demonstrates clearly that the cor-nerstones of our strategy are the right ones: our partnership approach, our long-term vi-sion and responsiveness, our expertise at every link in the real estate chain which allows us to support our clients from A to Z, and the trust of our investor partners who remain faithful to us from one project to the next.
QUALITY, PRODUCTIVITY AND INNOVATION: OUR AMBITION IS CLEAR
MESSAGE FROMCHRISTOPHE KULLMANN
Chief Executive Officer
Our strategy of partnership gives us the benefit of long-term forward visibility for our business. The targeted rotation of this portfolio is our pri-mary source of value creation, and a flagship area of expertise for Foncière des Régions. In 2015, we delivered nine office projects, two of which are shining examples of our expertise in action: The Steel building near the Trocadéro in Paris and Euromed Center in Marseille.
Otherwise, we invested more than €700 million in hotels and ser vice sector projects, three-quarters of which were in international markets, with particular focus on Germany,
where we acquired a portfolio of 22 B&B Hotels, purchased 10 hotels operating under the Louvre Hotels banner, and embarked on partnerships with two innovative operators: Motel One and Meininger. At the end of 2015, the group owned a hotel portfolio of €3.5 billion, representing 13% of our total portfolio.
2016 IS SHAPING UPThe pace of change is accelerating, and the number of economic, political, climatic and social risks are also increasing dramatically. We must ensure that we remain on track in
this uncertain environment by building on our fundamentals and keeping our attention fo-cused completely on our chosen path. We are targeting growth in every aspect, from our projects and people, to our key indicators. We are seeking nothing less than excellence, and we want to be the preferred choice of clients. We will continue to innovate, listen to genera-tion Z and star tups to understand the changes that are coming, dare to be different, explore and adapt our buildings and services to reinvent the client experience, and main-tain the profitability on which the trust of our shareholders and major investors is built.
A LEADING PLAYER IN REAL ESTATE
€ 18 BN
TOTAL SHARE PORTFOLIO (€11BN GROUP SHARE)
BREAKDOWN OF PORTFOLIO BY ASSET TYPE
KEY REAL ESTATE INDICATORS
€ 1.3 BN
DEVELOPMENT PIPELINE IN EUROPE, OF WHICH €615M ALREADY COMMITTED
96
%
OCCUPANCY RATE
€ 549
M
RENTAL INCOME
7.3 YEARS
AVERAGE FIRM LEASE TERM
62%OFFICES
REPRESENTING A VALUE OF € 9.6 BN617 BUILDINGS OR
3.6 MILLION M2
13% HOTELS AND SERVICE SECTOR
REPRESENTING A VALUE OF € 3.5 BN
OR ALMOST 47,000 ROOMS
20%GERMAN RESIDENTIAL REPRESENTING VALUE
OF € 3.6 BN OR 45,000 HOUSING UNITS
5%NON-STRATEGIC
A SUSTAINABLE APPROACH
THE RECOGNISED REIT IN EUROPE
61%
OF GREEN OFFICE IN FRANCE (IN VALUE)
A SOUND FINANCIAL BASIS
€ 333
M
RECURRING NET INCOME
EPRA NAV
PER SHARE€ 79.4 45.4 %
LOAN TO VALUE
21% GERMANY
60% FRANCE
17% ITALY
2% OTHER
AGEFI BRONZE AWARD
FOR CORPORATE GOUVERNANCE
2 EPRAGOLD
AWARDS
+ 15 %SHARE PRICE PERFORMANCE* BETWEEN 1 JANUARY 2015 AND 31 DECEMBER 2015:
*Market price, dividends reinvested
100
90
70
80
JAN. FEB. MARCH APRIL MAY JUNE JULY AUG SEP. OCT. NOV. DEC. 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015
2015 DIVIDEND
€ 4.30 PER SHARE
2015
SHAREHOLDER’S BASE AT END 2015
SHAREHOLDER’S INFORMATION
STOCK MARKET INFORMATION ISIN Code: FR0000064578 Share code: FDR Where listed: Euronext Paris Market: local securities Compartiment A Blue Chips-SRD
Area of activity: Real Estate Investment Trusts
SRD: eligible Indices: MSCI, SBF120, Euronext IEIF
“SIIC France”, CAC Mid 100, in the “EPRA” and “GPR 250” benchmark indicators for European REITs, as well as in the
FTSE4Good, DJSI World and Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20) ethical indices.
Foncière des Régions has been given a BBB/stable rating by Standard & Poor’s
A PURE NOMINEE OR ADMINISTERED ACCOUNTIn either case, simply make your request through your broker or by free phone (in France) on 0826 109 119 (BNP Paribas Securities Services).
INDIVIDUAL SHAREHOLDER’S CONTACT
SHAREHOLDERS FREE PHONE NUMBER:
0 805 400 865 (calls free from a French landline)
E-mail : [email protected]
SHARE PRICE (€)
44% PUBLIC
(INC. 7.25% INDIVIDUAL SHAREHOLDERS, 1% EMPLOYEE
SHAREHOLDERS)
7% CRÉDIT AGRICOLE
GROUP
28% DELFIN GROUP
13% COVÉA GROUP
8% ASSURANCES
DU CRÉDIT MUTUEL