9M 2016 RESULTS PRESENTATION 1 5 N O V E M B E R 2 0 1 6 - PowerPoint PPT Presentation

9M 2016 RESULTS PRESENTATION 1 5 N O V E M B E R 2 0 1 6

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9M 2016 RESULTS PRESENTATION Presenters Contents Introduction 9M 16 Financial results ISMAEL CLEMENTE CEO Portfolio performance MIGUEL OLLERO Metrovacesa portfolio performance CFO / COO Investment activity DAVID BRUSH Closing remarks CIO

Fast facts GLA GLA GRI (1) ATTRIBUTED GRI (2) 1,899,999 sqm 502,915 sqm € 310.4 m € 322.0 m IN STOCK EXPANSION PROJECTS ANNUALIZED ANNUALIZED 9M16 9M16 9M16 9M16 € 229.5 m € 202.5m € 148.5 m € 124.1 m GROSS RENTS REC. EBITDA REC. FFO (3) EPRA EARNINGS EPRA EPRA EPRA EPRA 5.0% 4.6% € 3,459 m 10.71 GROSS YIELD NET YIELD NAV NAV/SHARE SEPT 16 SEPT 16 SPOT SEPT 16 € 3,115 m 47.4% 2.3% € 6,568 m GAV (4) NET DEBT LTV COST OF DEBT Source: Company (1) Annualized gross rents/net rents calculated as passing gross rent/net rent as of September 30, multiplied by 12. GRI and net rents include fully consolidated assets (2) Minority stakes would proportionally add € 11.6 m of gross rents to a total of € 321.9 million. Arturo Soria Plaza is now fully consolidated after the acquisition of the remaining 50% (3) Rec. FFO calculated as recurring EBITDA (€202.5 m) minus net financial expenses paid (€54.0 m) ı 4 ı (4) Includes June 2016 Savills/CBRE appraisals plus total cost of assets acquired in the quarter plus Capex disbursed in the quarter less divestments in the quarter

FINANCIAL RESULTS 9M 2016

Consolidated profjt and loss 9M16 Financial results OUTSTANDING +59% YOY GROWTH IN RECURRING FFO/SHARE 30/09/16 30/09/15 YoY (€m) 229.5 139.4 +64.7% Gross rents 210.9 131.0 +61.0% Net rents after incentives 191.1 99.8 +91.5% EBITDA 137.1 (3) 73.4 +86.8% FFO (1) 202.5 119.6 +69.3% Recurring EBITDA (2) 148.5 93.2 +59.4% Recurring FFO (3) 124.1 85.3 +45.4% EPRA earnings 254.9 (131.2) n.a. IFRS net profit Per Wtd. Per Wtd. (€) Per share Per share Per share shares (4) shares (4) 0.63 0.37 0.38 +69.3% +39.2% Recurring EBITDA 0.46 0.29 0.35 +59.4% +31.0% Recurring FFO 0.42 0.23 0.28 +86.8% +53.5% FFO 0.38 0.26 0.32 +45.4% +19.5% EPRA EPS 0.79 (0.41) (0.49) n.a. n.a. IFRS EPS Source: Company (1) FFO calculated as EBITDA (€ 191.1m) less net financial expenses paid of €54.0m (2) Recurring EBITDA equals EBITDA less non-recurrent one-off expenses (3) Recurring FFO equals FFO less non-recurrent one-off expenses (4) Weighted number of outstanding shares in the period ı 6 ı

Bridge gross rents to FFO 9M16 Financial results EXCELLENT OPERATING EFFICIENCY (92% GROSS-TO-NET & 88% RECURRING EBITDA MARGIN) (€ million) 229.5 (13.3) 7.1 216.2 (5.3) 210.9 (15.5) (11.4) 191.1 (54.0) 137.1 x s e g g s s s s A O e e t s e e m n n D n F o p v v v s i i e i o r r F r T t o i i t r r t t m G c n n u u I r n n B P n e e c c e e y i E r c e e a c c r n r r p n n e i x n i i h t t e o e r t s n e O p n r e a o t O r n f x f e a e e e t T p n b s t i O s n t t e e n N r e t r e t N e N Source: Company ı 7 ı

EPRA Metrics 9M16 Financial results EPRA NAV PER SHARE GROWS € 0.11 IN THE QUARTER TO REACH € 10.71 9M 2016 1H 2016 € m € m Per share Per share 3,458.7 € 10.71 3,423.2 € 10.60 EPRA NAV 3,075.4 € 9.52 3,045.7 € 9.45 EPRA NNNAV 3,380.5 € 10.46 3,344.9 € 10.35 Adjusted EPRA NAV 5,131.6 € 10.92 5,097.0 € 10.85 EPRA NAV MVC PRO-FORMA (3) 4.6% 4.7% EPRA net initial yield (1) 4.7% 4.7% EPRA “topped-up” NIY (2) 95.7% 95.5% EPRA occupancy 14.9% 14.6% Recurring EPRA Costs Includes 5.8% Propex 2.3% Tenant incentives Personnel 4.9% 6.8% Opex recurring Other 1.8% Source: Company (1) Calculated as annualized net rents after incentives and collection loss (passing net rents as of September 30, multiplied by 12), divided by commercial portfolio GAV (2) Adjustment to the EPRA Net Initial Yield in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents) ı 8 ı (3) Combined after integrating MVC NAV at acquisition (€1,673 m) and divided by 469.7 m shares not adjusted for dividends distributed in October.