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MERCIALYS PRESS RELEASE Paris , July 28 , 2021 ■ ■ ■ 2021 first - half results Solid balance sheet and limited contraction in values . The loan to value ratio ( LTV ) is 38.3 % excluding transfer taxes , and 36.0 % including transfer taxes . The portfolio value is Euro 3,186 million including transfer taxes , down -2.2 % over six months . The average appraisal yield rate came to 5.74 % vs. 5.72 % at end - December 2020. The EPRA NDV is down -6.8 % over six months to Euro 17.17 per share , reflecting the adjustment of the portfolio value , the impact of the fair value recognition of fixed - rate debt , and the increase in the number of shares outstanding following the partial payment of the dividend in shares Business close to 2019 levels and positive trend for retailer sales . Footfall levels for Mercialys centers , between the reopening of stores on May 19 and June 30 , 2021 , reached 91 % of the pre - crisis activity level from 2019. Retailer sales for May came in + 8.4 % higher than 2020 , while June's figures are up + 5.6 % , confirming the continued appeal of physical retail . Retailers are returning to robust development trends based on limited rent adjustments The rollout of the government support measures in the second half of 2021 is expected to normalize the rent collection levels . The gross collection rate¹ for 2020 increased by Euro 7.0 million during the first half of 2021 to reach 88.3 % , of which Euro 4.1 million for the 2nd and 3rd quarters of 2020. The rate for the first half of 2021 is 75.0 % , negatively affected by the government - ordered closures and the timeframes for the French government to put in place the retailer support measures that it has committed to following the compulsory closures linked to the third lockdown . However , the French government has made a public commitment to put in place support packages , in addition to the solidarity fund , that will notably enable retailers that were ordered to close to honor their rent payments . As a result , no receivables were written off for the first half of 2021 Funds from operations ( FFO ) at end - June 2021 reflect the impacts of the health crisis , the refinancing operation carried out in July 2020 and the asset sales completed in December 2020. Invoiced rents are down -4.0 % like - for - like to Euro 83.4 million , including the impact of the relief granted to tenants for the 2020 closures and the impact of the government - ordered closures on business in 2021. Funds from operations are down -11.6 % to Euro 55.7 million , including the full - year impact of the July 2020 refinancing and the asset sales finalized in December 2020 2021 objectives : excluding the impacts of a further deterioration in the health situation , including the potential impacts of the measures relating to the " health pass " ( reduced footfall , further weakening of retailers , likely drop in variable rents and the contribution from Casual Leasing , and increase in additional operating expenses ) , Mercialys expects its funds from operations ( FFO ) per share to be at least stable in 2021 compared with 2020 Jun 30 , 2020 Jun 30 , 2021 Change % Organic growth in invoiced rents including indexation and Covid - 19 impacts -0.8 % -4.0 % Spread between the year - on - year change in footfall² for Mercialys centers vs. the CNCC index³ ( year to end - June ) + 640bp + 60bp Year - on - year change in sales² for Mercialys retailers ( month of June ) + 0.6 % + 5.6 % Funds from operations , FFO ( € m ) ICR ( EBITDA / net finance costs ) 63.0 55.7 -11.6 % 10.6x 5.6x LTV ( excluding transfer taxes ) LTV ( including transfer taxes ) Portfolio value including transfer taxes ( € m ) EPRA NDV ( € per share ) 41.1 % 38.3 % 38.6 % 36.0 % 3,522.6 3,185.6 -9.6 % 19.90 17.17 -13.7 % 1 Collection rate calculated based on the full amount of rent and charges excluding tax invoiced by Mercialys to its tenants 2 Mercialys ' large centers and main convenience shopping centers based on a constant surface area , representing over 85 % of the value of the Company's shopping centers 3 CNCC index - all centers , comparable scope