Large portfolio of resilient high-quality retail property assets, valued at €16.4 billion on Dec. 31, 2012. Broad diversity of tenants and wide geographic reach within western Europe. Strong competitive position supported by steady organic growth and high barriers to entry. Low exposure to commercialization risks inherent to development activities. Risks from exposure in southern Europe and Hungary where macroeconomic factors are weak. Prudent financial policy centered on a loan-to-value (LTV) target of 45%. Strong capacity to service debt, with ratio of EBITDA to interest close to 2.5x. Solid capital structure with long-term and highly diversified funding sources. High debt leverage owing to large financing needs that require active management of the funding structure. The stable outlook on France-based property group
