1. INVESTOR
REPORT

2. Foncière des Régions is a holding company of
real estate investment companies that own
residential and commercial properties in 8
countries (mostly Europe).
Its business comes from the rental and leasing of properties
(including hotels, residential building and car lots) over
70% of which is office space in France and Italy.
FdR was created in 1963 as an operator of underground
garages/parking lots. Most growth happened in the 21st.
CONTACT
Finance
30, Avenue Kléber
75208 Paris France
investisseurs@fdr.fr
actionnaires@fdr.fr
www.foncieredesregions.fr
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3. OVERVIEW
 In 2013 rental income (€526 million) came mostly from
the offices business segment (62%), German residential
(15%), hotel and service sector (8%) and other activities
(15% remaining). The occupancy rate is of 96.7%.
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 The percentage of “Green
Building” is of 41.3%, and it will
grow up in next 4 years of
18.7%, as we can see on the
chart.
 Divisions in order of size are:
Foncière
Développement
Logements
Foncière des
Murs
Foncière Europe
Logistique

4. HIGHLIGHTS
 In partnership with Crédit Agricole Assurances, Foncière
des Régions acquired the future Campus Eiffage.
 Launch of Cœur d'Orly, one of the major Grand Paris
urban projects.
 Launch of the Green Corner project in St-Denis.
 Foncière des Régions and B&B Hôtels signed a
partnership agreement for the development of nine new
hotels in Germany.
 Foncière des Régions increased its stake in its subsidiary
Foncière Développement Logements and bolstered its
position in the German residential market.
 Foncière des Régions was awarded for the quality of its
financial and extra-financial reporting through the EPRA
Award Gold for its 2012 Reference Document.
 Foncière des Régions was included in four of the NYSE
Euronext – Vigeo indices. 4

5. REAL ESTATE INVESTMENT STRATEGY
 With an aggregate portfolio value of €16, Foncière des
Régions is now the recognised partner of companies
and municipalities, which it supports in developing
property strategies.
 With a strong presence in the Offices market and Key
Accounts, Foncière des Régions is active in the French
profitable markets, and in the major metropolitan areas
in Italy, through its subsidiary Beni Stabili.
 Foncière des Régions is also extending its business to two
other sectors in Germany:
5
 It has established reliable and long-term relationships with
its various stakeholders, tenants, municipalities, property
operators, investors, suppliers and others.
ResidentialHotels & Service

6. PORTFOLIO
 Foncière des Régions defines a dynamic and tailored
property policy has a dual objective:
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 At the same time, the company constantly offers
buildings in sync with tenants’ needs.
 It has a thorough understanding of all the business areas
of the property chain.
 Using its partnership culture as a mainstay, Foncière des
Régions quickly established a sustainable development
roadmap based on high performance results, an
ambitious works program.
Designing the property world
of the future
Enhancing value to
existing portfolio

7. 7
Complexe Garibaldi DS Campus Carrè Suffren

8. BREAKDOWN PORTFOLIO
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9. WHAT ABOUT COMPETITORS?
INMOBILIARIA COLONIA
It has assets only in Spain
and France (only in Paris).
DEUTSCHE WOHNEN
It has mostly residential
assets in Germany
IGD
It has mostly retail assets in
Italy
SACYR
It has investment only in
Spain
PATRIZIA IMMOBILIEN
It has investment mostly in
Germany
UNIBAIL RODAMCO
In the last year it was
registered an high volatility
of the stock price
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10. STOCK TECHNICAL ANALYSIS
 22.34% return 1/1/2014 - 27/11/2014 from 62.75 to 76.77
against the -0.8% of the previous year.
 Lower dividend this year, 2.926, for a div yield of 4.09%.
P/E 25.68, Eps 2.99. While in 2013 were distributed 4.2€ for
div yield of 7.05%. No need of attracting investor with
dividends.
 Market β of 0.94 (average of sector 0.78). The company
is managed in an active way. The French market is in a
rising trend.
 P/B of 1.17 against 1.74 of competitors. The market
recognizes the true value of the company, reflecting it in
the market price. There is an high performing
management especially respect to the competitors. 10

11. 11
PRICE TREND 2013-2014

12. RETURNS OF THE OTHER COMPANIES
INMOBILIARIA COLONIA
-0.53%, very weak reliability
of the investors in this stock
DEUTSCHE WOHNEN
+31.54% but they are fully
invested in Deutsche RE
market that had great profits
last year
IGD +0.95%
SACYR -19.21%
PATRIZIA IMMOBILIEN +54.66%, high market β
UNIBAIL RODAMCO
In the last year it was
registered an high volatility
of the stock price 12

13. RATIO ANALYSIS
 Analysis of the principal competitors based on their
financial ratios
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ASSET SIDE EQUITY SIDE
P/EEV/EBITDA P/B
BENI
STABILI IGD COLONIAL SACYR UNIBAIL DTS WOHNEN
PATRIZIA
IMMOBILIEN
P/E 0,00 57,67 0,00 0,00 13,92 18,91 12,96
P/B 0,49 0,40 2,14 1,91 1,31 1,06 1,30
EV/EBITDA 17,27 16,32 35,75 30,17 22,68 32,70 0,00
AVERAGE
P/E 14,78
P/B 1,23
EV/EBITDA 22,13
FONCIER DES REGION
P/E 11,53
P/B 0,91
EV/EBITDA 17,33

14. 14
THAT’S ALL FOLKS!
THANK YOU!
Davide Vioto 655191
Luca Laureti 656511
Francesco Desideri 659991
Rocco Ruggiero 661571
Alessandro Cudazzo 660901
Luca Straccini 661211