SAINT CROIX HOLDING IMMOBILIER,

SOCIMI, S.A.

Financial Statements and Directors' Report for the

financial year 2024 together with the Audit Report

of Financial Statements emitted by an Independent

Auditor

This version of the financial statements is a free translation of the

original, which was prepared in Spanish. All possible care has been

taken to ensure that the translation is an accurate representation of

the original. However, in all matters of interpretation of

information, views or opinions, the original language version of the

financial statements takes precedence over this translation.

SAINT CROIX HOLDING IMMOBILIER, SOCIMI, S.A.

Financial Statements and Directors' Report for the financial year 2024

together with the Audit Report of Financial Statements emitted by an

Independent Auditor

AUDIT REPORT ON THE FINANCIAL STATEMENTS ISSUED BY AN INDEPENDENT AUDITOR

FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2024:

- Balance Sheets at 31 December 2024 and 2023

- Profit and Loss Account for the financial years 2024 and 2023

- Statement of Changes in Equity for the financial years 2024 and 2023

- Cash Flow Statements for the financial years 2024 and 2023

- Annual report for the financial year 2024

DIRECTORS’ REPORT FOR THE FINANCIAL YEAR 2024

SAINT CROIX HOLDING IMMOBILIER, SOCIMI, S.A.

Audit Report of Financial Statements emitted by an Independent

Auditor

Tel: +34 91 436 41 90

Fax: +34 91 436 41 91/92

www.bdo.es

Génova 27

28004 Madrid

España

BDO Auditores, S.L.P., sociedad limitada española, inscrita en el Registro Oficial de Auditores de Cuentas nº S1.273, es miembro de BDO International

Limited, una compañía limitada por garantía del Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas.

Registro Mercantil de Barcelona, Tomo 47.820, Sección 8ª Folio 201, Hoja nº B-563.253 (Inscripción 124) CIF: B-82387572

Audit report on the financial statements issued by an independent auditor

Translation of a report originally issued in Spanish based on our work performed in accordance

with generally accepted auditing standards in Spain. In the event of a discrepancy, the Spanish-

language version prevails

To the Shareholders of Saint Croix Holding Immobilier, SOCIMI, S.A.:

Report on the financial statements

Opinion

We have audited the financial statements of Saint Croix Holding Immobilier, SOCIMI, S.A.

(the Company), which comprise the balance sheet at 31 December 2024, the profit and

loss account, the statement of changes in equity, the statement of cash flows and the

report for the financial year ended on that date.

In our opinion, the accompanying financial statements give, in all material respects, a true

and fair view of the Company's equity and financial position as at 31 December 2024, as

well as its results and cash flows for the financial year ending on said date, in accordance

with the application of the regulatory framework of financial information (identified in

note 3 of the report) and, in particular, with the accounting principles and criteria

contained therein.

Basis for opinion

We have performed our audit in accordance with the current regulations governing the

auditing of accounts in Spain. Our responsibilities in accordance with these regulations are

described later in the section Auditor's Responsibilities relating to the audit of the

financial statements of our report.

We are independent of the Company in accordance with the ethical requirements,

including those of independence, which are applicable to our audit of the financial

statements in Spain as required by the regulations governing the activity of auditing

accounts. Accordingly, we have not provided services other than those of the audit of

accounts nor have concurred situations or circumstances that, in accordance with the

provisions of the aforementioned governing regulations, have compromised the necessary

independence.

We believe that the audit evidence we have obtained is sufficient and appropriate to

provide a basis for our audit opinion.

Key audit matters

The key audit matters are matters that, in our professional judgment, were of most

significance in our audit of the financial statements of the current period. Our audit

procedures relating to these matters were designed in the context of our audit of the

financial statements as a whole, and in the formation of our opinion on these and we do

not express a separate opinion on those matters.

BDO Auditores S.L.P. es una sociedad limitada española independiente, miembro de BDO lnternational Limited, una compañía limitada por garantía del

Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas. BDO es la marca comercial utilizada por toda la red BDO y

para todas sus firmas miembro.

Key Audit matters

Audit response

Valuation of property investments at

financial year-end

The heading "Property Investments" in

the attached balance sheet includes

the net values at 31 December 2024

of the land and buildings owned by

the Company in accordance with the

detail shown in note 7 of the annual

report.

Notes 5.2 and 5.3 of the report

describe the valuation criteria for

these assets at financial year-end.

For the application of these criteria,

the Company's management has

relied on valuations performed by an

independent expert, which include

elements of judgment presenting

varying degrees of subjectivity.

The analysis of the reasonableness of

the recoverable value of these assets

as at 31 December 2024 has been

considered the key audit matter.

We have performed, amongst others, the

following audit procedures:

- Understanding and analysis of the

policies and procedures followed by the

Company's management for the valuation

of property investments at financial year-

end.

- Obtaining the valuation report prepared

by the independent expert as of the

fiscal year-end date. Based on this

report, an analysis of the reasonableness

of the calculations performed by the

Company's management for determining

the recoverable amounts of the property

investments as of December 31, 2024.

- Evaluation of the competence and

independence of the external valuator,

as well as the reasonableness of the

valuation methodologies and the

assumptions used, involving valuation

experts in the engagement team to help

with said analysis.

- Evaluation of the suitability and

adequacy of the information included by

the Company's management in the annual

report in relation to the valuation of

these assets.

Other information: Management report

The other information comprises exclusively the management report for financial year

2024, the formulation of which is the responsibility of the Company’s management and

does not form an integral part of the financial statements.

BDO Auditores S.L.P. es una sociedad limitada española independiente, miembro de BDO lnternational Limited, una compañía limitada por garantía del

Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas. BDO es la marca comercial utilizada por toda la red BDO y

para todas sus firmas miembro.

Our audit opinion on the financial statements does not cover the management report. Our

responsibility regarding the management report, defined in the regulation governing

financial statement audit work, consists of:

a) Checking solely that certain information included in the Annual Corporate Governance

Report and Annual Report on Remuneration of Directors, referred to Audit Act, has

been provided in accordance with applicable regulations and, if not, report that fact.

b) Evaluate and report on concordance of the rest of the information included in the

management report and the financial statements, based on the knowledge of the

Company obtained during the audit of the aforementioned financial statements, as

well as evaluate and report on whether the content and presentation of this part of

the management report are in accordance with applicable regulations. If, based on the

work we have performed, we conclude that material misstatements exist, we are

required to report that fact.

Based on the work performed, as described in the previous paragraph, we have verified

that the information contained in section a) above is provided in accordance with

applicable regulations and the rest of the information contained in the management report

agrees with that in the financial statements for financial year 2024 and its content and

presentation is in accordance with the applicable regulations.

The responsibility of the management and the audit committee in respect of the financial

statements

The management are responsible for formulating the accompanying financial statements,

so that they give a true image of the assets, the financial situation and the results of the

Company, in accordance with the regulatory framework on financial information

applicable to the Entity in Spain, and of the internal control that they consider necessary

to allow the preparation of the financial statements free of material misstatement, due to

fraud or error.

In the preparation of the financial statements, the management are responsible for

assessing the Company's ability to continue as a going concern, revealing, as appropriate,

the matters related with a company in operation and using the accounting principle of a

going concern except if the management intend to liquidate the Company or cease

operations, or if there is no other realistic alternative.

The audit committee is responsible for supervising the process of preparing and presenting

the financial statements.

BDO Auditores S.L.P. es una sociedad limitada española independiente, miembro de BDO lnternational Limited, una compañía limitada por garantía del

Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas. BDO es la marca comercial utilizada por toda la red BDO y

para todas sus firmas miembro.

The auditor’s responsibility for the audit of the financial statements

Our objectives are to obtain reasonable assurance that the financial statements as a whole

are free from material misstatement, due to fraud or error, and to issue an audit report

that contains our opinion.

Reasonable assurance is a high degree of assurance, but is not a guarantee that an audit

conducted in accordance with the regulations governing the audit activity in force in Spain

will always detect a material misstatement when it exists. Misstatements can arise from

fraud or error and are considered material if, individually or in aggregate, they could

reasonably be expected to influence the economic decisions of users taken on the basis of

these financial statements.

As part of an audit in accordance with the current regulations governing the account

auditing activity in Spain, we exercise professional judgment and maintain an attitude of

professional skepticism throughout the audit. Also:

We identify and assess the risks of material misstatement in the financial statements, due

to fraud or error, design and perform audit procedures to respond to those risks and obtain

audit evidence that is sufficient and appropriate to provide a basis for our opinion. The

risk of not detecting a material misstatement resulting from fraud is higher than one

resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or circumvention of internal control.

We obtain knowledge of the internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the Entity’s internal control.

• We evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and disclosures made by management.

• We conclude whether the use, by management

, of the accounting principle of the

company as a going concern is adequate and, based on the audit evidence obtained, we

conclude on whether or not there is a material uncertainty related to events or

conditions that can generate significant doubts about the ability of the Company to

continue as a going concern. If we conclude that there is material uncertainty, we are

required to draw attention in our audit report to the corresponding information

disclosed in the financial statements or, if such disclosures are not adequate, we

express a modified opinion. Our conclusions are based on the audit evidence obtained

at the date of our audit report. However, future events or conditions may cause the

Company to cease to be a going concern.

• We evaluate the overall presentation, structure and content of the financial

statements, including the disclosures and whether the financial statements represent

the underlying transactions and events in a manner that achieves fair presentation.

BDO Auditores S.L.P. es una sociedad limitada española independiente, miembro de BDO lnternational Limited, una compañía limitada por garantía del

Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas. BDO es la marca comercial utilizada por toda la red BDO y

para todas sus firmas miembro.

We are required to communicate with the Entity's audit committee regarding, amongst

other matters, the planned scope and timing of the audit and significant findings,

including any significant deficiencies in internal control that we identify during the course

of the audit.

We are also required to provide the Entity's audit relating to independence, and to

communicate with them all relationships and other matters that may reasonably be

thought to bear on our independence, and where appropiate, of the safeguards taken to

eliminate or reduce the threat.

Amongst the matters that have been communicated to the Entity's audit committee, we

determine those that have been of the greatest significance in the audit of the financial

statements of the current period and that are, consequently, the key matters of the audit.

We describe those matters in our audit report unless legal or regulatory provisions prohibit

public disclosure of the matter.

Report on other legal and regulatory requirements

Additional report for the audit committee

The opinion expressed in this report is consistent with what was stated in our additional

report for the Company’s audit committee dated 5 March 2025.

Contract period

The Ordinary General Shareholders’ Meeting held on 25 April 2024 appointed us as auditors

for one-year period corresponding to the fiscal year ended December 31, 2024.

Prior to this, the Ordinary General Shareholders ‘Meeting held on June 30, 2020, appointed

us as auditors of the Company for a period of three years, and we have been continuously

performing the audit work since the fiscal year ended December 31, 2020.

BDO Auditores, S.L.P. (ROAC S1273) (ROAC - Official Registry of Account Auditors)

Francisco J. Giménez Soler (ROAC 21.667)

Partner

5 March 2025

SAINT CROIX HOLDING

REAL ESTATE, SOCIMI, S.A.

Corresponding Annual Accounts

to the year ended

December 31, 2024

and Management Report

 
 

 
Index 
 
 
Annual Report ____________________________________________________________________________ 2 
 
 Activity of the Company _____________________________________________________________ 8 
 Applicable legislation _______________________________________________________________ 9 
 Bases for the presentation of the annual accounts  _____________________________________ 12 
 Distribution of the result ____________________________________________________________ 13 
 Accounting Principles and Recording and Valuation Standards __________________________ 14 
 Property, plant and equipment ______________________________________________________ 21 
 Real estate investments ____________________________________________________________ 22 
 Operating leases __________________________________________________________________ 27 
 Other financial assets and investments in related companies ____________________________ 28 
 Trade receivables and other receivables______________________________________________ 30 
 Cash and other cash equivalents ____________________________________________________ 31 
 Information on the nature and level of risk of financial instruments ________________________ 31 
 Equity and Equity  _________________________________________________________________ 32 
 Current and non-current financial liabilities ____________________________________________ 36 
 Hedging instruments  ______________________________________________________________ 38 
 Information on payment deferrals made to suppliers  ___________________________________ 38 
 Guarantees committed to third parties  _______________________________________________ 39 
 Public administrations and fiscal situation _____________________________________________ 39 
 Income and expenses  _____________________________________________________________ 43 
 Related Party Transactions and Balances _____________________________________________ 44 
 Remuneration of the Board of Directors and Senior Management ________________________ 47 
 Information on situations of conflict of interest by the Directors  __________________________ 47 
 Other information _________________________________________________________________ 47 
 Environmental information __________________________________________________________ 48 
 Segmented information ____________________________________________________________ 49 
 International Financial Reporting Standards ___________________________________________ 50 
 Subsequent events ________________________________________________________________ 50 
 
Annex 1. Information requirements arising from the status of SOCIMI____________________________ 51 
 
Management Report  _____________________________________________________________________ 54 
 
 Figures explained as of December 31, 2024___________________________________________ 55 
 Real Estate Asset Valuation _________________________________________________________ 59 
 Segmented Information ____________________________________________________________ 60 
 Real Estate Investments ____________________________________________________________ 61 
 Information on payment deferrals made to suppliers  ___________________________________ 62 
 Earnings Per Share ________________________________________________________________ 62 
 Acquisition of treasury shares _______________________________________________________ 63 
 Research and development activities  ________________________________________________ 63 
 Main risks of the Company _________________________________________________________ 63 
 Outlook for the financial year 2025  __________________________________________________ 65 
 Information on situations of conflict of interest by the Directors  __________________________ 65 
 Subsequent events ________________________________________________________________ 65 
 Annual Corporate Governance Report and Annual Report on Directors' Remuneration ______ 65 
 
Directors' Statement of Responsibility _______________________________________________________ 66 
 
Annual Accounts Preparation Diligence _____________________________________________________ 67 
 
 
   

Annual Report

FY2024

SAINT CROIX HOLDING IMMOBILIER, SOCIMI, S.A.

BALANCE SHEET AS OF DECEMBER 31, 2024

(Euros)

Notes

Exercise

Notes

Exercise

ASSETS

2024

2023

EQUITY AND LIABILITIES

2024

2023

NON-CURRENT ASSETS

540.862.261

497.196.045

EQUITY

304.391.219

319.312.706

EQUITY

Intangible fixed assets

Computer applications

Capital

267.577.040

Property, plant and equipment

119.656

135.152

Deeded capital

267.577.040

Technical installations

119.656

135.152

Reserves

34.689.525

30.582.423

Real estate investments

537.967.772

494.268.775

Legal and statutory

13.459.980

11.453.626

Net real estate investments

537.967.772

494.268.775

Other bookings

21.229.545

19.128.797

Long-term financial investments

2.774.834

2.792.118

Profit for the year

14.358.562

20.063.539

Derivatives

9 and 15

125.953

217.266

Interim dividend

-10.000.000

Other financial assets

2.648.881

2.574.852

Adjustments for Value Changes

-3.049.996

217.266

Hedging operations

-3.049.996

217.266

Grants, donations and legacies received

816.088

872.438

Grants, donations and legacies received

816.088

872.438

NON-CURRENT LIABILITIES

225.865.596

137.021.593

Long-term provisions

38.276

894.396

Long-term debts

225.827.320

136.127.197

Debts with credit institutions

217.842.679

132.193.018

Derivatives

3.175.948

CURRENT ASSET

35.133.861

37.332.506

Other financial liabilities

4.808.693

3.934.179

Stock

57.790

Advances to suppliers

57.790

CURRENT LIABILITIES

45.739.307

78.194.252

Trade receivables and other receivables

3.199.383

4.380.231

Short-term provisions

228.393

Customers by sales and services

2.917.766

3.162.792

Short-term debts

29.988.508

55.009.850

Personal

864

Debts with credit institutions

29.511.619

54.481.696

Current tax assets

18.1

280.753

110.779

Other financial liabilities

476.889

528.154

Other credits with the Public Administrations

18.2

1.105.796

Short-term debts companies, groups and associates

20.2

6.270.230

Investments in Group Companies in the Short Term

20.2

15.205.849

10.000.000

Trade Receivables and Other Payables

15.522.407

16.914.172

Short-term financial investments

14.329.098

18.198.820

Suppliers

10.884.429

14.122.506

Short-term equity instruments

13.897.701

17.590.326

Group Suppliers

1.403

Other financial assets

431.397

608.494

Miscellaneous creditors

1.763.991

2.173.090

Cash and other cash equivalents

2.341.740

4.753.455

Other debts with the Public Administrations

18.1

2.868.987

617.173

Treasury

2.341.740

4.753.455

Customer Advances

5.000

TOTAL ASSETS

575.996.122

534.528.551

TOTAL EQUITY AND LIABILITIES

575.996.122

534.528.551

Notes 1 to 27 described in the accompanying report form an integral part of the balance sheet as of December 31, 2024

SAINT CROIX HOLDING IMMOBILIER, SOCIMI, S.A.

PROFIT AND LOSS ACCOUNT FOR THE 2024 FINANCIAL YEAR

(Euros)

Notes from the

Exercise

Memory

2024

2023

CONTINUED OPERATIONS

Net turnover

19.1

37.361.251

34.949.845

Lease of real estate

37.361.251

34.949.845

Other operating income

19.1

11.434

28.615

Ancillary and other current management revenues

11.434

28.615

Personnel costs

19.2

-552.091

-574.286

Salaries, wages and similar

-413.479

-427.118

Social charges

-138.612

-147.168

Other operating expenses

-7.280.279

-7.378.005

External services

19.3

-3.713.810

-3.649.787

Taxes

19.3

-3.557.436

-3.718.516

Losses, impairment and changes in provisions for commercial transactions

-9.033

-9.701

Other current management costs

-1

Depreciation of fixed assets

6 and 7

-7.283.762

-6.436.901

Allocation of non-financial fixed assets and other subsidies

13 and 19.1

56.351

Impairment and profit or loss on disposals of fixed assets

1.786.437

2.355.101

Impairment and losses

832.522

-108.609

Results from disposals and others

953.915

2.463.710

Other results

885.017

4.585

Exceptional expenses and income

885.017

4.585

OPERATING PROFIT

24.984.358

23.005.305

Financial income

1.790.470

1.312.977

Of negotiable securities and other financial instruments

1.790.470

1.312.977

- In Group companies and associates

20.1

723.600

581.670

- In equity instruments

725.097

671.387

- In third parties

341.773

59.920

Financial expenses

-8.723.640

-5.298.569

By group companies and associates

20.1

-40.748

-123.579

For debts with third parties

-8.682.892

-5.174.990

Change in fair value in financial instruments

-3.692.626

1.446.859

Trading Book Results

-3.692.626

1.446.859

Impairment and profit on the sale of financial instruments

985

Results from disposals and others

985

FINANCIAL RESULT

-10.625.796

-2.537.748

PROFIT BEFORE TAX

14.358.562

20.467.557

Taxes on profits

-404.018

RESULT OF THE YEAR

14.358.562

20.063.539

Notes 1 to 27 described in the attached report form an integral part of the profit and loss account for the 2024 financial year

SAINT CROIX HOLDING IMMOBILIER, SOCIMI, S.A.

STATEMENT OF CHANGES IN EQUITY FOR THE 2024 FINANCIAL YEAR

A) STATEMENT OF RECOGNIZED INCOME AND EXPENSES

(Euros)

Notes from the

Exercise

Memory

2024

2023

PROFIT OR LOSS (I)

14.358.562

20.063.539

Income and expenses charged directly to equity

- By cash flow coverage

-3.267.262

-96.789

TOTAL INCOME AND EXPENSES DIRECTLY CHARGED TO EQUITY (II)

-3.267.262

-96.789

Transfers to the profit and loss account

- Grants, donations and bequests received

-56.351

- By cash flow coverage

TOTAL TRANSFERS TO PROFIT AND LOSS ACCOUNT (III)

-56.351

TOTAL RECOGNIZED INCOME AND EXPENSES (I+II+III)

11.034.949

19.910.399

Notes 1 to 27 described in the attached report form an integral part of the statement of recognised income and expenses for the 2024 financial year

SAINT CROIX HOLDING IMMOBILIER, SOCIMI, S.A.

STATEMENT OF CHANGES IN EQUITY FOR THE 2024 FINANCIAL YEAR

B) TOTAL STATEMENT OF CHANGES IN EQUITY

(Euros)

Grants

Adjustments by

Reservation

Other

Result of the

Dividend to

Donations

change

Capital

legal

reserves

exercise

Account

and legacies

of value

(fn. 12)

(Notes 4 and

12)

(fn. 12)

(fn. 14)

Total

FINAL BALANCE OF THE 2022 FINANCIAL YEAR

267.577.040

10.028.140

18.953.386

14.254.857

928.788

314.055

312.056.266

Total recognized income and expenses

20.063.539

-56.351

-96.789

19.910.399

Other changes in equity

1.425.486

175.412

-14.254.857

-12.653.959

- Distribution of the result for the 2022 financial year

1.425.486

175.412

-1.600.898

- Dividend Distribution 2022

-12.653.959

FINAL BALANCE OF THE 2023 FINANCIAL YEAR

267.577.040

11.453.626

19.128.798

20.063.539

872.437

217.266

319.312.706

Total recognized income and expenses

14.358.562

-56.351

-3.267.262

11.034.949

Other changes in equity

2.006.354

2.100.747

-20.063.537

-10.000.000

-25.956.436

- Distribution of the 2023 profit

2.006.354

2.100.747

-4.107.101

- Dividend Distribution 2023

-15.956.436

- Dividend distribution 2024 (on account)

-10.000.000

FINAL BALANCE OF THE 2024 FINANCIAL YEAR

267.577.040

13.459.980

21.229.545

14.358.564

-10.000.000

816.086

-3.049.996

304.391.219

Notes 1 to 27 described in the attached report form an integral part of the total statement of changes in equity for the financial year 2024

SAINT CROIX HOLDING IMMOBILIER, SOCIMI, S.A.

STATEMENT OF CASH FLOWS FOR THE 2024 FINANCIAL YEAR

(Euros)

Notes

Exercise

Memory

2024

2023

A) CASH FLOWS FROM OPERATING ACTIVITIES

23.425.501

35.992.592

1. Profit for the year before tax

14.358.562

20.467.557

2. Result adjustments:

12.515.708

6.796.605

a) Depreciation of fixed assets (+)

6 and 7

7.283.762

6.436.901

b) Impairment allowances (+/-)

-832.522

108.609

c) Change in provisions (+/-)

-3.551.062

233.408

d) Allocation of subsidies (-)

-56.351

e) Losses on disposals and disposals of fixed assets (+/-)

-953.914

-2.463.710

f) Profit or loss on derecognition and disposal of financial instruments (+/-)

-985

g) Financial income (-)

-1.790.470

-1.312.977

h) Financial expenses (+)

8.723.640

5.298.569

j) Change in fair value in financial instruments (+/-)

3.692.625

-1.446.859

3. Changes in current capital:

3.405.250

12.442.835

a) Inventories (+/-)

-57.790

(b) Accounts receivable and other receivables (+/-)

2.589.044

-948.295

(d) Accounts payable and other accounts payable (+/-)

-1.962.064

12.077.693

(e) Other current liabilities (+/-)

2.205.549

253.151

(f) Other non-current assets and liabilities (+/-)

630.511

1.060.286

4. Other cash flows from operating activities

-6.854.018

-3.714.406

(a) Interest payments (-)

-8.644.488

-4.532.948

b) Dividend payments (+)

725.097

671.387

c) Interest charges (+)

1.065.373

641.590

d) Income tax collections (payments) (+/-)

18.1

-494.435

B) CASH FLOWS FROM INVESTING ACTIVITIES

-60.481.212

-66.494.259

6. Payments for investments (-):

-65.094.708

-75.314.460

a) Group companies and associates

9 and 20.2

-11.477.482

-10.000.000

c) Property, plant and equipment

-1.105

d) Real estate investments

-53.617.226

-65.313.355

7. Charges for divestments (+):

4.613.496

8.820.201

a) Group companies and associates

9 and 20.2

2.809.713

d) Real estate investments

4.436.399

5.487.019

(e) Other financial assets

177.097

187.842

(f) Non-current assets held for sale

335.627

34.643.995

33.429.902

10. Receipts and payments for financial liability instruments

60.600.432

46.083.862

a) Issuance:

110.355.600

72.869.698

2. Debts with credit institutions (+)

110.355.600

72.869.698

b) Return and amortization of:

-49.755.169

-26.785.836

2. Debts with credit institutions (-)

-49.755.169

-26.785.836

11. Dividend Payments

-25.956.437

-12.653.960

a) Dividends (-)

-25.956.437

-12.653.960

(D) EFFECT OF CHANGES IN INTEREST RATES

(E) NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS

-2.411.715

2.928.234

Cash or equivalents at the beginning of the financial year.

4.753.455

1.825.221

Cash or equivalents at the end of the year.

2.341.740

4.753.455

Notes 1 to 27 described in the notes to the accompanying half-year financial statements form an integral part of the statement of cash

flows for the six-month period ended December 31, 2024

SAINT CROIX HOLDING IMMOBILIER, SOCIMI, S.A.

Memory of the

Annual financial year ended on

December 31, 2024

1. Activity of the Company

SAINT CROIX HOLDING IMMOBILIER, SOCIMI, S.A. (hereinafter the Company), was incorporated on

December 1, 2011, in Luxembourg. Its registered office was at Boulevard Prince Henri 9b, L-1724

Luxembourg, Grand Duchy of Luxembourg and was registered in the Luxembourg Trade and Companies

Extraordinary General Meeting of the Company approved, among other resolutions, the transfer of the

registered office, tax and administrative office (effective headquarters) to Glorieta de Cuatro Caminos 6 and

7 in Madrid, without dissolution or liquidation, continuing in Spain the exercise of the activities that make up

its corporate purpose. under Spanish nationality as a public limited company regulated by Spanish law and

especially under the SOCIMI legal and tax regime, maintaining the listing of all its shares on the Luxembourg

Stock Exchange.

Following the completion of the process of moving the effective headquarters to Madrid (Spain), the

Company was registered in the Mercantile Registry of Madrid on October 15, 2014.

Its corporate purpose includes the following activities, among others:

- The acquisition and promotion of urban real estate for lease. The development activity includes the

rehabilitation of buildings under the terms established in Law 37/1992, of 28 December, on Value

Added Tax.

- The holding of shares in the capital of other listed real estate investment companies (hereinafter,

"REITs") or in that of other entities not resident in Spanish territory that have the same corporate

purpose as them and that are subject to a regime similar to that established for REITs in terms of

mandatory policy, legal or statutory, of distribution of profits.

- The holding of shares in the capital of other entities, resident or not in Spanish territory, whose main

corporate purpose is the acquisition of urban real estate for lease and which are subject to the same

regime established for SOCIMIs in terms of the mandatory policy, legal or statutory, for the

distribution of profits and meet the investment requirements required by Law 11/2009, of 26

October, regulating Listed Real Estate Investment Companies (hereinafter, "SOCIMI Law").

- The holding of shares or participations in Real Estate Collective Investment Schemes regulated by

Law 35/2003, of 4 November, on Collective Investment Schemes.

- The development of other ancillary or complementary activities, financial and non-financial, that

generate income that together represents less than the percentage determined at any time by the

SOCIMI Law of the company's income in each tax period.

Given the activities to which the Company is currently engaged, it has no liabilities, expenses, assets,

provisions and contingencies of an environmental nature that could be significant in relation to the

Company's equity, financial situation and results. For this reason, specific breakdowns are not included in

this report of the annual accounts with respect to information on environmental issues.

Merger operations

- Merger by absorption in 2016

In 2016, a reorganisation process was carried out to optimise and simplify the corporate structure of the

group headed by Saint Croix Holding Immobilier, SOCIMI, S.A. through a merger process by virtue of which

the Company absorbed the subsidiary companies, Compañía Ibérica de Bienes Raíces 2009, SOCIMI, S.A.U.

and Inveretiro SOCIMI, S.A.U., agreed at the Extraordinary and Universal General Shareholders' Meetings

held on 19 May 2016 of the Absorbed Companies as well as at the Extraordinary General Meeting of

shareholders of the Absorbing Company held on 19 May 2016. This merger was carried out for accounting

purposes on January 1, 2016, through the dissolution without liquidation of the Absorbed Companies and

the contribution of all the assets to the Absorbing Company. The merger agreement was made public by

means of a Deed of Merger by Absorption granted on 1 July 2016 and was registered in the Mercantile

Registry of Madrid on 27 July 2016. From that moment on, the Absorbing Company ceased to form a

Consolidated Group.

As a result of the transaction described above, positive merger reserves amounting to €14,154,738 arose

due to the difference between the individual book values and those incorporated in the merger.

The merger took advantage of the special regime for mergers, spin-offs, contributions of assets and

exchange of securities provided for in Chapter VIII of Law 27/2014, of 27 November, on the Corporate

Income Tax Law.

- Merger by absorption in 2018

On 1 March 2018, the Company acquired 100% of the shares in the company called Bensell Mirasierra S.L.U.

for an amount of 17,623,669 euros, whose only real estate asset was an office building located at Calle Valle

de la Fuenfría 3 in Madrid, with a gross leasable area of 5,987 m2. The operation described generated

goodwill attributable to its assets amounting to 5,506,170 euros, which has been recorded as the higher cost

of the property (separated between land and construction) and which will be amortized (the part attributable

to construction) based on the estimated useful life of the properties.

On 28 June 2018, the Extraordinary General Meeting of Shareholders of the Company approved the merger

by absorption by the Company (absorbing company) of its subsidiary company, Bensell Mirasierra S.L.U. in

accordance with the merger project filed with the Mercantile Registry of Madrid on 16 May 2018.

On 21 September 2018, the deed of merger by absorption by the Company of its subsidiary company was

signed. This deed of merger was registered in the Mercantile Registry of Madrid on November 16, 2018.

The merger took advantage of the special regime for mergers, spin-offs, contributions of assets and

exchange of securities provided for in Chapter VIII of Law 27/2014, of 27 November, on the Corporate

Income Tax Law.

2. Applicable legislation

The Company is regulated by Law 11/2009, of 26 October, amended by Law 16/2012, of 27 December,

which regulates Listed Investment Companies in the Real Estate Market. Article 3 of said Law, as amended

by the new Law, establishes the investment requirements for this type of Company, namely:

1. REITs must have invested at least 80 per cent of the value of the asset in urban real estate intended

for lease, in land for the development of real estate that is to be used for this purpose, provided that

the development begins within three years of its acquisition, as well as in shares in the capital or

assets of other entities referred to in section 1 of article 2 of the aforementioned Law.

The value of the asset will be determined according to the average of the quarterly individual

balance sheets for the year, and the Company may choose, in order to calculate this value, to

replace the carrying value with the market value of the elements that make up such balance sheets,

which would be applied to all the balance sheets for the year. For these purposes, the money or

credit rights arising from the transfer of said real estate or shares that has been made in the same

or previous financial years shall not be considered, provided that, in the latter case, the reinvestment

period referred to in Article 6 of this Law has not elapsed.

2. Likewise, at least 80 per cent of the income for the tax period corresponding to each financial year,

excluding those derived from the transfer of the shares and real estate both used for the fulfilment

of their main corporate purpose, once the maintenance period referred to in the following section

has elapsed, must come from the lease of real estate and dividends or shares in profits from such

shares.

This percentage will be calculated on the consolidated profit if the company is the parent company

of a group according to the criteria established in Article 42 of the Commercial Code, regardless of

residence and the obligation to prepare consolidated annual accounts. This group will be made up

exclusively of the REITs and the rest of the entities referred to in section 1 of article 2 of this Law.

3. The real estate that makes up the company's assets must remain leased for at least three years.

For the purposes of the calculation, the time that the properties have been offered for lease will be

added, with a maximum of one year.

The period shall be computed:

a) In the case of immovable property that appears in the company's assets before the time of

taking advantage of the regime, from the date of the beginning of the first tax period in which

the special tax regime established in this Law is applied, provided that on that date the property

was leased or offered for lease. Otherwise, the provisions of the following letter will apply.

b) In the case of real estate promoted or acquired subsequently by the company, from the date

on which it was leased or offered for lease for the first time.

In the case of shares or participations of entities referred to in paragraph 1 of Article 2 of this Law, they must

be held in the assets of the company for at least three years from their acquisition or, where appropriate,

from the beginning of the first tax period in which the special tax regime established in this Law is applied.

As established in the First Transitional Provision of Law 11/2009, of 26 October, amended by Law 16/2012,

of 27 December, which regulates Listed Companies for Investment in the Real Estate Market, the application

of the special tax regime may be chosen under the terms established in Article 8 of said Law. even if the

requirements of the same are not met, provided that such requirements are met within two years of the date

of the option to apply said regime.

Failure to comply with this condition will mean that the Company will be taxed under the general Corporate

Income Tax regime as of the tax period in which such non-compliance is manifested, unless it is corrected

in the following year. In addition, the Company will be obliged to pay, together with the tax liability for said

tax period, the difference between the amount of said tax resulting from the application of the general regime

and the amount paid resulting from the application of the special tax regime in the previous tax periods,

without prejudice to the interest on late payment, surcharges and penalties that, where appropriate, are

appropriate.

In addition to the above, the amendment of Law 11/2009, of 26 October, with Law 16/2012, of 27 December

2012, establishes the following specific amendments:

a) Flexibility in the criteria for entering and maintaining properties: there is no lower limit in terms of

the number of properties to be contributed to the constitution of the SOCIMI, except in the case of

homes, whose minimum contribution will be 8. Real estate must no longer remain on the company's

balance sheet for 7 years, but only for a minimum of 3.

b) Reduction of capital needs and freedom of leverage: the minimum capital required is reduced from

15 to 5 million euros, eliminating the restriction on the maximum indebtedness of the real estate

investment vehicle.

c) Reduction in dividend distribution: until the entry into force of this Law, the mandatory distribution

of profit was 90%, becoming this obligation from 1 January 2013 to 80%.

The corporate tax rate for SOCIMIs is set at 0%. However, when the dividends that the SOCIMI distributes

to its shareholders with a shareholding percentage of more than 5% are exempt or taxed at a rate of less

than 10%, the SOCIMI will be subject to a special tax of 19%, which will be considered as a corporate income

tax liability, on the amount of the dividend distributed to said shareholders. If applicable, this special tax must

be paid by the SOCIMI within two months of the date of distribution of the dividend.

At the end of the financial year, the Company's Directors consider that it complies with all the requirements

established by the Law.

Law 11/2021, of 9 July and Order HFP/1430/2021, of 20 December

Law 11/2021, of 9 July, on measures to prevent and combat tax fraud, transposing Council Directive (EU)

2016/1164, of 12 July 2016, establishing rules against tax avoidance practices that have a direct impact on

the functioning of the internal market, amending various tax rules and regulating gambling, amended Law

11/2009, of 26 October, establishing a special tax on the part of undistributed profits that comes from income

that has not been taxed at the general rate of Corporation Tax or is not within the legal reinvestment period

and adapting the obligations to provide information to the new taxation.

In this regard, and with effect for tax periods beginning on or after 1 January 2021, it amends Article 9 of

Law 11/2009, of 26 October, relating to the special tax regime for companies in Corporate Income Tax. The

new section 4 of Article 9 establishes that the SOCIMI will be subject to a special tax on the amount of the

profits obtained in the year that is not subject to distribution, in the part that comes from income that has not

been taxed at the general corporate income tax rate and is not income covered by the reinvestment period

regulated in letter b) of section 1 of Article 6 of the this law. This tax will be considered as a Corporate Income

Tax quota.

Subsequently, by Order HFP/1430/2021, of 20 December, form 237 "Special tax on undistributed profits by

listed investment companies in the real estate market. Corporate Income Tax. Self-assessment" and

determines the form and procedure for its presentation within the Corporate Income Tax in its self-

assessment modality.

In addition, it regulates the following aspects:

- Obliged to file the Form: Entities that opt for the application of the SOCIMI tax regime provided for

in Law 11/2009 of 26 October.

- Profit to be declared: Undistributed profits in the year that come from income that has not been

taxed at the general corporate income tax rate, excluding income covered by the reinvestment

period of art. 6.1.b) Law 11/2009. This tax will be considered as a Corporate Income Tax quota.

- Tax rate: The current tax rate for the settlement of the tax (15% as of January 1, 2021) will be

recorded.

- Entry into force and exercise of application: The order enters into force on January 3, 2022, and is

applicable for tax periods beginning on or after January 1, 2021.

- Deadline for filing the self-assessment: It is due on the day of the agreement to apply the result and

must be subject to self-assessment within 2 months from the date of accrual.

3. Bases for the presentation of the annual accounts

a) Financial reporting regulatory framework applicable to the Company

These annual accounts have been prepared by the Directors in accordance with the regulatory framework

for financial reporting applicable to the Company, which is that established in:

- Commercial Code and the rest of the commercial legislation.

- General Accounting Plan approved by Royal Decree 1514/2007, which was modified in 2016 by

Royal Decree 602/2016, subsequently modified by Royal Decree 1159/2010 and subsequently

modified by Royal Decree 1/2021, of 12 January, and the sectoral adaptation for real estate

companies.

- The mandatory standards approved by the Institute of Accounting and Auditing of Accounts in

development of the General Accounting Plan and its complementary standards.

- Law 11/2009, of 26 October, amended by Law 16/2012, of 27 December, amended by Law 11/2021,

of 9 July, regulating Listed Real Estate Investment Companies (REITs).

- The rest of the applicable Spanish accounting regulations.

b) Faithful image

The accompanying financial statements have been obtained from the Company's accounting records and

are presented in accordance with the regulatory framework for financial reporting that is applicable to it and,

in particular, the accounting principles and criteria contained therein, so that they show a true and fair view

of the Company's equity, financial position, results and cash flows during the corresponding year.

These annual accounts, which have been prepared by the Company's Directors, will be submitted for

approval by the General Shareholders' Meeting, and it is estimated that they will be approved without any

modification. For its part, the Company's annual accounts for the 2023 financial year were approved by the

Ordinary General Shareholders' Meeting held on April 25, 2024 without any modification.

c) Non-mandatory accounting principles applied

No non-mandatory accounting principles have been applied. In addition, the Directors have prepared these

annual accounts taking into account all the accounting principles and standards of mandatory application

that have a significant effect on these annual accounts. There is no accounting principle that, although

mandatory, has ceased to apply.

d) Grouping of Items

Certain items in the balance sheet, the profit and loss account, the statement of changes in equity and the

statement of cash flows are presented in a grouped manner to facilitate their understanding, although, to the

extent that it is significant, the disaggregated information has been included in the corresponding notes to

the report.

e) Critical aspects of the valuation and estimation of uncertainty

In the preparation of the accompanying financial statements, estimates made by the Company's Directors

have been used to value some of the assets, liabilities, income, expenses and commitments recorded therein.

Basically, these estimates refer to:

- The assessment of possible impairment losses on certain assets (see Note 5.1 and 5.3).

- The useful life of real estate assets (see Note 5.3).

- The calculation of provisions (see Note 5.9).

Although these estimates have been made on the basis of the best information available at the end of the

year ended December 31, 2024, it is possible that events that may take place in the future will force them to

be modified (upwards or downwards) in the coming years, which would be done, where appropriate,

prospectively.

As of December 31, 2024, the Company has a negative working capital of €10,605,447 (negative

€40,861,746 as of December 31, 2023). The Company's Board of Directors considers that this fact does not

imply uncertainty about the continuity of the Company, considering the following mitigating factors:

- The Company recurrently generates significant positive EBITDA (that of the 2024 financial year

amounts to 29,549,349 euros), so it is estimated that the future income to be received in the

following year, derived from the contracts associated with the real estate assets, will cover the

Company's obligations in the short term.

- The accounting net worth is fully healthy, amounting to 304,391,219 euros as of December 31,

2024.

- The Company's real estate assets have significant tacit capital gains based on their corresponding

fair values at the end of the year (Note 7).

- The Company is currently fully financed with sufficient financing lines to meet the payment needs

of its investments committed in the different projects of rehabilitation and construction of buildings.

In this regard, the Company has credit lines granted for an amount not drawn down as of December

31, 2024, amounting to €64,469,426 (Note 14) and loans granted to Group companies amounting

to €15,022,373 within the framework reciprocal financing agreement signed between the different

companies of the Group (Note 20.2).

f) Comparison of information

The information contained in this report referring to the 2024 financial year is presented, for comparative

purposes, with the information for the 2023 financial year.

g) Bug fixes

In the preparation of the accompanying annual accounts, no error has been identified that has led to the re-

expression of the amounts included in the annual accounts for the 2024 financial year.

4. Distribution of the result

The proposal for the distribution of profit for the 2024 financial year, to be presented by the Company's

Directors to shareholders, is as follows:

Euros

Cast base:

Profit and Loss

14.358.562

Distribution:

Legal reserve

1.435.856

Dividends

12.922.706

Interim dividend against 2024 profit

On December 27, 2024, the Company's Board of Directors agreed to distribute an interim dividend against

2024 earnings in the amount of €2.25 gross per share paid on December 30, 2024, equivalent to a total gross

amount of €10,000,000.

The proposal for the distribution of results that the Company's Directors will propose to the General

Shareholders' Meeting is to distribute, as dividends against the results of the 2024 financial year, 2.90 euros

per share, of which 2.25 euros per share have already been paid on account in the interim dividend described

above.

In order to make the payment on account, the Company's Directors prepared a provisional financial

statement taking as a starting point the Company's accounting and liquidity situation as of December 27,

2024 and projecting it over a time horizon of 12 months, concluding that it would generate sufficient liquidity

in the following 12 months to be able to approve and distribute the aforementioned interim dividend on that

date. The summary of said financial statement is as follows:

Euros

Liquidity balance 27/12/2024

39.628.576

12-month collection forecast

117.119.913

12-month payment forecast

-124.957.330

Liquidity balance 27/12/2025

31.791.159

For the purposes of the second condition imposed by article 277 of the LSC, the following table determines

the maximum amount that can be distributed as an interim dividend for the 2024 financial year, expressed

in euros:

Euros

Profit as of 12/31/2024 (estimated)

12.353.808

Legal Reserve (10%)

-1.235.381

Maximum interim dividend that can be distributed

11.118.427

In view of the maximum dividend limit that can be distributed, the proposal that was approved by the Board

of Directors on December 27, 2024, for an amount of 10,000,000 euros meets the legal condition. The

estimated profit as of December 31, 2024, amounting to €12,353,808 is lower than that finally obtained

because the valuation assumptions considered in the valuation of the short-term equity instruments and real

estate investments, as well as the estimates considered in relation to the variable rents of the hotels, have

been more conservative than those that have actually been achieved.

5. Accounting Principles and Recording and Valuation Standards

The main recording and valuation standards used by the Company in the preparation of its annual accounts

for the year ended December 31, 2024, in accordance with those established by the General Accounting

Plan, have been as follows:

5.1 Property, plant and equipment

Property, plant and equipment is initially measured at its acquisition price or cost of production and is

subsequently reduced by the corresponding accumulated depreciation and impairment losses, if any.

For fixed assets that require a period of time of more than one year to be in working condition, capitalised

costs include financial expenses that have accrued before the asset is put into working order and that have

been drawn by the supplier or correspond to loans or other types of external financing, specific or generic,

directly attributable to the acquisition or manufacture of the same.

The costs of conservation and maintenance of the different items that make up property, plant and equipment

are charged to the profit and loss account for the year in which they are incurred. On the other hand, the

amounts invested in improvements that contribute to increasing the capacity or efficiency or extending the

useful life of these assets are recorded as their higher cost.

The Company depreciates its property, plant and equipment following the straight-line method, applying

annual depreciation percentages calculated based on the years of estimated useful life of the respective

assets, as follows:

Years of Estimated Lifespan

Constructions

Technical installations and machinery

8-12

Photovoltaic installations

Other facilities, tools and furniture

Other fixed assets

4-5

As indicated above, the Company depreciates the assets in accordance with the years of estimated useful

life already mentioned, considering as the depreciation basis the historical cost values of the same increased

by the new investments that are made and that represent an increase in the added value of the same or their

estimated useful life.

5.2 Real estate investments

The heading "Real estate investments" in the balance sheet includes the values of land, buildings and other

constructions and facilities that are maintained either to be exploited on a rental basis or to obtain a capital

gain on their sale as a result of future increases in their respective market prices.

These assets are initially measured at their acquisition price or cost of production, and are subsequently

reduced by the corresponding accumulated depreciation and impairment losses, if any.

The Company amortizes real estate investments following the straight-line method, applying annual

amortization percentages calculated according to the years of estimated useful life of the respective assets.

These assets are measured in accordance with the criteria set out in Note 5.1 on property, plant and

equipment.

5.3 Impairment of tangible assets and real estate investments

Whenever there are indications of loss of value, the Company proceeds to estimate by means of the so-

called "Impairment Test" the possible existence of losses in value that reduce the recoverable value of these

assets to an amount lower than their carrying amount. The recoverable amount is determined as the greater

of fair value less costs to sell and value in use. In this regard, in determining fair value, the Company has

relied on Level 2 estimates, as they are based on valuation methodologies in which all significant variables

are based on directly or indirectly observable market data.

The Company has commissioned Savills Valuaciones y Tasaciones, S.A.U., an independent expert, to carry

out a valuation of its assets, which was issued on 14 February 2025, to determine the fair values of all its real

estate investments at the end of the year. These valuations have been carried out based on the rental value

in the market (which consists of capitalising the net income of each property and updating future flows). For

the calculation of the fair value, discount rates acceptable to a potential investor have been used and agreed

with those applied by the market for properties of similar characteristics and locations. The valuations have

been carried out in accordance with the Valuation and Appraisal Standards published by the Royal Institute

of Chartered Surveyors (RICS).

The key assumptions used to determine the fair value of these assets, and their sensitivity analysis are

explained in Note 7.

When an impairment loss is subsequently reversed, the carrying amount of the asset is increased by the

revised estimate of its recoverable amount, but in such a way that the carrying amount increased does not

exceed the carrying amount that would have been determined if no impairment loss had been recognised in

prior periods. Such reversal of an impairment loss is recognized as income.

5.4 Leases

Leases are classified as financial leases provided that it is inferred from the terms of the leases that

substantially the risks and rewards inherent in the ownership of the asset subject to the contract are

transferred to the lessee. All other leases are classified as operating leases. The Company does not have

financial leases at the end of the 2024 and 2023 financial years.

Operating lease

Expenses arising from operating lease agreements are charged to the profit and loss account in the year in

which they are accrued.

Likewise, the acquisition cost of the leased asset is presented in the balance sheet according to its nature,

increased by the amount of the contract costs directly attributable, which are recognized as an expense in

the term of the contract, applying the same criterion used for the recognition of lease income.

Any collection or payment that may be made when contracting an operating lease will be treated as a

collection or advance payment that will be charged to profit or loss throughout the lease period, as the

benefits of the leased asset are transferred or received.

5.5 Financial instruments

5.5.1 Financial assets

Classification

The financial assets held by the Company are classified into the following categories:

a) Financial assets at amortized cost:

i. Loans and receivables: consisting of financial assets originating from the sale of goods or

the provision of services for the company's traffic operations, or those which, not having a

commercial origin, are not equity instruments or derivatives and whose collections are of

a fixed or determinable amount and are not traded on an active market.

ii. The bonds and deposits constituted by the Company in compliance with the contractual

clauses of the different lease contracts.

b) Financial assets at fair value with changes in the income statement: These are those acquired

with the aim of disposing of them in the short term or those that are part of a portfolio for which

there is evidence of recent actions with this objective.

Initial assessment

Financial assets are initially recognized at the fair value of the consideration delivered plus the transaction

costs that are directly attributable.

Subsequent assessment

Financial assets at amortized cost are measured at amortized cost. However, credits and debits for

commercial transactions with a maturity of no more than one year and which do not have a contractual

interest rate, as well as, where applicable, advances and credits to personnel, dividends receivable and

disbursements required on equity instruments, the amount of which is expected to be received in the short

term, and the disbursements required by third parties on shares, the amount of which is expected to be paid

in the short term, are measured at their nominal value when the effect of not discounting cash flows is not

significant.

Financial assets at fair value with changes in the income statement are measured at fair value, and the result

of changes in fair value is recorded in the income statement.

At least at the end of the year, the Company performs an impairment test for financial assets that are not

recognized at fair value. Objective evidence of impairment is considered to exist if the recoverable value of

the financial asset is less than its carrying amount. When it occurs, this impairment is recorded in the profit

and loss account.

In general, the fair value considered by the company refers to a reliable market value

The Company uses as a reference the observable prices of recent transactions in the same asset being

valued or using prices based on observable market data or indices that are available and applicable.

In this way, the following fair value hierarchy is established based on the following estimation levels:

a) Level 1: estimates that use unadjusted quoted prices in active markets for identical assets or

liabilities, which the Company can access at the valuation date.

b) Level 2: estimates using prices quoted in active markets for similar instruments or other valuation

methodologies in which all significant variables are based on directly or indirectly observable

market data.

c) Level 3: Estimates in which some significant variable is not based on observable market data.

In particular, and with respect to the valuation adjustments relating to trade receivables and other

receivables, the criterion used by the Company to calculate the corresponding valuation adjustments, if any,

consists of the annual allocation of balances of a certain age or in which there are circumstances that

reasonably allow them to be classified as doubtful.

The Company derecognizes financial assets when the rights to the cash flows of the corresponding financial

asset expire or have been transferred and the risks and rewards inherent in their ownership have been

substantially transferred.

On the other hand, the Company does not deregister financial assets, and recognises a financial liability for

an amount equal to the consideration received, in the transfer of financial assets in which the risks and

benefits inherent in their ownership are substantially retained.

5.5.2 Financial liabilities

Classification

The Company's financial liabilities are classified into the following categories

- Financial liabilities at amortized cost are those debits and payables held by the Company that have

originated in the purchase of goods and services for the company's traffic operations, or also those

that, without having a commercial origin, cannot be considered as derivative financial instruments.

Financial liabilities at amortized cost are initially measured at the fair value of the consideration received,

adjusted for directly attributable transaction costs. Subsequently, these liabilities are measured according to

their amortized cost.

The Company derecognizes financial liabilities when the obligations that have generated them are

extinguished.

5.5.3 Hedging instruments

The Company uses derivative financial instruments to hedge the risks to which its activities, operations and

future cash flows are exposed. These risks are of interest rate variations. Within the framework of these

transactions, the Company contracts hedging financial instruments.

In order for these financial instruments to qualify as accounting hedges, they are initially designated as such

and the hedging relationship is documented. In addition, the Company initially verifies periodically throughout

its life (at least at each financial year-end) that the hedging ratio is effective, i.e. that the hedging ratio is the

same as the hedging ratio used for management purposes, i.e. it is the same as that resulting from the

amount of the hedged item that the entity actually covers and the amount of the instrument of coverage that

the entity actually uses to cover that amount of the hedged item. The part of the hedging instrument that

has been designated as an effective hedge may include a residual ineffective part provided that it does not

reflect an imbalance between the weights of the hedged item and the instrument. This ineffective portion

shall be equal to the excess of the change in the value of the hedging instrument designated as an effective

hedge over the change in the value of the hedged item.

The Company only applies cash flow hedges, which are accounted for as follows:

- Cash flow hedges: In this type of hedging, the part of the gain or loss of the hedging instrument that

has been determined as an effective hedge is temporarily recognized in equity, being charged to

the profit and loss account in the same period in which the item being hedged affects the result.

unless the hedge corresponds to an expected transaction that ends in the recognition of a non-

financial asset or liability, in which case the amounts recognized in equity will be included in the

cost of the asset or liability when it is acquired or assumed.

The number of derivatives reflects the fair market value of derivatives as of December 31, 2024. These

derivatives have been contracted as a hedge against interest rate risk and that fair value represents the

payment that would have to be made if they decided to be sold or transferred to a third party.

Hedge accounting is interrupted when the hedging instrument matures or is sold, terminated or exercised,

or no longer meets the criteria for hedging accounting. At that time, any accumulated profit or loss

corresponding to the hedging instrument that has been recorded in equity is held within equity until the

planned transaction takes place. When the transaction being hedged is not expected to occur, the net

cumulative gains or losses recognized in equity are transferred to net income for the period.

5.6 Classification of balances between current and non-current

Current assets are considered to be those linked to the normal operating cycle that is generally considered

to be one year, those other assets whose maturity, disposal or realisation is expected to occur in the short

term from the date of the end of the financial year, as well as cash and other equivalent liquid assets. Assets

that do not meet these requirements are classified as non-current.

Similarly, current liabilities are those linked to the normal operating cycle and, in general, all obligations

whose maturity or extinction will occur in the short term. Otherwise, they are classified as non-current.

5.7 Taxes on profits

The special tax regime for SOCIMIs, after its modification by Law 16/2012, of 27 December, is built based

on taxation at a rate of 0 per cent in Corporation Tax, provided that certain requirements are met. Among

them, it is worth highlighting the need for their assets, at least 80 per cent, to be made up of urban properties

intended for lease and acquired in full ownership or by shares in companies that meet the same investment

and profit distribution requirements, Spanish or foreign, whether they are listed on organised markets.

Likewise, the main sources of income for these entities must come from the real estate market, either from

renting, from the subsequent sale of properties after a minimum rental period or from income from

participation in entities with similar characteristics.

However, the accrual of the tax is made in proportion to the distribution of dividends made by the company.

Dividends received by shareholders will be exempt, unless the recipient is a legal entity subject to

Corporation Tax or a permanent establishment of a foreign entity, in which case a deduction is established

in the full quota, so that these incomes are taxed at the tax rate of the partner. However, the rest of the

income will not be taxed until it is distributed to the partners.

As established in the Ninth Transitional Provision of Law 11/2009, of 26 October, amended by Law 16/2012,

of 27 December, which regulates Listed Companies for Investment in the Real Estate Market, the entity will

be subject to a special tax rate of 19 per cent on the full amount of dividends or shares in profits distributed

to the shareholders whose participation in the share capital of the entity is equal to or greater than 5 per

cent, when such dividends, at the headquarters of its partners, are exempt or taxed at a tax rate of less than

10 per cent. However, the special tax will not be applicable when dividends or shares in profits are received

by other REITs regardless of their percentage of participation.

Thus, the Company has proceeded to apply a 0% tax on the dividends distributed to the Shareholders, due

to the fact that they comply with the above condition.

Notwithstanding the foregoing, as described in Note 2, Law 11/2021, of 9 July and Order HFP/1430/2021, of

20 December, approves a special tax on profits not distributed by listed investment companies in the real

estate market within the Corporate Income Tax modality in its self-assessment modality, with entities that opt

for the application of the SOCIMI tax regime provided for in the European Union being obliged to file it in

Law 11/2009 of 26 October, the profit to be declared being the undistributed profits in the year that come

from income that has not been taxed at the general corporate income tax rate, excluding income covered

by the reinvestment period of art. 6.1.b) Law 11/2009. This tax is considered a Corporate Income Tax quota,

which is 15% applicable to tax years beginning on or after 1 January 2021.

5.8 Income and expenses

Income and expenses are allocated on the basis of the accrual criterion, i.e. when the actual flow of goods

and services that they represent occurs, regardless of the time at which the monetary or financial flow

derived from them occurs. Such income is measured at the fair value of the consideration received, net of

discounts and taxes.

The recognition of sales proceeds occurs at the time when the significant risks and benefits inherent in the

ownership of the sold asset have been transferred to the buyer, not maintaining current management over

said asset, nor retaining effective control over it.

Interest received on financial assets is recognized using the effective interest rate method. In any case,

interest on financial assets accrued after the time of acquisition is recognized as income in the income

statement.

Income from real estate leases is recorded on an accrual basis, and the difference, if any, between the

turnover made and the income recognised in accordance with this criterion is recognised under the heading

"Accrual adjustments".

5.9 Provisions and contingencies

The Company's Directors in the preparation of the annual accounts differentiate between:

a) Provisions: credit balances that cover current obligations arising from past events, the cancellation

of which is likely to cause an outflow of resources, but which are indeterminate as to their amount

and/or time of cancellation.

b) Contingent liabilities: possible obligations arising as a result of past events, the future materialization

of which is conditional on the occurrence or non-occurrence of one or more future events

independent of the Company's will.

The annual accounts include all the provisions in respect of which it is estimated that the probability that the

obligation will have to be met is greater than otherwise. Contingent liabilities are not recognised in the

financial statements but are reported in the notes to the annual report, to the extent that they are not

considered remote.

Provisions are measured at the present value of the best possible estimate of the amount necessary to cancel

or transfer the obligation, considering the available information on the event and its consequences, and

recording any adjustments arising from the updating of such provisions as a financial expense as it accrues.

5.10 Heritage elements of an environmental nature

Assets of an environmental nature are assets that are used in a lasting manner in the Company's activity,

whose main purpose is to minimise the environmental impact and the protection and improvement of the

environment, including the reduction or elimination of future pollution.

The Company's activity, by its nature, does not have a significant environmental impact.

5.11 Grants, Gifts, and Bequests

For the accounting of grants, donations and legacies received from third parties other than the owners, the

Company follows the following criteria:

a) Non-repayable grants, donations and bequests of capital: They are measured at the fair value of

the amount or asset granted, depending on whether they are of a monetary nature or not, and are

charged to profit or loss in proportion to the provision for depreciation made in the period for the

subsidized items or, where appropriate, when they are sold or adjusted for impairment.

b) Subsidies of a repayable nature: While they are repayable, they are accounted for as liabilities.

5.12 Related Party Transactions

The Company carries out all its transactions related to market securities. In addition, transfer pricing is

adequately supported, so the Company's Directors consider that there are no significant risks in this aspect

from which significant liabilities may arise in the future.

5.13 Statement of cash flows

The statement of cash flows has been prepared using the indirect method, and it uses the following

expressions with the meaning indicated below:

- Operating activities: activities that constitute the ordinary income of the company, as well as other

activities that cannot be classified as investment or financing.

- Investment activities: activities of acquiring, disposing of or otherwise disposing of long-term assets

and other investments not included in cash and cash equivalents.

- Financing activities: activities that result in changes in the size and composition of equity and

liabilities that are not part of operating activities.

6. Property, plant and equipment

The balances, as of December 31, 2024 and December 31, 2023, and the changes in the different property,

plant and equipment accounts and their corresponding accumulated depreciation are as follows:

FY2024

Euros

Balance at

31/12/2023

Additions

Retreats

31/12/2024

Cost:

Information processing equipment

3.887

Furniture

10.213

Other facilities

142.245

Total coste

156.345

Accumulated depreciation:

Information processing equipment

-3.517

-250

-3.767

Furniture

-1.081

-1.021

-2.102

Other facilities

-16.595

-14.225

-30.820

Total accumulated amortization

-21.193

-15.496

-36.689

Net property, plant and equipment

135.152

-15.496

119.656

FY2023

Euros

Balance at

31/12/2022

Additions

Retreats

31/12/2023

Cost:

Information processing equipment

6.065

-2.178

3.887

Furniture

9.109

1.105

10.213

Other facilities

142.244

142.245

Total coste

157.418

1.105

-2.178

156.345

Accumulated depreciation:

Information processing equipment

-5.423

-272

2.178

-3.517

Furniture

-152

-929

-1.081

Other facilities

-2.370

-14.225

-16.595

Total accumulated amortization

-7.945

-15.426

2.178

-21.193

Net property, plant and equipment

149.473

-14.321

135.152

During the 2024 financial year, there were no additions under the heading of property, plant and equipment

(€1,405 in the 2023 financial year).

There have been no cancellations during the 2024 financial year (2,178 euros in the 2023 financial year).

The charge to the income statement for the 2024 financial year for depreciation was €15,496 (€15,426 in

2023), which is recognized under the heading "Depreciation of fixed assets" in the income statement

attached to December 31, 2024.

During 2024 and 2023, no financial burden has been capitalized under the heading of property, plant and

equipment. Likewise, as of December 31, 2024, there is no financial charge activated on property, plant and

equipment of a significant amount.

At the end of the financial years ended December 31, 2024, and December 31, 2023, the Company had fully

depreciated and in use property, plant and equipment. At the end of the 2024 financial year, the acquisition

cost of this equipment amounted to 2,929 euros (2,844 euros in 2023).

The Company's policy is to formalize insurance policies to cover the possible risks to which the various

elements of its property, plant and equipment are subject. At the end of the year ended December 31, 2024,

there is no coverage deficit related to these risks in the opinion of the Company's Directors.

There are no commitments to purchase fixed assets or items outside the national territory as of December

31, 2024, and 2023.

As indicated in Note 5.3, the Company has proceeded to estimate, by means of the so-called "Impairment

Test", the possible existence of losses in value that reduce the recoverable value of the items of property,

plant and equipment to an amount lower than their carrying amount. As a result of this process, the Company

has not recorded impairment losses on property, plant and equipment during 2024 and 2023.

7. Real estate investments

The changes in this heading of the balance sheet, as well as the most significant information affecting this

heading, during the financial years 2024 and 2023, were as follows:

FY2024

Euros

Balance at

Retreats/

Balance at

31/12/2023

Additions

Reversals

Transfers

31/12/2024

Cost:

Properties for leases

525.632.324

2.043.394

-4.036.907

44.706.276

568.345.087

Real estate investments in progress

48.713.270

51.573.833

-44.706.276

55.580.826

Total cost

574.345.594

53.617.226

-4.036.907

623.925.914

Accumulated depreciation:

Properties for leases

-67.506.753

-7.268.266

554.421

-74.220.598

Total accumulated amortization

-67.506.753

-7.268.266

554.421

-74.220.598

Deterioration:

Properties for leases

-12.570.066

832.522

-11.737.544

Total deterioration

-12.570.066

832.522

-11.737.544

Net real estate investments

494.268.775

46.348.960

-2.649.963

537.967.772

FY2023

Euros

Balance at

Retreats/

Balance at

31/12/2022

Additions

Reversals

Transfers

31/12/2023

Cost:

Properties for leases

506.948.194

20.796.021

-3.715.702

1.603.811

525.632.324

Real estate investments in progress

5.799.747

44.517.334

-1.603.811

48.713.270

Total cost

512.747.941

65.313.355

-3.715.702

574.345.594

Accumulated depreciation:

Properties for leases

-61.777.707

-6.421.440

692.393

-67.506.753

Total accumulated amortization

-61.777.707

-6.421.440

692.393

-67.506.753

Deterioration:

Properties for leases

-12.461.456

-344.990

236.381

-12.570.066

Total deterioration

-12.461.456

-344.990

236.381

-12.570.066

Net real estate investments

438.508.778

58.546.925

-2.786.928

494.268.775

The distribution of the cost between the land and the flight of the properties for lease is as follows:

Cost per

31/12/2024

31/12/2023

Properties for leases

Soil

248.574.837

250.231.964

Flight

319.770.251

275.400.360

Total cost

568.345.087

525.632.324

The heading "Real estate investments" includes the net cost of properties that are in working condition and

are rented through one or more operating leases, or those that, being unoccupied, are rented through one

or more operating leases.

The main movements under this heading during the 2024 financial year were as follows:

Investments: Investments made during the 2024 financial year in real estate amounted to 53,617,226 euros

(65,313,355 euros in the 2023 financial year). The main additions recorded under this heading correspond

mainly to the following investments:

- There have been registrations in ongoing constructions for an amount of 51,573,833 euros

corresponding to the costs of refurbishment and rehabilitation of hotels for an amount of 8,542,526

euros, the buildings located in Calle Valle de la Fuenfría, 3 (273,908 euros), Pradillo, 42 (25,927

euros) and Titán 13 (24,586 euros), as well as in the Sixth Avenue Shopping Centre (9,532,773

euros) and the construction works of the hospital and the Valdebebas hotel in Madrid ( 33,174,113

euros), at the end of which they will be operated on a lease basis by Sanitas S.A. de Hospitales and

Melíá Hotels International, S.A., respectively. The Meliá Innside Madrid Valdebebas hotel was

completed in the third quarter of 2024 and put into operation immediately, thus generating income

from that very moment. The new Sanitas Valdebebas Hospital will open its doors in 2025. It will be

the fifth Sanitas Hospital in Spain, home to the first Digital Hospital and will be the first sustainable

centre with 100% renewable origin. The new Hospital will have:

o Digital care combined with physical care to provide patients with the care they need.

o Among the 300,000 m2 of facilities are three reference units: an Advanced Oncology

Institute with the latest radiotherapy technology, a mental health service and an advanced

rehabilitation centre.

o Clinical Trials, the Hospital will have a research part

o In addition, the new Hospital will have the consumption of 100% electricity from renewable

sources and low in emissions, where sustainability stands out to take care of the health of

the environment linked to people's health.

All these assets are located in Madrid.

- In addition, the Company has incurred costs amounting to €2,043,394 that have been activated as

the cost of real estate investments.

Divestments: During the year, there have been property disposals for a gross amount of 4,036,907 euros

(3,715,702 euros in the 2023 financial year). The main casualties in 2024 correspond to:

- Sale of several properties with their corresponding annexes in Vallecas Comercial I (11 units),

Sanchinarro VII (1 unit) and Sanchinarro VI (11 units) for a gross cost of 4,036,907 euros, which

have been sold to third parties. These sale operations have generated a combined profit of

€953,914, which has been recognized under the heading "Impairment and profit on disposals of

fixed assets" in the income statement as of December 31, 2024.

Transfers: During the year, there have been transfers from real estate investments in progress to real estate

investments amounting to 44,706,276 euros (1,603,811 euros in 2023), as a result of the completion of

renovation works on several hotels (8,623,069 euros), the office building on Calle Valle de la Fuenfría, 3

(376,222 euros), the office building on Calle Pradillo, 42 (25,927 euros) and the completion of the

construction of the Meliá Innside Madrid Valdebebas (35,681,058 euros).

In addition, and as established by the regulation, the Company has proceeded to value all of its properties at

the end of the 2024 financial year. These valuations, which have been carried out by the independent expert

Savills Valuaciones y Tasaciones, S.A.U., show a fair value higher in all cases than the net book value of the

same. The impact that these valuations have had on the Company's income statement for the 2024 financial

year has been positive in the amount of 832,522 euros (negative 108,609 euros in 2023) and is due to the

recovery in value of the assets that at the beginning of the 2024 financial year had accounting impairments.

The depreciation and amortization charge for 2024 amounted to €7,268,266 (€6,421,440 in 2023) and is

recognized under the heading "Depreciation of fixed assets" in the Company's income statement.

Fair Value and Sensitivity Measurement

The methodology used by the independent valuer in valuations to determine the fair value of real estate

investments has followed the RICS principles, which basically uses the discounting of cash flows as a

valuation method, which consists of capitalizing the net income of each property and updating future flows,

applying market discount rates. over a ten-year time horizon and a residual value calculated by capitalizing

the estimated income at the end of the projected period at an estimated yield. The properties were valued

individually, considering each of the lease contracts in force at the end of the year and their duration. For

buildings with non-rented surfaces, these have been valued based on estimated future rents, discounting a

marketing period.

Likewise, in the case of the real estate investments in progress relating to the construction of the Sanitas

Valdebebas Hospital and the refurbishment of the Sixth Avenue Shopping Centre, the Company has based

itself on the value of the completed building or finished project, included in the valuation of the independent

expert, which consists of comparing the value of the assets once they have been developed and in operation.

with the cost incurred at the end of the financial year, plus the costs pending to be incurred until it is put into

operation. The Company's management considers that this valuation method is appropriate taking into

account that there is no doubt that these projects will be carried out under the conditions currently planned,

while at present the projects are already being executed and that the Company already has the necessary

means of financing to carry them out in their current configuration.

The valuation criteria applied were identical to those used in previous years.

The key variables of this method are the determination of net income, the duration of the lease contracts,

the period during which they are discounted, the approximation of the value that is made at the end of each

period and the target internal rate of return, used to discount cash flows.

The independent expert applies the following valuation methods to real estate investments:

Valuation Method

% according to GAV

2024

2023

Discounting cash flows

99%

24%

Capitalization

n/a

64%

DCF and residual

n/a

10%

Comparison

Total

100%

The key variables used in valuations made using the Cash Flow discount method are:

- Current rent: the income generated by each property on the valuation date and considering

expenses that are not passed on only for empty spaces.

- Estimation of rent for empty spaces and/or new leases during the years of cash-flow duration.

- Exit Yield: the rate of return required at the end of the valuation period for the sale of the asset. At

the end of the discount period, it is necessary to determine a starting value of the property. At that

time, it is not possible to reapply a cash flow discount methodology and it is necessary to calculate

this sale value according to an exit return based on the income that the property is generating at

the time of its sale, provided that the cash flow projection includes a stabilized rent that we can

capitalize in perpetuity.

- IRR: is the interest rate or return offered by an investment, the value of the discount rate that makes

the NPV equal to zero, for a given investment project.

- ERV: Market income of the asset at the valuation date.

- CAPEX: The estimated investments (CAPEX) in each of the assets are included.

FY2024

The main assumptions used in the calculation of the fair value of real estate assets for the 2024 financial year

were as follows:

Euros

Current Rent

ERV

Exit Yield

SHOOTING

Hotels

N/A

6,11%

8,21%

Bureaux

13.733.149

15.373.345

5,21%

7,50%

Commercial

7.566.343

8.383.690

4,89%

6,89%

Endowment

5,42%

7,42%

Shopping malls

1.696.576

3.958.399

7,00%

9,75%

FY2023

The main assumptions used in the calculation of the fair value of real estate assets for the 2023 financial year

were as follows:

Euros

Current Rent

ERV

Exit Yield

SHOOTING

Hotels

N/A

6,82%

9,00%

Bureaux

13.414.365

16.193.077

5,01%

N/A

Commercial

7.626.754

6.948.344

3,41%

N/A

Shopping malls

1.570.512

4.160.537

7,55%

9,55%

The effect of the quarter-point change in the required rates of return, calculated as income on the market

value of the assets in the asset and in the profit and loss account, with respect to real estate investments in

operation, would be as follows:

Yield (Euros)

2024

2023

-0,25%

+0,25%

Hotels

6.350.000

-5.790.000

4.026.698

-4.479.354

Bureaux

8.947.000

-8.146.000

16.010.000

-14.630.000

Commercial

8.633.000

-7.566.000

14.166.000

-12.229.900

Endowment

2.640.000

-2.240.000

3.900.000

-3.600.000

Total

26.570.000

-23.742.000

38.102.698

-35.008.354

In addition, the sensitivity analysis of a 10% variation in the ERV (market income of the asset at the valuation

date) would be as follows:

ERV (Euros)

2024

2023

-10%

+10%

Bureaux

16.142.000

-18.890.000

-25.130.000

24.130.000

Commercial

3.950.000

-4.713.000

-19.390.000

23.980.000

Total

20.092.000

-23.603.000

-44.520.000

48.110.000

Finally, the sensitivity analysis of a quarter-point variation in the IRR would be as follows:

TIR (Euros)

2024

2023

-0,25%

+0,25%

Hotels

4.480.000

-4.370.000

3.603.610

-2.700.000

Commercial (shopping centre

only)

3.676.000

-3.584.000

710.000

-530.000

Soil

325.000

-318.000

-400.000

Total

8.481.000

-8.272.000

4.313.610

-3.630.000

Valuation of real estate assets and impact on results for the year:

The valuations carried out show a positive impact on the Company's income statement as of December 31,

2024, of €832,522 (negative net impact of €108,609 as of December 31, 2023), with the breakdown by type

of asset and the movement of the provision for impairment on real estate investments being as follows:

Euros

2024

2023

Balance at the beginning of the year

-12.570.066

-12.461.457

Hotels

-198.538

Commercial

-146.452

Damage

-344.990

Hotels

64.812

Commercial

767.710

236.381

Reversals

832.522

236.381

Balance at the end of the year

-11.737.544

-12.570.066

Likewise, according to the valuations carried out, the fair value of the real estate investments reveals an

unrecorded latent capital gain (by comparison between the updated gross market fair value and the net book

value) of 311,495,750 euros (247,439,373 euros as of December 31, 2023) considering in both figures the

current residual value of the two buildings under construction (Sanitas Valdebebas Hospital and Centro

Comercial Sexta Avenida).

The gross market value of real estate investments considering the H.E.T. in the case of the two projects in

progress at the end of the 2024 financial year amounts to 865,747,798 euros (795,908,004 euros at the end

of the 2023 financial year). The breakdown by business segment is as follows:

Gross market value of the

Real estate investments (Euros) (*)

31/12/2024

31/12/2023

Hotels (**)

245.291.109

211.158.528

Bureaux

304.600.854

304.822.198

Commercial

244.855.835

205.927.278

Endowment (**)

71.000.000

74.000.000

Total

865.747.798

795.908.004

(*) The net market value as of December 31, 2024, amounts to 844,124,613 euros (774,013,880 euros in 2023).

(**) In the case of the Sanitas Valdebebas Hospital and the Sixth Avenue Shopping Centre, the market value of the finished project is

included. Eliminating the effect of including the market values of the two completed projects and considering the market value based on

the progress of the work, the gross market value of real estate investments at the end of the 2024 financial year amounts to 849,463,522

euros (741,708,148 euros in the 2023 financial year) with a net value of 841,954,503 euros (721,209,000 euros in the 2023 financial year).

The breakdown of the m2 above ground (S.B.A.) of the real estate investments owned by the Company is:

m2 above ground

31/12/2024

31/12/2023

Hotels

98.938

99.408

Bureaux

72.161

76.277

Commercial

38.008

40.030

Endowment

19.273

Total

228.380

234.987

As of December 31, 2024, the average occupancy rate of the Company's assets for lease is 87% (83% as of

December 31, 2023) based on the square meters leased.

The real estate investments described above are mainly located in Madrid, Castellón and Isla Canela,

Ayamonte (Huelva).

On the other hand, the Company's income assets are subject to mortgage guarantees as of December 31,

2024, amounting to €119,737,252 (€104,182,095 as of December 31, 2023), corresponding to bank

mortgage loans.

The breakdown of the balance of mortgage loans pending maturity and repayment as of December 31, 2024,

and 2023 by asset is as follows:

Property

Euros

2024

2023

José Abascal, 41

8.094.000

8.892.000

Titan, 13

8.074.535

8.896.495

Conde de Peñalver, 16

5.242.931

5.776.643

Valle de la Fuenfría, 3

6.768.430

7.274.621

Juan Ignacio Luca de Tena, 17

9.398.856

9.981.936

Glorieta de Cuatro Caminos, 6 and 7

2.750.000

3.100.000

Arapiles, 14

23.040.000

24.000.000

Hospital Sanitas Valdebebas

23.616.000

16.196.400

Hotel Meliá Innside Valdebebas

32.752.500

20.064.000

Total amount of outstanding mortgages maturing on assets (Note 13)

119.737.252

104.182.095

Note: The net book value of these properties with mortgage guarantee as of December 31, 2024, amounts to 256,529,062 euros

(224,008,687 euros as of December 31, 2023).

In the 2024 financial year, the income derived from income from real estate investments owned by the

Company amounted to 37,372,685 euros (34,9784,460 euros in the 2023 financial year). This figure includes

the income from the impact of operating expenses for all concepts related to them, which amounted to

609,036 euros in the 2024 financial year (868,682 euros in the 2023 financial year).

At the end of the 2024 financial year, there was no type of restriction on the making of new real estate

investments or on the collection of the income derived from them, as well as in relation to the resources

obtained from a possible sale.

At the end of the 2024 financial year, the Company has fully amortized real estate investment items that are

still in use for an amount of 10,570,731 euros (10,425,990 euros at the end of the 2023 financial year).

The Company's policy is to formalize insurance policies to cover the possible risks to which real estate

investments are subject. At the end of the 2024 financial year, there was no coverage deficit related to these

risks.

8. Operating leases

At the end of the 2024 and 2023 financial years, the Company has contracted with the lessees the following

minimum rental fees, in accordance with the current contracts in force, without considering the impact of

common expenses, or future increases by CPI, or future updates of contractually agreed rents.

The most significant operating lease contracts are derived from lease contracts for real estate assets that

are the basis of the development of their activity, the detail of the minimum installments being as follows:

Euros

Face value

2024

2023

Less one year

37.589.125

31.075.627

Between one and five years

126.048.250

119.670.583

More than five years

103.008.205

118.685.132

Total

266.645.580

269.431.342

In relation to the average duration of lease contracts by type of property, the WAULT (Weighted average

unexpired lease term) is detailed below:

WAULT

31/12/2024

31/12/2023

Hotels

9,63

9,19

Bureaux

5,80

6,20

Commercial

9,49

9,88

Endowment

10,00

Average Total

8,83

9. Other financial assets and investments in related companies

The balances of the accounts under this heading at the end of 2024 and 2023 are as follows:

Euros

Balance at

31/12/2024

31/12/2023

Financial assets at amortized cost

Derivatives

125.953

217.266

Other financial assets

2.648.881

2.574.851

Long-term / non-current

2.774.834

2.792.117

Other financial assets

431.397

608.494

Short-term/currents

431.397

608.494

Total

3.206.231

3.400.611

Euros

Balance at

31/12/2024

31/12/2023

Assets at fair value through change

in profit and loss

Other financial assets

13.897.701

17.590.326

Short-term/currents

13.897.701

17.590.326

Total

13.897.701

17.590.326

The short- and long-term changes under the headings "Other financial assets" and "Equity instruments" and

"Derivatives" during 2024 and 2023 are as follows:

FY2024

Euros

Balance at

Adjustment

Balance at

31/12/2023

Value

Retreats

31/12/2024

Equity instruments

17.590.326

-3.692.626

13.897.700

Derivatives

217.266

-91.313

125.953

Other financial assets

3.183.346

-103.068

3.080.278

Total

20.990.938

-3.783.939

-103.068

17.103.931

FY2023

Euros

Balance at

Adjustment

Balance at

31/12/2022

Value

Retreats

31/12/2023

Equity instruments

16.478.110

1.446.859

-334.643

17.590.326

Derivatives

314.055

-96.789

217.266

Other financial assets

3.503.121

-319.775

3.183.346

Total

20.295.286

1.350.070

-654.418

20.990.938

Assets at fair value through profit and loss

Equity instruments intended for trading

In 2020, the Company purchased 1,572,296 shares of the listed company Inmobiliaria Colonial SOCIMI, S.A.,

with a total acquisition cost of €11,548,536, which were recorded under the heading "Short-term equity

instruments". During the 2022 financial year, 1,113,250 shares were acquired, with a total acquisition cost of

€5,995,506, which are also recorded under the heading "Short-term equity instruments". As of December

31, 2024, the Company has carried out the valuation of these shares, resulting in a negative value adjustment

amounting to €3,692,626, which has been recognized under the heading "Trading book results" (positive for

€1,450,196 in 2023).

During the 2024 financial year, the Company has received dividends derived from these financial investments

amounting to €725,097 (€671,387 in the 2023 financial year). This income is recognized in the Company's

income statement under the heading "Financial income from third parties".

The change in fair value during the year and the cumulative change since its origin is shown below:

Financial assets at fair value through profit or loss

Euros

Cost

Fair value at

Variation

Method

31/12/2024

31/12/2023

31/12/2024

31/12/2023

2024

FRI

Level

Inmobiliaria Colonial SOCIMI, S.A.

17.544.042

13.897.701

17.590.326

-3.692.626

Quote

Total

17.544.042

13.897.701

17.590.326

-3.692.626

The main valuation techniques and variables used in the measurement of fair value correspond to level 1,

i.e. the price of the quotation of these shares on the secondary market as of December 31, 2024.

Derivative

As of December 31, 2024, there was a negative variation of €91,313 due to the valuation of the financial

instrument derived from the Interest Rate Swap (SWAP), this amount is related to the heading Hedging

instruments in Note 15.

Other current and non-current financial assets at amortized cost

The headings "Other non-current financial assets" and "Other current financial assets" include the

guarantees received from customers deposited with the corresponding Public Bodies related to the rents

indicated in Note 8.

The breakdown by maturity of the items that are part of the heading "Other financial assets", as of December

31, 2024, is as follows:

Euros

2029

2025

2026

2027

2028

and following

Total

Other financial assets

431.397

547.040

43.126

371.128

1.687.587

3.080.278

Total

431.397

547.040

43.126

371.128

1.687.587

3.080.278

The breakdown by maturities as of December 31, 2023 is as follows:

Euros

2028

2024

2025

2026

2027

and following

Total

Other financial assets

608.494

298.542

662.536

43.126

1.570.647

3.183.346

Total

608.494

298.542

662.536

43.126

1.570.647

3.183.346

10. Trade receivables and other receivables

The breakdown of the heading, at the end of the 2024 and 2023 financial years, is as follows:

Euros

31/12/2024

31/12/2023

Customers by sales and services

2.917.766

3.162.792

Personal

864

Current Tax Assets (18.2)

280.753

110.779

Other loans with the General Government (Note 18.1)

1.105.796

Total

3.199.383

4.380.231

The balance under the heading "Customers for sales and provision of services" is as follows, at the end of

2024 and 2023:

Euros

31/12/2024

31/12/2023

Clients

1.231.950

2.649.239

Customers, invoices pending formalisation

1.395.718

152.024

Trade Papers in Portfolio

284.829

299.845

Unpaid bills

5.269

61.684

Doubtful customers

18.666

13.195

Deterioration

-18.666

-13.195

Total

2.917.766

3.162.792

The customer balance at the end of 2024 mainly includes some of the amounts outstanding corresponding

to the rent for the fourth quarter of 2024, as well as the variable rents of certain hotels owned by the Company

that are calculated and invoiced at the end of the year based on the GOP (operating profit) and revenues for

the year.

The movement of the impairment of registered customers is as follows, with the negative impact on the

income statement for the 2024 financial year being 5,472 euros (9,701 euros loss in the 2023 financial year):

Euros

2024

2023

Balance at the beginning of the year

-13.195

-3.494

Customer deterioration

-5.472

-9.701

Reversal of trade credits

Balance at the end of the year

-18.667

-13.195

11. Cash and other cash equivalents

The balance collected in "Treasury" corresponds, mainly, to the balance available in current accounts as of

December 31, 2024 and 2023. These balances have no restrictions on their availability and accrue market

interest.

12. Information on the nature and level of risk of financial instruments

The management of the Company's financial risks is centralized in the Financial and Policy Management of

the PER 32 Group in which it is integrated, which has established the necessary mechanisms to control

exposure to variations in exchange rates, as well as to credit and liquidity risks. The main financial risks

impacting the Company are as follows:

a) Credit risk

The Company's main financial assets are cash and cash balances, trade receivables and other accounts

receivable in investments. These represent the Company's maximum exposure to credit risk in relation to

financial assets. The Company's credit risk is mainly attributable to its commercial debts, which are shown

to be net of provisions for insolvencies, estimated based on the experience of previous years and its

assessment of the current economic environment. The company lends its excess liquidity to related

companies, which maintain a high solvency that guarantees the return of the borrowed funds.

b) Liquidity risk

Considering the current situation of the financial market and the estimates of the Company's Directors on

the Company's cash-generating capacity, they estimate that it has sufficient capacity to obtain financing from

third parties if new investments are necessary. Therefore, in the medium term, there is insufficient evidence

that the Company has liquidity problems. Liquidity is ensured by the nature of the investments made, the

high credit quality of the tenants and the guarantees of collection existing in the agreements in force.

c) Exchange rate risk

With respect to exchange rate risk, as of December 31, 2024, the Company has no significant assets or

liabilities in foreign currency, so there is no risk in this regard.

d) Interest rate risk

Changes in interest rates change the fair value of assets and liabilities that accrue a fixed interest rate, as

well as the future flows of assets and liabilities referenced to a variable interest rate. However, it contemplates

the use of hedging operations with the aim of achieving a balance in the structure of the debt that allows the

cost of debt to be minimised over the multi-year horizon with reduced volatility in the income statement.

In this regard, on February 17, 2017, the Company proceeded to formalize a financial instrument derived

from the Interest Rate Swap (IRS), for an amount of 8,550,000 euros, whose term is between April 1, 2019

and April 1, 2026, linked to a mortgage loan for an amount of 11,400,000 euros contracted in 2017 on the

property located in the Calle José Abascal 41 in Madrid.

On May 23, 2024, the Company proceeded to formalize a financial instrument derived from the Interest Rate

Swap (IRS with sale of CAP), for an amount of 18,432,000 euros, whose term is between May 23, 2024 and

February 23, 2036, linked to a mortgage loan for an amount of 36,000,000 euros contracted in the 2023

financial year on the Sanitas Valdebebas Hospital which is currently under construction.

On May 23, 2024, the Company proceeded to formalize a financial instrument derived from the Interest Rate

Swap (IRS with sale of CAP), for an amount of €28,188,600, whose term is between June 30, 2024 and

September 30, 2035, linked to a mortgage loan for an amount of €33,000,000 contracted in 2022 on the

Meliá Innside Hotel Valdebebas which has completed its construction during 2024.

On July 25, 2024, the Company proceeded to formalize a financial instrument derived from an Interest Rate

Swap (IRS with sale of CAP), for an amount of €23,280,000 each, whose term is between July 26, 2024 and

October 26, 2037. linked to a mortgage loan for an amount of 24,000,000 euros contracted in the 2022

financial year on the property located at Calle Arapiles 14 in Madrid.

On August 5, 2024, the Company proceeded to formalize a financial instrument derived from the Interest

Rate Swap (IRS with sale of CAP), for an amount of €8,837,500 each, whose term is between July 26, 2024

and October 26, 2032. linked to a personal loan for an amount of 10,000,000 euros contracted in the 2022

financial year linked to the property located at Calle Arapiles 14 in Madrid.

e) Real estate business risks

Changes in the economic situation, both domestically and internationally, growth rates in employment and

employment rates, interest rates, tax legislation and consumer confidence have a significant impact on real

estate markets. Any unfavourable change in these or other economic, demographic or social variables in

Europe, and in Spain in particular, could result in a decrease in real estate activity in these countries. The

cyclical nature of the economy has been statistically proven, as well as the existence of both micro and

macroeconomic aspects that, directly or indirectly, affect the behaviour of the real estate market, and in

particular that of the rentals that make up the Company's main investment activity.

Other market risks to which the Company is exposed are:

• Regulatory risks: the Company is subject to compliance with the different applicable regulations

in force, both general and specific (legal, accounting, environmental, labour, tax, data protection

regulations, among others). Regulatory changes that occur in the future could have a positive or

negative effect on the Company.

• Tourism Risk: a significant part of the Company's assets (mainly Hotels) are linked to the tourism

sector. Any decline in tourist activity in the cities where these hotels are located could have a

negative effect on the use and occupancy of these hotels. As a consequence, this could have a

negative effect on the profitability and performance of these assets if tenants renegotiate current

leases.

13. Equity and Equity

a) Deeded capital

As of December 31, 2024, the subscribed capital is made up of 4,452,197 registered shares with a nominal

value of 60.10 euros each, all of them belonging to a single class and series, being fully subscribed and paid

up, which represents a registered share capital of 267,577,040 euros.

All the shares constituting the share capital enjoy the same rights, with no statutory restrictions on their

transferability.

All of the Company's shares have been listed on the Luxembourg Stock Exchange since 21 December 2011.

The share price at the end of the year, the average price for the last quarter of the year and the average

price for the 2024 financial year were €72.00, €72.00 and €70.75 per share, respectively. The shares are

nominative, are represented by means of book entries, and are constituted as such by virtue of their

registration in the corresponding accounting register.

Shareholders will be subject to the obligations imposed in articles 10 and following of the SOCIMI Act.

Shareholders whose participation in the share capital of the entity is equal to or greater than 5 per cent and

who receive dividends or shares in profits will be obliged to notify the company, within ten days from the day

following the day on which they are paid, the tax rate at which the dividends received are taxed.

The companies that participate in the share capital in a percentage equal to or greater than 10%, as of

December 31, 2024, are the following:

Number of

Percentage of

Actions

Participation

Promociones y Construcciones PYC Pryconsa, S.L.

925.453

20,79%

The Company belongs to the PER 32 Group, whose ultimate Parent Company is PER 32, S.L., domiciled in

Madrid, which deposits the consolidated annual accounts in the Mercantile Registry of Madrid.

b) Reserves

Legal reserve

According to the revised text of the Capital Companies Act, an amount equal to 10% of the profit for the year

must be allocated to the legal reserve until it reaches at least 20% of the share capital. The legal reserve may

be used to increase the capital in the part of its balance that exceeds 10% of the capital already increased.

Likewise, in accordance with Law 11/2009, which regulates listed real estate investment companies (REITs),

the legal reserve of companies that have opted for the application of the special tax regime established in

this Law may not exceed 20% of the share capital. The articles of association of these companies may not

establish any reserve of an unavailable nature other than the previous one.

Except for the purpose mentioned above, and as long as it does not exceed 20% of the share capital, this

reserve may only be used to offset losses and provided that there are no other reserves available sufficient

for this purpose.

As of December 31, 2024, the legal reserve is not fully constituted.

Voluntary booking

After the distribution of the Company's profit for the 2023 financial year, the balance of this equity heading

amounts to €7,074,805, this reserve being freely available.

Fusion Reserve

As a result of the merger operation carried out in 2016 and described in Note 1, positive merger reserves

amounting to €14,154,739 were revealed in 2016 generated by the difference between the individual

carrying values of the Absorbed Companies and those incorporated in the merger.

c) Interim dividend

As indicated in Note 4, on December 27, 2024, the Board of Directors of the Company agreed to distribute

an interim dividend against 2024 earnings in the amount of €2.25 gross per share paid on December 30,

2024, which is equivalent to a total gross amount of €10,000,000.

d) Results distributions

REITs have been regulated by the special tax regime established in Law 11/2009, of 26 October, amended

by Law 16/2012, of 27 December, which regulates listed public limited companies for investment in the real

estate market. They will be obliged to distribute in the form of dividends to their Shareholders, once the

corresponding commercial obligations have been fulfilled, the profit obtained in the year, and their

distribution must be agreed within six months after the end of each year, in the following manner:

a) 100 per cent of the profits from dividends or shares in profits distributed by the entities referred to

in paragraph 1 of Article 2 of this Law.

b) At least 50 per cent of the profits derived from the transfer of real estate and shares or

participations referred to in paragraph 1 of Article 2 of this Law, made after the expiry of the periods

referred to in paragraph 3 of Article 3 of this Law, intended for the fulfilment of its main corporate

purpose. The rest of these profits must be reinvested in other properties or shares used to fulfil

this purpose, within three years of the date of transfer. Failing this, these profits must be distributed

in their entirety together with the profits, if any, that come from the year in which the reinvestment

period ends. If the items subject to reinvestment are transferred before the maintenance period,

those profits must be distributed in their entirety together with the profits, if any, that come from

the year in which they have been transferred. The obligation to distribute does not extend, where

applicable, to the part of these profits attributable to years in which the Company was not taxed

under the special tax regime established in said Law.

c) At least 80 percent of the rest of the profits obtained.

When the distribution of dividends is made against reserves from profits of a year in which the special tax

regime has been applied, their distribution shall be mandatorily adopted with the agreement referred to in

the previous paragraph.

The legal reserve of companies that have opted for the application of the special tax regime established in

this Law may not exceed 20 per cent of the share capital. The articles of association of these companies may

not establish any other reservation of an unavailable nature other than the above.

As indicated in Note 2, in accordance with Law 11/2021, of 9 July and Order HFP/1430/2021, of 20

December, the Company is subject to a special tax on profits not distributed by listed companies for

investment in the real estate market within the Corporate Income Tax in its self-assessment form for tax years

beginning on or after 1 January 2021. The current tax rate is 15% and will be used as a corporate income

tax quota.

d) Capital Management

The Company is financed, fundamentally, with its own funds. Only in the case of new investments may the

Company resort to the credit markets to, through the formalization of loans with or without mortgage

guarantee and/or issuance of fixed-income financial instruments, finance the acquisition of these or obtain

financing from related companies.

The Company is committed to distributing at least 80% of its distributable profits in the form of dividends to

its shareholders, in accordance with the existing legal obligation by application of Law 11/2009, which has

been amended by Law 16/2012.

e) Adjustments for changes in value

The breakdown and nature of the other adjustments for changes in value is as follows:

Euros

31/12/2024

31/12/2023

Hedging transactions (Note 15)

3.049.996

217.266

Total

3.049.996

217.266

f) Capital grants

The change under this heading during 2024 and 2023 was as follows:

FY2024

Euros

31/12/2023

Applications

31/12/2024

Capital grants

872.438

-56.351

816.088

Total

872.438

-56.351

816.088

FY2023

Euros

31/12/2022

Applications

31/12/2023

Capital grants

928.789

-56.351

872.438

Total

928.789

-56.351

872.438

Due to the change in taxation as amended by Law 16/2012, of 27 December, of Law 11/2009, regulating

Listed Investment Companies in the Real Estate Market, the Company was taxed at the tax rate of 0%.

Therefore, the Company has proceeded to regularize the tax effect of the deferred tax liability and integrate

it in gross form under the heading "Grants, donations and legacies received" of the Company's Equity.

These subsidies correspond to the subsidy of the General Directorate of Regional Economic Incentives for

the development of the area. As of December 31, 2024, the following are pending to be attributed to results:

- Subsidy from the Directorate-General for Regional Economic Incentives for a nominal amount of

1,550,000 euros (522,491 euros pending allocation to profits), corresponding to 10% of the

investment materialised in the construction of the Iberostar Isla Canela Hotel in Ayamonte (Huelva).

- Subsidy from the Directorate-General for Regional Economic Incentives for a nominal amount of

1,106,000 euros (293,596 euros to be charged to results), corresponding to 10% of the investment

materialised in the construction of the Playa Canela Hotel in Ayamonte (Huelva).

The subsidies described above were transferred to the Absorbed Company, Compañía Ibérica de Bienes

Raíces 2009, SOCIMI, S.A.U., from the company Isla Canela, S.A. based on the partial spin-off agreement

originating from the Absorbed Company, given that they were all assigned to the activity subject to the

transfer. Given that the partial spin-off operation in question was carried out for accounting purposes from 1

January 2009, the Absorbed Company has since recorded the allocation of the transferred subsidies to profit

or loss.

In this regard, during the 2024 financial year, an amount of 56,351 euros (56,351 euros in the 2023 financial

year) has been allocated as income under the heading "Allocation of non-financial fixed assets and other

subsidies", of the attached profit and loss account.

14. Current and non-current financial liabilities

The balances of the accounts under these headings, at the end of 2024 and 2023, are as follows:

Euros

31/12/2024

31/12/2023

Long-term debts with credit institutions

217.842.679

132.193.018

Derivatives

3.175.948

Other financial liabilities

4.808.693

3.934.179

Total Long-Term Debts

225.827.320

136.127.197

Short-term debts with credit institutions

29.511.619

54.481.696

Other financial liabilities

476.889

528.154

Total Short-term debts

29.988.508

55.009.851

Total Short- and long-term financial debts

255.815.828

191.137.048

Financial liabilities at amortized cost

Long-term and short-term debt with credit institutions

As of December 31, 2024, the Company's debt to credit institutions amounted to €247,354,298

(€186,674,715 as of December 31, 2023).

The characteristics of the mortgage-backed loans in force as of December 31, 2024, for which the Company

is a debtor, are as follows:

Mortgaged asset

Financial

institution

Euros

Beginning

Initial amount

Outstanding capital

Expiration

José Abascal, 41

Banca March

2017

11.400.000

8.094.000

2031

Titan, 13

Banco Santander

2015

15.735.000

8.074.535

2035

Conde de Peñalver, 16

Banco Santander

2015

10.217.000

5.242.931

2035

Valle de la Fuenfría, 3

Kutxabank

2018

10.000.000

6.768.430

2028

Juan Ignacio Luca de Tena, 17

CaixaBank

2019

12.000.000

9.398.856

2030

Glorieta Cuatro Caminos 6 and 7

Banca March

2018

4.500.000

2.750.000

2028

Arapiles 14

Bankinter

2022

24.000.000

23.040.000

2037

Sanitas Valdebebas Hospital (*)

Banco Santander

2023

36.000.000

23.616.000

2036

Hotel Meliá Innside Valdebebas

Banco Santander

2022

33.000.000

32.752.500

2035

Total

156.852.000

119.737.252

Opening costs

Bankinter

2022

-432.490

Total

156.852.000

119.304.762

(*) This loan is intended to finance construction works. The loan from the Sanitas Valdebebas Hospital is formalized with Banco Santander

and its drawdown of up to 36,000,000 euros will be made during the years of construction of the property based on the progress of the

work and its needs.

The characteristics of loans with personal guarantee in force as of December 31, 2024 are as follows:

Financial institution

Euros

Beginning

Initial amount

Outstanding capital

Expiration

Abanca

2022

3.000.000

1.500.000

2027

Pichincha

2022

5.000.000

874.143

2025

Banca Pueyo

2022

5.000.000

2030

Banca Pueyo

2022

5.000.000

4.107.143

2030

Bankinter

2022

10.000.000

8.650.000

2032

BBVA

2023

17.000.000

2025

La Caixa

2024

20.000.000

19.650.000

2029

Banco Santander

2024

5.000.000

2029

Banco Santander

2024

40.000.000

2029

Banco Santander

2024

10.000.000

2029

Banca March

2024

15.000.000

2025

Total

135.000.000

126.781.285

In addition, under the heading "Short-term debts with credit institutions" there are four credit policies

contracted, two with Bankinter with a limit of €2,000,000 and €5,000,000, both maturing on December 20,

2025, one with Banca March of €7,500,000 maturing on January 10, 2025 that has not been renewed at

maturity by decision of the Company and the last with Banco Santander with a limit of 50,000,000 euros with

a maturity date of July 31, 2025. These policies are available as of December 31, 2024, in the amount of

30,574 euros (7,459,618 euros as of December 31, 2023). Likewise, accrued and undue interest as of

December 31, 2024, amounting to 1,237,676 (1,158,525 as of December 31, 2023), is registered.

Financial expenses arising from debts with credit institutions in 2024 amounted to €8,682,892 (€5,174,990

in 2023) and are recorded under the heading "Financial expenses" in the accompanying profit and loss

account.

As can be seen from the information described in this note, during the 2024 financial year, the Company has

formalised different long-term loans (mortgage and non-mortgage) to finance its activities. The costs of

setting up these loans are recognized under the heading "Long-term debts with credit institutions" of the

Company's balance sheet as of December 31, 2024, which amount to €432,490 and are recognized as an

expense in the income statement on an annual basis, in accordance with the repayment period of the loans

to which they are linked.

The interest rates on the loans are established in market terms referenced to Euribor with a fixed spread,

except for the loans covered by the coverage guarantee and three personal loans from Banco de Santander

totalling 55,000,000 euros that have been formalised at a fixed rate and have maturities in different months

of 2029.

The heading "Deposits and deposits" includes the deposits received from customers related to the rentals

indicated in Note 7.

The breakdown by maturities, as of December 31, 2024, is as follows:

Euros

2029

2025

2026

2027

2028

and

following

Total

Debts with credit institutions (*)

29.511.619

26.530.749

12.263.929

18.649.141

160.398.860

247.354.298

Bonds and long-term deposits

1.443.012

177.508

394.483

2.793.689

4.808.692

Bonds and short-term deposits

476.889

Total

29.988.508

27.973.761

12.441.437

19.043.624

163.192.549

252.639.879

(*) Loans with mortgage guarantee for an amount of 119,737,252 euros, loans with personal guarantee for an amount of 126,781,285 euros,

withdrawals in a credit policy for an amount of 30,574 euros and accrued interest pending maturity for an amount of 1,237,676 euros.

The breakdown by maturities, as of December 31, 2023, is as follows:

Euros

2028

2024

2025

2026

2027

and

following

Total

Debts with credit institutions (*)

54.459.580

30.972.889

8.505.150

6.842.564

85.894.531

186.674.715

Bonds and long-term deposits

351.986,32

1.601.968,92

157.771,94

1.822.452

3.934.179

Bonds and short-term deposits

528.154

Total

54.987.735

31.324.875

10.107.119

7.000.336

87.716.983

191.137.048

(*) Loans with mortgage guarantee for an amount of 104,182,095 euros, loans with personal guarantee for an amount of 74,167,916 euros,

withdrawals in credit policy for an amount of 7,459,618 euros and accrued interest pending maturity for an amount of 1,158,525 euros.

15. Hedging instruments

The breakdown of derivative financial instruments, at the end of 2024, is as follows:

Euros

Date of

Fair value

Classification and type

Nominal vivo

Beginning

Expiration

Active

Passive

IRS

Fixed to variable interest rate coverage

6.070.500

01/04/2019

01/04/2026

125.953

IRS CAP Sale

Fixed to variable interest rate coverage

32.752.500

30/06/2024

30/09/2035

1.223.513

IRS CAP Sale

Fixed to variable interest rate coverage

23.616.000

23/05/2024

23/02/2036

1.303.942

IRS CAP Sale

Fixed to variable interest rate coverage

8.650.000

26/07/2024

26/10/2032

83/610

IRS CAP Sale

Fixed to variable interest rate coverage

23.040.000

26/07/2024

26/10/2037

564.884

Total

125.953

3.175.948

The breakdown of the derivative financial instruments, at the end of 2023, is as follows:

Euros

Fair value

Classification and type

Nominal vivo

Beginning

Expiration

Active

Passive

IRS

Interest rate hedging coverage

8.550.000

01/04/2019

01/04/2026

217.266

Total

217.266

The Company has complied with the requirements detailed in Note 5.5.3 on registration and valuation

standards to classify the financial instruments detailed above as hedging.

16. Information on payment deferrals made to suppliers

The information required by the Third Additional Provision of Law 15/2010, of 5 July (amended by the Second

Final Provision of Law 31/2014, of 3 December) prepared in accordance with the ICAC Resolution of 29

January 2016, on the information to be incorporated in the annual accounts in relation to the average period

of payment to suppliers in commercial transactions, is detailed below.

2024

2023

Days

Average payment period to suppliers

59,81

54,57

Ratio of paid transactions

63,45

58,33

Ratio of unpaid transactions

30,22

45,07

Euros

Total payments made

53.053.751

32.966.886

Total outstanding payments

6.520.935

13.040.320

In accordance with the ICAC Resolution, for the calculation of the average payment period to suppliers,

commercial transactions corresponding to the delivery of goods or services accrued from the date of entry

into force of Law 31/2014, of 3 December, have been taken into account.

For the sole purpose of providing the information provided for in this Resolution, suppliers are trade creditors

for debts with suppliers of goods or services, included in the items "Suppliers" and "Miscellaneous creditors"

of the current liabilities of the balance sheet.

"Average Period of Payment to Suppliers" means the period that elapses from the delivery of the goods or

the provision of the services by the supplier and the material payment of the transaction.

The maximum legal payment period applicable to the Company in the financial year 2024 according to Law

3/2004, of 29 December, which establishes measures to combat late payment in commercial transactions is

30 days from the publication of the aforementioned Law and until the present day (unless the conditions

established therein are met, which would allow the maximum payment term to be increased to 60 days).

As indicated in Law 18/2022, of 28 September, on the creation and growth of companies, which aims to

reduce commercial late payments and financial support, the Company details below the average payment

period to suppliers, the monetary volume and number of invoices paid in a period less than the maximum

established in the late payment regulations and the percentage they represent over the total number of

invoices and on the total monetary payments to its suppliers:

2024

2023

Average payment period – invoices paid in a period below the legal maximum

30,02

25,49

Number of invoices paid in less than the legal maximum

2.201

1.808

Percentage of the total number of invoices paid

60,30%

60,11%

Matter

Amount of invoices paid in less time than the legal maximum

27.611.701

17.222.302

Percentage of the total amount of invoices paid

52,04%

56,00%

17. Guarantees committed to third parties

As of December 31, 2024, the Company has granted a guarantee, from the entity Kutxabank, before the

Madrid City Council for the correct management of waste, for an amount of 34,259 euros, for the works of

the Centro Comercial Sexta Avenida in Madrid, and 3 guarantees, from the entity Kutxabank, for the

ordinance of vehicle crossings, for a total amount of 50,473 euros, for the works of the Valdebebas Hospital.

18. Public administrations and fiscal situation

18.1. Current balances with the General Government

The composition of the debit and credit balances with the Public Administrations is as follows:

Euros

31/12/2024

31/12/2023

Debtor

Creditor

Debtor

Creditor

Value Added Tax

929.653

1.105.796

562.065

Personal Income Tax

1.930.649

21.590

Rent Withholdings

522

505

Retention of movable capital

213

23.480

Corporate Income Tax

280.753

110.779

Social security

7.949

9.533

Total

280.753

2.868.987

1.216.575

617.173

18.2 Reconciliation of accounting result and tax base

The reconciliation between the accounting result and the taxable base of Corporation Tax for the years 2024

and 2023 is as follows:

Euros

2024

2023

Profit before tax

14.358.562

20.467.557

Permanent differences

Temporary differences

-1.045.301

-104.170

Previous tax base

13.313.261

20.363.386

Taxable base (0%)

13.313.261

18.387.909

Taxable base (25%)

1.975.478

Offsetting of negative tax bases

-357.592

Tax base at 0%

13.313.261

18.387.908

Tax base at 25%

1.617.886

Full fee (0%)

Full quota (25%)

404.472

Deductions

-453

Full fee

404.018

Withholdings and payments on account

-280.753

-514.797

Liquid to be paid / (returned)

-280.753

-110.779

The temporary differences for the 2024 financial year that modify the accounting result before tax amount to

a negative amount of 1,045,301 euros and correspond to:

- Negative adjustment for the recovery of the provision for the depreciation of real estate investments

not deductible in accordance with Law 16/2012, which establishes that the accounting depreciation

of tangible and intangible fixed assets and real estate investments was only deductible up to 70%

of that which would have been tax-deductible, recovering, as of 2015, linearly in 10 years, for an

amount of 212,779 euros.

- Negative adjustment because of the reversal of impairment on real estate investments, amounting

to €832,522.

At the end of the 2024 financial year, the Company has temporary differences pending allocation amounting

to €4,697,624 (€5,525,707 in 2023) whose deferred tax asset has not been recorded since the applicable

tax rate is 0%. These temporary differences refer to the impairment of real estate investments in their entirety.

As of December 31, 2024, the Company has no tax bases pending compensation, having offset everything

in the 2023 financial year.

At the end of the 2023 financial year, there are no financial expenses that could not be deducted from the

corporate income tax base.

Likewise, as of December 31, 2024, there are no deductions in instalments pending recovery since the

pending deduction for donations was applied in 2023 (453 euros).

In accordance with Article 9.2 of Law 11/2009, of 26 October, amended by Law 16/2012, of 27 December,

which regulates Listed Companies for Investment in the Real Estate Market, the self-assessment of the Tax

will be carried out on the part of the taxable base in the tax period that proportionally corresponds to the

dividend whose distribution has been agreed in relation to the profit obtained in the year. As indicated in

Note 4, at the end of the 2024 financial year, the Directors have proposed to the Shareholders to allocate

€12,922,706 to dividends (€15,956,437 in 2023), for which corporation tax has accrued on said dividend in

accordance with the amount payable in the amount of €0.

Likewise, according to Article 6 of Law 11/2009, of 26 October, amended by Law 16/2012, of 27 December,

the Company is obliged to distribute by way of dividends at least 50 per cent of the profits derived from the

transfer of real estate and shares or participations referred to in section 1 of Article 2 of this Law. made after

the expiry of the periods referred to in section 3 of article 3 of this Law, related to the fulfilment of its main

corporate purpose. The rest of these profits must be reinvested in other properties or shares used to fulfil

this purpose, within three years of the date of transfer. Failing this, these profits must be distributed in their

entirety together with the profits, if any, that come from the year in which the reinvestment period ends. If

the items subject to reinvestment are transferred before the maintenance period established in section 3 of

Article 3 of this Law, those profits must be distributed in their entirety together with the profits, if any, that

come from the year in which they have been transferred.

To this end, the Company has obtained a profit from the sale of real estate assets in 2024 amounting to

€953,914 because of the sale of different development units in Vallecas, Sanchinarro and Coslada (€67,715

in 2023). During the 2024 financial year, an amount greater than 50% of the profit obtained in the sale has

been invested in real estate assets, so the reinvestment requirement described above is considered fulfilled.

Additional Information on Deferred Rents

A. Compañía Ibérica de Rentas Urbanas 2009, SOCIMI, S.A.U.

The company Compañía Ibérica de Rentas Urbanas 2009, SOCIMI, S.A.U. was incorporated because of the

partial spin-off of the company, Cogein, S.L., which took place on 22 December 2009. The assets contributed

by Cogein, S.L. (later S.L.U., which was absorbed for accounting purposes from 1 January 2024 by

Promociones y Construcciones Pyc Pryconsa, S.L.) were covered by the tax neutrality regime.

In accordance with the above, for the purposes of complying with the provisions of article 86 LIS, the

following information is included:

a) Tax period in which the transferring entity, Cogein, S.L. (later S.L.U., which was absorbed for

accounting purposes from 1 January 2024 by Promociones y Construcciones Pyc Pryconsa, S.L.),

acquired the transferred assets:

- Hotel Tryp Atocha: 2001 (sold in 2015)

- Local Rutilo: 2000 (sold in 2019)

- Innside Meliá Gran Vía Hotel: 2002

- Local Gran Vía 34: 2002

- Local Dulcinea: 1995

- Pradillo 42 Offices: 2009

- Local Albalá 7: 2003 (sold in 2023)

- Gran Vía 1 1st and 2nd right offices: 1993

- Local Gran Vía 1 1st left: 1998

b) List of acquired assets that are incorporated into the accounting books for a value different from

that for which they appeared in those of the transferring entity prior to the execution of the

transaction, expressing both values, as well as the valuation adjustments constituted in the

accounting books of the two entities:

Data as of 31/12/2024

Property

Euros

V.N.F.

V.M.T.

R.D.

Gran Vía,1 1º left

541.883

2.730.000

2.188.117

Gran Vía,1 1º right

474.791

3.013.000

2.538.209

Gran Vía,1 1º left

570.505

2.873.000

2.302.495

Hotel and premises Gran Vía 34

45.845.703

43.065.500

-2.780.203

Local Dulcinea

446.843

1.525.000

1.078.157

Pradillo, 42

17.762.500

18.227.308

464.808

Total

65.642.225

71.433.808

5.791.583

V.N.F.: Tax net value

V.M.T.: Transfer Market Value

R.D.: Deferred Rent

c) There are no tax benefits enjoyed by the transferring entity, in respect of which the absorbed entity

must assume compliance with certain requirements in accordance with the provisions of section 1

of Article 84 LIS.

B. Compañía Ibérica de Bienes Raíces 2009, SOCIMI, S.A.U.

The absorbed company, Compañía Ibérica de Bienes Raíces 2009, SOCIMI, S.A.U. was incorporated

because of the partial spin-off of the company, Isla Canela, S.A. that took place on December 29, 2009. The

assets contributed by Isla Canela, S.A. were covered by the tax neutrality regime.

In accordance with the above, for the purposes of complying with the provisions of article 86 LIS, the

following information is included:

a) Tax period in which the transferring entity, Isla Canela, S.A., acquired the transferred assets:

- Gran Vía 1 2nd left: 1987

- Centro Comercial Isla Canela: 2000

- Hotel Barceló: 1998

- Hotel Atlántico: 2000

- Hotel Playa Canela: 2002

- Hotel Iberostar: 2002

- Hotel Golf Isla Canela: 2007

b) List of acquired assets that are incorporated into the accounting books for a value different from

that for which they appeared in those of the transferring entity prior to the execution of the

transaction, expressing both values, as well as the valuation adjustments constituted in the

accounting books of the two entities:

Data as of 31/12/2024

Property

Euros

V.N.F.

V.M.T.

R.D.

Gran Vía 1 2nd left

374.654

1.940.000

1.565.346

Centro Comercial Isla Canela

1.798.346

4.700.000

2.901.654

Hotel Barceló

7.090.735

23.700.000

16.609.265

Hotel Atlántico

18.667.707

29.200.000

10.532.293

Hotel Playa Canela

14.984.936

15.900.000

915.064

Hotel Iberostar

18.358.560

23.700.000

5.341.440

Hotel Isla Canela Golf

4.147.317

4.700.000

552.683

Total

65.422.255

103.840.000

38.417.745

V.N.F.: Tax net value

V.M.T.: Transfer Market Value

R.D.: Deferred Rent

c) There are no tax benefits enjoyed by the transferring entity, in respect of which the absorbed entity

must assume compliance with certain requirements in accordance with the provisions of section 1

of Article 84 LIS.

In 2013, the absorbed company, Compañía Ibérica de Bienes Raíces 2009, SOCIMI, S.A.U., in turn absorbed

the company, Compañía Ibérica de Rentas Urbanas 2009, SOCIMI, S.A.U., so that it acquired all its assets

and liabilities. The properties acquired by Compañía Ibérica de Rentas Urbanas 2009, SOCIMI, S.A.U. came

from a restructuring operation in which the transferring entity Cogein, S.L. (now S.L.U.) exercised the power

currently referred to in article 77.2 LIS.

C. Bensell Mirasierra, S.L.U.

As a result of the subsequent acquisition and merger of this investee company with the Company, a new

deferred income was revealed as a result of the difference between the net tax value and the acquisition and

merger value amounting to 5,506,170 euros.

Data as of 31/12/2024

Property

Euros

V.N.F.

V.M.T.

R.D.

Valle de la Fuenfría, 3

12.117.499

17.623.669

5.506.170

Total

12.117.499

17.623.669

5.506.170

V.N.F.: Tax net value

V.M.T.: Transfer Market Value

R.D.: Deferred Rent

18.3. Reconciliation between the accounting result and corporate income tax expense

The reconciliation between the accounting result and the Corporate Income Tax expense, for the years

ended December 31, 2024, and 2023, is as follows:

Euros

2024

2023

Profit before tax

14.358.562

20.467.557

Permanent differences

Temporary differences

-1.045.301

-104.170

Previous tax base

13.313.261

20.363.387

Taxable base (0%)

13.313.261

18.387.909

Taxable base (25%)

1.975.478

Offsetting of negative tax bases

-357.592

Tax base at 0%

13.313.261

18.387.909

Tax base at 25%

1.617.886

Full fee (0%)

Full quota (25%)

404.472

Deductions

-453

Tax expense recognized in the income statement

404.018

18.4. Years pending verification and inspection actions

According to the legislation in force in Spain, taxes cannot be considered definitively settled until the returns

filed have been inspected by the tax authorities or the four-year limitation period has elapsed. At the end of

2024, the Company has the taxes of the last four years open for inspection. The Company's Directors

consider that the settlements of the taxes have been carried out properly, so that, even if discrepancies arise

in the current regulatory interpretation due to the tax treatment granted to the transactions, the resulting

liabilities, if they materialize, would not significantly affect the accompanying annual accounts.

18.5. Information requirements arising from the status of SOCIMI

This information is contained in Annex 1 attached (Law 11/2009 amended by Law 16/2012).

19. Income and expenses

19.1 Net turnover, other operating income and subsidies

The breakdown of these headings, as of December 31, 2024, and 2023, is as follows:

Euros

2024

2023

Hotels

12.330.339

10.325.785

Bureaux

15.612.788

15.187.824

Commercial

9.207.495

9.436.236

Subtotal rentals

37.150.623

34.949.845

Miscellaneous services

222.062

28.615

Capital grants passed through to profit or loss

56.351

Total revenue

37.429.036

35.034.811

The Company's invoicing, during the financial years 2024 and 2023, was made entirely in the national

territory.

19.2 Personnel costs

The balance under this heading in 2024 and 2023 is as follows:

Euros

2024

2023

Salaries and wages:

Salaries, wages and similar

413.479

427.118

Social charges:

Social Security at the expense of the company

80.299

92.117

Other social charges

58.313

55.051

Total

552.091

574.286

19.3 Foreign Services and Taxes

The breakdown of this heading, in the financial years 2024 and 2023, is as follows:

Euros

2024

2023

Leases

55.537

52.933

Repairs and Conservation

1.190.713

1.224.454

Independent Professional Services

686.934

437.361

Insurance premiums

117.541

99.380

Banking and similar services

7.072

8.035

Advertising, Propaganda, and Public Relations

48.552

48.866

Supplies

1.274.689

1.301.591

Other services

332.772

477.167

Other taxes

3.557.436

3.718.515

Total

7.271.246

7.368.302

20. Related Party Transactions and Balances

20.1 Related-party transactions

The transactions carried out with related companies, in the financial years 2024 and 2023, have been as

follows:

FY2024

Euros

31/12/2024

Expense

Revenue

Expense

Revenue

exploitation

Financial

Isla Canela, S.A.

670.417

125.000

32.780

Promociones y Construcciones PYC Pryconsa, S.L.

999.739

25.370

39.626

592.524

Residential Planning and Management, S.A.U.

32.898

715

23.503

Prynergia S.L.U.

940

Salorino Solar S.L.U.

Resydenza Sagunto S.L.U.

146

Corchuelas Energía Solar S.L.U.

387

Pryconsa Senyor, S.L.U.

9.948

1.122

Rento Tecnología del Alquiler, S.L.U,

126

Real Estate for Rent Resydenza, SOCIMI S.A.U.

6.129

Gestora de Promociones Agropecuarias S.A.U.

3.802

Cogein Arte, S.L.U.

313

Propiedades Cacereñas, S.L.U.

342

240

Jardins Sottomayor - Real Estate and Tourism, SA

3.199

Anoa Finanzas S.L.

298

Cotos Capital S.L.U.

308

Golf Cáceres S.A.U.

Promocion, Gestión y Marketing Inmobiliario, S.L.

61.406

Per 32, S.L.

1.895

975

Total

1.703.053

166.778

40.748

723.600

FY2023

Euros

31/12/2023

Expense

Revenue

Expense

Revenue

exploitation

Financial

Isla Canela, S.A.

89.455

221.305

113.515

Promociones y Construcciones PYC Pryconsa, S.A.

2.191.936

25.779

511.713

Residential Planning and Management, S.A.U.

34.190

610

31.327

Cogein, S.L.U.

472

10.064

Propiedades Cacereñas, S.L.U.

321

Plaza Cataluña Triangle, S.L.

210

Jardins Sottomayor - Real Estate and Tourism, SA

3.209

Cotos Capital S.L.U.

317

Pryconsa Senyor, S.L.

9.711

Promocion, Gestión y Marketing Inmobiliario, S.L.

457

38.630

Total

2.315.581

262.391

123.579

581.670

In this regard, as of December 31, 2024, the relationship between the companies with which the Company

has the main "Transactions and balances with related parties" is as follows:

- Isla Canela, S.A.: Company in which PER 32, S.L. has a 94.39% stake, this being the holding

company of the group where the Company finally consolidates.

- Promociones y Construcciones PYC Pryconsa, S.L.: Direct shareholder of the Company with a

20.79% stake.

- Planificación Residencial y Gestión, S.A.U.: A company in which Promociones y Construcciones

PYC Pryconsa, S.L. has a 100% stake.

20.2 Balances with group companies and related companies

The amount of the balances with related companies as of December 31, 2024 and 2023 are as follows:

FY2024

Euros

Loans granted to related

companies

Loans received from related

companies

Promociones y Construcciones PYC Pryconsa, S.L.

12.050.967

Resydenza Sagunto S.L.U.

170.843

Rento Tecnología del Alquiler, S.L.U.

57.820

Real Estate for Rent Resydenza, SOCIMI S.A.U.

60.350

Gestora de Promociones Agropecuarias S.A.U.

2.865.870

Total

15.205.849

FY2023

Euros

Loans granted to related

companies

Loans received from

related companies

Cogein, S.L.U.

6.270.230

Promociones y Construcciones PYC Pryconsa, S.A.

10.000.000

Total

10.000.000

6.270.230

The main contracts that the company currently has signed with related companies are the following:

- On April 28, 2017, the Company signed a contract with Promociones y Construcciones PYC

Pryconsa, S.A. (now S.L.), consisting of (i) technical assistance on the properties built by the

Company and (ii) comprehensive project management of the remodeling, renovation or adaptation

works on the properties owned by the Company. in exchange for a remuneration of 5% calculated

on the value of the works carried out within the framework of the aforementioned contract. The

validity of this contract was established for an annual duration, being tacitly renewed for annual

periods, unless expressly desired by the parties.

- On 30 April 2018, the Company signed a lease agreement with Promociones y Construcciones

PYC Pryconsa, S.A. (now S.L.), by which the latter is the lessee of 17 parking spaces owned by the

Company located in the building at Glorieta de Cuatro Caminos, 6 and 7 in Madrid. The duration of

the contract is five years, starting on 1 May 2018, extendable for periods of another five years,

unless expressly decided by the parties.

- On 1 September 2022, the different companies of the PER 32 Group signed a framework reciprocal

financing agreement whereby any company with excess liquidity can finance the rest of the

companies that need such financing under market conditions as long as their financing needs are

covered. The term of the agreement is three years, automatically extendable for periods of three

years, unless waived by any of the Companies.

- On November 1, 2022, a contract was signed with the company Planificación Residencial y Gestión,

S.A.U. for the sublease of part of the second floor of the office building located at Glorieta de Cuatro

Caminos 6 and 7. The term of the sublease is the same as that of the lease subscribed by

Planificación Residencial y Gestión, S.A.U. as lessee.

- On 1 April 2023, the different companies of the PER 32 Group have signed a framework agreement

by which they agree to establish a multilateral service provision service by which any company can

provide one or more services in the activity of various areas. The term of the agreement is three

years, automatically extendable for periods of three years, unless waived by any of the Companies.

- On October 10, 2024, a contract was signed by which Promociones y Construcciones PYC

Pryconsa, S.L. develops the management and construction of the parking lot in the building

dedicated to the Shopping Center on Avenida de la Victoria, number 2, in Madrid. The contract will

end once the works have been completed when the acceptance certificate is signed by Saint Croix.

As a result of the mergers described in Note 1, all the obligations and rights arising from the following

contracts with Isla Canela, S.A. were transferred to the Company:

- On June 1, 2012, Isla Canela S.A. and Compañía Ibérica de Bienes Raíces 2009, SOCIMI, S.A.U.

signed an agreement for the provision of technical services related to the maintenance of the hotels

owned by Compañía Ibérica de Bienes Raíces 2009, SOCIMI, S.A.U. In accordance with the

contract, Isla Canela S.A. provides the Company with a comprehensive preventive maintenance

service for the hotels owned by the Company located in Isla Canela. The contract is annual but

tacitly renewable by the parties on an annual basis, although either party may terminate it at any

time.

In addition, the technical services contract establishes that Isla Canela, S.A. provides the Company

with the comprehensive project management service of the remodeling, refurbishment or

adaptation works that need to be carried out on the hotels owned by the Company in Isla Canela.

- On December 31, 2012, Isla Canela S.A. and Compañía Ibérica de Bienes Raíces 2009, SOCIMI,

S.A.U. signed a lease agreement for the hotel property (Hotel Isla Canela Golf). The contract is

renewed on a three-year basis, with the current maturity being December 31, 2023.

21. Remuneration of the Board of Directors and Senior Management

The total remuneration, accrued in 2024 and 2023 for all concepts, of the members of the Board of Directors

and Senior Management of Saint Croix Holding Immobilier, SOCIMI, S.A. and persons performing similar

functions at the end of each of the financial years can be summarised as follows:

Euros

2024

2023

Fixed remuneration

40.000

Variable remuneration

1.000

Diets

12.500

10.000

Total

53.500

51.000

The functions of Senior Management are exercised by the members of the Board of Directors.

On the other hand, as of December 31, 2024, and 2023, there are no advances, credits or other types of

guarantees, or obligations contracted in terms of pensions or life insurance with respect to the current and

former members of the Board of Directors.

During the years 2024 and 2023, the Company has not paid any amount as a concept of civil liability

insurance for the Directors.

In the same way, there have been no contracts between the Company and any of the Directors or person

acting on their behalf, for operations outside the ordinary traffic of the company or that have not been carried

out under normal conditions.

The number of directors distributed by sex is as follows: for the 2024 and 2023 financial years:

2024

2023

Men

Women

Total

Men

Women

Total

In addition, the Board of Directors has appointed a secretary of the Board, not a director, who is a man.

22. Information on situations of conflict of interest by the Directors

At the end of the 2024 financial year, neither the members of the Board of Directors of Saint Croix Holding

Immobilier, SOCIMI, S.A. nor the persons related to them as defined in the Capital Companies Act have

communicated to the other members of the Board of Directors any situation of conflict, direct or indirect, that

they may have with the interest of the Company.

23. Other information

23.1 Personal

The average number of people employed during the 2024 and 2023 financial years, broken down by

category, is as follows:

2024

2023

Address

Technical staff

Administrative staff

Total

Likewise, the distribution by sex at the end of the 2024 and 2023 financial years, broken down by category,

is as follows:

2024

2023

Men

Women

Men

Women

Counsellors

Address

Technical staff

Administrative staff

Total

There are no employees with a disability equal to or greater than 33%, at the end of the 2024 and 2023

financial years.

23.2 Audit fees

During the financial years 2024 and 2023, the fees related to the audit services and other services provided

by the Company's auditor, BDO Auditores, S.L.P., or by a company related to the auditor by control, common

ownership or management have been as follows:

Euros

Services provided by the auditor and by related companies

2024

2023

Audit Services

31.500

30.600

Other Verification Services

Total Audit & Related Services

31.500

30.600

Tax Advisory Services

Other Services

Total Professional Services

31.500

30.600

24. Environmental information

Environmental activity is one whose objective is to prevent, reduce or repair the damage that occurs to the

environment.

The corporate purpose of the Company, in accordance with its bylaws, is as described in Note 1.

Given the activities to which the Company is engaged, they do not directly have liabilities, expenses, assets,

or provisions and contingencies of an environmental nature that could be significant in relation to the

Company's equity, financial situation and results. For this reason, specific breakdowns are not included in

this report of the annual accounts with respect to information on environmental issues.

As of December 31, 2024, and 2023, the Company has not recorded any provision for possible environmental

risks, given that the Directors estimate that there are no significant contingencies related to possible litigation,

compensation or other concepts.

25. Segmented information

FY2024

Euros

Hotels

Bureaux

Commercial

Other

Total

Revenue

12.401.528

15.733.726

9.237.432

37.372.685

Indirect Costs

-1.534.495

-3.758.302

-1.825.422

-7.118.219

Net Margin

10.867.033

11.975.423

7.412.010

30.254.466

Overheads

-233.982

-296.851

-174.284

-705.117

Ebitda

10.633.051

11.678.572

7.237.726

29.549.349

% w/ revenue

85,60%

75,06%

71,81%

79,07%

Amortizations

-2.923.734

-3.259.598

-1.084.935

-15.496

-7.283.762

Grants

56.351

Extraordinary results

885.017

Result on the sale of real estate assets

953.914

Impairment/Reversal of Business Operations

Impairment/Reversion of Real Estate Assets

823.489

Financial result

-546.555

-3.014.294

-424.293

-6.640.654

-10.625.795

Ebt

8.104.130

7.182.084

5.728.498

-6.656.150

14.358.562

Corporate tax

Net Income

8.104.130

7.182.084

5.728.498

-6.656.150

14.358.562

% w/ revenue

65,35%

45,65%

62,01%

38,42%

FY2023

Euros

Hotels

Bureaux

Commercial

Other

Total

Revenue

10.325.785

15.207.228

9.445.448

34.978.460

Indirect Costs

-1.238.655

-3.427.483

-2.436.042

-7.102.179

Net Margin

9.087.130

11.779.745

7.009.406

27.876.281

Overheads

-248.092

-365.376

-226.941

-840.410

Ebitda

8.839.037

11.414.369

6.782.465

27.035.871

% w/ revenue

85,60%

75,06%

71,81%

77,29%

Amortizations

-2.288.731

-3.020.644

-1.112.065

-15.460

-6.436.901

Grants

56.351

Extraordinary results

4.585

Result on the sale of real estate assets

2.463.710

Impairment/Reversal of Business Operations

-9.701

Impairment/Reversion of Real Estate Assets

-198.538

89.929

-108.609

Financial result

-2.505.699

-294.890

262.839

-2.537.749

Ebt

6.412.704

8.351.736

5.465.440

237.678

20.467.557

Corporate tax

-404.018

Net Income

6.412.704

8.351.736

5.465.440

-166.340

20.063.539

% w/ revenue

62,10%

54,92%

57,86%

0,00%

57,36%

The breakdown of the income and net carrying cost of real estate assets, including property, plant and

equipment in progress, as of December 31, 2024 and December 31, 2023, is as follows:

Euros

31/12/2024

31/12/2023

Revenue

Net cost

Revenue

Net cost

Hotels

12.401.528

33,18%

155.806.085

10.325.785

30%

135.536.452

Bureaux

15.733.726

42,10%

222.698.830

15.207.228

43%

228.032.522

Commercial

9.237.432

24,72%

108.881.823

9.445.448

27%

99.476.270

Endowment

50.581.035

31.223.531

Total

37.372.685

100%

537.967.772

34.978.460

100%

494.268.775

The breakdown of the contribution of income from a geographical point of view is as follows:

Euros

31/12/2024

31/12/2023

Revenue

Madrid

28.018.031

74,97%

26.283.435

76%

Huelva

9.354.654

25,03%

8.695.025

25%

Total

37.372.685

100,00%

34.978.460

100%

In addition, from the point of view of asset typology, it is interesting to highlight the evolution of the

occupancy rate by type of asset. As of December 31, 2024, the occupancy rate of the Company's assets

for lease is 87% (83% in 2023) based on the square meters leased, the detail being as follows:

31/12/2024

31/12/2023

Occupation

Hotels

98.938

100%

99.408

100%

Bureaux

72.161

75%

76.277

71%

Commercial

38.008

67%

40.030

59%

Endowment

19.273

100%

19.273

100%

Total

228.380

87%

234.987

83%

During the 2024 financial year, the occupancy rate of real estate has increased by 4 points compared to that

existing on December 31, 2023.

26. International Financial Reporting Standards

In accordance with Article 525 of the Capital Companies Act, companies that have issued securities admitted

to trading on a regulated market in any Member State of the European Union, within the meaning of Article

1(13) of Council Directive 93/22/EEC of 10 May 1993, in relation to investment services in the field of

negotiable securities, and which, in accordance with the regulations in force, only publish individual annual

accounts, will be obliged to report in the annual accounts the main changes that would arise in equity and in

the profit and loss account if the International Financial Reporting Standards adopted by the European Union

had been applied (hereinafter, "EU-IFRS").

Once the General Accounting Plan approved by Royal Decree 1514/2007, of 16 November, amended by

Royal Decree 1159/2010, which was amended in 2016 by Royal Decree 602/2016 and amended by 1/2021

of 12 January, has been applied to the Company's operations, there are no significant differences between

said standard and IFRS-EU. except for the inclusion of capital subsidies, net of their corresponding tax effect,

in the Company's equity.

At the end of the 2024 and 2023 financial years, the Company does not have any lease agreement in force

under which it acts as a lessee (operating lease), so IFRS 16 does not apply with respect to the recognition

of a right to use the asset and a lease liability.

In addition, the amendments to IFRS 16 "Leases: Covid-19 Related Rent Concessions beyond 30 June 2021"

with mandatory application as of April 1, 2021, do not have an effect on the Company's equity and results.

27. Subsequent events

From 31 December 2024 until the date of preparation of the Company's Annual Accounts for the 2024

financial year, there have been no relevant events that need to be broken down in this section, except for:

- On 10 January 2025, the Company renewed until 10 January 2026 a loan with a personal

guarantee, amounting to 15,000,000 euros, with Banca March.

Annex 1. Information requirements arising from the status of SOCIMI

Description

FY2024

a) Reserves from years prior to the application of the tax regime

established in Law 11/2009, amended by Law 16/2012, of 27

December.

As described in Note 1, the Company was incorporated on December 1,

2011, in Luxembourg, having not applied any profit to reserves from

previous years.

b) Reserves for each year in which the special tax regime

established in said law has been applicable.

Benefits applied to reserves (legal and voluntary) by the Company:

(20,534,786 euros)

- Bº of 2013 applied to reserves: 156,252 euros

- Bº of 2015 applied to reserves: 975,590 euros

- Bº of 2016 applied to reserves: 1,568,266 euros

- Bº of 2017 applied to reserves: 1,320,042 euros

- Bº of 2018 applied to reserves: 1,455,425 euros

- Bº of 2019 applied to reserves: 1,730,153 euros

- Bº of 2020 applied to reserves: 944,411 euros

- Bº of 2021 applied to reserves: 6,676,648 euros

- Bº of 2022 applied to reserves: 1,600,898 euros

- Bº of 2023 applied to reserves: 4,107,101 euros

Benefits applied to reserves by the Absorbed Company COMPAÑÍA

IBÉRICA DE BIENES RAÍCES 2009, SOCIMI, S.A.U.

- Bº of 2009 applied to reserves: 936,358 euros

- Bº of 2010 applied to reserves: 871,431 euros

- Bº of 2011 applied to reserves: 1,000,888 euros

- Bº of 2012 applied to reserves: 43,627 euros

- Bº of 2013 applied to reserves: 470,286 euros

- Bº of 2014 applied to reserves: 1,208,270 euros

- Bº of 2015 applied to reserves: 3,699,608 euros

Benefits applied to reserves by the Absorbed Company COMPAÑÍA

IBÉRICA DE RENTAS URBANAS 2009, SOCIMI, S.A.U.

- Bº of 2012 applied to reserves: 233 euros

Benefits applied to reserves by the Absorbed Company

INVERETIRO, SOCIMI, S.A.U.

- Bº of 2015 applied to reserves: 246,496 euros

- Profits from income subject to the general rate tax (they are

part of the balance of voluntary reserves).

- Tax Bº of 2019 for the sale of Rutilo 21, 23 and 25: 572,893 euros

- Tax Bº for 2023 for the sale of Albalá: 1,975,478 euros

- Profits from income subject to the tax rate of 19%.

Benefits applied to reserves by the Absorbed Company COMPAÑÍA

IBÉRICA DE BIENES RAÍCES 2009, SOCIMI, S.A.U.

- Bº of 2009 applied to reserves: 936,358 euros

- Bº of 2010 applied to reserves: 871,431 euros

- Bº of 2011 applied to reserves: 1,000,888 euros

- Bº of 2012 applied to reserves: 43,627 euros

Benefits applied to reserves by the Absorbed Company COMPAÑÍA

IBÉRICA DE RENTAS URBANAS 2009, SOCIMI, S.A.U.

- Bº of 2012 applied to reserves: 233 euros

- Profits from income subject to the 0% rate tax.

Benefits applied to reserves (legal and voluntary) by the Company:

(20,534,786 euros)

- Bº of 2013 applied to reserves: 156,252 euros

- Bº of 2015 applied to reserves: 975,590 euros

- Bº of 2016 applied to reserves: 1,568,266 euros

- Bº of 2017 applied to reserves: 1,320,042 euros

- Bº of 2018 applied to reserves: 1,455,425 euros

- Bº of 2019 applied to reserves: 1,730,153 euros

- Bº of 2020 applied to reserves: 944,411 euros

- Bº of 2021 applied to reserves: 6,676,648 euros

- Bº of 2022 applied to reserves: 1,600,898 euros

- Bº of 2023 applied to reserves: 4,107,101 euros

Benefits applied to reserves by the Absorbed Company COMPAÑÍA

IBÉRICA DE BIENES RAÍCES 2009, SOCIMI, S.A.U.

- Bº of 2013 applied to reserves: 470,286 euros

- Bº of 2014 applied to reserves: 1,208,270 euros

- Bº of 2015 applied to reserves: 3,699,608 euros

Benefits applied to reserves by the Absorbed Company

INVERETIRO, SOCIMI, S.A.U.

- Bº of 2015 applied to reserves: 246,496 euros

c) Dividends distributed against profits for each year in which the

tax regime established in this Law has been applicable.

Dividends distributed by the Company

- Dividend distribution for 2013: 2,968,786 euros

- Dividend distribution for 2015: 6,979,719 euros

- Dividend distribution for 2016: 13,958,138 euros

- Dividend distribution for 2017: €11,880,376

- Dividend distribution for 2018: 13,098,821 euros

- 2019 dividend distribution: €12,526,626

- Dividend distribution for 2020: €8,499,697

- 2021 dividend distribution: €15,148,124

- 2022 dividend distribution: €12,653,959

- 2023 dividend distribution: €15,956,436

Dividends distributed by the Absorbed Company COMPAÑÍA

IBÉRICA DE BIENES RAÍCES 2009, SOCIMI, S.A.U.

- Dividend distribution for 2009: 3,382,919 euros

- Dividend distribution for 2010: 3,121,886 euros

- Dividend distribution for 2011: 3,585,669 euros

- Dividend distribution for 2012: 156,295 euros

- Dividend distribution for 2013: €1,209,306

- Dividend distribution for 2014: €10,874,427

- Dividend distribution for 2015: 14,799,010 euros

Dividends distributed by the Absorbed Company INVERETIRO,

SOCIMI, S.A.U.

- Dividend distribution for 2015: 1,987,206 euros

- Dividends from income subject to the general rate.

- Dividends from income subject to tax at the rate of 18% (2009)

and 19% (2010 to 2012).

Dividends distributed by the Absorbed Company Compañía Ibérica

de Bienes Raíces 2009, SOCIMI, S.A.U.

- Dividend distribution for 2009: 3,382,919 euros

- Dividend distribution for 2010: 3,121,886 euros

- Dividend distribution for 2011: 3,585,669 euros

- Dividend distribution for 2012: 156,295 euros

- Dividends from income subject to the 0% rate.

Dividends distributed by the Company

- Dividend distribution for 2013: 2,968,786 euros

- Dividend distribution for 2015: 6,979,719 euros

- Dividend distribution for 2016: 13,958,138 euros

- Dividend distribution for 2017: €11,880,376

- Dividend distribution for 2018: 13,098,821 euros

- 2019 dividend distribution: €12,526,626

- Dividend distribution for 2020: €8,499,697

- 2021 dividend distribution: €15,148,124

- 2022 dividend distribution: €12,653,959

- 2023 dividend distribution: €15,956,436

Dividends distributed by the Absorbed Company COMPAÑÍA

IBÉRICA DE BIENES RAÍCES 2009, SOCIMI, S.A.U.

- Dividend distribution for 2013: €1,209,306

- Dividend distribution for 2014: €10,874,427

- Dividend distribution for 2015: 14,799,010 euros

Dividends distributed by the Absorbed Company INVERETIRO,

SOCIMI, S.A.U.

- Dividend distribution for 2015: 1,987,206 euros

d) Dividends distributed from reserves

- Distribution charged to reserves subject to the general rate tax.

- Distribution against reserves subject to the tax rate of 19%.

- Distribution against reserves subject to the 0% tax.

e) Date of agreement on the distribution of the dividends referred to

in letters c) and d) above.

Dividends distributed by the Company

- 2013 Dividends: June 10, 2014

- 2015 dividends: April 1, 2016

- 2016 dividends: June 29, 2017

- 2017 Dividends: April 26, 2018

- 2018 Dividends: April 25, 2019

- 2019 dividends: June 30, 2020

- 2020 dividends: April 29, 2021

- 2021 dividends: April 27, 2022

- 2022 dividends: April 27, 2023

- 2023 dividends: April 25, 2024

Dividends distributed by the Absorbed Company COMPAÑÍA

IBÉRICA DE BIENES RAÍCES 2009, SOCIMI, S.A.U.

- 2009 dividends: June 29, 2010

- 2010 dividends: June 30, 2011

- 2011 dividends: June 28, 2012

- 2012 Dividends: June 20, 2013

- 2013 Dividends: June 30, 2014

- 2014 Dividends: June 22, 2015

- 2015 dividends: April 1, 2016

Dividends distributed by the Absorbed Company INVERETIRO,

SOCIMI, S.A.U.

- 2015 dividends: April 1, 2016

f) Date of acquisition of the properties intended for lease that

produce income under this special regime and that remain on

the company's balance sheet as of the date of information.

Real estate from the Absorbed Company COMPAÑÍA IBÉRICA DE

BIENES RAÍCES 2009, SOCIMI, S.A.U.

The properties were owned by the Absorbed Company on 29/12/2009.

Due to the partial spin-off of the related company, Isla Canela, S.A., the

ownership dates are as follows:

- Hotel Isla Canela Golf: 28/12/2007

- Hotel Barceló Isla Canela: 06/07/1998

- Hotel Iberostar Isla Canela: 01/07/2002

- Hotel Playa Canela: 16/05/2002

- Hotel Meliá Atlántico: 25/05/2000

- Centro Comercial Isla Canela: 17/10/2000

- Property in Calle Gran Vía 1: 19/10/1987

In 2012, the following real estate investments were acquired from the

related company Promociones y Construcciones, PYC, Pryconsa, S.A.:

- Sanchinarro VI Offices: 29/11/2012

- Sanchinarro VII Offices: 29/11/2012

- Vallecas Commercial I: 30/10/2012

- Vallecas Commercial II: 30/10/2012

- Coslada III Offices: 29/11/2012

Properties from the Absorbed Company COMPAÑÍA IBÉRICA DE

RENTAS URBANAS 2009 SOCIMI, S.A.U.,

The properties were owned by the Absorbed Company on 22/12/2009.

Due to the partial spin-off of the related company, Cogein, S.L.U., the

ownership dates are as follows:

- Innside Meliá Gran Vía Hotel: 16/05/2002

- Local Gran Vía 34: 16/05/2002

- Local Dulcinea: 21/09/1995

- Pradillo 41 Offices: 27/02/2009

- Gran Vía Offices 1-1º and 2º Dcha.: 15/10/1993

- Gran Vía 1-1º Izda. Offices: 10/02/1998

- Plaza de España Building (Castellón): 29/12/2011

Properties from the Absorbed Company INVERETIRO, SOCIMI,

S.A.U.

- Oficinas Titán, 13: 12/02/2014

- Local Conde de Peñalver, 16: 01/12/2013

Properties from the Absorbed Company BENSELL MIRASIERRA,

S.L.U.

Valle de la Fuenfría, 3: 09/03/2015

Direct acquisitions made in the Company and which remain in

ownership:

- Local Gran Vía 55: 01/03/2016

- José Abascal Building 41: 02/12/2016

- Edificio Orense, 62: 07/02/2017

- Goya, 59: 10/02/2017

- Local Glorieta de Cuatro Caminos, 6 and 7: 11/04/2018

- Juan Ignacio Luca de Tena Building 17: 31/01/2019

- Plot TER.02-178-A (Valdebebas): 09/09/2020

- Edificio Arapiles, 14: 08/10/2021

- Centro Comercial Sexta Avenida: 11/30/2021

- Santiago de Compostela Offices 100 bis: 27/07/2022

- Offices Avenida de Cantabria 51: 27/07/2022

- Julián Camarillo Offices 19: 27/12/2023

- Julián Camarillo Offices 21: 27/12/2023

g) Date of acquisition of the shares in the capital of entities referred

to in paragraph 1 of Article 2 of this Law.

2020: Inmobiliaria Colonial: 1,572,296 shares

2021: Inmobiliaria Colonial: 1,113,250 shares

(Total current value of Colonial real estate 13,897,700 euros)

h) Identification of the asset that is computed within the 80 per cent

referred to in section 1 of article 3 of this Law.

All the properties in the previous list are included in the 80% as well as

the shares indicated.

i) Reserves from years in which the special tax regime established

in this Law has been applicable, which have been drawn down in

the tax period, other than for distribution or to offset losses. The

year from which these reserves come must be identified.

Voluntary reserves: 7,074,805 euros

Bº of 2019 applied to voluntary reserves: 304,475 euros

Bº of 2021 applied to voluntary reserves: 4,494,171 euros

Bº of 2022 applied to voluntary reserves: 175,412 euros

Bº of 2023 applied to voluntary reserves: 2,100,747 euros

Management Report

FY2024

SAINT CROIX HOLDING IMMOBILIER, SOCIMI, S.A.

Management report at the end of the 2024 financial year

1. Figures explained as of December 31, 2024

The key figures as of December 31, 2024, compared to December 31, 2023 are detailed below.

Euros

31/12/2024

31/12/2023

+ / -

Revenue

37.372.685

34.978.460

Leases

37.150.623

34.949.845

Miscellaneous services

222.062

28.615

Operating expenses

-7.118.219

-7.102.179

Net operating income (NOI)

30.254.466

27.876.281

Overheads

-705.117

-840.410

-16%

Ebitda

29.549.349

27.035.871

Financial result

-10.625.795

-2.537.749

319%

Ebtda

18.923.553

24.498.122

-23%

Amortizations

-7.283.762

-6.436.901

13%

Grants

56.351

Impairment/Reversal of Business Operations

-9.033

-9.701

Impairment/Reversion of Real Estate Assets

832.522

-108.609

Other results

885.017

4.585

Rdo. Disposal of real estate assets

953.914

2.463.710

-61%

Ebt

14.358.562

20.467.557

-30%

Corporate tax

-404.018

Net Income

14.358.562

20.063.539

-28%

Sectoral indicators as of December 31, 2024, and December 31, 2023

Euros

31/12/2024

Per share

31/12/2023

Per share

Recurring net profit

16.297.030

3,66

16.520.311

3,71

Net Asset Value

615.886.969

138,33

566.752.078

127,30

Costs

7.823.337

7.942.589

Revenue

37.372.685

34.978.460

Cost/revenue ratio

20,93%

22,71%

Vacancy rate

8,36%

13,35%

Net return

4,43%

4,42%

Main figures as of December 31, 2024, and December 31, 2023

Exercise

31/12/2024

31/12/2023

Annualized Returns (MM)

37,59

31,08

FFO (MM)

30,42

27,01

FFO (/action)

6,83

6,07

GAV (MM)

849,46

741,71

NAV (MM)

615,89

566,75

ROA

2,49%

3,83%

ROE

4,72%

6,28%

Gross leasable area (m2 s/r) (*)

228.380

234.987

% occupancy at closing

86,53%

83,47%

Lease Portfolio (MM)

266,65

269,43

WAULT

8,83

LTV

29,22%

23,25%

Net financial debt (MM)

233,04

171,70

LTV (with group debt)

27,45%

0,24

Net financial debt (with group debt) (MM)

233,04

177,97

Profit (euros/share)

3,23

4,51

Dividend (euros/share)

2,90

3,58

Gross yield via dividend

4,03%

5,28%

Definitions of APM:

- GAV: Gross market value of real estate assets; NAV: Gross market value of real estate assets - net financial debt +/- other assets and

liabilities, including loans to group companies and associates.

- NOI: Gross Operating Income - Operating Expenses.

- EBITDA: NOI - Other overheads.

- Ebtda: Ebitda - financial result.

- Recurring net profit: The Company's profit eliminating the result derived from the sale of real estate assets, impairments and

reversions, changes in the fair value of equity instruments, as well as the impact of corporate income tax.

- Annualised rents: Forecast of the income to be generated by the real estate assets owned 12 months from the date of information

based on the contractual conditions on that date.

Funds from operations (FFO): Direct cash flow from the Company's operations, i.e. rental income minus operating and exceptional

expenses involving cash flow or movement of funds.

Real estate investments (gross): As of December 31, 2024, the Company's gross real estate investments

amounted to €623,925,914. During the 2024 financial year, the following investments and divestments have

taken place: