MERLIN Properties Annual Report 2017 / English

ı 11 ı Annual Report 2017 AT A GLANCE In 2017 MERLIN Properties achieved excellent results in cash flow generation and portfolio value pushing shareholder return to a very high level TOTAL SHAREHOLDER RETURN (TSR) Highest TSR achieved in the company’s history 2014 2015 2016 0.00 0.19 0.40 DPS TSR 2017 0. 46 4.9% (5.9%) 17.2% 21.6% (1) € 897.4m asset revaluation of investment property in P&L + off-balance sheet revaluations (2) 2016 FFO rebased to deduct recurring taxes NAV PER SHARE Strong growth in assets revaluation EPRA NAV per share increase Assets revaluation (1) € 13.25 (+18.0% YoY) € 959.0m 2014 2015 2016 2017 10.49 9.85 11.23 13.25 FFO PER SHARE / EPS Excellent year in cash flow generation meeting upgraded guidance and offsetting loss of € 0.06 of 2016 sales FFO ps € 0.62 (+2.0% (2) YoY) EPS € 2.34 (+47.1%) 2014 2015 2016 2017 0.39 0.22 1.59 2.34 0.25 0.60 0.60 0.62 EPS FFO ps Loan to Value Average cost of debt 43.6% 2.23% FINANCIAL DEBT Proactive management of the debt side resulting in lower leverage, extended maturities and lower exposure to interest rate fluctuations 2014 2015 2016 38.4% 49.8% 45.5% 3.1% 2.2% 2.3% Average cost of debt Loan to Value 2017 43.6% 2.2% TSR rate 21.6% Dividends of the period € 0.46 per share (+14% YoY) NAV per share