MERLIN Properties Annual Report 2017 / English

ı 50 ı Notes to the consolidated balance sheet Fair value of the portfolio corresponds to the appraisal value delivered by CBRE and Savills as of 31 December 2017. It is important to note that in accordance with accounting regulations the increase of value in concessions, equity method and non- current assets for disposal are not reflected in the financial statements. The referred appraisal value is reflected in the following accounting Items: € million Leaseholds (included in intangible assets) 242.2 Investment property 10,352.4 Derivatives (in non-current financial assets) 207.3 Equity method 371.4 Non-current assets 0.9 Total balance sheet items 11,174.2 Increase of value in concessions 30.1 Increase of value in equity method 49.4 Increase of value in non-current assets 0.3 Total valuation 11,254.0 FINANCIAL DEBT During the period, MERLIN has executed the issuance of two unsecured bonds for an aggregate amount of € 900,000 thousand, with the following characteristics: MRL III MRL IV Issuance date 26 May 2017 18 September 2017 Size (€ thousand) 600,000 300,000 Coupon 1.750% 2.375% Expiration date 26 May 2025 18 September 2029 Spread on Euribor ms + 125 bps ms + 150.8 bps Covenants LTV ≤ 60% ≤ 60% ICR ≥ 2.5x ≥ 2.5x Unencumbered ratio ≥ 125% ≥ 125%