MERLIN Properties Annual Report 2017 / English

ı 94 ı (€ thousand) Offices Shopping centers Logistics Gross asset value 5,219,490 1,752,715 647,562 Exclude: Land for development Non-core land Commercial property portfolio GAV 5,219,490 1,752,715 647,562 Gross rents annualized 214,967 91,798 42,984 Exclude: Propex not recharged to tenants (17,204) (13,464) (1,381) "Topped-up" net rents annualized 197,762 78,333 41,603 Exclude: Incentives (8,271) (2,179) (1,999) Net rents annaulized 189,492 76,154 39,604 EPRA "topped-up" yield 3.79% 4.56% 6.42% EPRA net initial yield 3.63% 4.43% 6.12% EPRA Yields