MERLIN Properties Annual Report 2017 / English

ı 95 ı Annual Report 2017 High Street Retail Other Land under development TOTAL 2,347,536 410,776 455,061 10,833,141 - (455,061) (455,061) (105,784) (105,784) 2,347,536 304,992 - 10,272,295 103,929 12,891 - 466,569 (1,807) (968) - (34,824) 102,039 11,923 - 431,744 (71.2) (200) - (13,032) 101,746 11,715 - 418,712 4.35% 3.91% 4.22% 4.33% 3.84% 4.09% (€ thousand) 31/12/17 Propex not recharged to tenants (35,564) Incentives (16,754) Collection loss (1,851) Personnel expenses (71,619) General expenses recurring (9,767) General expenses non-recurring (4,951) LTIP provision 43,839 Exclude Investment property depreciation - Ground rent costs - Service charge recovered through rents but not invoiced separetely - Expenses related to 3rd party asset management services - EPRA Cost Ratio (inclding direct vacancy cost) (96,667) Gross rents 469,405 Less: service fee if part of gross rents - Add: income of joint ventures - Gross rental income 469,405 EPRA Cost Ratio (including non-recurring general expenses) 20.6% EPRA Cost Ratio (excluding non-recurring general expenses) 19.5% EPRA cost ratio