MERLIN Properties Annual Report 2018 / English

ı 13 ı Annual Report 20 18 ı 1 ı AT A GLANCE In 2018 MERLIN Properties has reported an excellent cash flow and a sound net asset revaluation, pushing shareholder return above 15% FY18 RESULTS Trading Update NAV PER SHARE Strong growth in assets revaluation EPRA NAV per share increase LfL GAV growth € 14.81 (+11.7% YoY) 6.1% Loan to Value Average cost of debt 40.7% 2.13% FINANCIAL DEBT Proactive management of the debt side resulting in significant reduction of leverage, reduced cost of debt and exposure to interest rate fluctuations TOTAL SHAREHOLDER RETURN (TSR) Double digit TSR achieved in the period TSR rate 15.2% FFO PER SHARE / AFFO PER SHARE Excellent year in cash flow generation, meeting guidance and overcoming the drag effect of the cancellation of the service contract with Testa Residencial FFO ps AFFO ps € 0.58 EPRA NAV per share 2014 2015 2016 2017 2018 4.9% (5.3%) 17.2% 21.6% 15.2% 0.00 0.19 0.40 0.46 0.50 DPS TSR 9.85 11.23 10.49 13.25 14.81 2014 2015 2016 2017 2018 € 0.61 EPS FFO ps 0.62 0.61 0.60 0.60 0.25 2.34 1.59 0.22 0.39 2014 2015 2016 2017 2018 1.82 2014 49.8% Average cost of debt Loan to Value 3.08% 2.22% 2.26% 2.23% 2.13% 38.4% 45.5% 43.6% 40.7% 2015 2016 2017 2018 Dividends of the period € 0.50 per share (+9% YoY)