MERLIN Properties Annual Report 2018 / English

ı 54 ı The evolution of EPRA metrics from 31 December 2014 has been the following: EPRA YIELDS 5.9% 5.9% EPRA net initial yield EPRA topped-up yield 5.0% 5.0% 4.6% 4.5% 4.2% 4.1% 4.0% 4.2% 31/12/14 31/12/15 31/12/16 31/12/17 31/12/18 EPRA NAV/SHARE 10.49 9.85 11.23 13.25 14.81 EPRA VACANCY/COSTS EPRA costs (1) EPRA vacancy 3.4% 5.4% 7.4% 6.6% 9.8% 11.7% 13.3% 16.6% 17.2% 15.0% 31/12/14 31/12/15 31/12/16 31/12/17 31/12/18 (1) EPRA costs excluding non recurring costs. Past reported has been rebased in order to deduct incentives from gross rents