MERLIN Properties Annual Report 2018 / English

ı 96 ı EPRA YIELDS (€ thousand) Offices Shopping centers Logistics Gross asset value 5,513,077 2,265,318 830,481 Exclude: WIP & Land Commercial property portfolio GAV 5,513,077 2,265,318 830,481 Gross rents annualized 232,511 116,048 51,145 Exclude: Propex not recharged to tenants (20,857) (12,964) (3,607) "Topped-up" net rents annualized 211,654 103,083 47,538 Exclude: Incentives (11,418) (4,444) (2,337) Net rents annualized 200,236 98,640 45,201 EPRA "topped-up" yield 3.8% 4.6% 5.7% EPRA net initial yield 3.6% 4.4% 5.4%