MERLIN Properties Annual Report 2018 / English

ı 97 ı Annual Report 20 18 EPRA COST RATIO High Street Retail Other WIP TOTAL 2,220,070 422,404 589,120 11,840,470 (105,063) (589,120) (694,183) 2,220,070 317,341 - 11,146,288 95,043 13,994 - 508,740 (1,539) (1,174) - (40,140) 93,504 12,820 - 468,600 (538) (251) - (18,987) 92,966 12,570 - 449,613 4.2% 4.0% 4.2% 4.2% 4.0% 4.0% (€ thousand) 31/12/18 Property expenses not recharged to tenants (41,748) Collection loss (424) Personnel expenses (73,843) Opex general expenses (9,181) Opex non-overhead general expenses (5,018) LTIP accrual 43,435 Exclude: Investment property depreciation - Ground rent costs - Service charge recovered through rents but not invoiced separately - Expenses related to 3rd party asset management services - EPRA cost ratio (including direct vacancy costs) (86,779) Gross rents 499,708 Less: incentives (24,062) Less: service fee if part of gross rents - Add: income o Joint-Ventures - Gross rental income 475,646 EPRA Cost ratio 18.2% EPRA Cost ratio (excluding non-overhead general expenses) 17.2%