MERLIN Properties Annual Report 2019 / English

AT A GLANCE In 2019 MERLIN Properties has reported excellent results in all key financial and operative metrics including occupancy (94.8% +140 bps YoY) rental income (€ 525.9m, +5.2% YoY) and cash flow generation (€ 303.3m in AFFO, +12.1% YoY) TOTAL SHAREHOLDER RETURN (TSR) Another year delivering the target return TSR rate 8.8% 2015 2016 2017 2018 2019 (5.3%) 17.2% 21.6% 15.2% 8.8% 0.40 0.19 0.46 0.50 0.52 TSR DPS Dividends of the period € 0.52 per share (1) (+4% YoY) NAV PER SHARE Assets revaluation capturing rental growth NAV per share increase LfL GAV increase € 15.60 (+5.4% YoY) 3.3% 9.85 11.23 EPRA NAV per share 13.25 14.81 15.60 2015 2016 2017 2018 2019 FFO PER SHARE / AFFO PER SHARE Outstanding year in cash flow generation exceeding guidance FFO ps AFFO ps € 0.65 (+12.1% YoY) € 0.67 (+9.2% YoY) EPS FFO ps 0.62 0.61 0.67 0.60 0.60 2.34 1.59 0.22 1.82 1.20 2015 2016 2017 2018 2019 Loan to Value Average cost of debt 40.6% (2) 2.09% FINANCIAL DEBT Proactive management of the debt side resulting in lower leverage and lower cost of debt and increasing average maturity Average cost of debt Loan to Value 49.8% 2.22% 2.26% 2.23% 2.13% 2.09% 45.5% 43.6% 40.7% 40.6% 2015 2016 2017 2018 2019 (1) Including € 0.17 of share premium distribution delegated to the Board of Directors. The Board will decide its payout (2) 39.5% including transfer costs