MERLIN Properties Annual Report 2019 / English

14 | Annual Report | 2019 Positioning #1 Offices #1 Shopping Centers #1 Logistics #1 Net leases • Flexibility to offer multitenant or headquarter buildings • Capacity to adapt to the needs of the tenant • Mainly urban footprint in high GDP/ capita areas in Spain • Critical mass with retail brands • “One-stop-shop” solution for logistics operators wishing to operate across Spain • Big footprint to match the rapid development of 3PL activity • Excellent conditions of BBVA lease agreement triple net lease with 1.5x HICP annual uplift 123 ASSETS 1,319K SQM € 6,161M GAV € 237M GRI 17 ASSETS 547K SQM € 2,540M GAV € 128M GRI Full Consolidation (1) Equity method (2) 715 ASSETS 363K SQM € 1,873M GAV € 87M GRI Zal Port 48.5% 50 ASSETS 469K SQM (+258K SQM WIP) € 46M GRI (4) 47 ASSETS 1,160K SQM € 939M GAV € 55M GRI WIP 12 PROJECTS 1,002K SQM € 577M GAV (3) € 45M GRI (3) Existing Existing Tres Aguas 50% 1 ASSET 68K SQM € 9M GRI (1) Not including other and non-core land (2) Data for minority stakes are reported for 100% of the subsidiary (3) Total expected investment and gross rent (4) Gross annual rent as of 31/12/19, pre ground lease expenses