MERLIN Properties Annual Report 2019 / English

| 21 (1) GAV of land under development and NAV of equity method included in its respective category (offices, shopping centers and logistics) (2) Gross annualized rent on full consolidated assets GROSS YIELD PER ASSET CLASS 4.5% MERLIN Average Offices 4.1% Shopping centers 5.1% Logistics 5.8% Net leases 4.6% Other 4.1% OCCUPANCY AND WAULT (YEARS) PER ASSET CLASS 5.6 MERLIN Average 94.8% MERLIN Average 18.4 100% Net leases 4.0 97.7% Logistics 2.4 93.3% Shopping centers 3.2 72.1% Other 92.8% Offices 3.0 GAV PER ASSET CLASS (1) GROSS RENTS PER ASSET CLASS (2) Other Net leases Logistics Shopping centers O ce Other Net leases Logistics Shopping centers O ce 10.6% 9.9% 45.5% 14.7% 24.6% 20.3% 5.8% 2.7% 49.3% 16.6% Offices Shopping centers Logistics Net leases Other Business performance