MERLIN Properties Annual Report 2019 / English

| 23 Gross rents have increased by 4.5% on a like-for-like basis. Per asset category the like-for-like evolution is shown below: 4.5% Average MERLIN Offices 7.3% Shopping centers 3.1% Logistics 3.6% Net leases 1.2% Other (1.8%) LIKE-FOR-LIKE INCREASE Bridge of FY18 gross rents to FY19, for MERLIN and by asset category: MERLIN Offices Logistics Shopping centers (€m) (€m) (€m) (€m) (1) Portfolio in operation for the FY18 (€ 443.6m of GRI) and for the FY19 (€463.7m of GRI) (2) Office portfolio in operation for the FY18 (€ 198.3m of GRI) and for the FY19 (€ 212.8m of GRI) (3) Shopping centers portfolio in operation for the FY18 (€ 97.4m of GRI) and for the FY19 (€ 100.4m of GRI) (4) Logistics portfolio in operation for FY18 (€ 47.9m) and for FY19 (€ 49.6m of GRI) FY 2019 525.9 Balance acquisitions, disposals, other +6.1 Like-for-Like growth +20.1 LfL (1) +4.5% FY 2018 499.7 FY 2019 243.4 Balance acquisitions, disposals, other +0.8 Like-for-Like growth +14.5 LfL (2) +7.3% FY 2018 228.1 127.3 FY 2019 Balance acquisitions, disposals, other +15.4 +3.0 Like-for-Like growth LfL (3) +3.1% FY 2018 108.9 FY 2019 53.8 Balance acquisitions, disposals, other +1.8 Like-for-Like growth +1.7 LfL (4) +3.6% FY 2018 50.3