MERLIN Properties Annual Report 2019 / English

| 41 GAV EVOLUTION GAV has increased by € 710m, raising from a GAV of € 12,041m as of 31 December 2018 to € 12,751m. The like-for-like increase of GAV from 31 December 2018 is +3.3%. 3.3% Total Offices 4.8% Shopping centers Logistics 9.0% 0.5% Net leases YIELD COMPRESSION Exit yields have compressed by 14 bps since December 2018 14 bps Total 27 Shopping centers (9) Logistics 42 0 Net leases Offices (0.1%) GAV BRIDGE (€ millions) 12,041.1 GAV FY18 12,751.3 GAV FY19 (270.7) Disposals 166.4 Capex & WIP 364.4 Revaluation (1) FY19 450.0 Acquisitions (1) € 364.4m revaluation FY19 = € 355.0m P&L revaluation + € 10.6m equity method revaluation + € 2.4m Tree derivative - € 3.5m IFRS 16 adjustment