MERLIN Properties Annual Report 2019 / English

| 43 (€ thousand) 31/12/19 31/12/18 (1) Gross rents 525,918 499,708 Offices 243,431 228,127 Shopping centers 127,300 108,905 Logistics 53,796 50,327 Net leases 86,962 96,721 Other 14,429 15,628 Other income 4,713 9,800 Total Revenues 530,631 509,508 Incentives (14,393) (24,062) Total Operating Expenses (139,914) (130,214) Propex (2) (48,263) (42,172) Personnel expenses (32,284) (30,408) Opex recurring (10,186) (9,181) Opex non-overheads (4,939) (5,018) LTIP Provision (44,242) (43,435) EBITDA 376,324 355,232 Depreciation (2,123) (1,572) Gain / (losses) on disposal of assets (19,063) 6,815 Provision surpluses 87 13,554 Change in fair value of investment property 354,972 629,184 Difference on business combination (2,866) (20,523) EBIT 707,331 982,690 Net financial expenses (112,415) (119,298) Debt amortization costs (3,163) 4,306 Gain / (losses) on disposal of financial instruments (40) 4,198 Change in fair value of financial instruments (11,068) (80,750) Share in earnings of equity method instruments 10,065 46,610 Testa Residencial service agreement cancellation - 53,027 Aedas service fee - 22,242 PROFIT BEFORE TAX 590,710 913,025 Income taxes (27,071) (58,146) PROFIT (LOSS) FOR THE PERIOD 563,639 854,879 Minorities - - PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE 563,639 854,879 (1) Re-stated to include the asset reclassification (2) Includes collection loss CONSOLIDATED INCOME STATEMENT Financial statements