MERLIN Properties Annual Report 2019 / English

52 | Annual Report | 2019 The evolution of EPRA metrics from 31 December 2016 has been the following: EPRA YIELDS EPRA net initial yield EPRA topped-up yield 4.6% 4.5% 4.2% 4.1% 4.0% 4.0% 4.2% 4.1% 31/12/16 31/12/16 31/12/17 31/12/17 31/12/18 31/12/18 EPRA NAV/SHARE 11.23 13.25 14.81 15.60 EPRA VACANCY/COSTS EPRA costs (1) EPRA vacancy 7.4% 6.6% 5.2% 9.8% 16.6% 17.2% 17.7% 15.0% (1) EPRA costs excluding non recurring costs. Past reported has been rebased in order to deduct incentives from gross rents 31/12/19 31/12/19 31/12/16 31/12/17 31/12/18 31/12/19