MERLIN Properties Annual Report 2019 / English

90 | Annual Report | 2019 EPRA YIELDS (€ million) Offices Shopping centers Logistics Gross asset value 6,160.8 2,540.4 939.0 Exclude WIP & Land (507.2) (1) Commercial property portfolio GAV 5,653.6 2,540.4 939.0 Gross rents annualized 231.0 (1) 128.3 54.7 Exclude: Propex not recharged to tenants (19.9) (16,5) (3.3) “Topped-up” net rents annualized 211.1 111.7 51.4 Exclude: Incentives (6.1) (4.0) (1.5) Net rents annualized 205.0 107.7 49.9 EPRA “topped-up” yield 3.7% 4.4% 5.5% EPRA net initial yield 3.6% 4.2% 5.3% (1) Excluding assets under full refurbishment