MERLIN Properties Annual Report 2019 / English

| 91 EPRA COST RATIO Net Leases Other WIP TOTAL 1,873.2 452.5 301.3 12,267.3 (105.8) (301.3) (914.3) 1,873.2 346.7 - 11,352.9 86.6 14.1 - 514.6 (0.6) (1.6) - (41.9) 86.0 12.5 - 472.8 (0.4) (1.2) - (13.1) 85.7 11.3 - 459.7 4.6% 3.6% 4.2% 4.6% 3.3% 4.1% (€ thousand) Notes 12/31/2019 Property expenses not recharged to tenants 18 b (47,780) Collection loss 18 b (483) Personnel expenses 18 c (76,526) Opex general expenses 18 b (10,186) Opex non-overhead general expenses 18 b and 18 c (4,939) LTIP accrual 18 c 44,242 Exclude: Investment property depreciation - Ground rent costs - Service charge recovered through rents but not invoiced separately - Expenses related to 3rd party asset management services - EPRA cost ratio (including direct vacancy costs) (95,672) Gross rents 8.2 525,918 Less: incentives n.a (14,393) Less: service fee if part of gross rents - Add: income o Joint-Ventures - Gross rental income 18 a 511,525 EPRA Cost ratio 18.7% EPRA Cost ratio (excluding non-overhead general expenses) 17.7%