MERLIN Properties Annual Report 2020 / English

| 19 (1) GAV of land under development and NAV of equity method included in its respective category (offices, shopping centers and logistics). (2) Gross annualized rent on full consolidated assets. GROSS YIELD PER ASSET CLASS 4.5% MERLIN Average Offices 4.1% Net leases 4.7% Other 3.0% OCCUPANCY AND WAULT (YEARS) PER ASSET CLASS 5.4 MERLIN Average 94.2% MERLIN Average 17.4 Net leases 3.5 Other 99.7% Logistics 5.6% 3.4 Logistics 97.5% 72.1% 91.1% Offices 3.0 GAV PER ASSET CLASS (1) GROSS RENTS PER ASSET CLASS (2) Other Net leases Logistics Shopping centers O ce 11.6% 14.4% 17.5% 6.1% 50.3% Offices Shopping centers Logistics Net leases Other Business performance Other Net leases Logistics Shopping centers O ce 11.7% 17.2% 22.7% 2.1% 46.3% Shopping centers 5.0% 2.4 Shopping centers 93.7%