MERLIN Properties Annual Report 2020 / English

| 21 Aggregate gross rents have increased by 0.4% on a like-for-like basis. Per asset category, the like-for-like evolution is shown below. 0.4% Average MERLIN Offices 2.2% LIKE-FOR-LIKE INCREASE Bridge of FY19 gross rents to FY20, for MERLIN and by asset category: MERLIN Offices (€m) (€m) (1) Portfolio in operation for FY19 (€ 485.2m of GRI) and for FY20 (€ 487.1m of GRI). (2) Office portfolio in operation for FY19 (€ 220.5m of GRI) and for FY20 (€ 225.4m of GRI). (3) Logistics portfolio in operation for FY19 (€ 52.3m of GRI) and for FY20 (€ 53.2m). (4) Shopping centers portfolio in operation for FY19 (€ 113.3m of GRI) and for FY20 (€ 111.9m of GRI). Logistics 1.8% FY 2020 503.4 Balance acquisitions, disposals, other (24.4) Like-for-Like growth +1.9 LfL (1) +0.4% FY 2019 525.9 FY 2020 233.2 Balance acquisitions, disposals, other (15.1) Like-for-Like growth +4.9 LfL (2) +2.2% FY 2019 243.4 Shopping centers (€m) 114.4 FY 2020 Balance acquisitions, disposals, other (11.5) (1.4) Like-for-Like growth LfL (3) (1.2%) FY 2019 127.3 Logistics (€m) FY 2020 58.9 Balance acquisitions, disposals, other +4.1 Like-for-Like growth +1.0 LfL (4) +1.8% FY 2019 53.8 Shopping centers (1.2%) Net leases 1.2%