MERLIN Properties Annual Report 2020 / English

82 | Annual Report | 2020 (€ million) Offices Shopping centers Logistics Asset value 6,322.4 2,207.5 1,026.1 Transfer tax 147.6 76.3 34.0 Gross asset value 6,470.1 2,283.8 1,060.0 Exclude WIP & Land (700.0) 0.0 0.0 Commercial property portfolio GAV 5,770.1 2,283.8 1,060.0 Gross rents annualized 229.4 110.9 57.9 Exclude: Propex not recharged to tenants (17.3) (12.1) (4.7) “Topped-up” net rents annualized 212.0 98.8 53.1 Exclude: Incentives (5.6) (3.4) (2.1) Net rents annualized 206.5 95.3 51.0 EPRA “topped-up” yield 3.7% 4.3% 5.0% EPRA net initial yield 3.6% 4.2% 4.8% EPRA YIELDS EPRA NRV, NTA AND NDV (€ million) EPRA Net Asset Value Metrics EPRA NRV EPRA NTA EPRA NDV NAV (1) IFRS Equity attributable to shareholders 6,696.3 6,696.3 6,696.3 6,696.3 Include / Exclude: i) Hybrid instruments - - - - Diluted NAV 6,696.3 6,696.3 6,696.3 6,696.3 Include: ii.a) Revaluation of IP (if IAS 40 cost option is used) - - - - ii.b) Revaluation of IPUC1 (if IAS 40 cost option is used) - - - - ii.c) Revaluation of other non-current investments 37.8 37.8 37.8 37.8 iii) Revaluation of tenant leases held as finance leases - - - - iv) Revaluation of trading properties - - - - Diluted NAV at Fair Value 6,734.1 6,734.1 6,734.1 6,734.1 Exclude: v) Deferred tax in relation to fair value gains of IP 597.0 497.3 - 597.0 vi) Fair value of financial instruments 33.0 33.0 - 33.0 vii) Goodwill as a result of deferred tax - - - - viii.a) Goodwill as per the IFRS balance sheet - - viii.b) Intangibles as per the IFRS balance sheet (1.0) Include: ix) Fair value of fixed interest rate debt (190.0) x) Revaluation of intangibles to fair value - xi) Real estate transfer tax 374.4 - - - NAV 7,738.5 7,263.4 6,544.1 7,364.1 Fully diluted number of shares 469.8 469.8 469.8 469.8 NAV per share 16.47 15.46 13.93 15.68 (1) Calculated as per the previous EPRA NAV definition. From now onwards, MERLIN will report the EPRA NRV, EPRA NTA and EPRA NDV.