MERLIN Properties Annual Report 2020 / English

(1) 41.1% excluding transfer costs (2) 40.6% excluding transfer costs 2016 2017 2018 2019 2020 GRI AND INCENTIVES Top line resilience. Net rents impacted by the commercial policy in retail GRI € 503m (-4.3% YoY) GRI after incentives € 441m (-13.8% YoY) 453 474 512 GRI GRI + INCENTIVES 469 500 526 503 2016 2017 2018 2019 2020 441 351 NAV AND NTA EPRA NTA still on positive growth EPRA NTA per share increase GAV increase (with capex) € 15.46 (+0.5% YoY) +0.5% 11.23 EPRA NAV EPRA NTA 13.25 14.81 15.60 15.68 2016 2017 2018 2019 2020 15.39 15.46 LfL GAV increase (0.6%) Loan to Value (1) 39.9% Cost of debt 1.80% spot (2.12% hedged) FINANCIAL DEBT Leverage and cost of debt in line with 2019 Loan to Value Cost of debt (hedged) 2.26% 2.23% 2.13% 2.09% 2.12% 45.5% 43.6% 40.7% 39.9% (1) 39.5% (2) FFO / AFFO FFO per share exceeded the updated guidance. Decrease vs FY19 due to Covid-19 rent reliefs and non core disposals AFFO € 248mor €0.53 ps (-18.4%YoY) FFO € 262mor €0.56 ps (-16.2%YoY) 2016 2017 2018 2019 2020 AFFO ps FFO ps 0.60 0.62 0.61 0.67 0.56 0.58 0.58 0.65 0.53 AT A GLANCE 2020 tested the advantages of diversification and the resiliency of our business model. Key financial and operating metrics such as LfL rental income (+0.4% YoY) and occupancy (94.2% -57 bps YoY) remained in line with FY19. Cash flow generation (€ 262.4m FFO, -16.2% YoY) better than expected but was impacted by Covid-19 rent reliefs and non-core disposals