MERLIN Properties Annual Report 2021

MERLIN Properties | 35 GAV EVOLUTION GAV has increased by € 230m, raising from a GAV of € 12,811m as of 31 st December 2020 to € 13,041m. The like-for-like increase of GAV from 31 st December 2020 is 2.0% (1) € 278m revaluation FY21 = € 177.0m P&L revaluation + € 44.5m equity method revaluation + € 59.2m Tree derivative - € 2.8m IFRS 16 adjustment. Silicius revaluation within equity method is net of derivatives variation GAV BRIDGE YIELD EXPANSION/(COMPRESSION) Exit yields have compressed by 6 bps since December 2020 Offices Shopping centers Net leases 2.0% Total 0.5% 2.3% (1.6%) Shopping centers 0 2 Net leases Offices (3) (6 bps) Total Logistics 14.5% Logistics (50) (€ millions) 12,811.1 GAV FY20 13,041.5 GAV FY21 (222.8) Disposals FY21 Capex & WIP FY21 142.7 278.0 Revaluation (1) FY21 (7.3) Other Acquisitions FY21 39.7