MERLIN Properties Annual Report 2021

84 | Annual Report | 2021 (€ million) EPRA Net Asset Value Metrics EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 7,026.9 7,026.9 7,026.9 Include / Exclude: i) Hybrid instruments - - - Diluted NAV 7,026.9 7,026.9 7,026.9 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 47.9 47.9 47.9 iii) Revaluation of tenant leases held as finance leases - - - iv) Revaluation of trading properties - - - Diluted NAV at Fair Value 7,074.8 7,074.8 7,074.8 Exclude: v) Deferred tax in relation to fair value gains of IP 597.2 502.6 - vi) Fair value of financial instruments (8.3) (8.3) - 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 (1.6) Include: ix) Fair value of fixed interest rate debt (124.4) x) Revaluation of intangibles to fair value - xi) Real estate transfer tax 350.9 - - NAV 8,014.6 7,567.5 6,950.4 Fully diluted number of shares 469,770,750 469,770,750 469,770,750 NAV per share 17.06 16.11 14.80 EPRA YIELDS EPRA NRV, NTA AND NDV (€ million) Offices Shopping centers Logistics Asset value 6,416.4 2,200.0 1,324.2 Transfer tax 165.1 45.9 41.5 Gross asset value 6,581.5 2,245.9 1,365.8 Exclude WIP & Land (369.6) - - Commercial property portfolio GAV 6,211.9 2,245.9 1,365.8 Gross rents annualized 239.5 113.6 64.8 Exclude: Propex not recharged to tenants (21.6) (14.8) (5.1) “Topped-up” net rents annualized 217.8 98.7 59.7 Exclude: Incentives (7.0) (4.9) (1.0) Net rents annualized 210.9 93.9 58.7 EPRA “topped-up” yield 3.5% 4.4% 4.4% EPRA net initial yield 3.4% 4.2% 4.3%