MERLIN Properties Annual Report 2022

MERLIN Properties | 37 GAV EVOLUTION GAV has decreased by € -1,724m, reducing from a GAV of € 13,041m as of 31 st December 2021 to € 11,317m. The like-for-like evolution of GAV from 31 st December 2021 is -1.5% (1) - € 221.5 revaluation FY22 = - € 249.3m P&L revaluation + € 30.1m equity method revaluation and - € 2.4m IFRS 16 adjustment + € 132.3m revaluation 6M22 = + € 122.3m P&L revaluation + € 10.3m equity method revaluation and (€ 0.3m) IFRS 16 adjustment GAV BRIDGE YIELD EVOLUTION Gross yields have expanded by 44 bps since December 2021 65 Shopping centers Offices 39 44 bps Total Logistics 29 (€millions) 13,041.5 GAV FY21 11,317.3 GAV FY22 144.7 Acquisitions FY22 Capex &WIP FY22 227.7 (221.5) Revaluation (1) FY22 Disposals FY22 (1,875.0) Offices (1.5%) Total (1.9%) Logistics (3.5%) Shopping centers 0.6%