MERLIN Properties Annual Report 2022

50 | Annual report | 2022 (€ million) Estimated Rental Value of vacant space A 30.3 Estimated rental value of the whole portfolio B 489.5 EPRA Vacancy Rate A/B 6.2% (€ million) Offices Logistics & Data Centers Shopping centers Others Total Investment property – wholly owned 6,504 1,641 2,135 405 10,685 Investment property – share of JVs/Funds - - - - - Trading property (including share of JVs) - - - - - Less: developments (648) (241) - (88) (977) Completed property portfolio 5,856 1,400 2,135 317 9,708 Allowance for estimated purchasers’ costs 169 41 44 10 264 Gross up completed property portfolio valuation B 6,025 1,442 2,179 327 9,972 Annualised cash passing rental income 257 72 124 12 466 Property outgoings (28) (5) (19) (1) (54) Annualised net rents A 229 67 105 11 412 Add: notional rent expiration of rent free periods or other lease incentives 10 1 5 0 16 Topped-up net annualised rent C 238 68 110 11 428 EPRA NIY A/B 3.8% 4.6% 4.8% 3.4% 4.1% EPRA “topped-up” NIY C/B 4.0% 4.7% 5.0% 3.5% 4.3% EPRA NIY AND ‘TOPPED-UP’ NIY EPRA VACANCY RATE