MERLIN Properties Annual Report 2022

MERLIN Properties | 9 FFO PER SHARE / AFFO PER SHARE FFO per share exceeded updated guidance (>€ 0.60 per share) AFFO ps € 0.58 (+5.1% YoY) FFO ps € 0.62 (+6.4% YoY) AFFO ps FFO ps 2022 2021 2020 2019 0.67 0.56 0.58 0.62 0.65 0.53 0.58 0.55 FFO ps AFFO ps EPRA NTA PER SHARE EPRA NTA impacted by a high dividend distribution (€ 1.20 per share) EPRA NTA per share evolution € 15.67 (-2.7% YoY) TSR YTD +4.7% LfL GAV evolution (1.5%) EPRA NTA ps 2022 2021 2020 2019 16.11 15.67 15.39 15.46 EPRA NTA ps Loan to Value 32.7% (35.8% EPRA LTV) Cost of debt 2.00% spot (1.98% hedged) FINANCIAL DEBT Material deleveraging despite the valuation impact and value creation capex, thanks to the disposal of Tree Loan to value 2022 2021 2020 2019 2018 C st of debt 2.13% 2.09% 2.12% 2.07% 1.98% 40.7% 39.9% 39.2% 32.7% 39.5% Loan to Valu (%) Cost of debt (hedged) (%) • Healthy growth in all of our key metrics such as occupancy (95.1% +60 bps YoY), LfL rental income (+7.3% YoY) or cash flow generation (€ 290.5m FFO, +6.4% YoY) • Positive Total Shareholder Return (+4.7% YoY) despite a significant yield expansion (+44 bps YoY to 4.7% passing) thanks to a strong operating performance and accretive capital recycling • Radical deleverage before the tightening of the capital markets enables the company to just focus on operating performance and value creation • In 2023, MERLIN will deliver 4 fully refurbished office buildings virtually fully let totalling 58,525 sqm, 1 logistics warehouse totalling 47,342 sqm and Phase I of the Mega plan (9MW) AT A GLANCE: A YEAR OF ALPHA