MERLIN Properties Annual Report 2023

MERLIN Properties | 37 GAV EVOLUTION GAV has decreased by € 48m, reducing from a GAV of € 11,317m as of 31 December 2022 to € 11,270m. The like-for-like decrease of GAV from 31 December 2022 is 3.4% (1) - € 317.8m devaluation FY23 = - € 336.0m P&L devaluation, +€ 32.9m equity method revaluation and - € 14.8m IFRS 16 adjustment GAV BRIDGE YIELD EVOLUTION Passing yields have expanded by 42 bps since December 2022 54 Shopping centers Offices 34 42 bps Total Logistics 40 (€millions) 11,317.3 GAV FY22 11,269.6 GAV FY23 Disposals FY23 (46.6) Capex &WIP FY23 286.2 Revaluation (1) FY23 (317.8) Acquisitions FY23 30.4 Offices (3.4%) Total (4.7%) Logistics (5.2%) Shopping centers 3.0%