MERLIN Properties Annual Report 2023

| 39 CONSOLIDATED INCOME STATEMENT Financial statements (€ thousand) 31/12/2023 31/12/2022 Gross rents 475,614 452,842 Offices 254,831 242,716 Logistics 80,273 73,563 Shopping centers 125,776 123,840 Data Centers 539 - Other 14,196 12,723 Other income 12,654 7,881 Total Revenues 488,268 460,723 Incentives (28,407) (24,688) Total Operating Expenses (98,461) (107,838) Propex (43,500) (49,276) Personnel expenses (31,759) (35,659) Opex general expenses (17,651) (16,446) Opex non-overheads (2,747) (2,443) LTIP Provision (2,804) (4,014) Accounting EBITDA 361,400 328,197 Depreciation (2,075) (1,885) Gain / (losses) on disposal of assets (7,023) 11,561 Provisions (7,411) (160) Change in fair value of investment property (335,984) (249,272) EBIT 8,907 88,441 Net financial expenses (109,185) (91,532) Debt amortization costs (8,405) (13,729) Gain / (losses) on disposal of financial instruments - (283) Change in fair value of financial instruments (6,232) 41,226 Share in earnings of equity method instruments 39,923 24,033 PROFIT BEFORE TAX (74,992) 48,156 Income taxes (8,505) (6,800) PROFIT (LOSS) FOR THE PERIOD RECURRING OPERATIONS (83,497) 41,356 Result from discontinued operations - 221,731 Minorities - - PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE (83,497) 263,087