MERLIN Properties Annual Report 2023

44 | Annual report | 2023 Per share (€) € millon EPRA NTA 31/12/2022 15.67 7,363 NTA growth in 2023 (0.59) (280) EPRA NTA 31/12/2023 15.08 7,083 DPS paid in 2023 0.44 207 NTA growth + DPS (Shareholder Return) (0.15) (73) Shareholder Return Rate (1.0%) (1.0%) SHAREHOLDERS RETURN The Shareholder Return for a given period is equivalent to the sum of (a) the change in the EPRA NTA per share of the Company during such period; and (b) the total dividends per share (or any other form of remuneration or distribution to the Shareholders) that are paid in such period (the “Shareholder Return”). The Shareholder Return Rate is defined as the Shareholder Return for a given period divided by the EPRA NTA per share of the Company at the beginning of period (the “Shareholder Return Rate”). In accordance with these definitions, the Shareholder Return for FY23 amounts to € -0.15 per share (or € 73m of value destructed in absolute terms) and the Shareholder Return Rate amounts to -1.0% MERLIN’s debt as of 31 st December has an average cost of 2.38% (spot 2.71% excluding hedging derivatives). Nominal debt with interest rate hedged amounts to 99.7%. Key debt ratios are shown below: (€ million) 31/12/2023 31/12/2022 Gross financial debt 4,526 4,239 Cash and equivalents (1) (477) (447) Net financial debt 4,050 3,792 GAV 11,270 11,317 LTV (exc. TC) 35.0% 32.7% Av. Interest rate 2.38% 1.98% Hedged debt 99.7% 99.6% Av. Maturity (years) 5.1 4.9 Liquidity (2) 1,309 1,856 Non-mortgage debt 90.4% 98.0% (1) Includes cash and treasury stock (€ 15.4m) in FY23 and cash and treasury stock (€ 17.2m) in FY22 (2) Includes available cash plus treasury stock and undrawned credit facilities (€ 832m RCF and EIB loan) in FY23 and cash plus treasury stock and undrawned credit facilities (€ 809m RCF and EIB loan) in FY22