MERLIN Properties Annual Report 2023

| 49 Performance Measure EPRA Earnings Earnings from core operational activities 278,687 EPRA Earnings per Share 0.59 EPRA NAVs EPRA Net Reinstatement Value (EPRA NRV) EPRA Net Reinstatement Value: assumes that entities never sell assets and aims to represent the value required to rebuild the entity 15.78 EPRA Net Tangible Assets (EPRA NTA) EPRA Net Tangible Assets: assumes that entities buy and sell assets, thereby crystallizing certain levels of unavoidable deferred tax 15.08 EPRA Net Disposal Value (EPRA NDV) EPRA Net Disposal Value: represents the shareholders’ value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax 14.66 EPRA Net Initial Yield (NIY) Annualized rental income based on the cash passing rents at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with acquisition costs 4.3% EPRA 'topped-up' NIY Adjustment to the EPRA Net Initial Yield in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents) 4.6% EPRA Vacancy Rate Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio 4.9% EPRA Cost Ratios EPRA Cost Ratio (including direct vacancy costs) Running costs of the Company divided by recurring rents including direct vacancy costs 24.4% EPRA Cost Ratio (excluding direct vacancy costs) Running costs of the Company divided by recurring rents excluding direct vacancy costs 22.7% EPRA LTV Debt divided by market value of the property. The EPRA LTV’s aim is to assess the gearing of the shareholder equity within a real estate company 37.9% MERLIN Properties has been awarded by EPRA with the gold award of best practices in financial reporting. It is the highest recognition for an outstanding compliance with the best practices. EPRA Summary EPRA SUMMARY TABLE