MERLIN Properties Annual Report 2023

52 | Annual report | 2023 (€ million) Offices Logistics Shopping Centers Data Centers Others Total Investment property – wholly owned 6,284 1,611 2,006 342 354 10,596 Investment property – share of JVs/Funds - - - - - - Trading property (including share of JVs) - - - - - - Less: developments (732) (201) - (342) (74) (1,348) Completed property portfolio 5,552 1,410 2,006 - 280 9,248 Allowance for estimated purchasers’ costs 176 36 45 - 8 265 Gross up completed property portfolio valuation B 5,728 1,445 2,051 - 289 9,512 Annualised cash passing rental income 259 78 122 - 14 474 Property outgoings (37) (6) (17) - (1) (62) Annualised net rents A 222 72 105 - 13 412 Add: notional rent expiration of rent free periods or other lease incentives 19 1 5 - 0 25 Topped-up net annualised rent C 240 74 109 - 13 436 EPRA NIY A/B 3.9% 5.0% 5.1% - 4.4% 4.3% EPRA “topped-up” NIY C/B 4.2% 5.1% 5.3% - 4.5% 4.6% EPRA NIY AND ‘TOPPED-UP’ NIY EPRA VACANCY RATE (€ million) Offices Logistics Shopping Centers Others Total Estimated Rental Value of vacant space A 17.1 1.6 6.2 0.1 25.0 Estimated Rental Value of the whole portfolio B 288.4 87.1 124.3 14.4 514.3 EPRA Vacancy Rate A/B 5.9% 1.8% 5.0% 0.6% 4.9%