MERLIN Properties Annual Report 2023

MERLIN Properties | 9 EPRA NTA PER SHARE EPRA NTA impacted by the yield expansion and the cash dividend distribution (€ 0.44 per share) EPRA NTA per share evolution € 15.08 (-3.8% YoY) LfL GAV evolution -3.4% EPRA NTA ps NAV ps 2023 2022 2021 2020 2019 16.11 15.67 15.08 15.39 15.46 EPRA NTA ps Loan to Value 35.0% Cost of debt 2.71% spot (2.38% hedged) FINANCIAL DEBT Solid financial structure, no maturities in 2024 and the 2025 bond (€ 600m) is already covered Loan to value 2023 2022 2021 2020 2019 C st of debt 2.09% 2.12% 2.07% 1.98% 2.38% 39.9% 39.2% 32.7% 35.0% 39.5% Loan to Value Cost of debt (hedged) FFO PER SHARE / AFFO PER SHARE FFO guidance met; almost compensating the effect of 1H22 rents from BBVA AFFO ps € 0.56 (-2.9% YoY) 2023 2022 2021 2020 2019 0.67 0.56 0.58 0.62 0.65 0.53 0.55 0.58 0.61 0.56 FFO ps AFFO ps FFO ps Excl. Tree disposal € 0.61 (-2.1% YoY) +9.6% PF • Strong year at an operational level, with overall rents growing at +6.5% LfL and FFO up +9.6% pro-forma • Succesful delivery of Plaza Ruiz Picasso 11, Cerro de los Gamos and 3 Data Centers; while completing all urban planning milestones for our logistics landbank to be fully ready-to-build • The company has met the updated guidance on FFO and has achieved strong operating performance in all key metrics, reaching record high occupancy (96.2% +110 bps YoY) • The slightly negative Total Shareholder Return (-1.0% YoY) reflects the significant yield expansion (+42 bps YoY to 5.1%). Since FY20, passing yields have expanded by 95 bps AT A GLANCE