MERLIN Properties Annual Report 2024

MERLIN Properties | 35 GAV EVOLUTION GAV has increased by € 270m, increasing from a GAV of € 11,270m as of 31 st December 2023 to € 11,540m as of 31 st December 2024. The like-for-like increase of GAV from 31 st December 2023 is 0.0% (1) € 0.9m revaluation FY24 = - € 1.1m P&L devaluation + € 4.0m equity method revaluation and - € 2.1m IFRS 16 adjustment GAV BRIDGE YIELD EXPANSION Passing yields have expanded by 21 bps since December 2023 (€millions) 11,270 GAV FY23 11,540 GAV FY24 Disposals FY24 (65.9) Capex &WIP FY24 271.0 Revaluation (1) FY24 0.9 Acquisitions FY24 64.3 Shopping centers Data Centers Logistics Offices (0.0%) Total LfL (0.1%) 16.9% (0.9%) (2.4%) 26 20 19 Shopping centers Logistics Offices 21 bps Total