MERLIN Properties Annual Report 2024

38 | Annual report | 2024 Gross rents (€ 500,380 thousand) less incentives of € 29,790 thousand equals to gross rents net of incentives of € 470,590 thousand. After deducting porfolio operating expenses not recharged to the tenants & collection loss (€ 52,481 thousand) the resulting amount is € 418,109 thousand of net rents. The total amount of operating expenses of the Company in the period is € 64,206 thousand, with the following breakdown: i. € 33,361 thousand correspond to personnel expenses. ii. € 21,932 thousand of Opex general expenses. iii. € 2,804 thousand corresponding to the long-term incentive plan (LTIP). iv. € 6,109 thousand of Opex non-overheads operating expenses. The reconciliation between gross rents of the period and FFO is as follows: Gross rents Gross rents net of incentives Net rents after incentives and propex non rechargeable Other operating income Personnel expenses General expenses (opex) Net financial result, recurring taxes & other Maintenance capex FFO AFFO EBITDA Incentives Propex non recharged & Collection loss (€m) 470.6 418.1 310.8 291.3 379.2 500.4 (68.4) (19.6) (21.9) (33.4) 16.4 (52.5) (29.8) NOTES TO THE CONSOLIDATED INCOME STATEMENT FY24