MERLIN Properties Annual Report 2024

MERLIN Properties | 43 Per share (€) € million EPRA NTA 31/12/2023 15.08 7,083 NTA growth in FY24 (3) (0.76) (374) Capital increase adjustment 1,362 EPRA NTA 31/12/2024 14.32 8,071 DPS paid in 2024 0.42 214 NTA growth + DPS (Shareholder Return) (0.34) (160) Shareholder Return Rate (2.3%) (2.3%) SHAREHOLDERS RETURN The Shareholder Return for a given period is equivalent to the sum of (a) the change in the EPRA NTA per share of the Company during such period; and (b) the total dividends per share (or any other form of remuneration or distribution to the Shareholders) that are paid in such period (the “Shareholder Return”). The Shareholder Return Rate is defined as the Shareholder Return for a given period divided by the EPRA NTA per share of the Company at the beginning of period (the “Shareholder Return Rate”). In accordance with these definitions, the Shareholder Return for FY24 amounts to € -0.34 per share (or € 160m of value destroyed in absolute terms) and the Shareholder Return Rate amounts to -2.3% MERLIN’s debt as of 31 st December has an average hedged cost of 2.46% (spot 2.55% plus derivative costs). Nominal debt with interest rate hedged amounts to 100.0%. Key debt ratios are shown below: MERLIN is currently covered by two rating agencies (€ million) 31/12/2024 31/12/2023 Gross financial debt 4,914 4,526 Cash and equivalents (1) (1,567) (477) Net financial debt 3,347 4,050 GAV 11,540 11,270 LTV (Inc. TC) 28.3% 35.0% Av. Interest rate 2.46% 2.38% Hedged debt 100.0% 99.7% Av. Maturity (years) 4.3 5.1 Liquidity (2) 2,364 1,309 Non-mortgage debt 85.7% 90.4% (1) Includes cash and treasury stock (€ 14.4m) in FY24 and cash and treasury stock (€ 14.5m) in FY23 (2) Includes available cash plus treasury stock and undrawned credit facilities (€797m RCF, new syndicated loan and EIB loan) in FY24 and cash plus treasury stock and undrawned credit facilities (€ 832m RCF and EIB loan) in FY23 (3) Excluding the capital increase BBB+ Stable Baa1 Stable