MERLIN Properties Annual Report 2024

48 | Annual report | 2024 (€ million) Offices Logistics Shopping Centers Data Centers Others Total Investment property – wholly owned 6,581 1,613 2,014 560 52 10,820 Investment property – share of JVs/Funds - - - - - - Trading property (including share of JVs) - - - - - - Less: developments (563) (221) - (560) (49) (1,392) Completed property portfolio 6,018 1,392 2,014 - 3 9,427 Allowance for estimated purchasers’ costs 181 38 42 - 0 261 Gross up completed property portfolio valuation B 6,199 1,430 2,056 - 3 9,688 Annualised cash passing rental income 294 80 127 - 0 501 Property outgoings (44) (7) (17) - (0) (68) Annualised net rents A 250 73 110 - (0) 433 Add: notional rent expiration of rent free periods or other lease incentives 22 2 5 - - 29 Topped-up net annualised rent C 272 75 115 - (0) 462 EPRA NIY A/B 4.0% 5.1% 5.4% - (1.9%) 4.5% EPRA “topped-up” NIY C/B 4.4% 5.2% 5.6% - (1.9%) 4.8% EPRA NET INITIAL YIELD (NIY) AND EPRA “TOPPED UP” NET INITIAL YIELD EPRA VACANCY RATE Offices Logistics Shopping Centers Data Centers Others Total Estimated Rental Value of vacant space (€ million) A 16.1 1.1 7.5 12.6 0.2 37.4 Estimated Rental Value of the whole portfolio (€ million) B 308.9 83.4 125.5 37.9 0.2 555.9 EPRA Vacancy Rate (%) A/B 5.2% 1.3% 5.9% 33.2% 80.1% 6.7%