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MERLIN PROPERTIES CONSOLIDATED PERFORMANCE ( 2.9 % ) Gross rents like - for - like YoY ( 15.3 % ) FFO per share YoY + 0.3 % NTA per Share YoY 3M21 RESULTS Trading Update ( € million ) 3M21 3M20 ΥΟΥ Total revenues 126.4 131.8 ( 4.1 % ) Gross rents 124.6 130.4 ( 4.5 % ) Gross rents after 107.8 123.3 ( 12.6 % ) incentives Net rents after propex 96.3 112.6 ( 14.5 % ) & collection losses Gross - to - net margin ( ) 89.4 % 91.3 % EBITDA ( 2 ) 87.9 103.9 ( 15.5 % ) Margin 70.5 % 79.7 % FFO ( 3 ) 63.3 74.7 ( 15.3 % ) 50.8 % 57.3 % 62.2 67.9 ( 8.4 % ) Net earnings 55.7 38.6 44.3 % ( € per share ) 3M21 3M20 ΥΟΥ FFO 0.13 0.16 ( 15.3 % ) AFFO 0.13 0.14 ( 8.4 % ) 0.12 0.08 44.3 % NTA 15.56 15.50 + 0.3 % ⚫ Business performance impacted by further mandatory closures . Tenants heavily affected by now ⚫ Heavier restrictions than anticipated result in rent reliefs of € 11.6m , recorded as a one - off expense ⚫ FFO per share of € 0.13 represents a 15.3 % decline compared to 3M20 , a mostly undisturbed period ⚫ Cash flow on track to meet the guidance for 2021 ( € 0.56 per share ) with additional rents from WIP WIP deliveries this quarter amount to 135,315 sqm and € 5.3m of incremental rents to FY21 • No revaluation in the period . NTA p.s at € 15.56 Margin AFFO EPS 3M21 Contracted Rent Leasing activity Occ . vs 31/12/20 Logistics BUSINESS PERFORMANCE ( 2.9 % ) Offices + 0.8 % ( 2.9 % ) sqm € m S. Centers Rents like - for - like YoY + 2.8 % + 2.9 % Offices Release spread + 5.5 % Offices Logistics Shopping centers 70,662 Lfl Release change spread 56.1 ( 2.9 % ) Bps 143,804 16.0 + 0.8 % + 2.8 % ( 177 ) + 2.9 % ( 287 ) 7,608 28.7 ( 2.9 % ) + 5.5 % ( 88 ) Logistics S. Centers Net leases n.a. 21.5 ( 0.1 % ) n.m. 29 Other n.a. ( 111 bps ) 93.1 % Total 222,074 2.3 ( 34.7 % ) 124.6 ( 2.9 % ) n.m. 2,497 ( 111 ) Occupancy vs 31/12/2020 Offices : 70,662 sqm contracted . LfL of ( 2.9 % ) and release spread of + 2.8 % Logistics : 143,804 sqm contracted . LfL of + 0.8 % and release spread of + 2.9 % Shopping centers : 7,608 sqm contracted . LfL of ( 2.9 % ) and release spread of + 5.5 % ( Net of incentives ( 2 ) Excludes non - overhead costs items ( € 0.7m ) plus LTIP accrual ( € 3.3m ) ( 3 ) FFO equals EBITDA less net interest payments , less minorities , less recurring income taxes plus share in earnings of equity method Gross rents bridge ( Єm ) LfL ( 4 ) ( 2.9 % ) 130.4 124.6 ( 3.7 ) ( 2.1 ) ( 4 ) Portfolio in operation for 3M20 ( € 125.3m of GRI ) and for 3M21 ( € 121.6m of GRI ) 3M20 Like - for - Like growth Balance acquisitions , 3M21 disposals , other