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M MERLIN PROPERTIES CONSOLIDATED PERFORMANCE ( 1.2 % ) Gross rents like - for - like YoY + 2.3 % FFO per share YoY + 1.5 % NTA per share YTD ● ● Top line clearly improving . Negative LfL rental growth of ( 1.2 % ) compares to ( 2.2 % ) in 6M21 . Revenue figures do not yet capture the emerging inflation that we foresee in the following quarters ( + 5.5 % October CPI in Spain ) • Covid - 19 rent reliefs amount to € 23.7m in the period ( € 4.0m in Q3 ) , recorded as a one - off expense ( not straight lined ) . Collection rates continue at non eventful levels despite incentives reduction FFO per share of € 0.43 represents a 2.3 % increase compared to 9M20 , first increase YoY since FY19 . On track to surpass guidance for 2021 ( € 0.56 per share ) • No revaluation in the period . NTA per share standing at € 15.69 BUSINESS PERFORMANCE ( 0.6 % ) S. Centers ( 2.1 % ) + 0.6 % Offices Logistics Rents like - for - like YoY + 4.8 % + 3.2 % Logistics Offices Release spread +30 bps Occupancy vs 30/06/2021 + 5.9 % S. Centers 94.0 % Offices : 204,742 sqm contracted . LfL of ( 2.1 % ) and release spread of + 4.8 % Logistics : 222,068 sqm contracted . LfL of + 0.6 % and release spread of + 3.2 % • Shopping centers : 24,862 sqm contracted . LfL of ( 0.6 % ) and release spread of + 5.9 % ( 1 ) Net of incentives ( 2 ) Excludes non - overhead costs items ( € 2.2m ) and LTIP accrual ( € 7.6m ) ( 3 ) FFO equals EBITDA less net interest payments , less minorities , less recurring income taxes plus share in earnings of equity method ( 4 ) Portfolio in operation for the 9M20 ( € 364.1 m of GRI ) and for the 9M21 ( € 359.9m of GRI ) ( € million ) Total revenues Gross rents Gross rents after incentives Net rents after propex & collection losses . Gross - to - net margin ( ¹ ) EBITDA ( 2 ) Margin FFO ( 3 ) Margin AFFO Net earnings ( € per share ) FFO AFFO EPS EPRA NTA 9M21 Offices Logistics Shopping centers Net leases Other Total 9M21 RESULTS Trading Update Contracted 204,742 222,068 sqm 380.9 9M20 24,862 n.a. n.a. 451,672 Gross rents bridge ( € m ) 9M21 381.3 375.4 339.2 303.3 89.4 % 277.4 73.9 % 201.9 53.8 % 195.0 254.4 9M21 0.43 0.42 0.54 15.69 € m Rent LfL ( 4 ) ( 1.2 % ) 169.4 ( 2.1 % ) 48.7 + 0.6 % ( 4.2 ) 9M20 385.0 380.9 Like - for - Like growth 90.3 % 85.3 ( 0.6 % ) n.m. 328.9 64.4 ( 0.2 % ) 7.6 375.4 ( 1.2 % ) 297.0 275.7 72.4 % 197.3 51.8 % 186.1 9M20 0.42 0.40 0.24 111.8 15.57 Lfl Release change spread + 4.8 % + 3.2 % ( 1.2 ) + 5.9 % n.m. n.m. YoY Balance acquisitions , disposals , other ( 1.0 % ) ( 1.4 % ) + 3.1 % + 2.1 % + 0.6 % + 2.3 % + 4.8 % + 127.6 % Leasing Occ . vs activity 30/06/21 Bps YoY + 2.3 % + 4.8 % + 127.6 % + 0.8 % +29 +32 +48 +30 375.4 O 9M21