MERLIN Properties Annual Report 2017 / English

Letter from the Chairman 6 Letter from the CEO 8 O1. Organization and structure 12 O2. Business performance 20 O3. Acquisitions, refurbishments and developments 30 O4. Portfolio valuation 42 O5. Financial statements 46 O6. EPRA metrics 54 O7. Events post-closing 58 O8. Stock Exchange evolution 60 09. Dividend policy 64 10. Main risks and uncertainties 66 11. Treasury shares 68 12. Outlook / R+D information / other 70 13. Corporate responsibility 72 14. Staff 84 93 96 97 104