Table of Contents 1 112

MERLIN Properties Annual Report 2017 / English

Cover	1
Index	5
Letter from the Chairman	6
Letter from the CEO	8
01. Organization and structure	12
02. Business performance	20
03. Acquisitions, refurbishments and developments	30
04. Portfolio valuation	42
05. Financial statements	46
06. EPRA Metrics	54
07. Events post-closing	58
08. 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
Appendixes	92
EPRA metrics calculation	93
Alternative measures of performance	96
List of assets	97
Asset location maps	104
Back cover	112

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