Table of Contents 1 110

MERLIN Properties Annual Report 2018 / English

Cover	1
Index	4
Letter from the Chairman	8
Letter from the CEO	10
01. Organization and structure	14
02. Business performance	22
03. Acquisitions, refurbishments and developments	32
04. Portfolio valuation	40
05. Financial statements	44
06. EPRA Metrics	52
07. Events post-closing	56
08. Stock exchange evolution	58
09. Dividend policy	62
10. Main risks and uncertainties	64
11. Treasury shares	68
12. Outlook / R+D information / other	70
13. Sustainability	72
14. Staff	86
Appendixes	94
EPRA metrics	95
Alternative performance measures	98
List of assets	102
Back cover	110

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