Table of Contents 1 102

MERLIN Properties Annual Report 2019 / 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	38
05. Financial statements	42
06. EPRA metrics	50
07. Events post-closing	54
08. Stock Exchange evolution	56
09. Dividend policy	60
10. Treasury shares	62
11. Outlook / R+D information / other	64
12. Sustainability	66
13. Staff	80
Appendixes	88
EPRA metrics calculation	89
Reconciliation of the alternative performance measures	92
List of assets	93
Back cover	102

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