MERLIN Properties Annual Report 2020 / English

13 Staff 70 Letter from the Chairman 06 02 Business performance 18 01 Organization and structure 11 03 Investments, divestments and capex 28 04 Portfolio valuation 34 05 Financial statements 38 06 Events post-closing 46 07 EPRA metrics 48 08 Stock Exchange evolution 50 09 Dividend policy 54 10 Treasury shares 56 11 Outlook / R+D information / others 58 12 Sustainability 60 2020 annual report APPENDIX Reconciliation of the alternative performance measures 85 EPRA metrics calculation 81 List of assets 88