MERLIN Properties Annual Report 2021

2 0 2 1 A N N U A L R E P O R T Letter from the Chairman 06 02 Business performance 18 01 Organization and structure 10 03 Investments, divestments and capex 28 04 Portfolio valuation 32 05 Financial statements 36 06 Relevant information post-closing 44 07 EPRA metrics 46 08 Stock Exchange evolution 48 09 Dividend policy 52 10 Treasury shares 54 11 Outlook / R+D information / others 56 12 Sustainability 58 13 Staff 74 APPENDIX EPRA metrics calculation 83 Reconciliation of the alternative performance measures 87 List of assets 92