MERLIN Properties Annual Report 2021

Cover	1
Index	5
Letter from the Chairman	6
01. Organization and structure	10
02. Business performance	18
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 / other	56
12. Sustainability	58
13. Staff	74
Appendix	82
EPRA metrics calculation	83
Alternative performance measures	87
List of assets	92
Back cover	100

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