MERLIN Properties Annual Report 2022

20 22 ANNUAL REPORT Organization and structure 10 1. Dividend policy 60 8. Business performance 20 2. Treasury shares 64 9. Investments, divestments and capex 30 3. Outlook / R+D information / others 66 10. Portfolio valuation 34 4. Sustainability 68 11. Alternative performance measures 131 Reconciliation of the alternative performance measures 134 List of assets 136 EPRA Summary 46 6. Financial statements 38 5. Staff 106 12. Appendix Stock Exchange evolution 56 7. Letter from the Chairman 06