MERLIN Properties Annual Report 2022

Cover	1
Index	5
Letter from the Chairman	6
01. Organization and structure	10
02. Business performance	20
03. Investments, divestments and Capex	30
04. Portfolio valuation	34
05. Financial statements	38
06. EPRA Summary	46
07. Stock Exchange evolution	56
08. Dividend policy	60
09. Treasury shares	64
10. Outlook / R+D information / others	66
11. Sustainability	68
12. Staff	106
Appendix	130
Alternative performance measures	131
Reconciliation of the alternative performance measures	134
List of assets	136
Back cover	144

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