MERLIN Properties Annual Report 2023

2 0 2 3 ANNUAL REPORT Letter from the Chairman 06 Appendix • Reconciliation of the alternative performance measures 134 • A lternative performance measures 131 • List of assets 136 Sustainability 68 Outlook / R+D information 66 11 12 Organization and structure 10 Business performance 20 1 2 Investments, divestments and capex 30 Portfolio valuation 34 3 4 Financial statements 38 Post-closing events 46 5 6 EPRA Summary 48 Stock Exchange evolution 56 7 8 Dividends policy 60 Treasury shares 64 9 10 Staff 104 13