MERLIN Properties Annual Report 2023

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. Post-closing events	46
07. EPRA Summary	48
08. Stock Exchange evolution	56
09. Dividends policy	60
10. Treasury shares	64
11. Outlook / R+D information	66
12. Sustainability	68
13. Staff	104
Appendixes	130
Alternative performance measures	131
Reconciliation of the alternative performance measures	134
List of assets	136
Back cover	142

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