MERLIN Properties Annual Report 2024

ANNUAL REPORT 2024 Letter from the Chairman 4 Appendix Alternative performance measures 127 Reconciliation of the alternative performance measures 130 List of assets 132 1 Organization and structure 8 2 Business performance 16 3 Investments, divestments and capex 28 4 Portfolio valuation 32 5 Financial statements 36 6 EPRA Summary 44 7 Stock Exchange evolution 52 8 Dividends policy 56 9 Treasury shares 60 10 Outlook / R+D information 62 11 Sustainability 64 12 Staff 100