Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Spain
  4. Bolsas y Mercados Espanoles
  5. Merlin Properties SOCIMI, S.A.
  6. News
  7. Summary
    MRL   ES0105025003

MERLIN PROPERTIES SOCIMI, S.A.

(MRL)
  Report
Delayed Quote. Delayed Bolsas y Mercados Espanoles - 07/30 11:38:00 am
9.46 EUR   +0.42%
07/29MERLIN PROPERTIES SOCIMI S A : 6M 2021 Results Report
PU
07/29MERLIN PROPERTIES SOCIMI S A : 6M 2021 Interim Financial Statements
PU
07/29MERLIN PROPERTIES SOCIMI S A : progressively recovers from Covid-19
PU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Merlin Properties SOCIMI S A : 3M 2021 Executive Summary

05/13/2021 | 02:28pm EDT

3M21 RESULTS

Trading Update

CONSOLIDATED PERFORMANCE

(2.9%)

(€ million)

3M21

3M20

YoY

Gross rents like-for-like YoY

Total revenues

126.4

131.8

(4.1%)

(15.3%)

Gross rents

124.6

130.4

(4.5%)

FFO per share YoY

Gross rents after

107.8

123.3

(12.6%)

incentives

+0.3%

Net rents after propex

96.3

112.6

(14.5%)

& collection losses

NTA per Share YoY

Gross-to-net margin(1)

89.4%

91.3%

Business performance impacted by further

EBITDA(2)

87.9

103.9

(15.5%)

Margin

70.5%

79.7%

mandatory closures. Tenants heavily affected

by now

FFO(3)

63.3

74.7

(15.3%)

Heavier restrictions than anticipated result in rent

Margin

50.8%

57.3%

reliefs of €11.6m, recorded as a one-off expense

AFFO

62.2

67.9

(8.4%)

FFO per share of € 0.13 represents a 15.3% decline

compared to 3M20, a mostly undisturbed period

Net earnings

55.7

38.6

44.3%

Cash flow on track to meet the guidance for 2021

(€ per share)

3M21

3M20

YoY

(€ 0.56 per share) with additional rents from WIP

FFO

0.13

0.16

(15.3%)

WIP deliveries this quarter amount to 135,315 sqm

and € 5.3m of incremental rents to FY21

AFFO

0.13

0.14

(8.4%)

No revaluation in the period. NTA p.s at € 15.56

EPS

0.12

0.08

44.3%

NTA

15.56

15.50

+0.3%

BUSINESS PERFORMANCE

(2.9%)

+0.8%

(2.9%)

Offices

Logistics

S. Centers

Rents like-for-like YoY

+2.8%

+2.9%

+5.5%

Offices

Logistics

S. Centers

Release spread

(111 bps)

93.1%

Occupancy vs 31/12/2020

3M21

Contracted

Rent

Leasing

Occ. vs

activity

31/12/20

sqm

€ m

Lfl

Release

Bps

change

spread

Offices

70,662

56.1

(2.9%)

+2.8%

(177)

Logistics

143,804

16.0

+0.8%

+2.9%

(287)

Shopping

7,608

28.7

(2.9%)

+5.5%

(88)

centers

Net leases

n.a.

21.5

(0.1%)

n.m.

29

Other

n.a.

2.3

(34.7%)

n.m.

2,497

Total

222,074

124.6

(2.9%)

(111)

Gross rents bridge

Offices: 70,662 sqm contracted.

(€m)

LfL(4)

LfL of (2.9%) and release spread of +2.8%

(2.9%)

Logistics: 143,804 sqm contracted.

LfL of +0.8% and release spread of +2.9%

130.4

124.6

Shopping centers: 7,608 sqm contracted.

(3.7)

(2.1)

LfL of (2.9%) and release spread of +5.5%

(1) Net of incentives

(2) Excludes non-overhead costs items (€ 0.7m) plus LTIP accrual (€ 3.3m)

(3) FFO equals EBITDA less net interest payments, less minorities, less

recurring income taxes plus share in earnings of equity method

(4) Portfolio in operation for 3M20 (€ 125.3m of GRI) and for 3M21 (€ 121.6m of GRI)

3M20

Like-for-Like

Balance

3M21

growth

acquisitions,

disposals, other

MERLIN Properties

3M21 RESULTS Trading Update

OFFICES

Gross rents bridge

Rents breakdown

(€m)

LfL(1)

Gross rents

Passing rent

WAULT

(2.9%)

3M21 (€ m)

(€/sqm/m)

(yr)

59.1

56.1

Madrid

40.1

18.0

2.9

(1.6)

(1.4)

Barcelona

9.5

18.1

2.7

Lisbon

5.7

18.9

4.0

3M20

Like-for-Like

Balance

3M21

growth

acquisitions,

Other

0.7

10.9

5.3

disposals, other

Total

56.1

17.9

3.0

Leasing activity

  • LfL rental decrease (2.9%) due to vacancy and negative CPI Indexation. Positive release spread both on a 3M21 and LTM basis
  • 3M21 leasing activity highlights:
    • 10,495 sqm renewal with Vass in Avenida de Europa, Madrid
    • 5,934 sqm renewal with Capgemini in Diagonal 199, Barcelona
    • 4,225 sqm renewal with Transcom in Atica 5, Madrid
    • 3,024 sqm new lease with Essity in Central Office, Lisbon
    • 3,008 sqm new leases with VM Energy and Parques Reunidos in PE Las Tablas, Madrid
    • 2,767 sqm new lease with Generalitat de Catalunya in PLZFB, Barcelona
    • 1,994 sqm renewal with IEB in Alfonso XI, Madrid

Contracted sqm

Out

In

Renewals(2)

Net

Release spread

# Contracts

Madrid

43,351

(27,261)

5,648

37,703

(21,613)

(1.9%)

126

Barcelona

21,359

(6,620)

8,570

12,789

1,950

+24.2%

31

Lisbon

5,952

(6,608)

5,952

-

(656)

+21.0%

17

Total

70,662

(40,489)

20,170

50,492

(20,319)

+2.8%

174

Occupancy

  • Occupancy impacted by job destruction in a challenging market environment (-177 bps QoQ)
  • We expect the market to recover during 2H21 and maintain our guidance for FY21 occupancy
  • By markets, best performer this quarter has been Barcelona CBD 22@

Stock

1,185,786 sqm

WIP

145,008 sqm

Stock incl. WIP

1,330,794 sqm

Occupancy rate(3)

Change bps

3M21

FY20

Madrid

87.0%

89.5%

(249)

Barcelona

93.1%

92.6%

47

Lisbon

99.3%

100.0%

(69)

Other

100.0%

100.0%

-

Total

89.3%

91.1%

(177)

  1. Office portfolio in operation for 3M20 (€ 56.9m of GRI) and for 3M21 (€ 55.2m of GRI)
  2. Excluding roll-overs
  3. MERLIN policy excludes buildings under complete refurbishment. Buildings excluded this period are Plaza Ruiz Picasso, Castellana 85, Monumental, Arturo Soria 343, Plaza Cataluña 9, Pere IV, Avenida de Burgos 208, Atica 1 and Adequa 2

ı 2 ı

MERLIN Properties

3M21 RESULTS Trading Update

OFFICES(CONT.)

INVESTMENTS, REFURBISHMENTS AND DEVELOPMENTS

LANDMARK I

WIP

GLA (sqm)

Scope

Budget

Delivery

YoC

-LET

100%

PRE

Castellana

16,474

Full refurb

€ 34.8m

2Q21

8.1%

85

-LET

100%

PRE

Monumental 25,385

Full refurb

€ 34.8m

2Q21

9.4%

(incl. SC)

-LET

28%

PRE

Plaza Ruiz

36,899(1)

Full refurb

€ 57.5m

4Q22

10.4%

Picasso

  1. Post refurbishment

ı 3 ı

MERLIN Properties

3M21 RESULTS Trading Update

LOGISTICS

Gross rents bridge

Rents breakdown

(€m)

LfL(1)

Gross rents

Passing rent

WAULT

3M21 (€ m)

(€/sqm/m)

(yr)

+0.8%

14.3

+0.1

+1.6

16.0

Madrid

9.3

3.9

4.1

Barcelona

2.9

6.1

2.5

Other

3.7

3.6

2.8

3M20

Like-for-Like

Balance

3M21

Total

16.0

4.2

3.5

growth

acquisitions,

disposals, other

Leasing activity

  • Logistics continues delivering a strong performance, with positive LfL growth (+0.8%) despite negative CPI indexation and temporary vacancy related to flexible contracts
  • Good release spread (+2.9%)
  • Extraordinary quarter in terms of leasing activity, with over 143k sqm contracted
  • 3M21 leasing activity highlights:
    • 98,757 sqm new lease with Carrefour in A2-Azuqueca II
    • 22,506 sqm new lease with 4PX in A2-Cabanillas Park I G
    • 5,849 sqm new lease with Asmodee Editions Iberica in Sevilla ZAL
    • 4,320 sqm renewal with Rhenus Logistics in Sevilla ZAL

Contracted sqm

Out

In

Renewals

Net

Release spread

# Contracts

Madrid

125,466

(22,817)

125,466

-

102,649

+0.3%

4

Barcelona

6,351

(6,526)

6,351

-

(175)

+10.9%

2

Other

11,987

(26,292)

7,667

4,320

(18,625)

+19.9%

4

Total

143,804

(55,635)

139,484

4,320

83,849

+2.9%

10

Occupancy

  • Lower occupancy (-287 bps vs FY20) due to clean up of flexible contracts, plus one eviction. 25,000 sqm vacant space as of 3M21 have been relet in April
  • All Best II & III delivered assets are 100% let

Stock

1,306,127 sqm

Occupancy rate

WIP(2)

823,749 sqm

bps

3M21

FY20

Best II

365,758 sqm

Best III

435,482 sqm

Madrid

95.2%

97.2%

(201)

A4-Getafe (Data Center)

22,508 sqm

Barcelona

93.2%

93.3%

(12)

Stock incl. WIP

2,129,875 sqm

Other

93.9%

100.0%

(607)

ZAL Port

632,176 sqm

ZAL Port WIP

103,784 sqm

Total

94.7%

97.5%

(287)

Stock managed

2,865,835 sqm

  1. Logistics portfolio in operation for 3M20 (€ 13.8m of GRI) and for 3M21 (€ 13.9m of GRI)
  2. WIP includes in progress and Landbank Best II & III and A4-Getafe (Data Center)

ı 4 ı

MERLIN Properties

3M21 RESULTS Trading Update

LOGISTICS (CONT.)

INVESTMENTS, REFURBISHMENTS AND DEVELOPMENTS

Best II (as from 31/03/2021)

GLA (sqm)

ERV (€m)

Investment (€m)

ERV YoC

Delivered

222,069

A4-Pinto II(1)

29,473

1.2

13.7

8.6%

A2-Cabanillas III(1)

21,879

0.9

11.8

7.8%

A2-Cabanillas Park I F(1)

20,723

0.9

10.8

7.9%

A2-Cabanillas Park I G(1)

22,506

0.9

13.5

6.8%

A4-Seseña(1)

28,731

1.2

15.5

7.7%

A2-Azuqueca II

98,757

4.4

54.7

8.1%

In progress

151,483

A2-San Fernando II

33,592

1.9

22.1

8.5%

A2-Cabanillas Park II

47,403

2.1

25.7

8.1%

A2-Cabanillas Park I H-I-J

70,488

2.9

42.5

6.8%

Landbank

214,275

A2-Cabanillas Park II

163,275

7.1

88.5

8.1%

A2-Azuqueca III

51,000

2.3

30.1

7.7%

Total

587,827

25.8

328.9

7.8%

Best III (as from 31/03/2021)

GLA (sqm)

ERV (€m)

Investment (€m)

ERV YoC

Delivered

73,940

Valencia-Ribarroja(1)

34,992

1.9

26.3

7.2%

Sevilla ZAL WIP(1)

27,528

1.4

11.9

12.0%

Zaragoza-Plaza II(2)

11,421

0.5

7.1

7.2%

In progress

60,095

Sevilla ZAL WIP

15,122

1.6

18.0

9.0%

Lisbon Park

44,973

2.1

29.5

7.1%

Landbank

375,387

Lisbon Park

179,891

8.4

118.1

7.1%

Madrid-San Fernando III

98,924

5.1

54.9

9.3%

Valencia

96,572

4.4

56.2

7.8%

Total

509,423

25.5

322.1

7.9%

  1. Reclassified as part of the existing stock
  2. Sold in February 2021

ı 5 ı

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

MERLIN Properties SOCIMI SA published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2021 18:27:05 UTC.


© Publicnow 2021
All news about MERLIN PROPERTIES SOCIMI, S.A.
07/29MERLIN PROPERTIES SOCIMI S A : 6M 2021 Results Report
PU
07/29MERLIN PROPERTIES SOCIMI S A : 6M 2021 Interim Financial Statements
PU
07/29MERLIN PROPERTIES SOCIMI S A : progressively recovers from Covid-19
PU
07/29MERLIN PROPERTIES SOCIMI S A : 6M 2021 Results Presentation
PU
07/29MERLIN PROPERTIES SOCIMI S A : 6M 2021 Executive Summary
PU
05/14MERLIN PROPERTIES SOCIMI, S.A. : 1st quarter results
CO
05/13MERLIN PROPERTIES SOCIMI S A : begins the year in line with its forecast
PU
05/13MERLIN PROPERTIES SOCIMI S A : 3M 2021 Executive Summary
PU
05/13Merlin Properties Socimi, S.A. Reports Earnings Results for the First Quarter..
CI
04/08MERLIN PROPERTIES SOCIMI S A : – April 2021 Liquidity contract report
PU
More news
Financials
Sales 2021 506 M 601 M 601 M
Net income 2021 241 M 286 M 286 M
Net Debt 2021 5 551 M 6 587 M 6 587 M
P/E ratio 2021 18,5x
Yield 2021 4,36%
Capitalization 4 398 M 5 217 M 5 219 M
EV / Sales 2021 19,7x
EV / Sales 2022 19,0x
Nbr of Employees 220
Free-Float 67,5%
Chart MERLIN PROPERTIES SOCIMI, S.A.
Duration : Period :
Merlin Properties SOCIMI, S.A. Technical Analysis Chart | MRL | ES0105025003 | MarketScreener
Technical analysis trends MERLIN PROPERTIES SOCIMI, S.A.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 9,46 €
Average target price 9,58 €
Spread / Average Target 1,27%
EPS Revisions
Managers and Directors
Ismael Clemente Orrego Vice Chairman & Chief Executive Officer
Fernando Lacadena Azpeitia Chief Financial Officer
Francisco Javier García-Carranza Benjumea Non-Executive Chairman
Miguel Ollero Barrera Chief Operating Officer, Executive Director & MD
David Brush Chief Investment Officer
Sector and Competitors