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    MRL   ES0105025003

MERLIN PROPERTIES SOCIMI, S.A.

(MRL)
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Merlin Properties SOCIMI S A : 6M 2021 Results Presentation

07/29/2021 | 04:29pm EDT

6 M 2 0 2 1 R E S U L T S

P R E S E N T A T I O N

3 0 J U L Y 2 0 2 1

DISCLAIMER

This presentation has been prepared by MERLÍN Properties, SOCIMI, S.A. (the Company) for informational use only.

The information contained in this presentation does not purport to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities, and has not been verified by the Company or any other person. The information contained in this document is subject to change without notice. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of any information contained or referred to in this document. Each of the Company and its employees, officers, directors, advisors, agents or affiliates expressly disclaims any and all liabilities whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this presentation, the information contained or referred to therein, any errors therein or omissions therefrom or otherwise arising in connection with this presentation. Neither the Company, nor any of its affiliates, advisors or agents undertakes any obligation to provide the recipients with access to additional information or to update this document or to correct any inaccuracies in the information contained or referred to therein.

Certain statements in this document regarding the market and competitive position data may be based on the internal analyses of the Company, which involve certain assumptions and estimates. These internal analyses may have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate. Additionally, certain information in this presentation may be based on management accounts and estimates of the Company and may have not been audited or reviewed by the Company's auditors, whereas the information

on Metrovacesa S.A. and on certain competitors contained herein is based on publicly available information which has not been verified by the Company. Accordingly, recipients should not place undue reliance on this information.

This information is provided to the recipients for informational purposes only and recipients must undertake their own investigation of the Company. The information providing herein is not to be relied upon in substitution for the recipient's own exercise of independent judgment with regard to the operations, financial condition and prospects of the Company.

Neither this presentation nor any copy of it shall be taken, transmitted into, disclosed, diffused, send, published or distributed in the United States, Canada, Australia or Japan. The distribution of this

presentation in other jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. In particular, any offer that might result from the transaction herein escribed will not be made, directly or indirectly, in the United States of America, or by use of mails, or by any means or instrumentality (including, without limitation, facsimile transmission, telephone and internet) of interstate or foreign commerce of, or any facilities of any national securities exchange of, the United States, Canada, Australia or Japan. The securities of the Company have not been and, should there be an offering, will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) and, subject to certain exceptions, may not be offered or sold in the United States. The securities of the Company have not been and, should there be an offering, will not be registered under the applicable securities laws of any state or jurisdiction of Canada or Japan and, subject to certain exceptions, may not be offered or sold within Canada or Japan or to or for the benefit of any national, resident or citizen of Canada or Japan.

THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION, NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE

RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO SELL OR PURCHASE SHARES. ANY DECISION TO SELL OR PURCHASE SHARES IN ANY OFFERING SHOULD BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION.

This presentation may include forward- looking statements. These forward- looking statements involve known and unknown risks, uncertainties and other factors, which may cause such actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Company and the environment in which they expect to operate in the future. Forward-looking statements speak only as of the date of this presentation and the Company expressly disclaim any obligation or undertaking to release any update

of, or revisions to, any forward-looking statements in this presentation, any change in their expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.

In reviewing this presentation, the recipient is agreeing to, and accepting, the foregoing restrictions and limitations.

ı 2 ı

ISMAEL CLEMENTE

CEO

MIGUEL OLLERO

COO

Contents

6M21 Financial results Offices

Logistics Shopping centers Valuation and debt position Sustainability

Value creation

Digital Infrastructure Plan Closing remarks

Key highlights      |       

FINANCIAL PERFORMANCE

  • FFO per share in the period of €0.27. An improving pattern (+4.1% 2Q vs 1Q) that will continue in 3Q and 4Q. 2021 guidance reconfirmed (€0.56 per share)
  • Valuations flat vs Dec-20, with offices and logistics on the positive territory while retail down by 1.5%
  • Distribution to shareholders of €0.30 per share driving LTV to 40.5%
  • € 500m bond issued (9 years) for the repayment of the bond maturing in 2022 with c.100 bps of cost savings

OPERATING PERFORMANCE

  • After a decline in occupancy in the first semester, offices should recover slightly for the second half of the year
  • Very strong performance in logistics after a record high leasing activity of +275k sqm (c.50% market share) resulting in a hike in occupancy of +151 bps vs 3M21
  • Shopping centers are performing better than expected with good signs for the future: release spread of +5.9%, high retenanting rate of spaces vacated since March-20 and 50% of 2022 maturities already out of risk

VALUE CREATION

  • Landmark I almost complete. Castellana 85 and Monumental already delivered and fully occupied at compelling returns. Plaza Ruiz Picasso works starting now
  • Flagship completed. Porto Pi and Saler delivered on track with business plans
  • Best II & III: All assets delivered are 100% let, with additional c.90k sqm of pre- lets in the period
  • Launch of Digital Infrastructure Plan (Mega) for the construction and operation of 4 Data Centers

ı 4 ı

6 M 2 1 F I N A N C I A L R E S U L T S

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 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 20:28:05 UTC.


© Publicnow 2021
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Sales 2021 498 M 584 M 584 M
Net income 2021 245 M 288 M 288 M
Net Debt 2021 5 561 M 6 525 M 6 525 M
P/E ratio 2021 19,4x
Yield 2021 3,79%
Capitalization 4 278 M 5 020 M 5 020 M
EV / Sales 2021 19,8x
EV / Sales 2022 19,0x
Nbr of Employees 222
Free-Float 67,9%
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Merlin Properties SOCIMI, S.A. Technical Analysis Chart | MRL | ES0105025003 | MarketScreener
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 9,16 €
Average target price 9,86 €
Spread / Average Target 7,62%
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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
Ana Maria García Fau Independent Director
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