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    MRL   ES0105025003

MERLIN PROPERTIES SOCIMI, S.A.

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

07/29/2021 | 04:40pm EDT

6 M 2 1 r e s u l t s r e p o r t

F o r t h e p e r i o d e n d e d o n J u n e 3 0 , 2 0 2 1

MERLIN Properties, the leading Socimi in the Spanish real estate market

01

Executive Summary 04

02

03

Business

Investments,

performance

divestments

and capex

16

26

04

05

Portfolio

Financial

valuation

statement

30

34

06

07

Events

EPRA

post-closing

metrics

42

44

08

Stock Exchange evolution

46

APPENDIX

EPRA

metrics calculation 51

Reconciliation of the alternative performance measures 57

List

of assets 58

6 M 2 1 r e s u l t s r e p o r t

For the period ended on

June 30, 2021

01 Executive Summary

| 5

CONSOLIDATED PERFORMANCE

(2.2%)

(€ million)

6M21

6M20

YoY

Gross rents like-for-like YoY

Total revenues

252.7

259.4

(2.6%)

(3.8%)

Gross rents

248.5

256.6

(3.2%)

FFO per share YoY

Gross rents after

219.8

221.2

(0.6%)

incentives

+0.6%

Net rents after propex

196.1

198.7

(1.3%)

& collection losses

NTA per share YTD

Gross-to-net margin(1)

89.2%

89.8%

EBITDA(2)

179.2

184.1

(2.7%)

Covid-19 rent reliefs to tenants amount to € 19.6m

Margin

72.1%

71.8%

in the period, recorded as a one-off expense (not

straight lined)

FFO(3)

129.2

134.3

(3.8%)

FFO per share of € 0.27, 3.8% decline compared

Margin

52.0%

52.3%

to 6M20. We reconfirm the guidance for 2021

AFFO

124.4

125.4

(0.8%)

(€ 0.56 per share)

Net earnings

190.3

70.9

+168.3%

Flat valuation (+0.5% LfL vs FY20). Offices and

net leases resilient. Logistics up. Shopping centers

(€ per share)

6M21

6M20

YoY

and hotels down. NTA per share stands at € 15.55

FFO

0.27

0.29

(3.8%)

(+0.6% vs FY20) after paying a € 0.30 dividend

AFFO

0.26

0.27

(0.8%)

during the semester

EPS

0.41

0.15

+168.3%

EPRA NTA

15.55

15.46

+0.5%

BUSINESS PERFORMANCE

(2.9%)

+1.0%

(2.0%)

Offices

Logistics

S. Centers

Rents like-for-like YoY

+6.8%

+3.3%

+5.9%

Offices

Logistics

S. Centers

Release spread

+56 bps

93.7%

Occupancy vs 31/03/2021

  • Offices: 173,457 sqm contracted.

LfL of (2.9%) and release spread of +6.8%

  • Logistics: 191,072 sqm contracted.

LfL of +1.0% and release spread of +3.3%

  • Shopping centers: 16,271 sqm contracted. LfL of (2.0%) and release spread of +5.9%
  1. Net of incentives
  2. Excludes non-overhead costs items (€ 1.7m) plus LTIP accrual (€ 5.6m)
  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 the 6M20 (€ 244.7m of GRI) and for the 6M21 (€ 239.3m of GRI)

6M21

Contracted

Rent

Leasing

Occ. vs

activity

31/03/21

sqm

€ m

Lfl

Release

Bps

change

spread

Offices

173,457

111.5

(2.9%)

+6.8%

(20)

Logistics

191,072

32.2

+1.0%

+3.3%

+151

Shopping

16,271

57.2

(2.0%)

+5.9%

+42

centers

Net leases

n.a.

43.0

(0.1%)

n.m.

0

Other

n.a.

4.5

n.m.

n.m.

0

Total

380,800

248.5

(2.2%)

+56

Gross rents bridge

(€m)

LfL(4)

(2.2%)

256.6

248.5

(5.4)

(2.7)

6M20

Like-for-Like

Balance

6M21

growth

acquisitions,

disposals, other

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 20:38:10 UTC.


© Publicnow 2021
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Financials
Sales 2021 499 M 579 M 579 M
Net income 2021 264 M 307 M 307 M
Net Debt 2021 5 575 M 6 467 M 6 467 M
P/E ratio 2021 18,5x
Yield 2021 3,66%
Capitalization 4 439 M 5 150 M 5 149 M
EV / Sales 2021 20,1x
EV / Sales 2022 19,3x
Nbr of Employees 222
Free-Float 67,9%
Chart MERLIN PROPERTIES SOCIMI, S.A.
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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 9,51 €
Average target price 10,03 €
Spread / Average Target 5,46%
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
Ana Maria García Fau Independent Director
Sector and Competitors