MERLIN Properties delivers solid 9M23 results

• Gross rents: €356.6 million (+6.5% vs. 9M22)
• EBITDA: € 274.2 million (+10.0% vs. 9M22)
• Operating profit (FFO): € 216.0 million (+12.0% vs. PF9M22 excl. Tree)
• Net asset value (NTA) per share: € 15.49 (-6.2% vs. 9M22)

• FFO exceeds €216 million (equivalent to €46 cents per share) and is on track to exceed the revisited guidance for 2023 (€60 cents per share)
• Strong growth in all key financial and operating metrics such as like-for-like rents (+7.6% vs. 9M22) or portfolio occupancy, reaching 96.0% for the first time
• Approved interim dividend of €20 cents per share, to be paid on December 12^th, 2023

Madrid, November 16^th. – MERLIN Properties closed 9M23 results with total revenues of €365.4 million (o/w gross rents of €356.6 million), EBITDA of €274.2 million and FFO of €216.0 million (€46 cents per share).

Loan to value “LTV” continues to be low at 34.0%. Liquidity position of €1,181 million, average debt maturity of 5.1 years and fixed interest rates at 94%.

Offices

• Business performance

Strong increase in like-for-like rents (+6.8%). Occupancy remains stable, standing at 91.9%, and is expected to remain steady or improve slightly until the end of the year.

• Landmark Plan

Only Plaza Ruiz Picasso remains under construction, fully pre-let to top-tier tenants. The first tenant is expected to move in at the beginning of December.

Logistics

• Business performance

The logistics market continues to experience significant momentum, showing growth in like-for-like rents (+5.0% vs. 9M22) and in release spread (+5.1%) thanks to rising occupancy, inflation, and reversionary potential relative to the market. Nearly full portfolio occupancy (99.0%).

• Best Plan II & III

Works on Cabanillas Park II B are progressing well, with delivery expected in 2024. Good demand for the development portfolio.

Shopping centers

• Business performance

Occupancy in shopping centers continues to grow, reaching 96.6%, record for the Company. Sales (+2.4%) and footfall (15.1%) above pre-Covid levels. Effort rate “OCR” remains at historically low levels (11.6%).

Mega Plan (Data Centers)

Madrid-Getafe, Barcelona-PLZF and Bilbao-Arasur data centers are already operational and delivered to the tenant. Strong demand regarding commercialization, driven mainly by the rise of artificial intelligence.

Investment activity

As part of its non-core asset rotation policy, MERLIN has divested €31.6 million, including two shopping centers and a logistics warehouse.

About MERLIN Properties

MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate company trading on the Spanish Stock Exchange. Specialized in the development, acquisition and management of commercial property in the Iberian region. MERLIN Properties mainly invests in offices, shopping centers, logistics facilities and data centers, within the Core and Core Plus segments, forming part of the benchmark IBEX-35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate, GPR Global Index, GPR-250 Index, MSCI Small Caps indices and DJSI.

Please visit www.merlinproperties.com to learn more about the company.

For further information please contact:

Nuria Salas, nsalas@tinkle.es, +34 629 56 84 71

Sarah Estébanez, sestebanez@tinkle.es, +34 636 62 80 41