An excellent year for MERLIN, consolidating in full its post-Covid recovery

An excellent year for MERLIN, consolidating in full its post-Covid recovery

• Gross rents: € 452.8 million (+7.9%)
• EBITDA: € 334.7 million (+14.7%)
• Operating profit (FFO): € 290.5 million (+6.4%)
• Gross asset value (GAV): € 11,317 million (-1.5% LfL)
• Net asset value (NTA) per share: € 15.67 (-2.7%)

• FFO exceeds € 290 million (equivalent to € 0.62 per share) exceeding the revisited guidance for 2022.

• Strong growth in all key financial and operating metrics such as occupancy (95.1% +60 bps vs. 2021), like-for-like rents (+7.3% vs. 2021) or FFO (+6.4% vs. 2021).

• The net asset value according to EPRA recommendations (“EPRA NTA”) is € 15.67 per share after the distribution of € 1.20 per share in cash during the period.

• Strong deleveraging in the period: debt reduced by 651 bps to 32.7%.

Madrid, February 27th. – MERLIN Properties closed 2022 with total revenues of € 460.7 million (including gross rents of € 452.8 million), EBITDA of €334.7 million and operating profit of € 290.5 million (€ 0.62 per share).

Gross asset value stands at € 11,317 million, absorbing a significant yield expansion (+44 bps) with moderate impact on valuations (-1.5% LfL vs. 2021) thanks to an extraordinary operating performance based on rental growth and higher occupancy rates. Net asset value amounted to € 7,363 million (€ 15.67 per share), down 2.7% vs. 2021.

After the distribution to shareholders of € 561 million or € 1.20 per share, the leverage ratio (“LTV”) stands at 32.7% (vs. 39.2% in 2021), with a liquidity position of € 1,856 million and with the average debt maturity of 4.9 years. In addition, more than € 2.0 billion of debt has been repaid and 100% of existing bonds have been converted into green bonds. The € 743 million bond maturing in April 2023 has been refinanced at a very attractive cost (MS + 126 bps), extending the average maturity of the debt to 5.8 years and with no maturities until May 2025.

• Business performance

Significant increase in like-for-like rents (+6.0%) thanks to higher occupancy (+245 bps vs. 2021), inflation indexation and higher rents after renovations. The occupancy guidance given to the market at the beginning of the year (91.5%) was beaten, reaching 92.5%.

• Landmark Plan

The only pending project is the refurbishment of Plaza Ruiz Picasso 11, which will be delivered at the end of the year and is practically fully pre-let to best-in-class tenants at maximum market rents.


• Business performance

Excellent performance of the logistics portfolio in the year, with like-for-like rental growth of +8.6% thanks to occupancy, inflation indexation and increased rents after renovations. Very interesting year in terms of commercialization with more than 294,000 sqm signed. Virtually full occupancy in both MERLIN (97.0%) and ZAL Port (99.7%).

• Best Plan II & III

The development of the Best II and III plans continues, having delivered three projects this year with more than 115,000 sqm and 100% leased. The company has more than 550,000 sqm of land for development, which allows MERLIN to accompany its tenants in their future expansion phases.

Shopping centers

• Business performance

Shopping center occupancy (95.0%) continues to increase (+73 bps in 2021). Solid operating performance of the portfolio with tenant sales above pre-Covid levels (+2.7%), December footfall exceed 2019 figure (+0.3%) and effort ratio at historic lows (11.8%).

Mega Plan (Data Centers)

The Bilbao-Arasur, Madrid-Getafe and Barcelona PLZF projects are progressing well and are scheduled to be delivered in the second half of the year with 3 MW available in each of them.

Asset value of the portfolio

MERLIN’s Gross Asset Value (“GAV”) amounts to € 11,317 million as of December 31, 2022, based on valuations by Savills, CBRE and JLL. Slight decline in valuations (-1.5% LfL) thanks to an excellent operating performance that has largely absorbed the yield expansion.

Investment and divestment activity

In terms of investment activity during the year, the acquisition of two prime office buildings for € 131.5 million stands out. These assets are Liberdade 195, a 16,510 sqm building on Lisbon’s most exclusive street, and a 3,665 sqm building in AZCA adjacent to our Plaza Ruiz Picasso 11 development.

In terms of divestment activity, the most significant transaction was the sale of the BBVA portfolio for € 1,987 million. This portfolio generated € 83.6 million in gross annual rents, and it was sold to the tenant at a 17.1% premium over valuation. In addition, during 2022, the Group sold other assets for a total of € 112.6 million at a premium over GAV of 8.7%, including four office buildings (33,783 sqm).


In terms of sustainability, MERLIN’s strong year has been endorsed with sustainability ratings, since it has improved its score with respect to 2021 in all indexes (GRESB, CDP, S&P Global, Sustainalytics, Bloomberg and Vigeo Eiris). Two milestones that are worth highlighting: MERLIN’s inclusion in one of the world’s most prestigious sustainability ratings, the Dow Jones Sustainability Index, for the second year in a row, and the major improvement in the Sustainalytics rating, which places MERLIN in the top 1% of the world’s best-rated companies.

Outlook for 2023

In the absence of macroeconomic externalities, the three main asset classes (offices, logistics and shopping centers) are expected to maintain the occupancy levels, while rents will continue to benefit from inflation as leases are indexed to CPI.

Estimated FFO for 2023 is € 0.58 per share. The final dividend, additional to the interim dividend of € 0.20 per share paid in December 2022, will be proposed by the Board of Directors in the foreseeable future, subject to AGM approval and distributable in May 2023.

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 acquisition and management of commercial property in the Iberian region. MERLIN Properties mainly invests in offices, shopping centers and logistics facilities, 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.

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For further information please contact:
Nuria Salas,, +34 629 56 84 71
Sarah Estébanez,, +34 636 62 80 41