Excellent first half of the year for MERLIN Properties, with rental and occupancy growth

  • Gross rents: € 222.6 million (+8.3% YoY)
  • EBITDA: € 165.8 million (+21.7% YoY)
  • Net asset value per share: € 17.10 (+10.0% YoY)
  • Operating profit (FFO): € 157.5 million (+19.5% YoY)
  • Net earnings: €491.6 million (+158.3% YoY)


  • The BBVA portfolio disposal has been a transformational milestone for the Company. As a result, loan-to-value (LTV) is reduced by 1,174 bps to 27.4% and an extraordinary dividend of 75 cents per share will be distributed on August 18th (LTV PF 30.4%)
  • Operating profit (FFO) exceeds €157 million (equivalent to 34 cents per share). We raise our FFO estimate for 2022 from 58 to 60 cents per share
  • Growth in all key financial and operating metrics such as occupancy (95.1% +69 bps vs. 3M22 PF), like-for-like rents (+7.1% vs. 6M21) and FFO (+19.5% vs. 6M21)
  • Valuations remain stable (+1.2% LfL vs. FY21), with a moderate yield expansion (+15 bps) offset by rental growth
  • Net asset value according to EPRA recommendations (EPRA NTA) stands at €17.10 per share (€16.35 PF after deducting the extraordinary dividend to be paid in August)


Madrid, 28th July – MERLIN Properties has reported 6M22 results, with total revenues of €226.6 million (including gross rents of €222.6 million), EBITDA of €165.8 million, FFO of €157.5 million (34 cents per share) and net earnings of €491.6 million.

Gross asset value (GAV) of the portfolio amounts to €11,390 million, with slight growth on a like-for-like basis (+1.2%), mainly driven by logistics (+3.6%). Net asset value amounted to €8,035 million (€17.10 per share), up 10.0% compared to the first semester of 2021.

With the sale of BBVA portfolio, the Company significantly reduces the Loan to Value to 27.4% (30.4% PF post extraordinary dividend), following the repayment of €2,068m of gross debt including €670m of BBVA’s portfolio mortgage loan, €850m of syndicated loan and €548m from the cancellation of the 2022 bond. Furthermore, 100% of the debt is fixed rate, 98% of the debt is unsecured and the Company has a liquidity position of €1,773m. In addition, 100% of the bonds issued have been requalified into green bonds. This financial situation allows the company to navigate challenging times with relative peace of mind.



  • Business performance

Excellent performance of the office portfolio, highlighting the increase in LfL rents (+5.5%), release spread (+6.3%) and occupancy which stands at 90.4% (+126 bps of recovery since the Covid-19 trough in 6M21).

  • Landmark Plan I

Works on Plaza Ruiz Picasso are progressing well, with strong commercial interest from potential tenants.



  • Business performance

Outstanding performance in the logistics portfolio with record growth in LfL rents (+9.3%) thanks to virtually full occupancy (+99.2%), inflation and release spread (+6.7%). Commercial activity in the logistics market continues to be strong after signing more than 150,000 sqm in the first half of the year. Full occupancy in ZAL Port (100%).

  • Best Plan II & III

The Cabanillas Park I H warehouse has been completed and delivered to DSV, leaving only the two turnkey projects, DSV in Cabanillas Park I J and Logista in Cabanillas Park II, to be delivered to the tenants.


Shopping Centers

  • Business performance

Good operating performance, with a +5.4% release spread, stable occupancy of 94.3% (+4 bps vs. 3M22) and an effort rate that remains at sustainable levels (12.5%). Continued recovery in footfall and sales with growth of 30.6% and 44.8%, respectively, in 6M22 vs. the same period in 2021.


Mega Plan (Data Centers)

The Data Center program has reached cruising speed after starting works in Bilbao-Arasur and obtaining licenses in Madrid-Getafe and Barcelona-PLZF, where works will begin very soon.



The Company has achieved three important milestones in sustainability: first, it has launched its Pathway to Net Zero, which sets out the roadmap to be a net zero emissions company by 2030; second, it has requalified of all its outstanding bonds into green bonds; and finally, it has completed 100% of the certification program in Shopping Centers.



Portfolio valuation

The Gross Asset Value (GAV) of MERLIN amounts to €11,390 million as of June 30th, 2022, according to valuations carried out by Savills, CBRE and JLL, which represents a growth in comparable terms (+1.2%) compared to December 2021. By asset category, the logistics portfolio stands out (+3.6%) with offices (+1.2%) and shopping centers (-0.4%) remaining stable. Net asset value amounted to €8,035 million, equivalent to €17.10 EPRA NTA per share, a solid increase of 10.0% vs. 6M21.


As part of its non-core asset disposal policy, MERLIN has divested €111.2 million at an 8.9% premium to latest appraisal, including four office buildings comprising 33,738 sqm, a high-street retail unit and a minority stake in an office building.



As a result of the disposal of the BBVA portfolio, an extraordinary dividend of 75 cents per share will be paid on August 18th. In addition, regarding the ordinary dividend, we revise our estimate for 2022 from 40 cents to 42 cents per share, subject to the decision and approval by the Company’s Board of Directors.


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, and 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