MERLIN Properties recovers with better-than-expected results

  • Gross rents: € 375.4 million (-1.4% vs 9M 2020)
  • EBITDA: € 277.4 million (+0.6% vs 9M 2020)
  • Operating profit (“FFO”): € 201.9 million (+2.3% vs 9M 2020)
  • Net tangible asset value per share: € 15.69 (+0.8% vs 9M 2020)


  • The FFO continues with its upward trend and reaches 43 cents per share (+2.3% vs. 9M20)
  • Gross rents improve on a like-for-like basis (-1.2% LfL in 9M21 vs. -2.2% in 6M21). Revenue figures do not yet capture the inflation expected in the following quarters

Madrid, 11th of November. – MERLIN Properties has released its 9M21 consolidated financial statements with total revenues of € 381.3 million, EBITDA of €277.4m, FFO of €201.9m (€0.43 per share) and net earnings of €254.4m.

NTA amounts to €7,370m (€15.69 per share), a 0.8% increase vs. 6M21 but no new appraisal has been carried out this quarter as, in accordance with the Company’s policy, appraisal of the portfolio is carried out on a semi-annual basis (June and December).

The Company continues to actively manage its balance sheet, with an LTV of 40.1% and excellent financial ratios. MERLIN enjoys a strong liquidity position of €1.7bn.


  • Business performance

Improvement in the evolution of LfL rents (-2.1% in 9M21 vs. -2.9% in 6M21), thanks to the increase in occupancy of 29 basis points reaching 89.4%. We improve the estimate of occupancy recovery with a forecast to reach 90% by year-end.

  • Landmark I Plan

The only pending asset is Plaza Ruiz Picasso, with works already underway and a very attractive yield on cost. The asset will incorporate the latest in smart sensor technology to optimize performance and with the highest standards in terms of sustainability.


  • Business performance

Logistics continues delivering a solid performance, with a positive increase in LfL rents +0.6% and a 3.2% release spread and boosted by the Best II & III deliveries. The portfolio is almost fully occupied, having re-let the existing vacancy in Barcelona-PLZF due to the closure of the Nissan factory.

  • Best II & III Plan

All Best II & III projects are 100% occupied. Both turnkey projects, DSV in Cabanillas Park I J and Logista in Cabanillas Park II A, are on track and estimated delivery date is expected mid-2022.

Shopping centers

  • Business performance

Clear recovery in terms of footfall (-15.5% vs. September 2019) and sales (-9.1% vs. September 2019), maintaining the OCR at a very healthy level of 12.4%. Occupancy reaching pre-Covid levels (93.8%), with more than 23,000 sqm contracted in 2021. It is worth noting the important reduction in incentives compared to previous quarters coupled with collection rates at non-eventful levels, similar to pre Covid-19. Covid-19 rent reliefs of €23.7m have been recorded as a one-off expense in the 9M21 results.


MERLIN once again demonstrates its commitment to sustainability, obtaining 8 new certificates this quarter. The significant portfolio certification effort will be completed by 2022 as originally planned. As of today, the Company counts with 97% of shopping centers, 89% of offices and 86% of logistics warehouses certified.

Outlook, strong fundamentals and balance sheet

The Company reiterates the minimum FFO guidance for 2021 provided to the market (€0.56 per share) and faces the short and medium term with a robus balance sheet, LTV of 40.1% and a liquidity position of €1.7bn.


The Board of Directors, in view of the positive operating performance, has decided to gradually resume MERLIN’s dividend policy and has therefore approved the payment of an immediate interim dividend amounting €0.15 per share on account to FY2021, which will be complemented, following the final decision to be taken by the AGM, with the goal to achieve a total shareholders distribution for 2021 of €0.40 per share.

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.

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For further information please contact:

Nuria Salas,, +34 629 56 84 71

Sarah Estébanez,, +34 636 62 80 41