Solid start of the year for MERLIN Properties

  • Gross rents: €119.2 million (+7.0% vs. 3M22)
  • EBITDA: € 90.4 million (+7.7% vs. 3M22)
  • Operating profit (FFO): € 75.3 million (-5.6% vs 3M22, +20.3% PF excluding Tree)
  • Net asset value (NTA) per share: € 15.82 (-3.1% vs. 3M22)
  • FFO exceeds €75 million (equivalent to €16 cents per share)
  • Strong growth in all key financial and operating metrics such as like-for-like rents (+8.1% vs. 3M22) or FFO excluding Tree (+20.3% vs. 3M22)
  • LTV stands at 32.5%, down 18 bps vs. December 2022 (32.7%)


Madrid, May 11th. – MERLIN Properties closed the first quarter of 2023 with total revenues of €121.4 million (including gross rents of €119.2 million), EBITDA of €90.4 million and FFO of €75.3 million (€16 cents per share).

The leverage ratio (“LTV”) remains at low levels thanks to the cash retention policy and the divestment program of non-strategic assets, standing at 32.5% (vs. 32.7% in 2022) and with a liquidity position of €1,921 million. In April, MERLIN repaid €744.5m in outstanding bonds, which has allowed it to extend the average debt maturity to 5.6 years while maintaining the cost at very competitive levels (2.2%).



  • Business performance

Solid increase in like-for-like rents (+7.5%), thanks to increased occupancy and positive release spread. Occupancy remained stable at 92.2% (+183 bps vs. 3M22; -27 bps vs. FY22). The office market continued to show dynamism following a good 2022, although we expect lower activity in the coming months.


Landmark Plan

The refurbishment of Plaza Ruiz Picasso is progressing well, with the asset almost fully pre-let to top-quality tenants at prime rents.



  • Business performance

Positive organic growth in the logistics portfolio, showing good like-for-like in rents (+4.3% vs 2022) despite a small reduction in occupancy due to tenant turnover.


  • Best Plan II & III

Cabanillas Park II B (47,342 sqm) in its final development phase. To be delivered in the second half of 2023. Very advanced lease-up negotiations.


Shopping centers

  • Business performance

Occupancy in shopping centers continues to improve (95.8%). Sales (+16.4%) and footfall (+5.1%) continue to recover compared to the same period in 2022 and sales have far exceeded pre-pandemic levels. The occupancy cost ratio remains at very sustainable levels (11.9%).


Mega Plan (Data Centers)

Construction works are nearing completion, and the three assets are expected to be delivered in the second half of the year. Pre-commercialization is progressing faster than anticipated and equipment orders have been placed to increase from 9MW to 15MW immediately.



Post closing to the first quarter, the Company has sold 2 non-core shopping centers, Bonaire and Vilamarina, for €22 million.


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