MERLIN Properties continues with positive performance achieving a net income of €475 million (+87% vs 9M16)
MERLIN Properties has released its 9M 2017 consolidated financial statements with total revenues of € 364 million, a recurring EBITDA of € 298 million, a recurring FFO (EBITDA less interest) of € 222 million and a consolidated net profit in accordance with IFRS of € 475 million.
NAV amounted to € 5,648 million (12.02 euros per share). It is important to highlight that no new appraisal for the assets has been carried out this quarter as, in accordance with the Company’s policy, new appraisals of the portfolio are carried out on a semi-annual basis.
MERLIN Properties continues the year on a positive footing, with 767,171 sqm contracted with a general uplift in rents. The portfolio occupancy rate has increased from 91.3% in December to 92.5% at the end of September.
Good performance in the 3 core markets delivering +3.3% release spread on renewals (+3.2% in Madrid, + 4.0% in Barcelona and +5.1% in Lisbon). Occupancy rate also increases from 87.9% to 88.1%.
During the third quarter, MERLIN acquired Marques de Pombal 3, a 12,460 sqm office building located in the best spot within Lisbon Prime CBD. Other refurbishments such as Puerta de las Naciones, pre-let to Ferrovial, Balmes and Torre Glòries in Barcelona are proceeding in accordance with plans.
The shopping center portfolio has also experienced a very positive nine month period with a 2.7% increase in footfall and a release spread on renewals of 4.1%. Occupancy has also increased from 88.6% to 89.1%. MERLIN has acquired three retail units within its Shopping centers portfolio for a total amount of €16.2 million.
The works on X-Madrid have started with a 70% pre-let level
The superb momentum experienced by this sector is represented in MERLIN’s portfolio: the occupancy has increased from 95.4% to 98% and the releasing spread on renewals achieved a 13.5% uplift.
Since January, both the logistic park “MERLIN Cabanillas” with 202.600 sqm of gross lettable area and the 40,462 sqm of logistic warehouses in Madrid-Pinto have achieved 100% occupancy prior to opening.