Merlin made a net profit of 12.5 million euros This represents a 98% collapse compared to the profit of 567.1 million euros in the same period the previous year, as reported on Thursday.
The decrease is due to the impact of increases in interest rates on the valuation of its assets. real estate assets and the impact of the sale of Tree, the BBVA office portfolio, which SOCIMI disposed of last year.
Firstly, the gross value of its assets was €11,367 million, as shown in the latest income statement, compared to the €11,599 million at which its portfolio was valued at the end of September 2023.
This resulted in a deduction of around 200 million euros from its accounts, compared to the positive impact of 122 million recorded due to the revaluation of its portfolio a year ago. In any case, it is an accounting effect with no cash outlay.
Latter, sale of offices BBVA This also affected the company’s operating profit, which reflected the improvement in its business, falling by 3.6% to €216 million in the period. If we did not take into account the sale of the tree, this item would increase by 12%.
This operating profit represents 46 cents per share, in line with the 60 cents the company expects to record for the full year.
With all this, The company’s total revenue increased by 7.2% to 365 million eurosAt the same time, gross operating result (EBITDA) increased by 10% to €274 million.
99% occupancy in logistics
In your office work, Income from leasing assets increased by 6.8% under comparable conditions and the occupancy rate was 91.9%. In the logistics market, rents increased by 5% and the occupancy rate is almost full at 99%.
In shopping malls, tenant sales increased by 2.4% and the number of visitors in shopping malls increased by 15.1% above pre-Covid levels. The data centers in Madrid-Getafe, Barcelona-PLZF and Bilbao-Arasur are already operational and delivered to the tenant.
Regarding disposals, under its policy of rotating non-strategic assets, Merlin made sales of €31.6 million, including two shopping centers and an industrial warehouse.
From a financial perspective, LTV (debt to asset value ratio) has also remained under pressure due to the impact of valuations, rising to 34% from 32.7% in December 2022. At 15 November Merlin had 7-year bilateral debt of €170 million. Debt with a ‘medium swap’ cost of +125 basis points.
dividend
Finally, SOCIMI’s board of directors, meeting this Thursday, Distribution of an interim dividend of 0.20 Euro per share for the 2023 fiscal year, It will be paid on December 12, the same amount that was delivered last year.
The date on which registered shareholders who are entitled to receive the dividend will be determined will be November 27. Payment will be made through entities participating in the Securities Registration, Compensation and Settlement Systems Management Company (Iberclear) acting as payment agent Banco Santander.