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Merlin Properties: 1Q24 Results

REAL ESTATE

Merlin Properties (MRLSM: Baa2 pos / BBB+): 1Q24 Results

Merlin Properties has recently been upgraded to BBB+ in March so investors had little to worry about 1Q results.

  • Revenue EUR 127m (1Q23 EUR 121m)
  • EBITDA EUR 91m (1Q23 EUR 89.3)
  • LTV 35% (1Q23 32.5%)
  • AFFO EUR 70.1m (1Q23 72.6m)
  • Occupancy 92.2% unchanged

All debt maturities are covered out to Nov ’26 by liquidity of EUR 1.4bn.

The company only divested EUR 3m this quarter but has EUR 79.3m that is expects to sell over the course of the year with double-digit premia to appraisal value. The company is moving focus into Data and Logistics with completions in Madrid-Gatafe, Barcelona-PLZF and Bilbao-Arasur. A license has been obtained for Lisbon-VFX and a second building planned for Bilbao-Arasur.

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