December 1, 2021

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Merlin profits up 128% and real estate occupancy is up

Merlin profits up 128% and real estate occupancy is up

Merlin Characteristics And its profits increased by 127.6% over the same period of the previous year. What a net profit 254.4 million euros In the first nine months, continuing Increase your occupancy level In all its buildings after the pandemic. Due to business normalization, the Board of Directors has approved the immediate distribution of an interim dividend of €0.15 per share to be charged for 2021, which will be completed after the final distribution decision adopted by the general meeting of shareholders, with the objective of a total remuneration to the shareholder. For 2021: 0.40 euros per share.

Socimi specializes in the office, logistics and shopping mall sectors Bill 381.3 million euros In this period, the GDP (Ebitda) decreased by 1%, while the total operating output (Ebitda) reached 277.4 million, an increase of 0.6%, both indicators showing some stability compared to 2020. The net asset value at the end of the period was 7,370 million, an increase of 0.8%, although no new valuation of the portfolio is carried out, as it is only carried out in June and December of each year.

In its office portfolio, comparable rentals continued to improve thanks to an occupancy increase of 29 basis points to currently stand at 89.4%. company outlook To reach 90% by the end of the year. In the field of logistics, the portfolio is almost completely occupied, having rented the existing space in Barcelona PLZF due to the departure of Nissan, which contributed to increasing its income in this business.

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For their part, malls continued to regain their flow, although they are still 15% lower than the pre-pandemic rate, as well as tenant sales, which are still 9% lower than those recorded in 2019. However, occupancy in Malls are already approaching pre-Covid levels, 93.8%, with a contract of more than 23,000 square meters in 2021. In addition, it continued to reduce tenant bonuses approved in the context of the health crisis, at hypothetical “anecdotal” levels similar to those obtained in 2019. In any case, these bonuses were 23.7 million as of September.

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The company has reiterated its goal of beginning the year to make a profit 2021 minimum run of 56 cents per share (currently at 43 cents), and advocates a short and medium term counter with a “very strong” balance sheet, justified by a liquidity of 1.692 million euros. Its net financial debt is 5324 million euros.