Spain’s largest REIT, MERLIN Properties, has released its consolidated financial results for the 1st semester of 2018 with total revenues of €247M, recurring EBITDA of € 195 million and recurring EBITDA less interest (FFO) of €141M. The listed property fund has consolidated net profit in accordance with IFRS of €458M , representing a 8.6% increase versus the first half of 2017.
As per valuations carried out by CBRE and Savills, the GAV (gross asset value) of the portfolio now stands at €11,755 million, representing a 3.7% (LfL) increase versus December 2017 and incorporating capex plans that have been carried out or are in execution.
During the semester, Merlin has renewed or leased over 473,000m² of GLA as MERLIN has managed to ride positive market sentiment, which is expected to generate rental growth.
Merlin has created value to shareholders for an aggregate amount of € 501 million, delivering an implicit total shareholders return of 8.1% year to date and 22.1% LTM
As per EPRA standards, the REIT’s net asset value is €6,604 million equivalent to €14.06 per share, representing a 6.1% increase over 2017 EPRA NAV per share (€13.25). The Company has reconfirmed the pay-out guidance of € 50 cents for 2018.