MERLIN Properties obtained a recurring net profit of 230.5 million euros in the first nine months of the year, which represents an increase of 6.7% compared to the same period last year, as reported by the SOCIMI to the National Commission of the Stock Market (CNMV). The net result multiplied by more than 18 times, up to 225 million eurosdue to the positive effect of the revaluation of its assets, as a consequence of the stabilization of interest rates.
The company’s debt level stood at 27.4% with respect to the value of assets, compared to 35% in December 2023, with a liquidity position of 2,522 million euros. 100% of the debt is at a fixed rate and the average maturity of the debt is 4.6 years.
Aside from this situation, Merlin’s rental income increased by 4.7% in this period, to 373 million euros, at the same time that the gross operating result (Ebitda) was 287 million, also 4. 8% higher.
Its office business increased its comparable income by 2.5%, with an occupancy of 93%, and its shopping center business grew by 2.3%, with footfall and sales of its stores up 2.2% and 4.8%. % higher, respectively.
In the logistics field, revenues increased by 3.2%, with 97.9% of its assets occupied. In October, it signed a turnkey pre-lease for the delivery of three logistics warehouses in Lisboa Logistics Park, so when the last warehouse is delivered in 2027, the development of the logistics park will be completed and fully leased.
Dividend and aid for DANA
The board of directors of Merlin has agreed to distribute an interim dividend against the profits for fiscal year 2024, for a fixed amount of 0.18 euros gross per share to each of the existing and outstanding shares that have the right to receive said payment.
The dividend payment date will be next December 10, 2024. Before, on November 25, the registered holders who have the right to receive the dividend are determined.
The company has reported in its income statement that it has obtained approval from its board of directors to provide a financial aid package valued at 1 million euros for the victims of the floods caused by DANAin the form of rental of heavy machinery and direct aid to the employees in charge of its Saler de Valencia shopping center and a parish in Letur (Albacete).
It has also reported that none of its assets in the area have suffered significant damage, although its logistics complex in Ribarroja (Valencia) registered major floods that will be covered by insurance.