Merlin Properties closed the first half of the year with total revenues of 253.7 billion euros, including gross rents of 248.2 billion euros.
The Spanish company posted an operating profit of 147.8 billion euros (31 euro cents per share) and a net profit of 132.8 billion euros, while EBITDA stood at 188.4 billion euros.
Gross asset value stood at 11,375 million euros, with no drop in valuations thanks to the revaluation of data centres. Net asset value totalled 7,097 million euros (15.11 euros per share), a slight increase of +0.2% compared to December 2023. The debt level was 35.6%, with a liquidity position of 1,572 million euros.
Analysing by segment, offices continued to grow in comparable revenues (+1.8%) and in renewal rents (+1.1%). The occupancy rate remained stable, with a slight increase, and "we expect to surpass our all-time high at the end of the year, reaching 93%", Merlin points out.
The logistics portfolio "performed well for yet another six-month period", with an increase in comparable rents of 4.1%, an increase in rents on renewals (+2.9%) and an occupancy rate of 97.6%, "which will improve towards the end of the year". Shopping centres also recorded strong growth in like-for-like revenues (+3.3%) and growth in rents on refurbishments (+6.4%). The effort rate remains at historic lows (11.5%) and the number of visitors (+3.3%) and sales (+5.0%) at levels above 2023.
As part of Phase II of the data centres (200 MW), the construction licence for LIS01-VFX has already been obtained and power has been secured for the development of a 100 MW artificial intelligence campus. BIO02-ARA has guaranteed power for a further 94MW and the construction licence should be obtained in 4Q24.
The gross value of Merlin's assets thus amounts to 11,375 million euros as of 30 June this year, according to valuations carried out by Savills, CBRE and JLL. By asset category, the value created in data centre and logistics developments stands out (53.5 million euros), which offsets the loss of value in the operational portfolio (48.7 million euros).
