Merlin Properties Socimi, S.a. · BME:MRL
Merlin Properties Socimi — Q1 2015 Earnings Presentation
16 slides from Merlin Properties Socimi's earnings presentation, May 13, 2015
Slide 1: 1Q 2015 results presentation
1Q 2015 results presentation 13 May, 2015 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by by any independent sources and there the U.S. Securities Act of 1933, as amended included in this presentation, including, MERLIN Properties SOCIMI, S.A. (the can be no assurance that the assumptions (the “Securities Act”), or the U.S. Investment wit
Slide 3: Presenting team
Presenting team MERLIN 1Q 2015 results presentation Ismael Clemente CEO David Brush CIO Miguel Ollero COO / CFO 3
Slide 4: 1Q 2015 Financial highlights
1Q 2015 Financial highlights 4
Slide 5: Consolidated profit and loss
Financial highlights Consolidated profit and loss 1Q 2015 Gross rental income € 32.3 m Net rental income € 32.1 m Annualized GRI € 132.31 m Tree € 22.2 m Consolidated MERLIN Retail € 4.6 m profit and loss MERLIN Oficinas € 3.7 m MERLIn Logistica € 1.5 m EBITDA € 29.7 m IFRS net profit € 19.6 m IFRS
Slide 6: Consolidated balance sheet
Financial highlights Consolidated balance sheet Since June 30, 2014 MERLIN has developed one of the largest and highest quality yielding commercial real estate portfolios in the Spanish market March 2015 December 2014 Total assets € 2,594 m € 2,417 m Total equity € 1,304 m € 1,309 m Consolidated Por
Slide 7: EPRA metrics
Financial highlights EPRA metrics March 2015 Per share EPRA earnings € 22.1 m € 0.17 (NAREIT FFO) EPRA NAV1 € 1,367 m € 10.58 EPRA EPRA NNNAV1 € 1,281 m € 9.91 metrics On appraisal On cost EPRA gross yield2 5.77% 6.07% EPRA "topped-up" NIY3 5.67% 5.97% EPRA net initial yield4 5.60% 5.90% Source: Com
Slide 8: EPRA NAV
Financial highlights EPRA metrics 2,291 1,367 EPRA (913) (11) NAV Gross Net Working EPRA Net Asset Value1 financial debt capital Asset Value Source: Company Based on the gross asset value of Savills’ valuation as of December 31, 2014, except for the case of the two assets acquired in 1Q 2015, which
Slide 9: Portfolio breakdown
Financial highlights Portfolio breakdown 23% Tree Inversiones MERLIN Retail GLA breakdown 52 % per subsidiary1 MERLIN Oficinas 10% MERLIN Logística 15% 6% 13% Rents breakdown per subsidiary 14 % 67% Source: Company 1 Based on Savills appraisal as of 31 December 2014 except for Madrid-Coslada and Alc
Slide 10: Portfolio breakdown: gross yield, occupancy and lease length
Financial highlights Portfolio breakdown 8.7% 5.3% 6.6% 6.7% Gross Yield 5.8% per subsidiary1 MERLIN average Tree MERLIN MERLIN MERLIN Inversiones Retail Oficinas Logística 100% 100% 96.5% 23.0 89% MERLIN average 82% Occupancy 8.3 17.2 and average MERLIN average lease length 3.1 3.2 per subsidiary T
Slide 11: Debt overview
Financial highlights Debt 0verview € 1,184 million of debt raised, with a 9-year remaining life, and average cost of 3.8% until December 2017 and 2.7% thereafter IQ 2015 134 23 21 (20) 1.184 113 843 70 940 (827) Jul-2014 Oct-2014 Dec-2014 Feb-2015 Mar-2015 Mar-2015 Debt Debt Original A-1 Financing T
Slide 12: New acquisitions
New acquisitions 12
Slide 13: Alcalá Office - Madrid
Alcalá Office - Madrid DESCRIPTION Office building located in the heart of Madrid, in Alcalá 38–40 street, in an excellent location, at the junction of the renowned streets of Alcalá and Gran Via, in an area known for its high density and retail concentration. This area is currently undergoing a rem
Slide 14: Madrid - Coslada Logistics
Madrid - Coslada Logistics - Madrid DESCRIPTION Logistics warehouse located in Madrid, in the Logistics Transport Centre in Coslada, a consolidated logistics area, known for its excellent connection to the A-2 highway and proximity to Madrid (18 kms.) and airport (7 kms.). The asset has a GLA of 28,
Slide 15: Madrid - Meco Logistics
Madrid - Meco Logistics - Madrid DESCRIPTION Logistics warehouse located in Madrid, in the Meco industrial area, a consolidated logistics area, known for its excellent connection to the A-2 corridor. The asset has a GLA of 35,285 sqm, fully let to Azkar (subsidiary of Dachser, one of the leading log
Slide 16: Contact details
PASEO DE LA CASTELLANA, 42 28046 MADRID +34 91 787 55 30 info@merlinprop.com www.merlinproperties.com 16
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