Merlin Pptys Socimi Ord (MRPRF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen. Welcome and thank you for joining Merlin's first quarter trading update conference call. As we always do on first and third quarter, our CEO, Ismael Clemente, will briefly go through the main highlights of the quarter, and then we'll open the line for Q&A. For those of you who want to ask questions, please press start, followed by number five. With no further delay, I pass the floor to Ismael. Thank you. Thank you, Ines. Welcome to Merlin's first quarter results presentation. It's been a pretty solid quarter overall. In terms of consolidated performance, gross rent went up by 2.7%, which was okay, and particularly we improved significantly our margins, and the FFO went up by almost 17%, which is good. We have significantly shrunk the dilution caused by the capital increase, so We are running at present at minus 2.6% FFO per share, which is remarkable given the new share count. And in terms of MTA, despite not having revalued in the quarter, we are running at minus 4.8. Let's see what happens in June, but we continue probably shrinking the dilution of the capital increase in terms of MTA by 30th of June. It's been a very active quarter in terms of data centers. We bought two sites in Madrid with 115 megawatts readily available, which will allow us to develop around 78 megawatts of IT capacity. In terms of commercialization, a block of 18 megawatts IT has been led in our vast country development in Al-Azour. small but super important for us. Six megawatts of our repowering capacity that will arrive during the first half of next year in Barcelona has been pre-lit, which is important because pre-lets are relatively scarce, at least in the Spanish market. As commented on many occasions, we believe that the possibility of doing pre-let...