COMPANY PRESENTATION
DISCLAIMER
This presentation has been prepared by MERLIN Properties SOCIMI, S.A. (the "Company") for informational use only.
The information contained in this presentation does not purport to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities. The information contained in this document is subject to change, verification and completion without notice. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of any information contained or referred to in this document. Each of the Company and its affiliates, advisors or agents expressly disclaims any and all liabilities which may be based on this document, the information contained or referred to therein, any errors therein or omissions therefrom. Neither the Company, nor any of its affiliates, advisors or agents undertakes any obligation to provide the recipients with access to additional information or to update this document
or to correct any inaccuracies in the information contained or referred to therein.
Certain statements in this document regarding the market and competitive position data may be based on the internal analyses of the Company, which involve
certain assumptions and estimates. These internal analyses may have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. Additionally, certain information contained herein may be based on management accounts and estimates of the Company and may have not been audited or reviewed by the Company's auditors. Recipients should not place undue reliance on this information. The financial information included herein may have not been reviewed for accuracy or completeness and, as such, should not be relied upon.
This information is provided to the recipients for informational purposes only and recipients must undertake their own investigation of the Company. The information providing herein is not to be relied upon in substitution for the recipient's own exercise of independent judgment with regard to the operations, financial condition and prospects of the Company.
The distribution of this presentation in some jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. The securities of the Company have not been and, should there be an
offering, will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"). Such securities may not be offered or sold in the United States except on a limited basis, if at all, to Qualified Institutional Buyers (as defined in Rule 144A under the Securities Act) in reliance on Rule 144A or another exemption from, or transaction not subject to, the registration requirements of the Securities Act. The securities of the Company have not been and, should there be an offering, will not be registered under the applicable securities laws of any state or jurisdiction of Canada or Japan and, subject to certain exceptions, may not be offered or sold within Canada or Japan or to or for the benefit of any national, resident or citizen of Canada or Japan.
THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SHARES. ANY DECISION TO PURCHASE SHARES IN ANY OFFERING SHOULD BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION ON THE COMPANY.
This presentation may include forward- looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the financial position, business strategy, management plans and objectives for future operations of the Company are forward-looking statements. These forward- looking statements involve known and unknown risks, uncertainties and other factors, which may cause such actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward- looking statements are based on numerous assumptions regarding the present and future business strategies of the Company and the environment in which they expect to operate in the future.
Forward-looking statements speak only as of the date of this presentation and the Company expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation, any change in their expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.
In reviewing this presentation, the recipient is agreeing to, and accepting, the foregoing restrictions and limitations.
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A leading company
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A well-groundedpresent
CONTENTS
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An exciting future
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Appendix
- LEADING COMPANY
A leading company |Brief history of the company
2014
2015
2016 2018
2019
2020
2021
20222023
Acquisition of Tree portfolio (888 BBVA branches) (€ 740m)
July 2014
Acquisition of Testa (€ 1.8bn)
June 2015
Acquisition | Sale hotel | ||
of Metrovacesa | portfolio | ||
(€ 1.7bn) | (€ 535m) | ||
June | |||
2016 | 2016 | ||
Sale of | |
non-core | Launch |
and Testa | of value |
Residencial | creation |
(€ 321m) | program |
2018 2018
Acquisition | |||
of 3 assets | |||
in Portugal | Sale of | ||
(€ 112m) | office | ||
and DCN | portfolio | ||
in Madrid | & other | ||
(€ 169m) | (€ 225m) | ||
Nov. | |||
2019 | 2019 | ||
Contribution of non-core retail assets
Feb.
2020
Non-core | |
Launch of | assets |
Data Center | disposals |
program | (€ 238m) |
2021 2021
Sale | Non-core |
of Tree | assets |
portfolio | disposals |
(€ 2.1bn) | (€ 113m) |
2022 2022
Value creation | |||
program in | |||
Non-core | offices and | ||
assets | shopping | ||
disposals | centers | ||
(€ 39m) | completed | ||
2023 | 2023 | ||
June | May | Dec. | 2016- | April | Nov. | Jan. | July | May | 2022 | 2022 | 2023 |
2014 | & July | 2015 | 2017 | 2019 | 2019 | 2020 | 2020 | 2021 | |||
2015 |
IPO | Capital | Inclusion | 4 bond | ESG | Bond | Listing in | Bond | Bond | Green Bond | 2023 bond | Banking |
increase | in IBEX 35 | issuances | Indexed | issuance | Euronext | issuance | issuance | requalification | refinancing | financing | |
Index | financing | Lisbon |
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A leading company |Sound financial structure
FINANCIAL DISCIPLINE: LONG MATURITIES AND HEDGED DEBT
35.0% | 2.38% | 5.1 | 90.4% | 99.7% | € 4,050m | € 1,309m |
LTV | Average Interest | Years | Non-mortgage debt | Fixed | Net financial | Liquidity |
Rate (hedged) | Maturity | / total debt | rate debt | debt | position(1) |
€ 180m | € 170m | € 150m | € 100m | |||
7-yr mortgage loan | 10-yr mortgage loan | 10-yr mortgage loan | Tap on the 2.375% note due | |||
872 | @110 bps margin | @125 bps margin | @130 bps margin | (2) | September 2029 | (3) |
(€ million) | Refinanced | 72 | |||||||||
727 | |||||||||||
711 | |||||||||||
2 | |||||||||||
602 | 29 | 600 | |||||||||
2 | 502 | 182 | |||||||||
2 | |||||||||||
725 | |||||||||||
600 | 800 | 500 | 302 | ||||||||
2 | 600 | ||||||||||
500 | 187 | ||||||||||
17 | |||||||||||
300 | |||||||||||
2 | 22 | ||||||||||
2 | 170 | ||||||||||
22 | |||||||||||
2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 |
Unsecured loans | Unsecured bonds | Secured bank loans |
- Including cash (€ 461.2m), treasury stock (€ 15.4m) and undrawned credit facilities (€ 832.4m) in FY23
- Signed in January 2024 and pending disposition
- Drawn down in February 2024
BBB Positive
Baa2 Positive | 6 |
A leading company |A snapshot of MERLIN as of FY23
6.2% | 3.0% | 3.0% | 0.1% | ||
16.9% | 16.9% | ||||
Gross asset | 55.8% | Gross rental | 53.6% | ||
value | income | ||||
18.1% | 26.4% |
Offices | Shopping Centers | Logistics | Data Centers | Other | ||||
Note: GAV of land under develpoment and NTA of equity method included in its respective category (offices, shopping centers, logistics and data centers)
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A leading company |Reconvening our strategy
50%50%
Traditional(1)Digital(2)
75%
25%Digital
Traditional
(1) Offices + Shopping centers | 8 |
(2) Data centers + e-commerce related logistics | |
A leading company |Shareholder's return | ||||||||||
+8.8% | +1.4% | +7.1% | +4.7% | (1.0%) | ||||||
+15.2% | 16.11 | |||||||||
+21.6% | 15.39 | 15.46 | 15.67 | 15.08 | ||||||
14.81 | ||||||||||
+1.8bn | ||||||||||
€ p.s | +17.2% | 13.25 | +1.19 | |||||||
of dividends | ||||||||||
distributed | Total | +9.1% | 11.23 | |||||||
since IPO | shareholder's | 9.85 | ||||||||
return | ||||||||||
9.10 | As a | |||||||||
consequence | ||||||||||
NTA | of BBVA | |||||||||
portfolio disposal | 9.2 | |||||||||
Current | ||||||||||
0.50 | share price | |||||||||
0.46 | ||||||||||
+0.44(1) | ||||||||||
0.40 | 0.40 | |||||||||
0.35 | ||||||||||
0.30 | ||||||||||
112.2% | Dividend | |||||||||
accrued | 0.19 | |||||||||
of value creation | ||||||||||
since IPO | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | FY23 |
(1) € 0.20 p.s. already paid Dec-23 and € 0.24 p.s. pending BoD proposal to be approved by 2024 AGM
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- WELL-GROUNDEDPRESENT
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MERLIN Properties SOCIMI SA published this content on 15 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2024 13:14:00 UTC.