Report
Ignacio Romero
EUR 100.00 For Business Accounts Only

MERLÍN PROPERTIES: 1Q’20 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'20 vs. 1Q'19 Results:
Gross Rental Revenues: € 130.4 M (-1.0% vs. -1.2% BS(e));
EBITDA: € 103.9 M (-1.0%);
Net Profit: € 74.7 M (-5.4%);
The company has released 1Q’20 results showing very positive performance before the outbreak of Covid-19, with strong growth in LfL rents (even in shopping centres). The drop in rental revenues is due to an effect from the scope of perimeter due to the sale of two asset portfolios in 2019 and to the fact that some assets have begun refurbishments, and thus we downplay this impact. Additionally, the company has footed the bill for tenants that have not been able to open due to the emergency public health measures taken, which has had an impact on the quarter’s revenues in retail assets (for the 17 days in March included in the quarter). The company believes that if in the end locales will be able to open in July, the impact from these measures on the year’s cashflow could be smaller than initially estimated (
Underlying
MERLIN Properties SOCIMI S.A.

Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.

Provider
Sabadell
Sabadell

Analysts
Ignacio Romero

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