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INTERIM FINANCIAL STATEMENTSFOR THE PERIOD ENDED
ON JUNE 30, 2016
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MERLIN PROPERTIES IS THE LEADING SOCIMI IN THE SPANISH REAL ESTATE MARKET
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O1. Key aspects 4
O2. Business performance 10
O3. Portfolio and valuation 24
O4. Financial statements 28
O5. EPRA metrics 36
O6. Events Post-closing 38
O7. Stock exchange evolution 40
APPENDIX
EPRA metrics calculation 44
Alternative measures of performance 48
List of assets 50
Asset location maps 54
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KEY ASPECTS
01
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Interim Financial Statements
KEY ASPECTS
1. Capital structure
As of 30 June 2016, the share capital of MERLIN Properties SOCIMI, S.A. (“MERLIN”, “MERLIN Properties” or the “Company”) amounted to € 323,030 thousand, represented to €323,030,000 fully subscribed and paid shared with a nominal value of 1 euro each, all of which are of the same class and confer the holders thereof the same rights. All the shares are quoted on the four national stock exchanges: Madrid, Barcelona, Bilbao and Valencia.
2. Investment activity
During the first semester of 2016, MERLIN Properties has acquired 100% of the equity and profit participating loans of 2 Portuguese entities, owners of 2 office buildings, Monumental (that also comprises a retail mall) and Torre Lisboa, and 4 logistics assets for development: a warehouse located in Madrid-Pinto to be refurbished, a land plot in Madrid-Azuqueca, a land plot in Madrid-Meco and a land plot in Guadalajara-Cabanillas. In addition, MERLIN has acquired a 2,373 sqm retail unit in Larios shopping center and a 701 sqm retail unit in Porto Pi shopping center. The acquisitions of these assets represent a total investment of € 149,357 thousand.
Additionally, during the second quarter, MERLIN has sold the asset Faro de Hércules, a non-strategic asset which consists in a nursing home located in La Coruña, for a price of € 11.5 million, which represents a capital gain of 40% over the valuation of the asset as of 31 December 2015 (€ 8.2 million).
3. Commercial portfolio
After the acquisitions and divestments executed during the first semester of 2016, MERLIN Properties owns a commercial real estate portfolio comprising 1,012 fully owned assets with a stock gross lettable area (“stock G.L.A.”) of 1,895,760 sqm and 10 assets under development, with a development gross lettable area (“development G.L.A.”) of 502,915 sqm. In addition, MERLIN holds 7 minority stakes, comprising 49 assets and a stock G.L.A. of 162,186 sqm. The portfolio gross asset value (“GAV” or “Gross Asset Value”), in accordance with Savills and CBRE valuation as of 30 June 2016 amounts to € 6,526,569 thousand. The net asset value, following EPRA recommendations (“EPRA Net Asset Value”), amounts to € 3,423,164 thousand (€ 10.60 per share). Adjusted EPRA NAV, once deducted the goodwill arising as a result of Testa acquisition, outstanding as of 30 June 2016 (€ 78,258 thousand), amounts to € 3,344,906 thousand (€ 10.35 per share).
4. Results
In the first semester, MERLIN recorded revenues of € 158,029 thousand, recurring EBITDA of € 135,485 thousand, recurring FFO of € 98,663 thousand and a net consolidated result of € 211,187 thousand. Please note that for reporting purposes, Princesa’s retail units have been reclassified from the shopping centers category to High Street retail.
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Free Float
Invesco
Principal Financial Gr.
Standard Life
Blackrock
Free float 88.0%
INVESCO 1.1%
Principal Financial Group 3.0%
Standard Life 3.1%
Black Rock 4.9%
ASPECTOS CLAVENumber of ordinary shares
323,030,000
Total equity 3,045,699
GAV 6,526,569
Net Debt 3,123,545
Net Debt / GAV 47.9%
Capital structure key data
Key aspects of the commercial portfolio
(€ thousand) 30/06/16
GAV of the commercial portfolio (1) (2) 6,134,759
GAV of the portfolio under development (1) (2) 107,797
GAV non-core land (1) (2) 131,720
GAV equity method stakes (2) 152,294
Total GAV 6,526,569
Gross annualized rents 2016 (3) 308,532
“Topped-up” annualized rents 2016 (3) 291,214
EPRA gross yield (4) 5.0%
EPRA topped-up yield (4) 4.7%
Stock G.L.A. (sqm) 1,895,760
Occupancy rate 95.5%
WAULT by rents (years) (5) 9.3
Development G.L.A. (sqm) 502,915
EPRA net asset value (“EPRA NAV”) 3,423,164
EPRA NAV per share (€) 10.60
Adjusted EPRA NAV (ex-goodwill) 3,344,906
Adjusted EPRA NAV per share (€) 10.35
(1) Commercial portfolio: assets available for lease including rented residential. Portfolio under development includes advanced payments for forward purchases and 7 land plots for development.
(2) In accordance with Savills and CBRE appraisals as of 30 June 2016(3) Gross / topped-up annualized rents have been calculated as passing rent as of 30 June multiplied by 12.(4) Calculated as gross / topped-up annualized rents divided by GAV of the commercial portfolio.(5) Weighted unexpired lease term, calculated as the number of years of unexpired lease term, as from 30 June 2016 until the first
break option of the lease contracts, weighted by the gross rent of each individual lease contract.
Source: CNMV
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Interim Financial Statements
GAV per asset class Gross annualized rents per asset class
Occupancy and WAULT per asset class
Gross yield per asset class
5.0%MERLIN AVG
9.3
MERLINAVG
OtherRented Residential
HotelsHigh Street retail
LogisticsShopping centers
Offices
5.0%5.3%
6.9%5.6%
4.8%
3.8%
5.6%
4.5
2.2
15.8
2.64.0 3.5
20.2
95.5%
MERLINAVG
90.1%98.2%
90.4%
100% 100% 100%97.0%
Offices High Street retail Shopping centers Logistics Hotels Rented Residential Other
37.6%
32.0%
6.5%
12.2%
7.5%
4.1%0.1%
31.3%
10.9%
35.8% 5.2%4.4%
6.1%
6.3%
OtherRented Residential
HotelsHigh Street retail
LogisticsShopping centers
Offices
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(€ thousand) 30/06/16 30/06/15
Gross rents 154,625 65,444
Property expenses not recharged to tenants
(8,693) (1,557)
Net rents before incentives and collection loss
145,932 63,886
Incentives, straight-lines and collection loss
(3,655) (772)
Net rents after incentives and collection loss
142,277 63,114
Other income 3,404 1,939
Personnel expenses (6,967) (5,063)
Recurring general expenses (3,229) (1,120)
Non-recurring general expenses (7,311) Por acción (1,575) Por acción
EBITDA 128,174 0.40 57,293 0.30
Net interest expense (36,822) (14,157)
FFO(1) 91,352 0.28 43,136 0.21
EPRA earnings 80,581 0.25 44,802 0.23
Profit (loss) for the period attributable
211,143 0.65 119,582 0.62
Plus non-recurring general expenses 7,311 1,575
Recurring EBITDA 135,485 0.42 58,868 0.30
Recurring FFO 98,663 0.31 44,711 0.23
Key consolidated financial and economic indicators (IFRS)
(1) FFO calculated as EBITDA (€ 128,174 thousand) less debt interest expenses paid in the period (€ 36,822 thousand).
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Interim Financial Statements
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BUSINESS PERFORMANCE
02
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Interim Financial Statements
Gross rents in the period amount to € 154,625 thousand. Gross rents per
asset category as well as average passing rent are shown below:
1H 2016 gross rents per asset category
6.4%
0.6%
31.1%
13.2%37.1%
8.0%
3.6%
Office
Logistics
High Street retail
Hotels
Shopping centers
Rented Residential Others
Average passing rent (€/sqm/month)
15.9
Hotels
3.7
Logistics(1)
20.4
Shopping centers
18.1
Office
8.8
Rented Residential
AVERAGE RENT
(1) Excluding turn-key projects.
18.3
High Street retail
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Stock G.L.A. of MERLIN as of 30 June 2016 amounts to 1,895,760 sqm. Stock as of 31 December 2015 amounted to 1,865,487 sqm, resulting in a net increase of the stock during the semester of 30,273 sqm.
In addition, the retail units acquired in Porto Pi (701 sqm) and Larios (2,373 sqm) have not been included yet as part of the stock G.L.A. since enhancement works are underway. Occupancy rate as of 30 June 2016 is 95.5%.
OCCUPANCY
30/06/16 31/03/16 31/12/15
Offices
Total G.L.A. (sqm) 584,969 584,969 554,362
G.L.A. occupied (sqm) 526,806 526,173 498,728
Occupancy rate (%) 90.1% 89.9% 90.0%
Shopping centers(1)
Total G.L.A. (sqm) 164,325 164,325 172,032
G.L.A. occupied (sqm) 148,547 152,484 160,740
Occupancy rate (%) 90.4% 92.8% 93.4%
Logistics
Total G.L.A. (sqm) 454,784 454,784 454,784
G.L.A. occupied (sqm) 446,757 425,178 425,178
Occupancy rate (%) 98.2% 93.5% 93.5%
High Street retail(1)
Total G.L.A. (sqm) 450,611 450,611 437,409
G.L.A. occupied (sqm) 450,611 450,611 437,409
Occupancy rate (%) 100.0% 100.0% 100.0%
Hotels
Total G.L.A. (sqm) 116,741 116,741 116,741
G.L.A. occupied (sqm) 116,741 116,741 116,741
Occupancy rate (%) 100.0% 100.0% 100.0%
Rented Residential
Total G.L.A. (sqm) 124,019 124,019 124,019
G.L.A. occupied (sqm) 120,341 119,405 120,367
Occupancy rate (%) 97.0% 96.3% 97.1%
Others
Total G.L.A. (sqm) 311 6,140 6,140
G.L.A. occupied (sqm) 311 6,140 6,140
Occupancy rate (%) 100.0% 100.0% 100.0%
MERLIN
Total G.L.A. (sqm) 1,895,760 1,901,589 1,865,487
G.L.A. occupied (sqm) 1,810,114 1,796,731 1,765,303
Occupancy rate (%) 95.5% 94.5% 94.6%
Occupancy
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Interim Financial Statements
Occupancy evolution on a like-for-like basis, adjusted to exclude changes in the stock G.L.A., is as follows:
Offices
90.0% 89.9%
Shopping centers
92.9%
90.1%
Logistics
93.5%
98.2%
High Street retail
100%100%
Hotels
100%100%
Others
100%100%
Rented Residential
97.0%97.1%
MERLIN AVG 95.5% 94.6%
30/06/2016 31/12/2015
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LEASING ACTIVITY
Since the beginning of 2016, or since the acquisition date for the assets acquired during the year until 30 June 2016, MERLIN has signed lease agreements amounting to 310,911 sqm, out of which 123,770 sqm
corresponds to new leases and 187,141 sqm to renewals.
The breakdown per asset category is as follows:
100,000
80,000
60,000
40,000
20,000
0
-20,000
-40,000
(506)
49,719
22,596
(23,102)
Offices Minority stakes
46,149
17,276
(918)
(18,193)
Logistics (pre-let)
48,468 48,468
Logistics (stock)
77,400
13,873 13,851
(4,536)
(18,387)
Shopping centers
OutRenewals In Net
21,579 21,579
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Interim Financial Statements
Offices
Total take-up amounts to 72,315 sqm out of which 22,596 sqm correspond to new contracts and 49,719 sqm to renewals. Exits amounted to 23,102 sqm, and therefore the net take-up is negative by 506 sqm. New contracts have been concentrated in Arroyo Valdebebas T7, Padre Domonicos T4, Juan Esplandiu 11-13, Avda. Bruselas 24, Castellana 83-85 and Muntadas I.
Asset Tenant GLA (sqm)
Aquamarina SAS 4,667
Padres Dominicos T4 Porsche 1,718
Juan Esplandiu 11-13 Cellnex 3,015
Avenida de Bruselas 24 Procter & Gamble 1,897
Castellana 83-85 Amazon 1,694
Shopping centers
Total take-up amounts to 27,724 sqm out of which 13,851 sqm correspond to new contracts and 13,873 sqm renewals. Exits amounted to 18,387 sqm, and therefore the
net take-up is negative by 4,536 sqm. Main new contracts are the following:
Footfall performance continues upwards with total visitors in the last twelve months up by 9.4% versus 0.1% reported by Footfall Index Spain. Accumulated sales in the last
twelve months compared to previous period increased by 5.7% versus 3.7% average of sector (according to Footfall Index Spain).
Asset Tenant GLA (sqm)
Marineda Leroy Merlin 11,984
Marineda Conforama 4,177
Larios Primark 5,389
Larios Zara 2,026
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Logistics
Total take-up amounts to 147,447 sqm out of which 70,047 sqm correspond to new contracts and 77,400 sqm to renewals. There have been no exits during the period. The 48,468 sqm contract has been signed
Asset Tenant GLA (sqm)
Guadalajara-Cabanillas II Luis Simoes 48,468
Guadalaja-Alovera Logiters 38,763
Zaragoza-Pedrola Magna 21,579
with the logistic operator Luis Simoés in Guadalajara-Cabanillas II (forward lease once the warehouse is delivered, expected by June 2017). Main new contracts are the following:
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Interim Financial Statements
INVESTMENTS
During the first half of 2016, investment activity has been as follows:
Acquisition of Guadalajara-Azuqueca II
On 19 February 2016, the Company acquired, through MERLIN Logística, a land plot located in Guadalajara-Azuqueca, for the construction of a 100,000 sqm logistics warehouse for an amount of € 17,354 thousand.
The asset is located in the second logistics ring of Madrid, in the “Corredor de Henares”, 40 km away from Madrid and 30 km from the airport. The warehouse will benefit from great access to the A-2 and R-2 highways.
Key metrics once the asset is leased would be as follows:
Madrid-Azuqueca II
Acquisition price of the asset (1) (€ thousand) 17,354
Estimated construction cost (€ thousand) 35,612
Total estimated investment (€ thousand) 52,966
Annualized gross rent (€ thousand) 4,416
EPRA Gross Yield (2) 8.3%
Total G.L.A. (sqm) 100,000
Occupancy rate (estimated) 100%
(1) Including transaction cost.(2) Calculated as annualized gross rent estimated at full occupancy divided by the acquisition price of the asset.
Madrid
Barcelona
Azuqueca Plot
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Acquisition of Madrid-Pinto
On 8 March 2016, the Company acquired, through MERLIN Logística, an industrial warehouse located in Madrid-Pinto, for an amount of € 12,831 thousand.
The asset has a 70,000 sqm G.L.A. and is divided in various modules. Business plan contemplates a full refurbishment to adapt it to the best standards (c. € 6.2 million). The warehouse is located in the Southern corridor of Madrid with good accessibility to both A-4 and A-42 highways.
Key metrics once the asset is leased would be as follows:
Madrid-Pinto
Acquisition price of the asset (1) (€ thousand) 12,831
Estimated construction cost (€ thousand) 6,150
Total estimated investment (€ thousand) 18,981
Annualized gross rent (€ thousand) 1,800
EPRA Gross yield (2) 9.5%
Total G.L.A. (sqm) 70,000
Occupancy rate (estimated) 100%
(1) Including transaction costs.(2) Calculated as annualized gross rent estimated at full occupancy divided by the acquisition price of the asset.
Pinto warehouse
Area empresarial Andalucía
A-4
R-4
Gavilanes
CLA
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Interim Financial Statements
Acquisition of Monumental and Torre Lisboa
On 10 March 2016, the Company acquired 100% of the shares and profit participated loans of two Portuguese companies owners of the office buildings Monumental and Torre Lisboa, for an aggregate amount of € 103 million.
Monumental building is an emblematic asset in Lisbon, located in the financial heart of the city, in the Duque de Saldanha square. It is a mix use building with total gross lettable area of 22,387 sqm distributed between office space (16,892 sqm) and retail space (5,495 sqm). The office part is distributed in 12 floors and it is currently at an occupancy rate of 89%, leased to various national and international companies like KPMG, Marsh or Mercer. The retail part accounts for 41 retail units and it is at a 98% occupancy rate leased to different national and international operators.
Torre Lisboa comprises 13,715 sqm above ground of office G.L.A. distributed in 16 story and is currently fully let to the multinational energy company Galp, one of the largest listed Portuguese companies. Torre Lisboa is part of the consolidated office Business Park Torres de Lisboa that counts with 8 buildings (7 office building and 1 hospital), over 70,000 sqm and 1,683 parking units. The office complex is located in the ring road of Lisbon, with excellent visibility and the next to the main communication axis with well-known national and international brands like Banco BPI, Cetelem, Medtronic, Mazars, Regus, and Galp.
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Monumental
Acquisition price of the asset (1) (€ thousand) 60,009
Asset debt outstanding as of the date of purchase (€ thousand) -
Equity disbursement (€ thousand) 60,009
% Debt to acquisition price of asset 0%
Annualized gross rent 2016 (€ thousand) 4,460
Annualized net rent 2016 (€ thousand) 4,165
EPRA Gross yield (2) 7.5%
EPRA Topped-up Yield (2) 6.9%
Total G.L.A. (sqm) 22,387
Occupancy rate 89%
WAULT by rents (years) (3) 3.0
(1) Including transaction costs.(2) Calculated as the gross/ net annualized rent minus annualized property expenses not rechargeable to tenant, divided by the
acquisition price of the asset.(3) Weighted average unexpired lease term, calculated as number of years of unexpired lease term, as from 31 March 2016, until the
first break option window of the lease contracts, weighted by the gross rent of each individual lease contract.
Torre Lisboa
Acquisition price (1) (€ thousand) 43,009
Asset debt outstanding as of the date of purchase (€ thousand) -
Equity disbursement (€ thousand) 43,009
% Debt to acquisition price of asset 0%
Annualized gross rent 2016 (€ thousand) 2,802
Annualized net rent 2016 (€ thousand) 2,723
EPRA Gross yield (2) 6.5%
EPRA Topped-up Yield (2) 6.3%
Total G.L.A. (sqm) 13,715
Occupancy rate 100%
WAULT by rents (years) (3) 7.4
(1) Including transaction costs.(2) Calculated as the gross/ net annualized rent minus annualized property expenses not rechargeable to tenant, divided
by the acquisition price of the asset.(3) Weighted average unexpired lease term, calculated as number of years of unexpired lease term, as from 31 March 2016, until
the first break option window of the lease contracts, weighted by the gross rent of each individual lease contract.
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Interim Financial Statements
Acquisition of Madrid-Meco II
On 29 March 2016, the Company acquired, through MERLIN Logística, a land plot located in Madrid-Meco, for the construction of a logistics warehouse with 59,891 sqm of G.L.A.for an amount of € 8,969 thousand.
The warehouse is located in the consolidated logistics park of Meco, 40 km away from
Madrid and 17 km from the airport. The warehouse will benefit from god accessibility to both A-2 and R-2 highways. Business plants contemplates the construction of 3 flexible logistics sheds with the best market standards.
Key metrics once the asset is leased would be:
Madrid-Meco II
Acquisition price of the asset (1) (€ thousand) 8,969
Estimated construction cost (€ thousand) 18,685
Total estimated investment (€ thousand) 27,654
Annualized gross rent (€ thousand) 2,620
EPRA Gross yield (2) 9.5%
Total G.L.A. (sqm) 59,891
Occupancy rate (estimated) 100%
(1) Including transaction costs.(2) Calculated as annualized gross rent estimated at full occupancy divided by the acquisition price of the asset.
R-2
A-2 HighwayMeco I Asset
Meco II Plot
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Acquisition of Guadalajara-Cabanillas III
On 29 April 2016, the Company signed, through MERLIN Logística, a forward purchase contract of a logistics warehouse located in Cabanillas (Guadalajara), whose delivery is scheduled on May 2017.
The future warehouse, of 50,000 sqm of G.L.A., will be located in the sector SI-20, where MERLIN has works in progress for
other 150,000 sqm. MERLIN has disbursed € 3.600 thousand, corresponding to 15% of total price. Cabanillas del Campo is located in the third ring of Madrid (50 Kms.), province of Guadalajara, with direct access to A-2 and R-2 highways, in the largest national logistical hub, the “Corredor de Henares”.
Key metrics once the asset is leased would be as follows:
Guadalajara-Cabanillas III
Acquisition price of the asset(1) (€ thousand) 24,000
Estimated construction cost (€ thousand) -
Total estimated investmet 24,000
Annualized gross rent (€ thousand) 1.900
EPRA Gross yield (2) 7.7%
Total G.L.A: (sqm) 50,000
Occupancy rate (estimated) 100%
(1) Including transaction cost.(2) Calculated as annualized gross rent estimated at full occupancy divided by the acquisition price of the asset.
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Interim Financial Statements
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FINANCIAL STATEMENTS
03
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Interim Financial Statements
MERLIN portfolio has been appraised by CBRE and Savills. Advanced payments related to forward purchase transactions, which have not been appraised, have been added at book value as part of the land for
development category. The GAV of MERLIN as of 30 June 2016 amounts to € 6,526.6 million. The breakdown of valuation key metrics is as follows:
The like-for-like valuation increase from 31 December 2015 is +5.4%.
VALUATION
€ thousand €/sqm/AG Gross Yield
Offices 2,337,713.2 3,996.3 5.0%
Shopping centers 709,417.4 4,317.2 5.3%
Logistics 290,280.0 638.3 6.9%
High Street retail 2,040,343.0 4,528.0 4.8%
Hotels 412,930.0 3,537.1 5.6%
Rented Residential 340,030.0 2,741.8 3.8%
Others 4,045.0 4,455.0 5.6%
Land for development 107,796.6 214.3 -
Non-core land 131,720.0 361.9 -
TOTAL 6,374,275.2 2,307.3 5.0%
Equity method 152,293.9 1,258.9 6.8%
TOTAL with equity method 6,526,569.2 2,249.1 5.1%
1H16
Offices 3,1%
Shopping centers 8,2%
Logistics 5,0%
High Street retail 5,5%
Hotels 3,9%
Rented Residential 18,0%
Others 1,3%
Land for development 9,0%
Non-core land (0,7%)
TOTAL 5,4%
Equity method 10,3%
TOTAL with equity method 5,4%
TOTAL without non-core land 5,5%
GAV lfl evolution
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The like-for-like average yield compression in the portfolio is of 27 basis points with respect to 31 December 2015.
Offices
15 bps
Shopping centers
34 bps
Logistics
26 bps
Hotels
22 bps
Other
7 bps
TOTAL
27 bps
Rented Residential
68 bps
Gav Bridge (€m)
GAV Dec-15
6,052.7
Divestments 1H16
(8.2)
Acquisitions 1H16
149.4
Valuation uplift
325.3
Capex
7.4
GAV Jun-16
6,526.6
Goodwill Bridge (€ m) Capex Breakdown
Offices
Logistics Hotels
Shopping centers
Rented Residential Land for development
15%
2%
31%
48%
8%1%
270.0
Testa Acquisition
2H15
(70.1)
Dec-15
199.7
1H16
(121.4)
Jun-16
78.3
High Street retail
44 bps
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Interim Financial Statements
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FINANCIAL STATEMENTS
04
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Interim Financial Statements
CONSOLIDATED INCOME STATEMENT
(€ thousand) 30/06/16 30/06/15
Gross rents 154,625 65,444
Office 57,421 8,078
High Street retail 48,044 44,531
Shopping center 20,427 9,205
Logistics 9,846 3,630
Hotels 12,370 -
Rented residential 5,553 -
Other 963 -
Other income 3,404 1,939
Total revenues 158,029 67,383
Incentives (3,042) (347)
Collection loss (613) (425)
Total operating expenses (26,200) (9,729)
Property expenses not recharged to tenants (8,693) (1,557)
Personal expenses (6,967) (5,063)
Recurring general expenses (3,229) (1,120)
Non-recurring general expenses (7,311) (1,575)
EBITDA 128,174 57,293
Depreciation (2,043) (51)
Gain/(losses) on disposal of assets 64 12
Provision surpluses 54 476
Negative difference on business combination (4,343) (42)
Impairment of goodwill upon initial location (114,278) -
Absorption of the revaluation of investment property 275,384 94,954
EBIT 283,012 152,642
Net interest expense (38,131) (14,131)
Change in fair value of financial instruments (26,292) (12,836)
Share in earnings of equity method investees 2,810 -
PROFIT BEFORE TAX 221,399 125,674
Income taxes (10,212) (6,092)
PROFIT (LOSS) FOR THE PERIOD 211,187 119,582
Minorities (44) -
PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE 211,143 119,582
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Notes to the Consolidated Income Statement
Gross rents (€ 154,625 thousand) less portfolio operating expenses not rechargeable to tenants (€ 8,693 thousand) equals to net rents before incentives and collection loss of € 145,932 thousand. After deducting incentives and collection loss (€ 3,655 thousand) the resulting amount is € 142,277 thousand.
Other operating income includes asset management services performed for third parties (€1,781 thousand), income deriving from the Tree inflation derivative (€ 886 thousand), income from dividends corresponding to 2015 year of the Arturo Soria shopping center (€ 437 thousand) and other (€ 300 thousand).
Total operating expenses of the Company for this semester were € 17,507 thousand, with the following breakdown: (i) € 6,967 thousand of personnel costs, (ii) € 3,229 thousand of recurring general expenses, (iii) € 7,311 thousand are excluded from the limit of structure costs, corresponding to
non-recurring general expenses, mostly related to cost associated with rating and issuance of bonds of the Company.
The absorption of the revaluation of investment property for an amount of € 114,278 thousand corresponds to the revaluation of commercial assets of Testa (excluding residential) after the valuation as of 30 June and that has reduced in the same amount the goodwill of Testa (recorded in the balance sheet as intangible assets).
Income taxes (€ 10,212 thousand) correspond mostly to the taxation arising as a result of the unrealized capital gain in Tree, after the increase experimented in valuation (€ 5,509 thousand) and the taxation of Testa Residencial (€ 4,380 thousand).
The reconciliation between gross rents of the period and FFO is as follows:
Gross
rent
s
Proper
ty exp
ense
s not
rech
arged
to te
nant
s
Net re
nts b
efore
ince
ntives
and c
ollect
ion
loss
Ince
ntive
s, re
nt lin
ealiz
atio
ns
and c
ollect
ion
loss
Net re
nts a
fter i
ncen
tives
and c
ollect
ion
loss
Oth
er in
com
e
Perso
nnel exp
ense
Gener
al ex
pense
s
Recur
ring
Gener
al ex
pense
s
Non-re
curri
ng
Net F
inan
cial e
xpen
seFF
O
EBITDA
154.6 (8.7)(3.7) (7.0)
(3.2) (7.3)145.9 142.3
128.2
91.4
(36.8)
3.4
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Interim Financial Statements
CONSOLIDATED BALANCE SHEET(€ thousand)
ASSETS 30/06/16 31/12/15EQUITY AND LIABILITIES
30/06/16 31/12/15
NON CURRENT ASSETS
6,307,553 6,025,390 EQUITY 3,045,699 2,926,431
Intangible assets
149,657 264,937 Subscribed capital 323,030 323,030
Property plant and equipment
584 1,056 Share premium 2,582,858 2,616,003
Investment property
5,819,426 5,397,091 Reserves (11,085) (32,364)
Investments accounted for using the equity method
98,547 101,126Other equity holder contributions
540 540
Long term financial assets
221,420 238,040 Interim dividend - (25,035)
Deferred tax assets
17,919 23,140 Profit for the period 211,143 49,078
Valuation adjustments
(61,923) (5,913)
Minorities 1,136 1,092
NON CURRENT LIABILITIES
3,502,196 1,760,603
Long term debt 3,253,427 1,520,942
Long term provisions
15,792 16,573
Deferred tax liabilities
232,977 223,088
CURRENT ASSETS
469,674 891,048 CURRENT LIABILITIES 229,332 2,229,404
Non-curent assets for disposal
298,949 298,534Liabilities associated with non-current assets for disposal
154,707 161,425
Trade and other receivables
19,964 24,384 Short term debt 38,176 1,712,394
Investments in group companies
2,828 4,363 Short term provisions 118 274
Cash and cash equivalents
143,002 560,740Trade and other payables
32,279 354,087
Other current assets 4,931 3,027 Other current liabilities 4,052 1,224
TOTAL ASSETS 6,777,227 6,916,438TOTAL EQUITY AND LIABILITIES
6,777,227 6,916,438
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Notes to the Consolidated Balance Sheet
Fair value of the portfolio corresponds to the appraisal value delivered by CBRE and Savills as of 30 June 2016, with the addition of the cost of assets whose acquisition price has been disbursed by advanced payments, related to forward purchase transactions. It is important to note that in accordance with accounting regulations the increase of value in concessions, equity method and non-current assets for disposal is not reflected in the financial statements. The referred appraisal value is reflected in the following accounting Items:
(€ million)
Leaseholds (included in intangible assets) 70.5
Investment property 5,819.4
Derivatives (in non-current financial assets) 177.7
Equity method 98.5
Non-current assets for disposal 295.8
Total balance sheet items 6,461.9
Increase of value in concessions 4.2
Increase of value in equity method 16.3
Increase of value in non-current assets for disposal 44.1
Total valuation 6,526.6
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Interim Financial Statements
MERLIN financial debt as of 30 June has an average maturity period of 6.6 years and a spot average cost of 2.38%. Nominal debt
FINANCIAL DEBT
The balance of long term debt and short term debt includes Company’s outstanding financial debt, other financial liabilities and the mark-to-market of interest-rate and
inflation hedging contracts. The breakdown of gross financial and net financial debt is as follows:
(€ thousand) Long term Short term Total
Financial debt 3,131,902 22,567 3,154,469
Loan arrangement costs (40,719) - (40,719)
Debt interest expenses - 9,950 9,950
Mark-to-market of interest-rate hedging contracts 101,814 4,006 105,820
Mark-to-market of inflation hedging contracts (6,543) - (6,543)
Other financial liabilities (i.e. legal deposits) 66,973 1,653 68,626
Total debt 3,253,427 38,176 3,291,603
Financial debt breakdown
(€ thousand) Long term Short term Total
Mortgage debt 1,273,995 10,748 1,284,743
Non-mortgage debt 850,000 - 850,000
Leasings 157,907 11,819 169,726
Bonds 850,000 - 850,000
Gross financial debt 3,131,902 22,567 3,154,469
Financial debt associated with assets held for sale 110,180 1,898 112,078
Total gross financial debt 3,242,082 24,465 3,266,547
Cash and equivalents (143,002) (143,002)
Total net financial debt 3,242,082 (118,537) 3,123,545
Net financial debt breakdown
with interest rate hedged amounts to 86.9%. Net financial debt as of 30 June 2016 is € 3,123,545 thousand.
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€ 463 million comprised by treasury (€ 143 million) and undrawn line (€ 320 million).
Debt composition of MERLIN is as follows:
On 21 June, MERLIN subscribed a revolving credit facility with 12 financial entities for a total amount of € 320 million. The available balance of MERLIN as of 30 June amounts to
Debt maturity schedule is as follows:
+2025202420232022202120202019201820172016
13 25
149
19
141
84
850
81
850
847
185
23
Unsecured bank debt Secured loan & others Unsecured bonds
Mortage loans
1,284.7
Unsecured loans
850.0
169.7
Unsecured bonds
850.0
Non-core debt
Cash
112.1 (143.0)
Gross debt Net debt
3,266.5 3,123.5
Leasings
% Gross debt 40% 26% 26% 5% 3% 100%
Average interest rate (spot)
2,8% 1,9% 2,2% 2,9% 1,8% 2,4%
% hedged 98% 70% 100% 57% 33% 87%
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Interim Financial Statements
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EPRA METRICS
05
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Interim Financial Statements
Performance Measure Definition 30/06/2016
€ thousand € per share
EPRA Earnings(€ thousand)
Recurring earnings from core operational activities.
80,581 0.25
EPRA NAV(€ thousand)
EPRA Net Asset Value (EPRA NAV) is calculated based on the consolidated shareholders’ equity of the Group adjusted to include properties and other investment interests at fair value and to exclude certain items not expected to crystallise in a long term investment property business model, as per EPRA’s recommendations.
3,423,164 10.60
EPRA NNNAV(€ thousand)
EPRA NAV adjusted to include the fair value of financial instruments, debtand deferred taxes.
3,045,699 9.43
EPRA Net Initial Yield
Annualised rental income based on the cash passing rents at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with acquisition costs.
4.7%
EPRA “topped-up” NIY
Adjustment to the EPRA Net Initial Yield in respect of the expiration of rentfree periods (or other unexpired lease incentives such as discounted rentperiods and step rents).
4.7%
EPRA occupancy rateEstimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio.
4.5%
EPRA costsRecurring running costs of the Company divided by recurring rents.
14.6%
EPRA METRICS
MERLIN Properties has been awarded by EPRA with the gold award of best practices in financial reporting. It is the highest recognition for an outstanding compliance with the best practices.
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EVENTS POST-CLOSING
06
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Interim Financial Statements
EVENTS POST-CLOSING
1. Merger of Testa Inmuebles en Renta
On 6 September, the Extraordinary General Meeting of shareholders of Testa Inmuebles en Renta, SOCIMI, S.A. approved the merger of Testa, as absorbed company, with MERLIN, as absorbing company, in compliance with the provisions of the common draft of merger approved and subscribed, on 21 June 2016, by the management body of Testa Inmuebles en Renta, SOCIMI, S.A. and MERLIN and approved in the General Meeting of Testa Inmuebles en Renta, SOCIMI, S.A. mentioned above.
2. Extraordinary General Meeting for the integration of Metrovacesa
On 15 September, the General Meeting of MERLIN agreed on the integration of Metrovacesa into MERLIN. The agenda items approved were as follows:
• Distribution of dividends with a charge to unrestricted reserves for an amount of € 6,460.6 thousand (0.02 euros per share).
• Total spin-off of Metrovacesa, S.A. in which Merlin Properties, SOCIMI, S.A. acts as recipient company. In particular, all of its assets and liabilities are divided into three parts: (i) the Commercial Assets and Liabilities into MERLIN Properties, (ii) the Residential Assets and Liabilities into Testa Residencial, S.A.U., and (iii) the Non-Strategic Assets and Liabilities which is outside the sphere of MERLIN.
• Approval of a capital increase in an amount of €146.7 million, by issuing 146.7 million of new shares, each with a par value of € 1 and with additional paid-in capital € 10.40 per share issued.
• The Board of Directors will have 15 members, with the approval of new members of the managing body.
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STOCK EXCHANGE EVOLUTION
07
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Interim Financial Statements
MERLIN shares closed on 30 June 2016 at € 9.41, a decrease of 18.5% versus 31 December 2015 closing price. The share has underperformed in the same period the IBEX- 35 (-14.5%), Euro Stoxx 600 (-9.8%) and the sectorial EPRA reference index (-7.4%).
Average daily trading volume during the period has been € 32.8 million. During 2016 the average daily trading volume significantly increased.
8
9
9
10
10
11
11
12
12
MERLINMERLIN Volume (MM) EPRA Index Stoxx 600 Ibex 35
January 2016 February 2016 March 2016
-7.4%
-14.5%
-9.8%
-18.5%
April 2016 May 2016 June 2016
Merlin share price performance vs IBEX 35 / EPRA index / euro stoxx 600
Average daily trading value (€m)
2T163T15 4T15 1T162T151T15
Average until 30/06/16: 32.8
Average 2015: 23.7
10.8
18.9
27.4
34.0 33.931.7
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Target prices and analyst recommendation
Date Recommendation Target price
19-9-16 Buy 12.10
16-9-16 Buy 12.50
5-8-16 Buy 11.45
21-7-16 Neutral 11.80
20-7-16 Buy 10.55
19-7-16 Buy 12.16
13-7-16 Buy 11.80
6-7-16 Buy 11.30
4-7-16 Buy 12.50
1-7-16 Buy 12.00
30-6-16 Buy 10.85
23-6-16 Buy 11.07
22-6-16 Sell 10.50
17-6-16 Buy 11.70
15-6-16 Buy 11.30
13-6-16 Sell 9.23
27-5-16 Buy 13.30
20-5-16 Buy 14.00
6-5-16 Buy 11.60
18-4-16 Neutral 11.00
12-4-16 Buy 12.30
21-12-15 Buy 12.90
Consenso 11.67
As of the date of this report, MERLIN is covered by a wide variety of equity research houses, 22. Consensus target price is € 11.67.
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Interim Financial Statements
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APPENDIX
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Interim Financial Statements
EPRA METRICS
(€ thousand)
Consolidated net profit in accordance with >IFRS 211,143
Adjustments to calculate EPRA earnings (130,562)
(i) changes in value of investment properties (275,438)
(ii) gain/(losses) on disposal of assets (64)
(iii) absorption of revaluation in investment properties 114,278
(iv) change in fair value of deferred taxes 4,343
(v) changes in fair value of financial instruments and cancellation costs 26,292
vi) transaction costs in respect of acuisition of companies / joint ventures -
(vii) impairment of fiscal credit -
(viii) minority interests in respect of previous adjustments 27
EPRA recurring net earnings 80,581
EPRA net earnings per share 0.25
EPRA Earnings
EPRA NAV
(€ thousand)
Equity in balance sheet 3,045,699
Derivatives Mark-to-market 99,277
Derivatives 95,271
Short term interest derivatives 4,006
Deferred taxes Mark-to-market 254,277
Deferred tax assets (17,919)
Deferred tax liabilities 232,977
Deferred tax liabilities adjustment 39,220
Cost of debt (40,719)
Financing expenses (2,897)
Debt arrangement expenses (37,822)
Revaluations not recorded in the financial statements 64,628
Concessions 4,171
Equity method 16,339
Assets for disposal 44,119
EPRA NAV 3,423,164
Shares 323,030,000
NAV / share 10.60
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(€ thousand) Offices Shopping centers
LogisticsHigh Street
retailHotels
Gross asset value 2,337,713.2 709,417.4 290,280.0 2,040,343.0 412,930.0
Exclude:
Land for development
Non-core land
Commercial property GAV 2,337,713.2 709,417.4 290,280.0 2,040,343.0 412,930.0
Gross rents annualized 116,010.4 37,644.8 19,958.5 98,759.5 23,169.6
Exclude:
Property expenses not recharged to tenants
(10,026.2) (1,395.1) (1,120.8) (583.7) (1,861.0)
“Topped-up” net rents annualized 105,984.2 36,249.6 18,837.7 98,175.8 21,308.6
Exclude:
Incentives and collection loss (2,448.3) (1,692.6) (1,073.6) (86.4) (254.5)
Net rents annualized 103,535.9 34,557.0 17,764.1 98,089.4 21,054.1
EPRA “topped-up” yield 4.53% 5.11% 6.49% 4.81% 5.16%
EPRA net initial yield 4.43% 4.87% 6.12% 4.81% 5.10%
EPRA Yields
(€ thousand) 30/06/2016
Property expenses not recharged to tenants (8,692.0)
Incentives (3,042.0)
Collection loss (613.0)
Personal expenses (6,967.0)
Recurring general expenses (3,229.0)
Non-recurring general expenses (5,704.0)
Exclude
Investment property depreciation -
Ground rent costs -
Service charge recovered through rents but not invoiced separately -
Expenses related to 3rd party asset management services (Gesfontesta) -
EPRA Cost ratio (including direct vacancy costs) (28,247.0)
Gross rents 154,625.0
Less: service fee if part of Gross rents -
Add: share of Joint Ventures -
Gross rental income 154,625.0
EPRA Cost Ratio (excluding direct vacancy costs) 14.6%
EPRA cost ratio
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Interim Financial Statements
RentedResidential
OtherLand
for developmentNon-core
landTotal
340,030.0 4,045.0 107,796.6 131,720.0 6,374,275.2
(107,796.6) (107,796.6)
(131,720.0) (131,720.0)
340,030.0 4,045.0 - - 6,134,758.6
12,762.0 227.0 - - 308,531.6
(2,278.4) (52.6) - - (17,318.0)
10,483.5 174.3 - - 291,213.7
-
(230.8) - - - (5,786.2)
10,252.8 174.3 - - 285,427.5
3.08% 4.31% - - 4.75%
3.02% 4.31% - - 4.65%
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ALTERNATIVE MEASURES OF PERFORMANCE
In accordance with the recommendations issued by the European Securities and Markets Authority (ESMA), the alternative measures of performance are described as follows.
Glossary
Adjusted EPRA NAV
EPRA NAV resulting once deducted the goodwill arising as a result of Testa Inmuebles en Renta, S.A. acquisition.
Average debt maturity (years)
It represents the average debt duration of the Company until maturity.
Average Passing Rent
It represents the rent per sqm/month at which an asset or category of assets is rented as of 30 June.
EBITDA
Earnings before net revaluations, amortizations, provisions, interest and taxes.
EPRA costs
Recurring running costs of the Company divided by recurring rents.
EPRA Earnings (€ thousand)
Recurring earnings from core operational activities.
EPRA NAV (€ thousand)
EPRA Net Asset Value (EPRA NAV) is calculated based on the consolidated shareholders’ equity of the Group adjusted to include properties and other investment interests at fair value and to exclude
certain items not expected to crystallise in a longterm investment property business model, as per EPRA’s recommendations.
EPRA NNNAV (€ thousand)
EPRA NAV adjusted to include the fair value of financial instruments, debt and deferred taxes.
EPRA Net Initial Yield
Annualised rental income based on the cash passing rents at the balance sheet date, less nonrecoverable property operating expenses, divided by the market value of the property, increased with acquisition costs.
EPRA “topped-up” NIY
Adjustment to the EPRA Net Initial Yield in respect of the expiration of rentfree periods (or other unexpired lease incentives such as discounted rent periods and step rents).
EPRA Vacancy Rate
Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio.
FFO
Recurring result of the Company calculated as EBITDA less debt interest expenses of the period.
GAV
Value of the commercial portfolio in accordance with the latest external valuation available as of 30 June 2016 plus advanced payments for turn-key projects and developments.
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Interim Financial Statements
Gross annualized rents
Passing rent as of 30 June multiplied by 12.
Gross yield
It represents the gross yield of an asset or category of assets. It is calculated by dividing the annualized gross rent between the latest available GAV.
Recurring EBITDA
EBITDA less non-recurring general expenses of the Company.
Recurring FFO
FFO less non-recurring general expenses of the Company.
WAULT
Weighted average unexpired lease term, calculated as the number of years of unexpired lease term, as from 30 June 2016, until the lease contract expiration, weighted by the gross rent of each individual lease contract.
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LocationG.L.A.
sqm AG
Office 584,969
Ribera del Loira, 60 Madrid 54,960
Avenida de Bruselas, 33 Madrid 33,718
Juan Esplandiú, 11-13 Madrid 28,008
Parking Princesa* Madrid 26,963
Torre Castellana, 259 Madrid 21,390
Josefa Valcarcel, 48 Madrid 19,893
Partenon, 12-14 Madrid 19,289
Alcala, 45 Madrid 18,655
Partenon, 16-18 Madrid 18,343
Princesa, 3 Madrid 17,810
Costa Brava, 2-4 Madrid 16,000
Castellana, 83-85 Madrid 15,254
Aquamarina Madrid 10,856
Principe de Vergara, 187 Madrid 10,732
Ventura Rodríguez, 7 Madrid 10,070
Alcala, 40 Madrid 9,315
Avenida de Bruselas, 24 Madrid 9,164
Avenida de Bruselas, 26 Madrid 8,895
Eucalipto, 25 Madrid 7,368
Eucalipto, 33 Madrid 7,185
Atica 1 Madrid 7,080
Pedro de Valdivia, 10 Madrid 6,721
Padres Dominicos T4 Madrid 6,176
Princesa, 5 Madrid 5,788
Maria de Portugal T2, 1 Madrid 5,749
Maria de Portugal T2, 3 Madrid 5,749
Atica 3 Madrid 5,746
Atica 2 Madrid 5,644
Maria de Portugal T2, 2 Madrid 5,641
Atica 4 Madrid 4,936
Juan de Mariana, 17 Madrid 3,046
Vilanova, 12-14 Cataluña 16,494
LIST OF ASSETS
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Interim Financial Statements
Sant Cugat I Cataluña 15,379
Diagonal, 605 Cataluña 14,795
WTC8 Cataluña 14,542
WTC6 Cataluña 14,461
Sant Cugat II Cataluña 10,102
Diagonal, 514 Cataluña 9,664
Muntadas II Cataluña 3,783
Lerida - Mangraners Cataluña 3,228
Monumental Lisboa 16,892
Torre Lisboa Lisboa 13,715
Lisboa Expo Lisboa 6,740
Sevilla - Borbolla Andalucía 13,037
Malaga - Maestranza Andalucía 2,046
Granada - Escudo del Carmen Andalucía 2,041
Zaragoza - Aznar Molina Zaragoza 4,488
Shopping centers 164,325
Marineda Galicia 99,929
Porto Pi Mallorca 26,559
Larios Andalucía 21,504
Centro Oeste Madrid 10,838
Monumental SC Lisboa 5,495
Logistics 926,060
Madrid-Pinto(1) Madrid 70,000
Madrid-Meco II(1) Madrid 59,891
Madrid-Getafe (Gavilanes)(1) Madrid 39,576
Madrid-Coslada Complex Madrid 36,234
Madrid-Meco Madrid 35,285
Madrid-Coslada Madrid 28,490
Madrid-Getafe Madrid 16,242
Madrid-Getafe (Los Olivos) Madrid 11,488
Barcelona-Sant Esteve Cataluña 16,812
Barcelona-Granada Penedes Cataluña 16,758
Barcelona-Lliça del Vall Cataluña 14,911
Guadalajara-Cabanillas II(1) Castilla la Mancha 151,809
Guadalajara-Azuqueca II(1) Castilla la Mancha 100,000
Guadalajara-Cabanillas I Castilla la Mancha 70,134
Guadalajara-Cabanillas III(1) Castilla la Mancha 50,000
(1) Assets classified as land for development for the purpose of this report.
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High Street retail 450,611
Tree España 373,157
Caprabo Cataluña 64,252
Plaza de los Cubos Madrid 13,202
Guadalajara-Alovera Castilla la Mancha 38,763
Guadalajara-Azuqueca Castilla la Mancha 27,995
Valencia-Almussafes Comunidad Valenciana 26,612
Vitoria-Jundiz País Vasco 72,717
Zaragoza-Pedrola Zaragoza 21,579
Zaragoza-Plaza Zaragoza 20,764
Hotels 116,741
Puerta Castilla Madrid 13,180
NH Sanvy Madrid 12,182
Eurostars Torre Castellana 259 Madrid 31,800
Eurostars Arroyo de la Vega Madrid 3,581
Eurostars Grand Marina Cataluña 20,030
Tryp Barcelona Aeropuerto Cataluña 10,125
Valencia - Tryp Oceanic Valencia 9,308
Málaga -Tryp Alameda Málaga 6,000
Tryp Jerez Jerez 4,637
Hotel Marineda Galicia 5,898
Resident residential 124,019
Locales Plaza Castilla - Castellana 193 Madrid 1,275
Plaza Castilla I - Castellana 193 Madrid 18,987
Parking Pza. Castilla * Madrid 18,488
Valdebernardo Madrid 9,310
Alcorcón Madrid 14,797
Pavones Este Madrid 10,461
Usera Madrid 12,074
Leganés Madrid 7,193
Móstoles I Madrid 7,138
Móstoles II Madrid 5,795
Alameda de Osuna Madrid 9,318
Benquerencia Castilla la Mancha 10,327
Benta Berri San Sebastián 17,344
*Below ground surface has not been taken into account for G.L.A. purposes.
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Interim Financial Statements
Other 311
Parking Palau * Comunidad Valenciana 597
Locales Plaza Castilla - Castellana 193 (McD)
Madrid 311
Non-core land 364,015
Navalcarnero Madrid 288,389
Zaragoza - residencial en alquiler Zaragoza 47,971
Vadebebas - office Madrid 25,955
Arapiles, 8 Madrid 1,700
Land for development 31,639
Isla Chamartin Madrid 16,639
Zaragoza Plaza Zaragoza 15,000
Equity method 162.186
Arturo Soria (50%) Madrid 2,987
AC Forum (50%) Cataluña 13,768
Villajoyosa (50%) Comunidad Valenciana -
Pazo de Vigo (44%) Galicia 18,523
Parking Palau (33%) Comunidad Valenciana -
Costa Ballena (32,5%) Andalucía 5,045
ZAL Port (32%) Cataluña 121,864
TOTAL including equity method 2.924.876
*Below ground surface has not been taken into account for G.L.A. purposes.
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Castellana
A-1 Corridor
A-2 Corridor
Campo de las Naciones
Costa Brava 2-4
Ática
Princesa 3-5
VenturaRodríguez 7
Alcalá 45
Juan de Mariana 17
Alcalá 40
Juan Esplandiú 11-13
Josefa Valcárcel 48
Príncipe de Vergara 187
Pedro de Valdivia 10
Eucalipto, 25-33
Castellana 259
Avenida del Partenón
Avenida de Bruselas 24-26
Madrid A1
Ribera del Loira 60
Avenida de Bruselas 33
Castellana 83-85
Sant Cugat
Sant Cugat I & II
Diagonal 514 Vilanova 12-14
El Prat
WTC Almeda 8
WTC Almeda 6
Muntadas II
Muntadas I
Diagonal
Pº de Gracia
Diagonal 605
Offices Barcelona
Offices Madrid
ASSET LOCATION MAPS
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Interim Financial Statements
Lisboa Expo
Monumental SC
Torre Lisboa
La Coruña Madrid
Mallorca
Porto Pi
Centro OesteMarineda
Arturo Soria
Málaga
Larios
Shopping centers
Offices Lisbon
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Madrid-Meco
Pinto warehouse
Area empresarial Andalucía
A-4
R-4
Gavilanes
CLA
Madrid-Meco II
Madrid- Coslada Complex
Vitoria-Júndiz Zaragoza-Plaza
Valencia Almussafes
Zaragoza-PedrolaGuadalajara-Cabanillas I
Guadalajara-Alovera
Guadalajara-Cabanillas II
Madrid- Getafe (Olivos)
Madrid- Getafe (Gavilanes)
A4 Corridor
A2 Corridor
Barcelona-LliÇa del Vall
Barcelona- Sant Esteve
Barcelona- Granada del Penedés
Barcelona-ZAL Port
Madrid-Getafe
Guadalajara-Azuqueca
Madrid-Coslada
Madrid-Pinto
Guadalajara-Azuqueca IIMadrid
Azuqueca Plot
Logistics
Sucursales
Locales comerciales (Plaza de los Cubos)
Supermercados
1534
1
7131 6
96
1010
2263
9124
93 12
40
161
10933
High Street retail
Branches
Plaza de los Cubos
Supermarkets
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Interim Financial Statements
Madrid-Meco
Pinto warehouse
Area empresarial Andalucía
A-4
R-4
Gavilanes
CLA
Madrid-Meco II
Madrid- Coslada Complex
Vitoria-Júndiz Zaragoza-Plaza
Valencia Almussafes
Zaragoza-PedrolaGuadalajara-Cabanillas I
Guadalajara-Alovera
Guadalajara-Cabanillas II
Madrid- Getafe (Olivos)
Madrid- Getafe (Gavilanes)
A4 Corridor
A2 Corridor
Barcelona-LliÇa del Vall
Barcelona- Sant Esteve
Barcelona- Granada del Penedés
Barcelona-ZAL Port
Madrid-Getafe
Guadalajara-Azuqueca
Madrid-Coslada
Madrid-Pinto
Guadalajara-Azuqueca IIMadrid
Azuqueca Plot
Barcelona
Málaga
Tryp Alameda****
Eurostars Gran Marina*****
Tryp aeropuerto****
AC Forum****
Jerez
Tryp Jerez****
Madrid
Eurostars AV Vega****
Puerta Castilla****
Eurostar GL*****
NH Sanvy****
Valencia
Tryp Oceancic****
Hotels