6M 2020
RESULTS
PRESENTATION
30 July 2020
DISCLAIMER
This presentation has been prepared by MERLÍN Properties, SOCIMI, S.A. (the Company) for informational use only.
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ı 2 ı
ISMAEL CLEMENTE
CEO
MIGUEL OLLERO
GM / COO
DAVID BRUSH
CIO
Contents
A resilient company
Key highlights
6M20 Financial results Offices
Shopping centers
Logistics
Valuation and debt position Value creation
Covid-19 update
Closing remarks
A resilient company |
Diversified
business
model
High quality
portfolio
- By GAV
- Excluding minority stakes
51% | 31% |
OFFICES(1) | LOGISTICS + NET LEASES + OTHER(1) |
18% | >1,900 |
RETAIL(1) | TENANTS(2) |
91%
OFFICES IN PRIME CBD AND NEW BUSINESS AREAS
90%
E-COMMERCE LOGISTICS
96%
URBAN AND DOMINANT MALLS
ı 4 ı
A resilient company |
Contracted rents exceed € 3bn(1) to first break and € 5bn to maturity
Stable and predictable cash flow stream
Healthy
debt profile
Only 15% of rents maturing before end of 2021
Covid-19 incentives fully booked in 2020
(€ 66 million estimated, no change from April disclosure)
Securing a minimum of € 101.1 million of rents from retail in 2021(2) through lease extensions
Only 3%-4% of retail tenants deemed "unrecoverable"
40% LTV (covenant 60%)
3.7x ICR (covenant 2.5x)
No debt repayment until May 2022
Maturity profile extended to 6.5 years
BBB stable rating by S&P
- Including contracts on projects pending to be delivered. Not including CPI
(2) Assuming no mall income and 0% renewal rate | ı 5 ı |
Key highlights |
FINANCIAL PERFORMANCE
- Positive LfL rental growth of +2.7% YoY, evidencing the strength of our portfolio
- FFO per share of € 0.29, affected by Covid -19 incentives (€ 0.06 per share) and assets sold (€ 0.02 per share), otherwise it would show growth when compared to 6M19
- Valuations flat vs Dec-19, with offices and logistics on the positive territory while retail down by 4.7%
- Debt management resulting in LTV on par with Dec-19 (40.4%). Average maturity extended 6 months to 6.5 years and no floating rate risk
OPERATING PERFORMANCE
- LfL growth in all asset categories, combined with sound release spread
- Leasing activity has continued at a good pace during Covid-19, with 150,000 sqm signed in offices in the second quarter. Retail has seen modest activity (ca 6,200 sqm signed) and logistics advancing, with ca 45,000 sqm signed. Leases generally signed above ERV
- Occupancy resilience, standing today (94%) where it was at the end of the first quarter. The high adoption rate of our Covid-19 commercial policy (which included an extension of contracts beyond 2021) plus the extension of the Endesa lease, provides greater visibility on future rents
VALUE CREATION
- Landmark. Several significant leases signed in the period, in Castellana 85 and Monumental with rents at the same level as the pre-lets negotiated before Covid-19 outbreak. Both projects achieve very compelling returns (yield on cost of 8.3% and 9.4%, respectively). Total secured future rents for Landmark of € 13.3m commencing in 2021
- Flagship. Works have progressed on pace in Saler and Porto Pi
- Best II & III. 2 projects delivered in Seville and pre-lets signed for Madrid-San Fernando II and Zaragoza-Plaza II. Total secured future rents for Best II & III of € 6.3m commencing in 2021
ı 6 ı
6M20 Financial results
6M20 Financial results |
Top-line ahead of 2020 expectations. FFO impact of Covid-19incentives
(€ million) | 6M20 | 6M19 | YoY |
Gross rents | 256.6 | 262.7 | (2.3%) |
Gross rents after incentives | 221.2 | 253.0 | (12.6%) |
Net rents | 198.7 | 228.2 | (13.0%) |
EBITDA(1) | 184.1 | 210.4 | (12.5%) |
FFO(2) | 134.3 | 157.2 | (14.6%) |
AFFO | 125.4 | 151.6 | (17.3%) |
IFRS net profit | 70.9 | 262.0 | (72.9%) |
EPRA NAV | 7,365.3 | 7,096.9 | +3.8% |
(€ per share)
FFO
AFFO
EPS
EPRA NAV
- 0.06 of Covid incentives
- 0.02 of non core disposals
0.29 | 0.33 | (14.6%) |
0.27 | 0.32 | (17.3%) |
0.15 | 0.56 | (72.9%) |
15.68 | 15.11 | +3.8% |
(1) Excludes non-overhead costs items (€ 2.4m) plus LTIP accrual (€ 10.1m) | |
(2) FFO equals EBITDA less net interest payments, less minorities, less recurring income taxes plus share in earnings of equity method | ı 8 ı |
6M20 Financial results | Bridge gross rents
Positive LfL growth in all asset categories despite the challenging environment
(€m) | Offices +4.0% | LfL(1) |
Shopping centers +2.8% | ||
+2.7% | ||
Net leases +1.2% | ||
Logistics +2.9% |
262.7 | +6.4 | 256.6 | ||||||
(12.5) | ||||||||
6M19 | Like-for-Like | Balance acquisitions, | 6M20 |
growth | disposals and other |
- Portfolio in operation for the 6M20 (€ 246.7m) and for the 6M19 (€ 240.3m)
ı 9 ı
Offices
Offices | Rent bridge and breakdown
Offices continue performing well in our 3 markets
(€m) | LfL(1) | ||||||||
+4.0% | |||||||||
122.1 | +4.4 | 118.0 | |||||||
(8.5) | |||||||||
6M19 | Like-for-Like | Balance acquisitions, | 6M20 |
growth | disposals and other |
Lfl growth by area
Madrid
Barcelona
Lisbon
- Office portfolio in operation for 6M20 (€ 113.4m) and for 6M19 (€ 109.0m)
+2.8%
+9.2%
+5.1%
Occupancy by area
3M20 | 6M20 | ||
Madrid | 89.3% | 89.3% | |
+2 bps | |||
Barcelona | 95.5% | 92.2% | |
(328 bps) | |||
Lisbon | 100.0% | 100.0% | |
0 bps | |||
Travelperk early | |||
termination in | |||
Torre Glòries | ı 11 ı | ||
Offices | Leasing activity
Rental growth continues robust (+2.7% release spread)
Contracted sqm | Release spread | #contracts | Tenants | |
Madrid | 113,709 | (1.9%)(1) | 122 |
Barcelona | 21,011 | +27.8% | 26 |
Lisbon | 2,546 | +14.6% | 8 |
TOTAL | 137,265 | +2.7% | 156 |
(1) Endesa extension
ı 12 ı
Offices | Leasing activity during Covid-19
1Q20 | 2Q20 |
PE Sanchinarro | Beatriz de | Diagonal 514 | Ribera del Loira | Ribera del Loira | Sant Cugat II | ||
Bobadilla 14 | 60 | 36-50 | |||||
New contracts signed(1)
Premium to ERV
Contracts renewed
Renewal rate(2)
Release spread
11,927 sqm | 50,078 sqm |
+5.8% | +11.6% |
27,494 sqm | 97,831 sqm |
75% | 92% |
+11.7% | (7.5%) |
• 54,960 sqm building
Endesa renewal • Contract extended to 2030
• Trade-off of 16% rent reduction in exchange for contract extension. If excluded, release spread would have been 17.3%
(1) Including projects under refurbishment | ı 13 ı |
(2) Including roll-overs |
Shopping centers
Shopping Centers | Rent bridge and breakdown
LfL rental growth positive
(€m) | LfL(1) | ||||||||
+2.8% | |||||||||
64.1 | +1.6 | 60.6 | |||||||
(5.1) | |||||||||
6M19 | Like-for-Like | Balance acquisitions, | 6M20 |
growth | disposals and other | ||
Footfall (million) | Tenant sales (million) |
2019 LTM | 101.2 | 2019 LTM | 1,074.9 |
(19.9%) | (18.2%) | ||
2020 LTM | 81.1 | 2020 LTM | 879.3 |
- Shopping centers portfolio in operation for 6M20 (€ 58.2m of GRI) and for 6M19 (€ 56.6m of GRI)
ı 15 ı
Shopping Centers | Leasing activity and occupancy
Occupancy secured by Covid-19 Commercial Policy
Release spread | #contracts | Tenants | |
All | 4.0% | 100 | |
portfolio |
Contracted | Net | Occupancy | Change vs | |
sqm | Absorption | 30/06/20 | 31/03/20 (bps) | |
All | 18,112 | (1,007) | 94.1% | (9) |
portfolio | ||||
ı 16 ı
Shopping Centers | Footfall and tenant sales evolution
Since reopening, footfall and tenant sales are affected by Covid-19
Vs same period last year | June 01-15 | June 15-30 | July 01-15 | ||
Footfall | Shopping centers | (42%) | (35%) | (33%) | |
evolution |
YoY
Shopping centers
(excl. assets under (41%) (32%) (29%) reform: Porto Pi +
Saler)
Vs same period last year | June 01-30 | ||
Sales | Shopping centers | (23%) | |
evolution |
YoY
Shopping centers
(excl. assets under(18%) reform: Porto Pi +
Saler)
Note: excluding X-Madrid since it opened in November 2019 | ı 17 ı |
Logistics
Logistics | Rents bridge and breakdown
Rental growth in a strong market
(€m) | LfL(1) | ||||||||
+2.9% | |||||||||
26.2 | +0.7 | +1.9 | 28.8 | ||||||
6M19 | Like-for-Like growth | Balance acquisitions, | 6M20 |
disposals and other | |||
LfL growth by location | Occupancy by area |
Madrid
Barcelona
Other
+7.7%
(10.1%)
+3.5%
Madrid
Barcelona
Other
3M206M20
97.2% 97.3%
+8 bps
85.4% 88.7%
+331 bps
99.8% 99.4%
(41 bps)
(1) Logistics portfolio in operation for 6M20 (€ 26.3m of GRI) and for 6M19 (€ 25.5m of GRI) | ı 19 ı |
Logistics | Leasing activity
Excellent release spread in all markets
Contracted sqm | Release spread | #contracts | Tenants | |
Madrid | 30,284 | +4.5% | 2 |
Barcelona 10,390 | +14.5% | 4 |
Other | 20,211 | +12.2% | 1 |
TOTAL | 60,885 | +6.7% | 7 |
ı 20 ı
Logistics | ZAL Port
Stock 624,716
WIP 102,965
Stock incl. WIP 727,681
155,345 sqm delivered in 2020
GRI
€ 13.4m
Third parties stock 183,252
Stock under management 910,933
Contracted sqm | Release spread | #contracts | Tenants | |
280,944 | (0.8%) | 36 | ||
Occupancy by area | ||||
FY19 98.9% | (-210 bps) | 6M20 96.8% | ||
€m | 6M20 | 6M19 | YoY | |
Gross rents | 26.7 | 22.9 | +16.4% | |
Net rents | 22.7 | 22.5 | +0.7% | |
EBITDA | 21.8 | 21.5 | +1.3% | |
FFO(1) | 12.2 | 12.6 | (2.6%) |
ı 21 ı
- After deducting leasehold concession charge FFO. Affected by free rent attached to the recently delivered units
Valuation and debt position
Valuation and debt position | GAV summary
Valuation remains flat (+0.2%) as compared to December 2019
Reversionary | 4.9% | 5.6% | 4.7% | 6.4% | ||||||||
yield | ||||||||||||
Passing | 4.0% | 4.9% | 4.7% | 5.8% | - | 4.4% | ||||||
yield | 12,755 | |||||||||||
12,193 | ||||||||||||
6,334 | ||||||||||||
GAV | stakes | |||||||||||
(€ million) | ||||||||||||
Shopping centers | 2,274 | 1,849 | Minority stakes | TOTAL with minority | ||||||||
Offices | Net Leases | Logistics | 972 | Other(1) | 763 | TOTAL | ||||||
562 | ||||||||||||
Source: Company | ı 23 ı |
- Other includes WIP, hotels, non-core land and miscellaneous
Valuation and debt position | GAV drivers
Offices and logistics showing positive LfL growth, net leases flat and shopping centers down by 4.7%, mainly due to yield expansion
GAV Like-for-Like evolution(1)(1)
+2.1%
+2.0%
+0.0%0.2%
MERLIN average(1)
(4.7%)
Offices | Shopping centers | Net Leases | Logistics |
Yield | ||||||||||
compression | ||||||||||
/ (expansion)(1) | 1 bps | 1 bps | ||||||||
0 bps | ||||||||||
(2) bps | ||||||||||
MERLIN | ||||||||||
average | ||||||||||
(8 bps) | ||||||||||
Offices | Shopping centers | Net Leases | Logistics |
- Vs FY19
ı 24 ı
Valuation and debt position | Debt maturity profile
Recent debt management initiatives to extend maturity profile
(€ million)
2,036
No debt maturities
until May 2022
1,400
(€ million) | 560 | ||
548 | |||
6 | 1 | 10 | |
5 | 10 | 12 | |
2020 | 2021 | 2022 |
754
743
12
2023
862 |
850 |
12 |
2024 |
888 | ||
619 | 23 | |
600 | 800 | 613 |
19 | 88 | |
2025 | 2026 | 2027-2034 |
Mortgage debt | Unsecured debt (incl. RCF) |
Bonds |
ı 25 ı
Valuation and debt position | Debt position
Average maturity now at 6.5 years, with no floating rate risk
30/06/2020 PF(1) | 30/06/2020 | 31/12/2019 | |
Net debt | € 5,167m | € 5,153 m | € 5,182 m |
LTV | 40.5% | 40.4%(2) | 40.6% |
Average interest rate | 2.07% | 1.97% | 2.09% |
Average maturity (years) | 6.5 | 6.0 | 6.4 |
Unsecured debt/Total debt | 86.6% | 85.2% | 82.7% |
Fixed rate debt | 99.8% | 88.9% | 99.5% |
Rating | Outlook |
BBB | Stable |
Baa2 | Negative |
(1) PF after the €500m - 7yr bond issue, which includes the partial Bond repayment, the RCF repayment and the repayment of Retail mortgage debt | ı 26 ı |
(2) Excluding transfer costs. If included, LTV would amount to 39.2% |
Valuation and debt position | Debt covenants
Ample headroom to safely comply with all financial covenants
Covenant | Required | MERLIN Today |
LTV | <60% | 40.4% |
ICR | >2.5x | 3.7x |
Unencumbered | >125% | 190.8% |
ı 27 ı
Value creation
Value creation | Landmark I
Castellana 85 | Monumental | |
- Full refurbishment of the asset, located in the heart of Azca, the best business area in Madrid Prime CBD
- 12,789 sqm signed post Covid-19 outbreak (+ 1,842 sqm optioned)
- C85 will become the HQ of both a top-tier consulting firm and construction company
- Full refurbishment of the building, located in Duque de Saldanha, one of the most emblematic squares in the city and the core of Lisbon's Prime CBD area
- 10-yearterm lease agreement with BPI comprising 19,425 sqm, to become their main HQ in Lisbon
CONFIDENTIAL
GLA 16,471 sqm(1) Total Capex € 33.0m Yield on cost 8.3% Delivery 1Q21
- Post refurbishment
GLA 25,385 sqm(1)
Total Capex € 34.8m
Yield on cost 9.4%
Delivery 1Q21
ı 29 ı
Value creation | Flagship
Saler
- The refurbishment will consolidate Saler, facing the City of Arts and Sciences, as the leading urban mall in Valencia
- Anchor tenants upsizing and upscaling units
GLA 28,834 sqm (inc. additional GLA) Cost € 36.0m (inc. units acquired) Yield on cost 5.2%
Porto Pi
- Full refurbishment of the shopping center
- The asset will contain outstanding exterior terraces overlooking the Mediterranean sea
- The future additional space (2,400 sqm) is fully let
GLA 32,732 sqm (inc. additional GLA) Cost € 41.8m (inc. units acquired) Yield on cost 4.2%
ı 30 ı
Value creation | Best II & III
Madrid San Fernando II | Zaragoza Plaza II | ||||
Sevilla ZAL WIP
- The project, currently under construction, will be delivered by 3Q20
- 67% pre-let to Grupo Damm
- Turn key project in the most dynamic hub of Zaragoza
- 100% let to Dachser upon delivery (September 2020)
- Phased project located in Seville's Port area
- 3 warehouses totalling 27,248 sqm have already been delivered
GLA 34,224 sqm | GLA 11,421 sqm |
Cost € 1.9m | Cost € 0.5m |
Yield on cost 8.9% | Yield on cost 7.1% |
GLA 42,632 sqm Cost € 2.0m Yield on cost 8.4%
ı 31 ı
Covid-19 update
Covid-19 update | Commercial policy
MERLIN Properties conceived a commercial policy in 2 phases to help its retail tenants
Phase I | Phase II | ||
Enacted | Since March 15th until the reopening | Since the reopening until December 31st | |
Tenants affected by the compulsory shutdown set | Tenants affected by the compulsory shutdown or | ||
Eligibility | forth in the state of alarm regulations which were | a severe operations limitation who were up-to-date in | |
up-to-date in their contractual obligations | their contractual obligations | ||
• 100% rent relief since March 15th (state of alarm) | ||
and up until the earliest of (i) end of compulsory | • Partial rent relief until year end (progressive from | |
shutdown, and (ii) July 31st | 60% in June to 10% in December) | |
Policy | • Common service charges continue to be paid | • Tenants extend their contracts until 2022 |
by tenants | • Tenants continue paying common service charges | |
• Tenants waive rights to take any future actions | and waive any future actions against MERLIN | |
against MERLIN as a consequence of Covid-19 | ||
Offices | Shopping centers | Offices | Shopping centers | ||||
Implementation | |||||||
Eligible universe(1) | 3% | 89% | Eligible universe(1) | 4% | 94% | ||
Tenants that | 100% | >85% | Tenants that | 93% | >92% | ||
have accepted | have accepted | ||||||
(1) As a % of annual gross rents of each category
ı 33 ı
Covid-19 update | Collection rate
A high quality tenant base leads to high collection rates post-Covid
(as a % of total invoices due) | ||||
2Q 2020 | Offices | Shopping centers | Net leases | Logistics |
Commercial policy | 0%(1) | 59.7% | 0% | 0% |
Collected | 99.2% | 37.7% | 100% | 96.4% |
In process | 0% | 0% | 0% | 2.7% |
Uncollected | 0.8% | 2.6% | 0% | 0.9% |
(1) We have excluded the retail component of offices which is residual for the asset category (~3%)
ı 34 ı
Covid-19 update | Impact on business
No change in Covid-19 impact for 2020 previously quantified. 2021 impact mitigated by low level of maturities and delivery of new rents secured by Landmark and Best II & III
2020
2021
€ 66m | € 29m | € 250m |
INCENTIVES | ||
BOOKED IN 1H | (€ 0.53 per share) | |
€ 4m | € 41m | |
NEW FFO GUIDANCE | ||
EXPECTED FOR 2H | ||
COLLECTION LOSS | ||
Only 12% of rents mature in 2021
2020 incentives expensed, not straight-lined (no impact on 2021 P&L)
€ 20 million of incremental rents secured by new contracts already signed
Retail occupancy supported by commercial policy(1)
13% reversionary potential in offices as a buffer against market declines
Net leases as a "safe harbour" Logistics to continue its growth pace
(1) Maturities extended beyond December 2021
ı 35 ı
Closing remarks
Closing remarks |
- Covid-19impact on 2020 net rents of € 70m and € 60m on FFO. FFO
guidance for 2020 of € 250m (€ 0.53 per share)
Financial | • Valuations flat, with retail taking the biggest hit, a 4.7% decrease, mainly due to yield |
expansion (8 bps) | |
performance | • Strong balance sheet, € 1.2bn in liquidity, no maturities until 2022 and ample headroom |
in covenants |
- Leasing activity post-Covid revealing higher retention rates, with new deals signed above
ERV and renewals with positive release spread
• Occupancy on par with FY19 and set up well for resilient performance going forward: 15% | ||
Business | expiry rate from June 30 to December 2021, commercial policy highly embraced by retail | |
tenants whose expiries have been extended beyond December 2021 in exchange for incentives | ||
performance | ||
• Collection rates in the hardest part of the crisis have maintained very healthy levels, | ||
underpinned by the quality of our tenant base | ||
• Landmark. Important leases signed in Castellana 85 and Monumental, generating compelling | ||
value creation (yields on cost of 8.3% and 9.4%, respectively). Secured rents of € 13.3m | ||
• Flagship. Works advancing in Saler and Larios, with leasing activity growing on the back of | ||
Value | the reforms | |
• Best II & III. 2 warehouses delivered in Sevilla ZAL. Leases signed in Madrid-San Fernando II | ||
creation | and Zaragoza-Plaza II. Secured rents of € 6.3m | |
• Cabanillas Park II moved back to priority 1 Capex category | ||
ı 37 ı |
Paseo de la Castellana, 257 28046 Madrid
+34 91 769 19 00 info@merlinprop.com
www.merlinproperties.com
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MERLIN Properties SOCIMI SA published this content on 30 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2020 07:45:10 UTC