Half Year 2024 MERLIN Properties SOCIMI SA Earnings Call Transcript
Key Points
- Strong operating performance with solid like-for-like rental growth across all asset divisions.
- High occupancy levels in offices, logistics, and shopping centers, with logistics expected to reach nearly full occupancy by year-end.
- Financial performance includes achieving $0.31 of FFO per share, slightly positive versus last year.
- Significant uplift in data center valuations (+13%), compensating for slight value erosion in other asset categories.
- Strong financial position with 35.6% loan-to-value, fixed interest rates, and no uncovered debt maturities until November 2026.
- Office occupancy expected to be flat or slightly negative compared to last year, with a range between 92% and 93%.
- Logistics occupancy slightly down due to a cut-off date effect, though expected to recover by year-end.
- Increased overhead costs due to the ramp-up of the data center division, impacting FFO.
- Delays in data center equipment delivery, affecting revenue timelines and causing potential penalties.
- Potential for further yield expansion in offices, which could negatively impact valuations.
Good afternoon, ladies and gentlemen. Welcome and thank you for joining MERLIN's first half 2024 results presentation. Our CEO Ismael Clemente will be going through the slides that you have, you can see on the screen, which are also available in our website.
We ask you please to buy by the disclaimer contained on it. After the presentation we will open the line for Q&A. (Event Instructions)
With no further delay, I pass the floor to Ismael. Thank you.
Thank you, Ines. Good afternoon, everyone. Welcome to MERLIN's first half 2024 results presentation. The company had had a very good start of the year with strong operating performance overall translated in a very solid like-for-like rental growth, positively spread in all asset divisions and our sustained high occupancy levels.
In offices, we have enjoyed positive spreads, decent like-for
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