MERLIN Properties closed the first half of 2025 with positive results and an operating performance that allows it to revise upward its operating profit (FFO) estimate for the entire year, placing it at +0.56 euros per share.
The value generated, largely driven by its data center business, has increased its EPRA NTA to 15.04 euros per share. During the first six months, the company made significant advances across all its business lines:
- Gross Rents: €264.7 million, up 6.7% compared to the same period in 2024.
- Operational Profit (FFO): €166.6 million, with a 12.8% year-over-year growth.
- Loan to Value (LTV): 28.6%.
- Return per Share (RTA): +6.6% for the semester.
Offices at Historical Highs
Occupancy in the office portfolio reached a record 94.2%, with Like-for-Like (LfL) rent increases of 3.9%.
Growth in Logistics and Shopping Centers
In the logistics segment, MERLIN maintains solid organic growth, with a LfL increase of 2.2%. For shopping centers, figures are also positive: foot traffic increased by 2.4% compared to the first half of 2024, while sales grew by 5.8%.
Boost in Data Centers
The data center business is a major driver for the company. Phase I of its development is already built, operational, and at 70% occupancy, while Phase II is progressing as planned.
With these results, MERLIN Properties consolidates its position as one of the leading real estate market players in Spain, diversifying its portfolio and reinforcing its focus on strategic assets with high growth potential, such as data centers.
Frequently Asked Questions
What is FFO and why is it important in the real estate sector?
Funds From Operations (FFO) is a key indicator that measures the actual operating profit of a real estate company, excluding extraordinary gains or losses and asset revaluations.What does EPRA NTA mean?
The European Public Real Estate Association Net Tangible Assets reflects the company’s net tangible value per share, adjusted according to EPRA guidelines for greater transparency and comparability.What is Loan to Value (LTV)?
It is the percentage representing debt relative to the total value of assets. A low LTV, such as MERLIN’s 28.6%, indicates a solid financial position and room for future investments.Why are data centers strategic for MERLIN Properties?
Because they represent an expanding segment with high demand, driven by growth in cloud computing, AI, and corporate digitalization, ensuring long-term contracts and stable rental income.
via: LinkedIn