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Merlin Properties Doubles its Profits & Reduces its Debt by a Quarter Thanks to BBVA’s Portfolio

The Socimi's performance improved across all its business segments to close September with office occupancy rates at pre-pandemic levels, one year ahead of schedule.

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Merlin Properties has completed the first three quarters of 2022 with a set of results that barely reflects the effects of the crisis (quite the contrary). With a net result that more than doubles that recorded during the period from January to September 2021, the Socimi has ended the first nine months of 2022 with a profit of 567 million euros compared to 254 million euros last year (albeit following a reformulation and reclassification of its accounts).

By item, during the YTD to September 2022, total income amounted to 340.9 million euros (of which 335 million euros corresponded to gross rents), EBITDA stood at 249.4 million euros and operating profit reached 224.1 million euros (equivalent to 48 cents per share).

Read the full article in Spanish.

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