MERLIN Properties has closed the 2021 financial year with about Total revenue of €512.1 million (including gross rents of €505.3 million), a EBITDA of €377.2 million and a operating profit €273.0 million (€58 cents per share). Covid incentives have reached €24.9 million in the year, of which only €1.2 million have occurred in the fourth quarter.
The gross value of assets stands at €13,041 million (+2.0% LfL vs 2020), with logistics being the fastest growing category (+14.5% LfL). Offices and net leases remain in line with the previous year and shopping centers suffer a slight adjustment of -1.6% LfL. The net asset value amounts to €7,567 million (€16.11 per share), an increase of 4.2% vs. 2020.
After the distribution to shareholders of €210 million or €45 cents per share, the level of indebtedness (“LTV”) stands at 39.2% (vs 39.9% in 2020), with a liquidity position of € 1,811 million and with the average maturity of the debt in 5.3 years. The €548.3 million bond maturing in 2022 with a coupon of 2,375% has been repaid in advance.
