MERLIN Properties SOCIMI, S.A. (MRPRF) Q2 2023 Earnings Call Transcript

MERLIN Properties SOCIMI, S.A. (OTCPK:MRPRF) Q2 2023 Earnings Conference Call July 28, 2023 9:00 AM ET

Company Participants

Ines Arellano – Investor Relations

Ismael Clemente – Chief Executive Officer

Miguel Ollero – Chief Operating Officer

Conference Call Participants

Ignacio Dominguez – JB Capital

Ignacio Carvajal – Cartesio

Florent Laroche – ODDO

Fernando Abril-Martorell – Alantra

Ana Escalante – Morgan Stanley

Ignacio Romero – Sabadell

Adam Shapton – Green Street

Ines Arellano

Good afternoon, ladies and gentlemen. Welcome, and thank you for joining Merlin’s First Half 2023 Results Presentation.

Before we start, we ask you to please abide by the disclaimer contained in the presentation available in our website.

I will pass the floor to our CEO, Ismael Clemente; and COO, Miguel Ollero, who will run you through the presentation, and thereafter, we will open the line for Q&A. [Operator Instructions]

With no further delay, I pass the floor to Ismael. Thank you.

Ismael Clemente

Thank you, Ines. Good afternoon, everyone. Welcome to our first half 2023 results presentation.

The company has enjoyed solid semester in all business lines, better than expected I would say. The Spanish economy is not showing signs of abatement so far, I mean it’s performing relatively strongly on increased touristic revenues and public spending for the time being, but we remain prudent for the second half, a little less prudent than we were at the end of the first quarter.

In offices, clearly surprised us on the upside despite all the fears around work from home and San Francisco. We enjoyed a 7.5% like-for-like rent increase and a 3.2% release spread with a solid 92.3% occupancy.

Logistics remains very strong with a 4.3% like-for-like, 9.3% release spread and 96.4% occupancy, although there is here a little cut-off date effect because at present, we are close to 99%, 98.8% because there was just one contract

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