COMPANY OVERVIEW
March 2016
OVERVIEW COMPANY March 2016 Disclaimer This presentation has been - - PDF document
OVERVIEW COMPANY March 2016 Disclaimer This presentation has been prepared by MERLIN Properties, SOCIMI, S.A. (the Company) for informational use only. The information contained in this presentation does not purport to be comprehensive or to
March 2016
Disclaimer
1
This presentation has been prepared by MERLIN Properties, SOCIMI, S.A. (the Company) for informational use only. The information contained in this presentation does not purport to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities, and has not been verified by the Company or any other person. The information contained in this document is subject to change without notice. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of any information contained or referred to in this document. Each of the Company and its affiliates, advisors or agents expressly disclaims any and all liabilities which may be based on this document, the information contained or referred to therein, any errors therein or omissions therefrom. Neither the Company, nor any of its affiliates, advisors or agents undertakes any obligation to provide the recipients with access to additional information or to update this document or to correct any inaccuracies in the information contained
Certain statements in this document regarding the market and competitive position data may be based on the internal analyses of the Company, which involve certain assumptions and estimates. These internal analyses may have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate. Additionally, certain information in this presentation may be based on management accounts and estimates of the Company and may have not been audited or reviewed by the Company’s auditors, whereas the information on Testa Inmuebles en Renta, S.A. and on certain competitors contained herein is based on publicly available information which has not been verified by the Company. Accordingly, recipients should not place undue reliance on this information. This information is provided to the recipients for informational purposes only and recipients must undertake their own investigation of the Company. The information providing herein is not to be relied upon in substitution for the recipient's own exercise of independent judgment with regard to the operations, financial condition and prospects of the Company. Neither this presentation nor any copy of it shall be taken, transmitted into, disclosed, diffused, send, published or distributed in the United States, Canada, Australia or Japan. The distribution of this presentation in other jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and
registered under the U.S. Securities Act of 1933, as amended (the Securities Act) and, subject to certain exceptions, may not be offered or sold in the United States. The securities of the Company have not been and, should there be an offering, will not be registered under the applicable securities laws of any state or jurisdiction of Canada or Japan and, subject to certain exceptions, may not be offered or sold within Canada or Japan or to or for the benefit of any national, resident or citizen of Canada or Japan. THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION, NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO SELL OR PURCHASE SHARES. ANY DECISION TO SELL OR PURCHASE SHARES IN ANY OFFERING SHOULD BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION. This presentation may include forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause such actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward- looking statements are based on numerous assumptions regarding the present and future business strategies of the Company and the environment in which they expect to operate in the future. Forward-looking statements speak only as of the date of this presentation and the Company expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation, any change in their expectations or any change in events, conditions or circumstances on which these forward- looking statements are based. In reviewing this presentation, the recipient is agreeing to, and accepting, the foregoing restrictions and limitations.
INDEX
MERLIN AT A GLANCE FY15 RESULTS PORTFOLIO PERFORMANCE OUTLOOK APPENDIX
4
A clearly defined strategy
MERLIN at a glance
Company
yielding asset base of €6.1bn GAV and Market Cap. in excess of €3bn
asset classes
Assets
real estate (“Core” and “Core Plus”): mainly office assets with support from retail and logistics cash flow
retail (20-30%) shopping centres (20-25%) and logistics (10-15%)
given the scarcity of this product class in the market
BREEAM certification over 90% of the portfolio by 2018
Capital structure
preliminary BBB rating from S&P targeting an LTV <50%, Interest Cover >2.5x and >60% of fixed rate debt
10%
Management
and seeks to enhance quality and returns through new acquisitions
upside potential
assets
teams to optimize portfolio performance
5
18 months of hectic activity
MERLIN at a glance
June 2014 IPO of MERLIN Properties with an initial market cap. of €1.29bn June 2015 Acquisition of Testa from SACYR for an EV
leading Spanish RE company July 2015 €1,034m capital increase of to partially finance the Testa acquisition May 2015 €614m Capital increase
Refinancing of Tree debt (€940m) July 2014 – June 2015 Acquisition of 17 assets for an aggregate amount of €652m July 2014 Acquisition of Tree portfolio, consisting of 880 bank branches and 5 buildings leased to BBVA (€740m of equity) Sep 2015 – Jan 2016 Acquisition of 43 assets and ZAL port for an aggregate amount of €325m
Refinancing of Testa debt and repayment of the Testa acquisition bridge loan (€1,700m)
Inclusion in IBEX 35 Index
#1 PLAYER IN OFFICE, HIGH STREET RETAIL AND LOGISTICS
Leading Spanish real estate company
6
MERLIN at a glance
Office
tenants within MERLIN portfolio
accommodate the expansionary needs
multitenancy or headquarters product #1
Shopping Centres
mass in the winning niches of the market (dominant, prime urban) to attract the main retailers #7
Logistics
solution for logistics
match the rapid development of 3PL activity in Spain #1
High street retail
with tenants
diversity of suitable locations that fit tenants needs #1
SOLID NUMBERS IN A TRANSFORMATIONAL YEAR
Consolidated profit and loss (Testa’s results for 2H only)
8
FY15 Results
Source: Company. (1) Annualized gross rents and net rents have been calculated as passing gross / net rent as of December 31st, multiplied by 12. (2) Gross rents net of property expenses not recharged to tenants, incentives and collection loss. (3) Recurring EBITDA equals EBITDA less non-recurrent one-off expenses (€ 25.4 m). (4) Recurring FFO equals FFO less non-recurrent one-off expenses (€ 25.4 m).
FY 2015 FY 2014
Gross rents €214.5m € 56.8 m Office € 63.3 m € 3.9 m High street retail € 91.1 m € 44.2 m Shoppingcenters € 29.3 m €7.8m Logistics € 12.7 m € 0.8 m Hotels € 11.5 m
€ 5.6 m
€1.0m
€201.5m € 54.0 m EBITDA € 161.2 m € 38.0 m FFO €107.7m €19.9m Recurring EBITDA(3) €186.7m € 50.4 m RecurringFFO(4) €133.1m € 32.4 m EPRA net earnings € 99.3m € 20.4 m IFRS net profit €49.1m € 49.7m
Passing Gross rents annualised € 301.7 m(1) Passing net rents annualised € 284.3 m(1)
Recurring EBITDA € 0.58 Recurring FFO € 0.41 EPRA EPS € 0.31 IFRS EPS € 0.15
Consolidated profit and loss Per share
HEADLINE RESULTS REFLECT STRONG GROWTH IN THE PERIOD
Valuation and balance sheet
9
Source: Company (1) GAV includes the aggregate of MERLIN + Testa appraisal as of Dec-14. (2) Includes net proceeds of 2015 capital increases. (3) Accounted for in MERLIN’s balance sheet on January 8th 2016. (4) Excluding € 316.8 m of pending payment of Sacyr 23% stake in Testa.
SIGNIFICANT GROWTH IN GAV AND NAV AFTER INTENSIVE 2015 INVESTMENT ACTIVITY AND PORTFOLIO REVALUATION PROACTIVE MANAGEMENT OF CAPITAL STRUCTURE CROWNED WITH SUCCESSFUL EXECUTION OF € 1.7 BN OF UNSECURED DEBT(3) FINANCING
Dec-15 Dec-14 Total assets € 6,916 m € 2,417 m Total equity € 2,926 m € 1,309 m Portfolio value € 6,053 m € 2,232 m Gross financial debt € 3,257 m € 1,010 m Cash(4) € 244 m € 153 m Net financial debt € 3,013 m € 857 m
Net LTV 49.8% 38.5% EPRA gross yield 5.3% 6.0% EPRA net initial yield 5.0% 5.9%
Dec-15 Adjusted Dec-14 Dec-14 GAV € 6,053 m € 5,389 m(1) € 2,232 m EPRA NAV € 3,181 m € 2,951 m(2) € 1,355 m EPRA NAV per share € 9.85 € 9.13 € 10.50 Adjusted NAV € 2,982 m € 2,751 m € 1,355 m Adjusted EPRA NAV per share € 9.23 € 8.92 € 10.50
Consolidated balance sheet Valuation
FY15 Results
10
Asset Category (€ million) 31-Dec-2015 31-Dec-2014 LfL Change 31-Dec-15 vs 31-Dec-2014 Office € 2,189.6 m € 1,932.4 m 10.0% High Street retail € 1,883.9 m € 1,669.5 m 6.8% Shopping centers € 683.7 m € 619.6 m 10.3% Logistics € 276.5 m € 178.1 m 11.3% Hotels € 397.5 m € 391.6 m 1.5% Rented residential € 288.1 m € 284.0 m 1.5% Other € 12.2 m € 12.0 m 1.7% Land for development € 50.5 m
Non-core land € 132.6 m € 259.1 m (48.8%) Minority stakes € 138.1 m € 42.5 m 0.1% TOTAL € 6,052.7 m € 5,388.9 m 5.1% TOTAL ex Non-core land 7.8%
LFL GAV INCREASE OF 5.1% INCLUDING EFFECT OF NON-CORE LAND (7.8% IF EXCLUDED)
Portfolio valuation
FY15 Results
Valuation drivers
11
Source: Company.
31/12/14 GAV bridge to 31/12/15 Yield compression
2,232 3,180 374 164 197 (127) 16 17 6,053 2,000 4,000 6,000 GAV MERLIN Dec-14 GAV Testa Mar-15 MERLIN 2015 Acquisitions + CAPEX MERLIN valuation uplift Capex Testa 2015 Acquisitions valuation uplift GAV MERLIN Dec-15
43 bps
MERLIN AVERAGE
GAV INCREASE MOSTLY DRIVEN BY A PRUDENT YIELD COMPRESSION POTENTIAL FOR FURTHER CAPITAL VALUE GROWTH FY15 Results
TESTA valuation uplift 56 bps 49 bps 124 bps 31 bps 1 bps 14 bps 11 bps Office Shopping centres Logistics High street retail Hotels Rented residential Other
Debt summary
12
Source: Company. (1) Net on €316.8 M to be paid to Sacyr for the 22.6% stake of Testa remaining to be purchased.
€ 1.7 BN SUCCESSFULLY REFINANCED ON AN UNSECURED BASIS COST OF DEBT DECREASES, MATURITY IS EXTENDED AND HEALTHY FINANCING RATIOS ARE ACHIEVED
(€ million) Current 31/12/2015 31/12/2014 Unsecured bank loans € 1,700 m € 350 m € 0 m Mortgage bank loans € 1,157 m € 2,479 m € 1,010 m Mortgage non-bank loans € 133 m € 133 m € 0 m Leasings € 175 m € 175 m € 0 m Non-core debt € 119 m € 119 m € 0 m Total gross debt € 3,285 m € 3,257 m € 1,010 m Cash € 244 m(1) € 153 m Total Net debt € 3,013 m € 857 m Policy Current 31/12/2015 31/12/2014 Net debt n.a. € 3,013 m € 857 m LTV <50% n.a. 49.8% 38.5% Average interest rate (spot) 2.0% 2.2% 3.1% Average maturity 6.0 years 3.8 years 9.0 years Unsecured debt / Total debt >50% 51.6% 0% 0% Interest cover >2.5x n.a. 2.8x 2.1x Fixed rate debt >60% 61.0% 43.3% 99.3%
FY15 Results PRELIMINARY BBB RATING FROM S&P
13
FY15 Results
Rating (preliminary) THE RATING WILL SUPPORT PLANNED BOND ISSUANCE…
850 27 877 153 22 413 936 1,139 2016 2017 2018 2019 2020 2021 >2021 Bridge to bond
INVESTMENT GRADE BBB RATING FROM S&P
INVESTMENT GRADE
BBB HIGHEST RATING
EVER FOR A SPANISH REAL ESTATE COMPANY
STABLE
OUTLOOK
Bond issuance €m Planned bond issuance will further extend maturity profile
…WITH THE OBJECTIVE TO FURTHER DIVERSIFY FINANCIAL SOURCES AND EXTEND MATURITY PROFILE
DIVERSIFIED ASSET BASE WITH HIGH YIELD, POSITIVE TAKE-UP AND EMERGING LFL RENTAL GROWTH
75% 13% 9% 3%
MERLIN HAS ACHIEVED BROADER DIVERSIFICATION IN THE PORTFOLIO… Portfolio performance Breakdown 31/12/2014
GAV BREAKDOWN PER ASSET TYPE RENTS BREAKDOWN PER ASSET TYPE
Source: Company
36% 31% 11% 7% 5% 5% 5%
31/12/2015
69% 14% 12% 5% 37% 32% 13% 4% 6% 7%
Office High Street Retail Shopping Center Logistics Hotels Rented residential Other
...WHILE MAINTAINING HIGH OCCUPANCY AND WAULT
16
Portfolio performance
Yields, occupancy and WAULT
Source: Company. (1) Gross yield is calculated dividing annualized gross monthly rents by GAV (2) WAULT by Rents means the weighted average unexpired lease term, calculated as of 31 December 2015
5.1% 5.1% 5.9% 6.9% 5.6% 4.2% 7.4% Office High street retail Shopping centres Logistics Hotels Rented residential Other
EPRA GROSS YIELD PER ASSET TYPE(1)
MERLIN AVERAGE
OCCUPANCY AND WAULT PER ASSET TYPE(2)
4.3 21.2 2.4 3.8 4.1 2.5 3.3 90.0% 100.0% 93.4% 93.5% 100.0% 97.1% 100.0% Office High street retail Shopping centres Logistics Hotels Rented residential Other
AVERAGE OCCUPANCY
AVERAGE WAULT
17
Portfolio performance
Leasing activity
STRONG LEASING ACTIVITY WITH 376K SQM SIGNED: 106K SQM OF NEW CONTRACTS AND 270K SQM RENEWALS
87,169 15,188 70,134 97,568 (17,250) (9,358) (35,847) (17,924) 16,653 10,772 48,375 30,210 (597) 1,414 12,528 12,285 (50,000) (30,000) (10,000) 10,000 30,000 50,000 70,000 90,000 110,000 Office Shopping centres Logistics Participated companies Renewals Out In Net
(1) Includes 38,054 sqm leased for Cabanillas II (currently under construction). (1)
% RENEWED 83%
62% 66% 84%
MERLIN HAS ATTRACTED TOP TIER TENANTS
18
Portfolio performance
Letting highlights
In
1,877 sqm
Porto Pi
Office Shopping centres Logistics
In
1,837 sqm
Atica I Renewal
29,115 sqm
Princesa 3 Renewal
7,673 sqm
Marineda Renewal
1,209 sqm
Marineda Renewal
16,001 sqm
Costa Brava 2–4
TBWA \ ESPAÑA
In
603 sqm
Juan Esplandiu Renewal
7,171 sqm
Coslada Complex Renewal
70,134 sqm
Cabanillas I In
2,709 sqm
Coslada Complex In (Pre-let)
38,054 sqm
Cabanillas II CONFIDENTIAL In
579 sqm
Marineda
€ 000’s LfL Rent Occupancy Total Office (373) (971) (1,344) Shopping centres 319 378 697 High Street retail 545
Logistics (56) (737) (792) Hotels 269
TOTAL 706 (1,330) (624)
Lfl rental growth
19
Source: Company. (1) LFL calculated at same occupancy levels.
Portfolio performance
EMERGING LFL(1) RENTAL GROWTH MAINLY CONCENTRATED IN 2H
Commercial LfL Rent Evolution (2014-2015) Office Portfolio: Detailed Analysis
(971) (517) 144 (1,344) Occupancy CPI Rent Total Impact
INCREASING CONSUMER CONFIDENCE DRIVING GOOD SALES AND FOOTFALL GROWTH (+7% FOOTFALL / +10% SALES)
Shopping centers evolution
20
Source: Company.
2015 Footfall (million) 2015 Footfall vs 2014 2015 Sales (million) 2015 Sales vs 2014 Marineda 16.4 +8.6% 164.8 +10.5% Porto Pi 8.5 +12.0% 87.3 +14.3% Larios 10.6 +6.5% 56.8 +10.0% Centro Oeste 6.7 +4.0% 45.3 +2.1 Arturo Soria 4.6 (1.4%) 25.0 +1.3%
Portfolio performance
30 50 70 90 110 130 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016
BALANCED MATURITY PROFILE SUPPORTS CASH FLOW PREDICTABILITY
21
Portfolio performance
Lease maturity profile
19% 13% 7% 13% 11% 37% 25% 23% 19% 13% 8% 12% 35% 11% 9% 4% 8% 33% 1% 2% 97% 23% 33% 4% 40% 2016 2017 2018 2019 2020 >2020 Office Shopping centres Logistics High Street retail Hotels
24
Outlook
OUR MARKET MACRO- ECONOMIC MOMENTUM IN IBERIA CONTINUES TO BE FAVOURABLE HEADLINE RENTS STARTING TO GROW IN OFFICE, LOGISTICS AND SHOPPING CENTERS VERY SCARCE NEW SUPPLY
3
YIELDS HAVE ALREADY COMPRESSED IN LINE WITH OTHER EUROPEAN
FURTHER YIELD COMPRESSION EXPECTED
2 1 4
3.8% 1.1% (3.5%) 0.0% (0.6%) (2.1%) (1.2%) 1.4% 3.2% 2.7% 2.3% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017E
(% real GDP growth)
192 163 191 216 224 234 240 247 264 305 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E 14% 19% 20% 23% 26% 26% 24% 21% 20% 18% 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017E 500 550 600 650 700 750 800 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E
25
Source: INE, EIU, IHS, IMF, Bank of Spain, Banca d’Italia, Banque de France, Banco de Portugal, Bundesbank and Bloomberg as of 26 February 2016. (1) INE as of 26 February 2016.
SPAIN’S GDP GROWTH RATE IS GETTING CLOSER TO PRE-CRISIS PEAK LEVELS … SUPPORTED BY RECOVERING PRIVATE CONSUMPTION AND SOLID MOMENTUM IN EXPORTS, RESULTING IN SUSTAINED EMPLOYMENT CREATION
PRIVATE CONSUMPTION IN SPAIN (€ BN) SPANISH EXPORTS (€ BN) UNEMPLOYMENT RATE IN SPAIN (%)
CAGR 2015-2017E +4.9%
SPAIN IS CURRENTLY EXPECTED TO BE ONE OF THE FASTEST GROWING ECONOMIES IN EUROPE
(1)
Macro-economic momentum in Iberia continues to be favourable
Outlook
2.7% 1.7% 1.4% 1.8% 1.5% 2.3% 1.8% 1.6% 1.7% 1.4% 2016E average 1.8% 2017E average 1.8% 0.0% 1.0% 2.0% 3.0% Spain Portugal France Germany Italy 2016E 2017E 2016E average 2017E average
1
26
Outlook STRONG MOMENTUM IN OFFICES TAKE UP… … AND OFFICE PRIME RENTS IN CBD GROWING AT YEAR END INCREASING CONSUMER CONFIDENCE…
Increasing take up and first signs of rental growth
265 366 365 478 199 186 282 398 2012 2013 2014 2015 Madrid Barcelona 24.3 24.5 25.5 25.5 25.8 26.5 26.5 26.8 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 17.5 17.5 17.8 17.8 18.0 19.0 19.5 19.8 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Madrid Barcelona
70 90 110 Jan 2014 Jul 2014 Jan 2015 Jul 2015 Jan 2016
Source: JLL, CBRE and CIS- Centro de Investigaciones Sociológicas.
80 90 100 110 120 130 Jan 2014 Jul 2014 Jan 2015 Jul 2015 Jan 2016
… DRIVING FOOTFALL GROWTH IN SHOPPING CENTRES
2
(000’s sqm) (€/sqm/month)
27
Outlook
Demand and supply fundamentals
REGIONAL UNEMPLOYMENT RATE OFFICE VACANCY RATES AS OF Q4 2015 REGIONAL ECONOMIC GROWTH (GDP)
Source: CBRE, Idescat, Instituto de Estadística de la Comunidad de Madrid and INE.
NEW OFFICE SUPPLY AS % OF STOCK
2 6 10 14 18 Q1 2009 Q2 2010 Q3 2011 Q4 2012 Q1 2014 Q2 2015 Barcelona Barcelona - CBD Madrid Madrid - CBD
(in %)
RISING DEMAND AND DECREASING GOOD QUALITY OFFICE SPACE PUSHING UP RENTS
2 4 6 2009 2010 2011 2012 2013 2014 2015 2016 2017 Barcelona Madrid
(in %)
12 15 18 21 24 Q1 2009 Q2 2010 Q3 2011 Q4 2012 Q1 2014 Q2 2015 Barcelona Madrid
(in %)
(5) (3) (1) 1 3 Q1 2009 Q2 2010 Q3 2011 Q4 2012 Q1 2014 Q2 2015 Catalonia Madrid
(in %)
3
THE SPANISH AND PORTUGUESE OFFICE MARKETS HAVE ROOM FOR RECOVERY
28
2 4 6 8 Paris London WE London City Dublin Rome Berlin Milan Madrid Barcelona Frankfurt Amsterdam Brussels Lisbon Current yield Cyclical high Cyclical low (60) (30) 30 60 90 Dublin London City London WE Madrid Barcelona Rome Milan Paris Frankfurt Berlin Amsterdam Brussels Lisbon Trough to current Peak to trough
(in %) Source: CBRE. (1) Figures indicate change between the lowest rent yield recorded in or since 2009 and the current level as of Q4 2015.
(1)
Ample room for recovery
PRIME OFFICE YIELD AS OF Q4 2015 RELATIVE TO ITS PEAK IN THE CURRENT CYCLE CHANGE IN PRIME OFFICE RENT AS OF Q4 2015
KEY TRENDS
Yields still offer some room for
improvement after having compressed in line with other European markets
Positive outlook compared to other
key European cities that are much more advanced in the real estate cycle
Rents have shown signs of recovery
after decreasing for the last years and are still significantly below its peak levels
The fundamental outlook for offices
continues to be solid
Outlook
4
Dividend guidance on 2016 results
30
SHAREHOLDER DISTRIBUTION GUIDANCE: MINIMUM OF € 140 M (€ 0.43 + PER SHARE) AGAINST FY 2016 RESULTS WITH THE FOLLOWING CHARACTERISTICS:
ALL CASH PAYMENT IN TWO INSTALMENTS
€ 0.19 € 0.43+ € 0.24+ September 2016 2017 Interim Final
(following approval by AGM of 2016 accounts)
Total
FY 2016 proposed minimum dividend
Outlook
PROPOSED RESOLUTION FOR THE ANNUAL GENERAL SHAREHOLDER MEETING IN APRIL 2016
AGM 2016 Main topics
32
Outlook 2 3 5 4 1
Delegation to the Board (5 years) of the power to issue up to €600m of convertible debt obligations Delegation to the Board (5 years) of the power to issue up to €1,500m of debt
Reduction of the Extraordinary Shareholders Meeting call period: 15 days FY15 dividend distribution Delegation to the Board (5 years) of the power to increase capital up to 50% of current capital, if done with rights; if done without rights capital increase limited to 20% of current capital
2015 Shareholder distribution background
33
Outlook
2015 Proposed shareholder distribution
(€’000s) Per share (€ cents) Interim dividend (Oct-15) 25,035 7.750 Complementary dividend (Apr-16)
1,838 0.569
Share premium distribution (Apr-16) 33,146 10.261 Total 60,019 18.580
THE ASSETS
Location
35
Offices Madrid
Costa Brava 2-4 Ática
10
Pedro de Valdivia 10
28
Partenón 12- 14 & 16-18
2
Castellana 83-85
18
Juan Espla- ndiú 11-13
7
Princesa 3-5
9
Juan de Mariana 17
30
Castellana 259
11
Ribera del Loira 60
1
Alcalá 45
13
Eucalipto 25-33
20
Príncipe de Vergara 187
23
Josefa Valcárcel 48
12 16
Ventura Rodriguez 7
24
Alcalá 40
26
Avenida de Bruselas 33
6
Avenida de Bruselas 24-26
14
Maria de Portugal
A-1 Corridor Castellana A-2 corridor Campo de las Naciones
Arroyo de Valdebebas
4
Padres Dominicos
3 5
Location
36
Offices Barcelona
Vilanova 12-14 Diagonal 605 Sant Cugat I and II
19 15
WTC 6
22
WTC 8
21
Muntadas II
29
Muntadas I
8
El Prat
Diagonal 514
Sant Cugat Diagonal Pº de Gracia
17 25
37
Offices (I)
CITY: MADRID LOCATION: NBA GLA: 54,960 PARKING LOTS: 1,253 ASSETS: 1 CITY: MADRID LOCATION: NBA GLA: 37,632 PARKING LOTS: 663 ASSETS: 2
CITY: MADRID LOCATION: NBA GLA: 33,718 PARKING LOTS: 853 ASSETS: 1
CITY: MADRID LOCATION: NBA GLA: 10,856 PARKING LOTS: 336 ASSETS: 1
CITY: MADRID LOCATION: NBA GLA: 17,140 PARKING LOTS: 392 ASSETS: 3
CITY: MADRID LOCATION: NBA GLA: 6,176 PARKING LOTS: 130 ASSETS: 4
NBA: New Business Area; CBD: Central Business District ; SEC CBD: Secondary CBD
38
Offices (II)
CITY: MADRID LOCATION: CBD GLA: 23,598 PARKING LOTS: 15 ASSETS: 2
CITY: MADRID LOCATION: PERIPHERY GLA: 23,406 PARKING LOTS: 502 ASSETS: 4
CITY: MADRID LOCATION: CBD GLA: 21,390 PARKING LOTS: 631 ASSETS: 1
CITY: MADRID LOCATION: NBA GLA: 19,893 PARKING LOTS: 357 ASSETS: 1
CITY: MADRID LOCATION: SEC CBD GLA: 28,008 PARKING LOTS: 436 ASSETS: 1
CITY: BARCELONA LOCATION: NBA GLA: 24,380 PARKING LOTS: 640 ASSETS: 1
NBA: New Business Area; CBD: Central Business District ; SEC CBD: Secondary CBD
39
Offices (III)
CITY: BARCELONA LOCATION: CBD GLA: 16,494 PARKING LOTS: 94 ASSETS: 1
CITY: MADRID LOCATION: PERIPHERY GLA: 16,000 PARKING LOTS: 335 ASSETS: 1
CITY: BARCELONA LOCATION: NBA GLA: 15,374 + 10,102 PARKING LOTS: 219 + 251 ASSETS: 2
CITY: MADRID LOCATION: CBD GLA: 15,254 PARKING LOTS: 271 ASSETS: 1
CITY: MADRID LOCATION: CBD GLA: 18,655 PARKING LOTS: 40 ASSETS: 1
CITY: MADRID LOCATION: NBA GLA: 18,058 PARKING LOTS: 457 ASSETS: 2
NBA: New Business Area; CBD: Central Business District ; SEC CBD: Secondary CBD
40
Offices (IV)
CITY: BARCELONA LOCATION: NBA GLA: 14,543 PARKING LOTS: 247 ASSETS: 1
CITY: BARCELONA LOCATION: NBA GLA: 14,535 PARKING LOTS: 213 ASSETS: 1
CITY: MADRID LOCATION: CBD GLA: 10,732 PARKING LOTS: 165 ASSETS: 1
CITY: MADRID LOCATION: CBD GLA: 10,070 PARKING LOTS: 0 ASSETS: 1
CITY: BARCELONA LOCATION: CBD GLA: 14,795 PARKING LOTS: 217 ASSETS: 1
CITY: MADRID LOCATION: SEC CBD GLA: 14,553 PARKING LOTS: 256 ASSETS: 2
NBA: New Business Area; CBD: Central Business District ; SEC CBD: Secondary CBD
41
Offices (V)
CITY: LISBON LOCATION: CBD GLA: 6,740 PARKING LOTS: 176 ASSETS: 1
CITY: MADRID LOCATION: CBD GLA: 6,721 PARKING LOTS: 89 ASSETS: 1
CITY: BARCELONA LOCATION: NBA GLA: 3,783 PARKING LOTS: 82 ASSETS: 1
CITY: MADRID LOCATION: SEC CBD GLA: 3,046 PARKING LOTS: 60 ASSETS: 1
CITY: BARCELONA LOCATION: CBD GLA: 9,664 PARKING LOTS: 76 ASSETS: 1
CITY: MADRID LOCATION: CBD GLA: 9,315 ASSETS: 1
NBA: New Business Area; CBD: Central Business District ; SEC CBD: Secondary CBD
42
High street retail
71
Location
31 6 96 10 10 63 161 15 40 91 24 43 93 22 109 33 12 RETAIL / BRANCHES SUPERMARKETS
43
High street retail
Tree Caprabo
SPAIN UNITS: 888 GLA: 373,157 CATALUÑA UNITS: 33 GLA: 64,252
44
Shopping Centers
Location
Madrid La Coruña Málaga Mallorca
Cubos
45
Shopping Centers
CITY: A CORUÑA UNITS: 150 GLA: 105,795 ANNUAL FOOTFALL: 15.1 M PHYSICAL OCCUPANCY: 89% CITY: MALLORCA UNITS: 124 GLA: 26,559 ANNUAL FOOTFALL: 7.6 M PHYSICAL OCCUPANCY: 95.2%
CITY: MÁLAGA UNITS: 99 GLA: 21,504 ANNUAL FOOTFALL: 10.0M PHYSICAL OCCUPANCY: 99.2% CITY: MADRID UNITS: 21 GLA: 13,202 PHYSICAL OCCUPANCY: 100.0%
CITY: MADRID-MAJADAHONDA GLA: 10,893 ANNUAL FOOTFALL: 6.7 M PHYSICAL OCCUPANCY: 100.0% CITY: MADRID UNITS: 82 GLA: 6,965 PHYSICAL OCCUPANCY: 91.0%
46
Logistics
Location
Cabanillas II
Cabanillas I
Azuqueca
Coslada Complex
Vall
Sant Esteve
Granada del Penedés
Getafe (Gavilanes)
Getafe (Olivos)
Almussafes
A4 corridor A2 corridor
Valencia logistics hub AP-7 / Barcelona logistics hub A1 / A68 corridor
Azuqueca Miralcampo
47
Logistics (I)
CITY: BARCELONA GLA: 567K GLA + 407K SQM OF LEASED LAND LOCATION: BARCELONA PORT CITY: GUADALAJARA GLA: 151,704 LOCATION: A-4 CORRIDOR
CITY: VITORIA GLA: 72,717 LOCATION: CROSSROADS OF A68/ A1/N1 AND N240 CITY: GUADALAJARA GLA: 70,134 LOCATION: A-2 CORRIDOR
CITY: PINTO GLA: 70,000 LOCATION: A-4 CORRIDOR CITY: GETAFE GLA: 39,576 LOCATION: A-4 CORRIDOR
48
Logistics (II)
CITY: GUADALAJARA GLA: 38,763 LOCATION: A-2 CORRIDOR CITY: MADRID GLA: 36,234 LOCATION: A-2 CORRIDOR
CITY: MADRID GLA: 35,285 LOCATION: A2 CORRIDOR CITY: MADRID GLA: 28,490 LOCATION: A2 CORRIDOR
CITY: GUADALAJARA GLA: 27,995 LOCATION: A2-CORRIDOR CITY: VALENCIA GLA: 26,613 LOCATION: ACCESS TO AP7, A7 AND V31
49
Logistics (III)
CITY: ZARAGOZA GLA: 21,579 LOCATION: A-2 CORRIDOR
CITY: BARCELONA GLA: 16,812 LOCATION: A2-AP7 HIGHWAY CITY: BARCELONA GLA: 16,758 LOCATION: AP7 HIGHWAY
CITY: MADRID GLA: 16,242 LOCATION: ACCESS TO A4, M50, R4 AND A42 CITY: BARCELONA GLA: 14,911 LOCATION: GRANOLLERS
CITY: ZARAGOZA GLA: 20,764 LOCATION: ACCESS TO AP7
50
Logistics (IV)
CITY: GUADALAJARA GLA: 11,488 LOCATION: A-4 CORRIDOR
CITY: GUADALAJARA GLA: 100,000 LOCATION: A2-CORRIDOR
51
Hotels
Location
33 Madrid Valencia Jerez Barcelona Malaga
Vega****
GL*****
Castilla****
Marina*****
aeropuerto****
52
Hotels (I)
CITY: MADRID LOCATION: CBD / URBAN GLA: 31,800 # ROOMS: 474 CITY: BARCELONA LOCATION: URBAN GLA: 20,030 # ROOMS: 274
CITY: MADRID LOCATION: CBD / URBAN GLA: 13,180 # ROOMS: 262 CITY: BARCELONA LOCATION: URBAN GLA: 10,125 # ROOMS: 205
CITY: VALENCIA LOCATION: URBAN GLA: 9,308 # ROOMS: 197 CITY: BARCELONA LOCATION: CBD / URBAN GLA: 13,768 # ROOMS: 184
53
Hotels (II)
CITY: MADRID LOCATION: CBD / URBAN GLA: 12,182 # ROOMS: 149 CITY: MALAGA LOCATION: URBAN GLA: 6,000 # ROOMS: 136
CITY: MADRID LOCATION: URBAN GLA: 3,581 # ROOMS: 100 CITY: JEREZ LOCATION: URBAN GLA: 4,637 # ROOMS: 98