Merlin Pptys Socimi Ord

Thank you for joining nine months 23 spreading update conference call. As we always do on quarterly results, our CEO, Ismael Clemente, will provide you with the main highlights of the period and will thereafter open the lines for Q&A. For those of you who want to ask questions, please press star followed by number five. With no further delay, I pass the floor to Ismael. Thank you.

Thank you, Ines. Good afternoon, everyone. Well, we are here today to report on another solid set of results of marine properties in up to the third quarter of 2023. Many of you might remember that during the full year results presentation 2022, we commented that our expectation for the year was a relatively strong first half on significant inertia from the positive 2022. and a slightly softer second half. Probably what we didn't have the opportunity to comment was the order of magnitude of that predicted softening, which has clearly been lower impact than we expected. while in 2022, as of today, we have renewed 74% of our contracts with a 6.2% inflation average. This year, it's been 70% of the contracts with 5.7% inflation average. This is why the second half is slightly, a little tad softer than the third, but clearly well above our expectations. Particularly, where our asset management team has made a great effort in keeping occupancy stable and obtaining not only full pass-through on the rents, on the inflation, but also in terms of achieving modest release spreads in the renewals. Likewise, our logistics team has been covered a fantastic quarter. Occupancy is now reaching 99%, which is an all-time high for us. And it continues to underline the strength of the logistics business in Spain, for which we can subsequently comment during the Q&A. In shopping centers, we are amazed by the strength of consumer demand in Spain, both like-for-like and really spread have been significantly high and we continue to see good performance through the Black Friday campaign and the Christmas campaign if nothing goes wrong specifically at a local level. Occupancy overall of the company has reached a new high at 96%, which is remarkable because it is no longer positively affected by the 100% occupancy of the BBVA portfolio. So that is important to note. Regarding our data center program, we have delivered our three data centers on time on the 30th of September. in Madrid, Barcelona and Bilbao to the ANCOR client and are currently working on a number of initiatives in order to continue furthering our pioneering effort in that line of business. Our NTA per share with no revaluations in the period stands at 15.49% whatever it means nowadays. But this is our NPA at present. Without further comment, I am happy to take your questions.

We remind you that to raise questions, you have to press star followed by five. And we already have a question. It comes from the line of Mariano Medet from Mango Santander. Mariano, the line is yours.