AR 16 ANNUAL REPORT 2016
ANNUAL AR16 REPORT 2016 MERLIN PROPERTIES IS THE LEADING SOCIMI IN THE SPANISH REAL ESTATE MARKET Letter from the Chairman 6 Letter from the CEO 8
01. Organization and structure 12 02. Key aspects 20 03. Business performance 26 04. Acquisitions, refurbishments and developments 34 05. Portfolio valuation 38 06. Financial statements 42 07. EPRA metrics 52 08. Events post-closing 56 09. Stock exchange evolution 58 10. Dividend policy 62 11. Main risks and uncertainties 64 12. Treasury shares 66 13. Corporate responsibility 68 14. Staff 78
APPENDIX
EPRA metrics calculation 81 Alternative measures of performance 84 List of assets 86 Asset location maps 92 LETTER FROM THE CHAIRMAN
Dear shareholders,
2016 was the most intense year in the short life of MERLIN Properties and marks a turning point with regard to its future. Following the acquisition of Testa in 2015, MERLIN became a benchmark company in Spain in the fledgling sector of real estate investment trusts (REITs) and became a leader in the offices and logistics markets. 2016 was no less significant and brought the integration of Metrovacesa’s commercial assets and the contribution of the rental portfolio to Testa Residencial, which makes our company a leader in all markets in which it operates. Mr. Javier García-Carranza Non-Executive Chairman The integration of Metrovacesa contributed significant value to MERLIN. First of all, we are now able to compete on the same level as the top-10 large European REITs in the sector, with all the advantages this entails for our shareholders regarding visibility, share liquidity and the ability to influence investors, tenants and authorities. Secondly, we were able to significantly consolidate our leadership position in offices in the Spanish market. MERLIN now has the most of square metres of office space in Madrid and in Barcelona of any listed company, and has almost doubled its presence in the central “We are now able to business districts (CBD) of both cities. compete on the same Third, a very significant step up in scale took place with regard to shopping level as the top-10 large centres, where we now manage 18 European REITs in the centres and are the second largest company in Spain. Lastly, but no less sector” important, we created the national leader in the growing sector of rental property, following the contribution of Metrovacesa’s portfolio to Testa Residencial. Testa Residencial now operates 8,000 rental properties in a
ı 6 ı Annual Report 2016
market with a very promising outlook and MERLIN now has an asset portfolio of where being the benchmark represents a almost EUR 10 billion, which generates an significant competitive advantage given the annual gross rental income of more than tremendous fragmentation of the sector. EUR 450 million. Now we plan to look after and make the improvements to these assets 2016 was also a very intense year on two that they deserve, after two and a half years fronts: asset turnover and optimisation of of building a high-quality portfolio of assets the company’s balance sheet structure. accumulated in very favourable market Over EUR 750 million were obtained from conditions. To do this, we have the best disposals and, more importantly, these professional team and a Board of Directors disposals gave rise to a significant gain over that firmly supports their work and that the last appraisal, which shows the quality is committed to the company’s long-term and liquidity of our assets. The exclusion success. of Testa Residencial from the scope of consolidation and the sale of non-strategic Everything that MERLIN Properties assets enabled us to refine our portfolio has achieved has been thanks to its and fulfil the strategy determined since the shareholders. As the Chairman of this company’s admission to listing in 2014: to be company’s Board of Directors, I would like a benchmark in offices, retail and logistics, to express my gratitude for the support you and not to be in other non-strategic asset have shown. categories, such as hotels or residential rental properties.
No less important was the excellent work carried out to optimise the company’s balance sheet.
MERLIN now has the best rating granted to a Spanish real estate company: BBB by S&P and Baa2 by Moody’s.
In 2016, and as the company’s debut in the debt markets, we carried out three bond issues for a total of EUR 2.35 billion. Our LTV has dropped from 49.8% to 45.5%, average maturity for debt has been extended from 3.8 years to 6.2 years, non-mortgage-backed debt has rose from 16.1% to 75.6% of total debt, and debt with fixed or hedged interest rates is 89.3%, compared to 43.3% of the previous year.
ı 7 ı LETTER FROM THE CEO
Dear shareholders,
Around this time last year we explained that the company had consolidated a model for sustained return and maximum efficiency. The results for 2016 demonstrate what we told you one year ago: we have generated annual shareholder return of 17.2%, as a result of the growth in the net asset value per share plus dividends. EUR 0.40 per share will be distributed against 2016 period, amounting to a total of EUR 160 million, which is more than double that distributed against 2015 period. Return. Sustained and sustainable. Return is sustained given that we just announced to the market the company’s intent to Mr. Ismael Clemente CEO increase remuneration to EUR 0.44 per share with a charge to 2017 profit, a 10% increase. And this return is sustainable because it is based on a solid balance sheet that shows even better ratios today than those of one year ago, after having reduced the LTV to a fairly prudent level of 45.5%.
We also talked about maximum efficiency. We manage the company by attempting to incur the least overhead costs possible for the benefit of our shareholders. This has been and will continue to be, as I will mention “The results for 2016 further on, one of our management team’s primary objectives. As this has demonstrate what we been an essential objective since the told you one year ago: we company’s incorporation, we created a cost structure based on a mathematical have generated annual formula: maximum overhead costs shareholder return of 17.2%, incurred per year is the higher of 0.6% of the net asset value (NAV) or 6% of as a result of the growth rental income. In other words, this is what in the net asset value per it costs our shareholders for MERLIN to operate. Nothing more, nothing less. share plus dividends” It is that clear and simple. No other company in the world operates this way. At other companies you only find out how much their operations cost
ı 8 ı Annual Report 2016
at the end of the year, with the possibility Peninsula that no one else has: almost 1.7 of surprises. This is not how it works at million square metres at the best locations MERLIN. You know from day one. But the for our tenants. most important is not that this mechanism is new, predictable or unerring, but rather The Metrovacesa transaction also what is actually important is that when this represented the entry of Santander, BBVA ratio is calculated for other companies in the and Popular in the company’s share capital sector in Spain and in Europe, it always ends as reference shareholders. This has created up being higher. We are more efficient than enormous synergies and we are very other companies, both in Spain and abroad. grateful for their support of MERLIN, their What is our secret? At MERLIN we operate long-term vision and the support they have with a highly efficient workforce, employees always shown to our team. work hard and are extremely productive, and we have a motivated and driven team This has also been an excellent year in terms that gives their all to the company like no of asset turnover. MERLIN has continued to one else. We will take an in-depth look at grow and has entered other phases of its this later on. business plan: after years of strong growth, in 2016 we began to rotate assets that were With regard to the operating business, it no longer strategic for us. And for being is also time to take stock. This past year just the beginning, the results could not was obviously marked by the integration have been better: over EUR 760 million in of Metrovacesa, the commercial assets in divestments. What we are most pleased MERLIN and the rental portfolio in Testa with is having obtained average capital Residencial. We are very proud of what the gains greater than 7% with regard to the integration of Metrovacesa represents for last appraisal, thus creating value for our our shareholders. The transaction created shareholders and proving the liquidity of value from the very beginning and, even our portfolio with a potentially significant more importantly, it has great potential to revaluation. continue creating value in the future through dedicated and specialised management As part of this asset turnover, the integration of the asset portfolio. Metrovacesa has of Metrovacesa enabled us to exclude Testa only strengthened the unique position Residencial from the scope of consolidation, that we already had in the office market, which was one of the company’s objectives where we are now leaders, both in terms of for this year, as it is a non-strategic asset surface area and rental income in Madrid that consumed significant management and Barcelona. The leap was even more resources and time. MERLIN now has a significant with regard to shopping centres. 16% ownership interest in this specialised In an asset category where size represents subsidiary. Testa Residencial may bring us a significant advantage when negotiating significant positive results in the future: it with tenants, today MERLIN is the second operates in a market that is clearly growing, largest operator in Spain. The growth in with social dynamics that are driving rent logistics has been long-standing and was penetration and in a sector that is highly mainly organic as a result of the programme fragmented, where there is no benchmark. launched two years ago to acquire land and With almost 8,000 housing units, it is now turnkey projects. Here we are also leaders in the largest residential rental company in a fast-growing sector, favoured by growth in Spain and has an internal management team industry and the country’s export capacity of more than 50 people with considerable and by the increasingly greater penetration experience. We believe it will become the of online sales in consumer habits in benchmark in its market. Spain. Along with the existing stock, the programme of construction work in progress and the participation in the ZAL Port of Barcelona, we have a footprint in the Iberian
ı 9 ı All of these milestones generated, for an approximate total of EUR 4.4 billion in the cost of capital contributed have been possible thanks at various times by shareholders. Put more to the work of an excellent simply, if we compare the value upon admission to listing with the current share professional team. price, adjusted by capital increase rights (something we are still struggling to make And now I want to focus a bit on this the media understand, even theoretically aspect. MERLIN has a team of excellent specialised agencies), the share price has professionals, who are also recognised as risen by 35%. And the creation of total value such by the entire market. This is a team for shareholders through the securities that works hard, significantly above average, market, if we include dividends, exceeds above any average. It is simply a case of 42%, having significantly outperformed all mathematics: productivity per employee at benchmark indices (EPRA Europe, IBEX 35 MERLIN is 3 times greater than the sector and Eurostoxx 600). average in Spain and 3.4 times greater than the European average. If we take the I would like to conclude by talking about the gross value of the assets managed by the future. In the past we have taken advantage company divided by the workforce, at of a market that presented opportunities MERLIN that comes to EUR 73.5 million per for purchasing assets at excellent prices. In person, compared to an average of 25 in the current environment, it is difficult to find Spain and 22 in Europe. opportunities to make purchases at these prices. We therefore have employees that have extraordinary performance and thus deserve remuneration in accordance with We therefore believe that this performance. Our company does MERLIN is entering a new not have company planes or cars, private dining halls or stadium boxes and we do phase: the creation of future not fly first class. We keep unnecessary value will come from the expenses to a minimum. However, we pay our employees very well when they deserve assets we already have on it. Three figures: the average fixed salary of our workforce, not including the two the balance sheet, from executive directors, is EUR 55,300. Variable which there is still significant remuneration, which is linked to productivity and efficiency, not incurring unnecessary value to be derived. expenses or overloading the flowchart, or contracting advisors at our shareholders’ We have designed an ambitious plan of expense, amounted to EUR 58,500 renovations for our asset portfolio over the next five years, which we expect will per employee. In other words, variable improve the rental income of the properties remuneration represents more than half of involved, and we have the challenge of all compensation and, which is even more increasing occupancy of the assets obtained notable, all employees, from the first to the from Metrovacesa. In addition, the logistics last, receive a bonus tied to the company’s development programme is still in progress. performance and, therefore, the creation of In general, we will make less asset purchases value. and be more selective, but in exchange will invest more in our current assets to develop MERLIN has created significant value for their full potential. To do this we have a high-quality asset portfolio, an excellent, its shareholders since its admission to committed and motivated team, and a core listing. Measured in terms of NAV per share, group of shareholders that support and back between the growth in value of its assets us. and the dividends paid over the last two and a half years, over EUR 1.1 billion were
ı 10 ı Annual Report 2016
AT A GLANCE
In 2016 MERLIN Properties has generated a strong increase in the NAV and the net profit and has strengthened its financial structure. NAV per share The revaluation of the asset portfolio as well as the increase in the cash flow of the period are the main reasons of the strong increase in the NAV per share +14.0% 11.23 NAV per share increase 10.49
+ €465.6m 9.85 Assets revaluation 31/12/14 31/12/15 31/12/16 Earnings per share € 0.64 1.59 FFO per share 0.64 0.60 +620% 0.39 Earnings per share increase 0.25 0.22 31/12/14 31/12/15 31/12/16 FFO per share EPS Financial debt Intense year in the management of liabilities of the balance sheet, with issuances of debt for an amount of € 2,350 million, which have allowed to improve all the financial debt ratios 3.1% 49.8% 45.5% 45.5% 38.4% Loan to Value 2.2% 2.3% 2.26% Average cost of debt
31/12/14 31/12/15 31/12/16 6.2 years Loan to value Average cost of debt Average maturity period Shareholder return Total Shareholder Return, measured as dividends plus increase of the NAV during the period (less capital increases) has shown an important growth in the period 17.2% 0.40 Shareholder return rate 0.19 € 0.40 per share Dividends of the period 0.00 31/12/14 31/12/15 31/12/16
Dividends per share
ı 11 ı |01| ORGANIZATION AND ESTRUCTURE
ı 12 ı Annual Report 2016
ORGANIZATION AND ESTRUCTURE
1. Strategy
MERLIN Properties Socimi, S.A. (“MERLIN”, selective rotation of high quality commercial “MERLIN Properties” or the “Company”) is a real estate assets in the “Core” and “Core company devoted to delivering sustainable plus” segments. return to shareholders through the acquisition, active management and
Office Shopping Centers 40% 20-25% Breadth of prime space Urban or Dominant Madrid, Barcelona and Lisbon National scale
Core & Core Plus Spain & Portugal
Best Investment governance grade practices capital structure
Attractive dividend One of the most yield cost efficient REIT’s
Logistics High Street Retail 10-15% 20-25% National footprint High triple net cash flow “One-stop shop” solution for 3PL Inflation multiplier
ı 13 ı 2. Positioning
#1 #2 #1 #1 Office Shopping Logistics High Street Centers retail • Flexibility to offer • Mainly urban footprint • “One-stop-shop” • Excellent conditions multitenant or in high GDP/ capita solution for logistics of BBVA lease headquarter buildings areas in Spain operators wishing to agreement triple net • Capacity to adapt • Critical mass with operate across Spain lease with 1.5x HICP to the needs of the retail brand • Big footprint to annual uplift tenant match the rapid • Optimization of development of 3PL retail space in office activity buildings
En stock
138 ASSETS 17 ASSETS 34 ASSETS 931 ASSETS 1.246 K SQM 455 K SQM 755 K SQM 461 K SQM €4.541 M GAV €1.613 M GAV €472 M GAV €2.205 M GAV €212M GRI €92 M GRI €33 M GRI €103 M GRIV (1)
Proyectos 12 ASSETS 477 K SQM €110 M GAV Fully Consolidation €21 M GRI(3)
(2) Tres Aguas 50% Zal Port 32% 1 ASSET 42 ASSETS 63 K SQM 381 K SQM €10 M GRI €24 M GRI(4) Equity method
(1) Not including other, land under development and non-core land (2) Data for Minority Stakes is reported for 100% of the subsidiary (3) Total expected gross rent (4) Gross annual rent as of 31/12/16, deductivy ground lease expenses
ı 14 ı Annual Report 2016
3. Composition
The internal management organization • Chief Executive Officer: reporting directly structure can be summarized as follows: to the Board of Directors and forming part of it. • Board of Directors: consisting of fourteen directors, advised by both the Audit and • Investment Committee: reporting to the Control Committee and the Appointments CEO and consisting of the executive team, and Remuneration Committee. with a right of veto by the Chief Investment Officer.
Mr. Javier García-Carranza Non-Executive Chairman Mr. Ismael Clemente Mrs. Francisca Ortega CEO & Executive Vice-Chairman Propietary Director
Mr. Miguel Ollero Mr. José Ferrís Executive Director Propietary Director
Mrs. María Luisa Jordá Independent Director Mrs. Pilar Cavero Chairman A&C Committee Independent Director
Mrs. Ana García Fau Mr. Juan María Aguirre Independent Director Independent Director
Mr. Alfredo Fernández Mrs. Ana de Pro Independent Director Independent Director
Mr. Fernando Ortiz Mr. John Gómez Hall Independent Director Independent Director Mr. Donald Johnston Independent Director Chairman A&R Committee
Appointments and Remuneration Committee Audit and Control Committee Mrs. Mónica Martín de Vidales Independent Directors Secretary
Mr. Ildefonso Polo del Mármol Vice-Secretary
ı 15 ı BOARD OF DIRECTORS
1 7 8 13 5 12 10 14 9 11
4 15 2 3 6
ı 16 ı Annual Report 2016
1. Non-Executive Chairman 8. Independent Director Mr. Javier García Carranza Mr. Juan María Aguirre 2. CEO & Executive Vice-Chairman 9. Independent Director Mr. Ismael Clemente Mrs. Ana de Pro 3. Executive Director 10. Propietary Director Mr. Miguel Ollero Mrs. Francisca Ortega 4. Independent Director 11. Independent Director Chairman A&C Committee Mrs. Ana García Fau Mrs. María Luisa Jordá 1 2. Independent Director 5. Independent Director Mr. Fernando Ortiz Chairman A&R Committee 13. Vice-Secretary Mr. Donald Johnston Mr. Ildefonso Polo 6. Independent Director 14. Secretary Mr. John Gómez Hall Mrs. Mónica Martín de Vidales 7. Independent Director 15. CIO Mr. Alfredo Fernández Mr. David Brush
ı 17 ı MANAGEMENT TEAM
Ismael Clemente
Luis Lázaro
Inés Arellano
Javier Zarrabeitia
Francisco Rivas
Enrique Gracia
ı 18 ı Annual Report 2016
Miguel Ollero
Fernando Lacadena Miguel Oñate David Brush Fernando Ramírez Manuel García Casas
MERLIN Properties’ management team for many years, which works on the basis consists of 12 members, led by the of focused and defined objectives, in full Executive Director, Ismael Clemente. alignment with shareholders’ interests. The team is renowned for its operating This alignment and commitment is efficiency and proven track record in reflected in the fact that their aggregate generating value. It is a cohesive team, investment in the Company’s share whose members have worked together capital amounts to 0.5%
ı 19 ı |02| KEY ASPECTS
ı 20 ı Annual Report 2016
KEY ASPECTS
1. Capital structure Arrendamiento, S.A. (in the case of the Non- Strategic Assets and Liabilities). The public During 2016 there has been a capital deed was formalized on 20 October and increase of MERLIN Properties, executed was registered in the Madrid Commercial on 28 October, for an amount of € Registry on 26 October. The prospectus was 1,672,845 thousand through the issuance of approved by the National Securities Market 146,740,750 ordinary shares with a nominal Commission on 27 October. value of 1 euro each and a share premium of 10.40 euros, executed in the context of During 2016, apart from Metrovacesa, the total spin-off of Metrovacesa, S.A. in MERLIN Properties has acquired 27 assets, favor of MERLIN; Testa Residencial, SOCIMI, which have supposed a disbursement of S.A.U.; and Metrovacesa Promoción y € 794,351 thousand (including transaction Arrendamiento S.A. costs).
2.2. Divestments 2. Investment activity and divestments In the context of the non-core asset rotation strategy, 2016 has been an excellent year 2.1. Investments for MERLIN, having achieved the following milestones: As of 21 June, MERLIN, Testa Inmuebles en Renta, SOCIMI, S.A. (“Testa”) and Testa • Deconsolidation of the rented residential Residencial, S.L.U. (“Testa Residencial”) activity. In the context of the Integration subscribed an integration agreement with Agreement of Metrovacesa, Metrovacesa Metrovacesa, S.A. (“Metrovacesa”) and its split in favor of Testa Residencial the totality main shareholders, Banco Santander, S.A. of its residential business unit, including (“BS”), Banco Bilbao Vizcaya Argentaria, all the assets and liabilities of Metrovacesa S.A. (“BBVA”), and Banco Popular Español, associated to the rented residential S.A. (“BP”) with the object of creating the portfolio. The valuation attributed to largest Spanish REIT of commercial and the equity of the residential portfolio of rented residential assets (the “Integration Metrovacesa amounted to € 441 million, Agreement”). The Integration Agreement while the valuation attributed to the also contemplated the total spin-off of equity of the residential portfolio of Testa Metrovacesa in favor of MERLIN, Testa Residencial amounted to € 230 million, Residencial and Metrovacesa Promoción which represents in this case a gross asset y Arrendamiento S.A., through the value of € 341 million. Consequently, once extinguishment of Metrovacesa and the executed the spin-off, the shareholders division of all its assets and liabilities into of Metrovacesa acquired the 65.76% of three parts (referred to in the Spin-off Plan the share capital of Testa Residencial, as the Commercial Assets and Liabilities, owning MERLIN the remaining 34.24%. the Residential Assets and Liabilities and Premium versus the latest GAV before the the Non-Strategic Assets and Liabilities), announcement of the transaction is 18.4%. each of which is transferred en bloc and by way of universal succession to MERLIN • Sale of the hotel activity. On 30 December (in the case of the Commercial Assets and 2016, MERLIN reached an agreement for the Liabilities), to Testa Residencial, SOCIMI, S.A. sale of a portfolio of 19 hotels to Foncière (in the case of the Residential Assets and des Regions, through its subsidiary Foncière Liabilities) and to Metrovacesa Promoción y des Murs, for an amount of € 535 million.
ı 21 ı • Other assets. During 2016 other assets have been sold for an aggregated amount of € 226 million. Including the office building Alcalá 45, 17 branches leased to BBVA and the assets located in France (Grande Armée in Paris and Centre del Mon in Perpignan).
A summary table with sales and deconsolidations executed during 2016 as well as the premium reached versus latest valuation available before the announcement of the transaction is shown below:
Premium versus the gross asset value before (€ million) Price / Value the announcement of the transaction
Testa Residencial 341 18.4% Hotels + other assets 761 7.1%
Total 1,102 10.3%
3. Commercial portfolio 4. Results
After the integration of the Commercial In 2016, the Company recorded revenues of Portfolio of Metrovacesa as well as the € 362,797 thousand, recurring EBITDA of acquisitions and divestments executed € 303,587 thousand, EBITDA of € 260,352 during the period, MERLIN Properties owns a thousand, a recurring FFO of € 232,673 commercial real estate portfolio comprising thousand and a net consolidated result of 1,157 fully owned assets with a stock gross € 582,645 thousand. These results include lettable area (“stock G.L.A.”) of 3,038,341 the integration of the results arising from sqm and 16 assets under development, assets of the Commercial Portfolio of with a development gross lettable area Metrovacesa split in favor of MERLIN from 15 (“development G.L.A.”) of 550,329 sqm. In September until 31 December. addition, MERLIN holds 8 minority stakes, comprising 53 assets and a G.L.A in stock of 372,679 sqm. The portfolio gross asset value (“GAV” or “Gross Asset Value”), in accordance with Savills and CBRE valuation as of 31 December 2016, amounts to € 9,823,619 thousand. The net asset value, following EPRA recommendations (“EPRA Net Asset Value”), amounts to € 5,274,730 thousand (€ 11.23 per share). Adjusted EPRA NAV, once deducted the goodwill arising as a result of Testa acquisition, outstanding as of 31 December 2016, (€ 9,839 thousand), amounts to € 5,264,891 thousand (€ 11.21 per share).
ı 22 ı Annual Report 2016
Principal Financial Capital structure key data (€ thousand) Standard Life 3% Group 3% Blackrock 3% Invesco 1% Invesco Number of ordinary 469,770,750 Principal Financial Group shares BBVA 6% Number of weighted 365,929,618 Standard Life shares Total equity 4,840,769 Blackrock Banco Santander 22% GAV 9,823,619 BBVA
Net Debt 4,471,125 Banco Santander Free Float 62% Net Debt / GAV 45.5% Free Float
Data as of 26 February 2017, according to the communications made to the CNMV
Key aspects of the commercial portfolio
(€ thousand) 31/12/16 31/12/15
GAV of the commercial portfolio (1) (2) 9,113,941 5,731,443 GAV of the portfolio under development (1) (2) 243,499 50,524 GAV non-core land (2) 131,957 132,635 GAV equity method stakes (2) 334,222 138,064 Total GAV 9,823,619 6,052,665
Gross annualized rents 2016 (3) 451,348 301,667 Topped-up annualized rents 2016 (3) 420,423 287,184 Net annualized rent 2016 (3) 411,253 284,329 Gross yield (4) 5,0% 5,3% EPRA topped-up yield (4) 4,6% 5,0% EPRA net initial yield (4) 4,5% 5,0%
Stock G.L.A. (sqm) 3,038,341 1,865,487 Occupancy rate 91.3% 94.6% WAULT by rents (years) (5) 7.2 9.4 Development G.L.A. (sqm) 550,329 223,024
EPRA net asset value 5,274,730 3,181,245 ("EPRA NAV") EPRA NAV per share 11.23 9.85 Adjusted EPRA NAV 5,264,891 2,981,546 (ex-goodwill)
Adjusted EPRA NAV per share 11.21 9.23
(1) Commercial portfolio: assets in profitability. Portfolio under development: includes advanced payments for turnkey projects and lands under development (2) In accordance with Savills and CBRE appraisals as of 31 December 2016 (3) Gross / topped-up / net annualized rents have been calculated as passing rent as of 31 December 2016 multiplied by 12 (4) Calculated as gross / topped-up / net annualized rents divided and GAV of the commercial portfolio (5) Weighted unexpired lease term, calculated as the number of years of unexpired lease term, as from 31 December 2016 until the first break option of the lease contracts, weighted by the gross rent of each individual lease contract
ı 23 ı GAV per asset class(1) Gross annualized rents per asset class
5.9% 2.7%
7.6% 47.6% Hoteles 7.3% 46.9% Hoteles Residencial en alquiler Residencial en alquiler
Logístico Otros 16.4% 20.3% Otros Logístico