MERLIN Properties SOCIMI S.A
MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate and infrastructure company trading on the Spanish Stock Exchange. Specialized in the development, acquisition and management of commercial property in the lberian region. MERLIN Properties mainly invests in offices, shopping centers, logistics facilities and data centers, within the Core and Core Plus segments, forming part of the… Read more
MERLIN Properties SOCIMI S.A (MRPRF) - Net Assets
Latest net assets as of September 2025: $7.97 Billion USD
Based on the latest financial reports, MERLIN Properties SOCIMI S.A (MRPRF) has net assets worth $7.97 Billion USD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($13.96 Billion) and total liabilities ($5.99 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $7.97 Billion |
| % of Total Assets | 57.11% |
| Annual Growth Rate | 19.07% |
| 5-Year Change | 12.02% |
| 10-Year Change | 156.32% |
| Growth Volatility | 38.39 |
MERLIN Properties SOCIMI S.A - Net Assets Trend (2014–2024)
This chart illustrates how MERLIN Properties SOCIMI S.A's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for MERLIN Properties SOCIMI S.A (2014–2024)
The table below shows the annual net assets of MERLIN Properties SOCIMI S.A from 2014 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $7.50 Billion | +14.71% |
| 2023-12-31 | $6.54 Billion | -4.53% |
| 2022-12-31 | $6.85 Billion | -2.53% |
| 2021-12-31 | $7.03 Billion | +4.94% |
| 2020-12-31 | $6.70 Billion | -0.19% |
| 2019-12-31 | $6.71 Billion | +4.79% |
| 2018-12-31 | $6.40 Billion | +11.85% |
| 2017-12-31 | $5.72 Billion | +18.24% |
| 2016-12-31 | $4.84 Billion | +65.42% |
| 2015-12-31 | $2.93 Billion | +123.62% |
| 2014-12-31 | $1.31 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to MERLIN Properties SOCIMI S.A's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 471.3% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $283.76 Million | 3.78% |
| Common Stock | $563.73 Million | 7.52% |
| Other Comprehensive Income | $2.42 Billion | 32.20% |
| Other Components | $4.24 Billion | 56.50% |
| Total Equity | $7.50 Billion | 100.00% |
MERLIN Properties SOCIMI S.A Competitors by Market Cap
The table below lists competitors of MERLIN Properties SOCIMI S.A ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
CIG ShangHai Co Ltd Class A
SHG:603083
|
$3.87 Billion |
|
Tanger Factory Outlet Centers Inc
NYSE:SKT
|
$3.87 Billion |
|
Airtac International Group
TW:1590
|
$3.87 Billion |
|
Yue Yuen Industrial Holdings
PINK:YUEIY
|
$3.87 Billion |
|
Allreal Holding AG
LSE:0QPD
|
$3.87 Billion |
|
Union Bank of India
NSE:UNIONBANK
|
$3.87 Billion |
|
CCOOP Group Co Ltd
SHE:000564
|
$3.87 Billion |
|
Structure Therapeutics Inc. American Depositary Shares
NASDAQ:GPCR
|
$3.87 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in MERLIN Properties SOCIMI S.A's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 6,539,038,000 to 7,500,980,000, a change of 961,942,000 (14.7%).
- Net income of 283,759,000 contributed positively to equity growth.
- Dividend payments of 105,171,000 reduced retained earnings.
- New share issuances of 899,545,000 increased equity.
- Other comprehensive income decreased equity by 127,742,001.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $283.76 Million | +3.78% |
| Dividends Paid | $105.17 Million | -1.4% |
| Share Issuances | $899.54 Million | +11.99% |
| Other Comprehensive Income | $-127.74 Million | -1.7% |
| Other Changes | $11.55 Million | +0.15% |
| Total Change | $- | 14.71% |
Book Value vs Market Value Analysis
This analysis compares MERLIN Properties SOCIMI S.A's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.69x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2014-12-31 | $13.48 | $10.19 | x |
| 2015-12-31 | $9.05 | $10.19 | x |
| 2016-12-31 | $13.39 | $10.19 | x |
| 2017-12-31 | $12.22 | $10.19 | x |
| 2018-12-31 | $13.63 | $10.19 | x |
| 2019-12-31 | $14.33 | $10.19 | x |
| 2020-12-31 | $14.25 | $10.19 | x |
| 2021-12-31 | $15.07 | $10.19 | x |
| 2022-12-31 | $14.64 | $10.19 | x |
| 2023-12-31 | $13.96 | $10.19 | x |
| 2024-12-31 | $14.71 | $10.19 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently MERLIN Properties SOCIMI S.A utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 3.78%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 57.37%
- • Asset Turnover: 0.04x
- • Equity Multiplier: 1.79x
- Recent ROE (3.78%) is below the historical average (6.64%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2014 | 3.80% | 87.73% | 0.02x | 1.85x | $-81.20 Million |
| 2015 | 1.68% | 22.89% | 0.03x | 2.36x | $-243.46 Million |
| 2016 | 12.09% | 165.69% | 0.03x | 2.27x | $100.70 Million |
| 2017 | 19.25% | 237.52% | 0.04x | 2.10x | $528.65 Million |
| 2018 | 13.35% | 144.79% | 0.05x | 1.96x | $214.69 Million |
| 2019 | 8.40% | 109.48% | 0.04x | 1.98x | $-107.23 Million |
| 2020 | 0.84% | 12.63% | 0.03x | 2.01x | $-613.27 Million |
| 2021 | 7.29% | 109.40% | 0.03x | 2.03x | $-190.48 Million |
| 2022 | 3.84% | 59.92% | 0.04x | 1.76x | $-421.84 Million |
| 2023 | -1.28% | -17.96% | 0.04x | 1.85x | $-737.40 Million |
| 2024 | 3.78% | 57.37% | 0.04x | 1.79x | $-466.34 Million |
Industry Comparison
This section compares MERLIN Properties SOCIMI S.A's net assets metrics with peer companies in the REIT - Office industry.
Industry Context
- Industry: REIT - Office
- Average net assets among peers: $2,268,054,983
- Average return on equity (ROE) among peers: -2.01%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| MERLIN Properties SOCIMI S.A (MRPRF) | $7.97 Billion | 3.80% | 0.75x | $3.87 Billion |
| Allied Properties Real Estate Investment Trust (APYRF) | $5.56 Billion | -6.16% | 0.91x | $973.59 Million |
| Alexandria Real Estate Equities Inc (ARE) | $2.36 Billion | 5.69% | 1.31x | $7.44 Billion |
| Brandywine Realty Trust (BDN) | $1.04 Billion | -18.75% | 2.34x | $486.25 Million |
| BTB Real Estate Investment Trust (BTBIF) | $24.44 Million | -1.89% | 0.53x | $199.14 Million |
| Boston Properties Inc (BXP) | $7.93 Billion | 6.45% | 1.38x | $7.69 Billion |
| COPT Defense Properties (CDP) | $1.72 Billion | 5.66% | 1.37x | $3.59 Billion |
| City Office (CIO) | $359.83 Million | 1.60% | 1.49x | $2.76 Million |
| CLS Holdings plc (CLIHF) | $929.20 Million | -26.88% | 1.33x | $263.93 Million |
| Creative Media & Community Trust Corporation (CMCT) | $157.02 Million | 7.19% | 0.65x | $383.88K |
| Cromwell Property Group (CMWCF) | $2.59 Billion | 6.99% | 0.93x | $445.64 Million |