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Spain's largest listed REIT (SOCIMI), owning offices, shopping centers, logistics and data center properties.
Spain's largest listed REIT (SOCIMI), owning offices, shopping centers, logistics and data center properties.
Earns rent on multi-year leases, with offices in Madrid, Barcelona and Lisbon at the core plus logistics and shopping centres, while a data-centre programme is being built. Spain's SOCIMI regime, a REIT-style tax status, exempts it from corporate tax in return for distributing most of its profit.
In one line: A Spanish diversified REIT, like a smaller Vornado/Prologis hybrid.
Moat: narrow (installed base, scale). Largest diversified Spanish commercial property portfolio, well-located in Madrid/Barcelona and logistics corridors.
Headquarters: Madrid, Spain · Founded: 2014 · Employees: 295
Size MERLIN Properties SOCIMI (MRL.MC) is a Spain Real Estate company (Real Estate Investment Trusts) with a market value of $8.05B, the 24th largest of 97 Spain companies the cockpit tracks. Shares closed at €11.60 on 6 Nov 2026.
Performance Over six months the shares fell 22.5%, against -0.2% for the median peer and +8.2% for the Spain market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 13.2% over the last twelve months (peer median +7.2%); the operating margin is 71.0% (peer median 38.8%).
Valuation It trades at 0.77× book value against a peer median of 1.68× (2nd cheapest of 21).
Price implies The share price implies a return on equity of about 8.0%; MERLIN Properties SOCIMI delivers 9.9%, so the price asks less than the business earns today.
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €582M | €550M | €503M | €470M | €441M |
| Revenue growth | — | +9% | +7% | +6% | — |
| Gross profit | €497M | €473M | €427M | €412M | €378M |
| EBITDA | €418M | €395M | €381M | €348M | €369M |
| Net income | €852M | €786M | €284M | -€83.5M | €47.6M |
| Free cash flow | n/a | €409M | €298M | €227M | €222M |
| Capital expenditure | n/a | €10.6M | €19.5M | €2.01M | €1.72M |
| Total debt | €5.00B | €4.97B | €4.93B | €4.51B | €4.21B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| MERLIN Properties SOCIMI MRL.MC | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% |
| Colonial SFL SOCIMI COL.MC | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% |
| Unibail-Rodamco-Westfield SE Stapled Secs Cons of 1 Sh Unibail Rodamco + 1 Sh WFD Unib Rod URW.PA | n/a | -7% | n/a | n/a | n/a | n/a |
| Prologis PLD | $123B | -11% | +7% | 8% | 2.16× | 20.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MRL.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.0% | +5.6% | 3rd lowest of 21 |
| 6-month return | -22.5% | -0.2% | lowest of 21 |
| Return on equity | 9.9% | 8.2% | 7th highest of 21 |
| Price / book | 0.77× | 1.68× | 2nd cheapest of 21 |
| Trailing P/E | 8.2× | 21.8× | cheapest of 16 |
| ROE the price implies | 8.0% | 13.4% | 4th least demanding of 21 |
| ROE delivered | 9.9% | 8.2% | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
| CapitaLand Ascendas REIT A17U.SI | Singapore | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% | 7.0% |
| Lineage LINE | United States | $8.91B | -2% | +1% | -2% | 1.13× | 9.9% | -2.0% |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% | 36.9% |
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% | 9.2% |
| CareTrust REIT CTRE | United States | $9.03B | -8% | +53% | 9% | 2.01× | 14.7% | 9.1% |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
| Agree Realty ADC | United States | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% | 3.8% |
| Ryman Hospitality Properties RHP | United States | $9.11B | +19% | +13% | 26% | 6.58× | 55.9% | 26.0% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| Brixmor Property BRX | United States | $9.21B | +1% | +5% | 14% | 3.05× | 23.1% | 14.2% |
| CapitaLand Investment 9CI.SI | Singapore | $9.22B | -11% | -15% | 1% | 0.94× | 7.9% | 1.5% |