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Merlin Q1 recurring FFO falls 5.4% YOY

Merlin Properties' first-quarter recurring funds from operations came to €70.2 million, down 5.4% from €74.2 million in the prior-year period.

Recurring EBITDA fell on an annual basis to €97.5 million from €99.4 million.

Consolidated net profit, as defined by International Financial Reporting Standards, totaled €114.1 million, marking a 71.5% rise year over year from €66.6 million.

The company's net asset value reached approximately €6.34 billion, or €13.49 per share, during the quarter.

The Spanish real estate investment trust will pay a dividend and share premium of 26 euro cents per share to its shareholders May 25, up from the last paid semi-annual dividend of 20 cents per share. Merlin maintained its dividend forecast at 50 cents per share for the 2018 financial year, representing a year-over-year growth of 9%.