Inés Arellano
Director
Good evening, everyone. Thank you for joining MERLIN’s 9M25 trading update. As we always do on quarterly results, our CEO, Ismael Clemente, will briefly walk you through the main highlights of the period, and we will then open the line for Q&A.
[Operator Instructions] With no further delay, I pass the floor to Ismael. Thank you.
Ismael Orrego
Executive Vice-Chairman & CEO
Thank you, Ines. Welcome to the 9 months 2025 results presentation by MERLIN Properties. The quarter from 30th of June to 30th of September has been pretty productive for the company. Company has performed like a Swiss clock, particularly in the traditional asset classes.
The evolution of gross rents like-for-like has been plus 3.4% with relatively neutral variation in occupancy. In fact, we have lost approximately 10 basis points. 6.4% FFO per share year-on-year as a result of a better contribution to the margins of the data center division and a 5.7% increase in the NTA per share year-on-year, which together with the dividend takes the theoretical TSR to plus 8.4% in the period.
The activity in Offices, Logistics and Shopping Centers has been strong, as commented, with more than 700,000 square meters transactions during the first 9 months of the year. The FFO increased 6.4%. This is despite higher financial expenses. Please take into account that the bond issuance in our budget was forecast for the end of October, and we ended up doing it in the last week of August. That means an
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