Reit Azor Fund – a profit of NIS 69 million as a result of revaluations – the capital market

Harit Foundation Living Areas

Reit Levy areas
0%

Base:1,185

opening:1,213

High:1,213

low:1,157

change:133,513

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Of the income-producing real estate company

Regions
-1.44%

Base:1,039

opening:1,039

High:1,050

low:1,024

change:4,895,825

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, Reports a profit of NIS 69 million in 2020 compared to NIS 5.6 million in 2019. Seemingly, a significant increase in profit, but this is an incorrect comparison – since the company started operating in March only recently and it is expected that with the increase in the volume of assets there will be a corresponding increase in revenue and profit.

The net profit reflects a return on capital of approximately 11% (relative to capital after the issue) resulting from an increase in the fair value of the assets, following the progress of the implementation of the projects under construction in Or Yehuda and Rishon Lezion.

The FFO, according to the management’s approach, dropped to NIS 600,000, compared with NIS 4.2 million in 2019. But as stated there is still no great significance to comparison to a previous year.

The fund, which was issued in early 2020 and established in 2018 (expand here) and specializes in long-term rental housing properties, grew in equity in 2020 to NIS 716 million compared to NIS 179 million in 2019, an increase of 400%, resulting from the public offering and profit During the year. At the same time, the fund recorded an increase in total assets to NIS 1.3 billion in 2020, compared with NIS 535 million in 2019, an increase of approximately 144%. In addition, a cash reserve fund of NIS 280 million earmarked for new transactions, as well as a handsome increase in the number of housing units in various stages of maturity to about 1,500 units in 8 projects in various stages.

Against the background of the reports he said Eran Grapes, Azorim Living CEO: “We are pleased to conclude the first year of the Azorim LIVING fund’s activity as a public company, during which we significantly expanded the base of activity in order to reach thousands of housing units and position the fund as a leader in the rental housing market in Israel. As early as 2021, the fund will reach a critical mass of hundreds of rented and managed housing units. to him”.