The Corona continued to hit the team
Azrieli Group
-1.04%
Base:21,240
opening:21,140
High:21,240
low:20,830
change:32,858,023
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Also in the fourth quarter of 2020. The company reports that theNOI In the quarter, it amounted to NIS 224 million, compared with NIS 408 million in the corresponding quarter last year, a fall of 45%.
The FFO without the contribution of sheltered housing amounted to NIS 152 million in the quarter, compared with NIS 286 million in the corresponding quarter last year (a fall of 47%). The total FFO in the quarter amounted to NIS 213 million, compared with NIS 314 million in the corresponding quarter last year (a fall of 32%).
In annual view, God-NOI In 2020, it amounted to NIS 1,214 million, compared with NIS 1,611 million last year, a decrease of 25%. The decrease is due to the closures imposed during the year, following which the malls were closed for about 40% of the days in 2020. In the office sector, there was a slight decrease of 4% in the quarter inNOI Which was mainly due to a decrease in revenue from parking lots. In 2020, the office sector recorded an increase of 1%.
God-FFO Excluding the contribution of sheltered housing, it amounted to NIS 878 million in 2020, compared with NIS 1,160 million last year (a decrease of 24%). The totalFFO Amounted to NIS 999 million in 2020, compared with NIS 1,313 million last year (a decrease of 24%). The decrease is due to the closures imposed during the year, but part of it was offset byFFO Of sheltered housing activity, mainly due to the occupancy of the new home in Blades.
The company reports in the quarter a loss attributable to shareholders of approximately NIS 30 million and in all of 2020 the net profit to shareholders fell to NIS 189 million, compared with approximately NIS 2.1 billion last year. The decrease in profit is mainly due to fair value adjustments of investment real estate and the decrease in NOI Due to the corona crisis.
Occupancy rates and redemptions
The average occupancy rate in the malls segment (excluding populated properties) was 98%, as well as in the Israeli office sector, which stood at 96% (following Bezeq’s move from the Azrieli Center to the company’s new property in Holon and neutralizing populated properties).
Revenues – Due to the fact that many sectors did not operate or partially operated during the quarter (schools, gyms, cinemas and catering) the company did not compare the quarterly data to the corresponding quarter. In 2020, there was an increase of 1%, when the months of April, October and November were neutralized. And March, May, September and December were normalized according to actual working days and the effects of the corona restrictions were offset, as well as the Azrieli Mall and tenants who did not return to full activity due to the restrictions were neutralized.
Following the reports, the Company’s Board of Directors has approved a dividend distribution of NIS 450 million, and is expected to discuss an additional distribution of up to NIS 150 million later this year.
Dana Azrieli, Chairman of the Azrieli Group: “The Corona crisis has burst into our lives by surprise but the long-term strategy to diversify our business areas has proven itself in real time. We emerge from this exceptional crisis strong, financially and administratively, with growth engines continuing to grow alongside malls, offices, sheltered housing, theData Centers“And lay the foundation for new growth engines, such as hotels, rental housing and more.”
Eyal Hankin, CEO of the Azrieli Group:
“Commercial activity was closed about 40% of the time, so it is important to spread to several areas of activity. The group’s activity in the offices has shown stability throughout the Corona crisis and we are optimistic about its future. Sheltered housing activity continues to grow Gradual.Data Centers We enjoy continued global growth, as do our activities in the field, as well as the move we are leading to deepen our activities in the residential rental industry for the long term. With the recent opening of the economy, we are witnessing a lively movement of buyers in the group’s malls. We are preparing for the reopening, and we are happy to see the positive trend in this activity. ”
Business developments
Signing of new contracts in the field of offices – during the year until close to the date of publication of the report, 311 new contracts and / or options were entered into, and existing contracts were extended in relation to 169,311 square meters at a cost of 8.8%. An agreement was signed with an alternative tenant.
Signing of new contracts in the field of malls – During the year until close to the date of publication of the report, 965 new contracts and / or options were entered into, and existing contracts were extended in relation to 93,692 square meters, a slight decrease of 1% compared to the previous quarter in these areas.
Deepening activity in the residential rental industry – At the end of February 2021, the Azrieli Group announced that it had signed an agreement to purchase land in Tel Aviv, on which a building currently used by the Abraham Hostel Which includes rights amounting to about 10,000 square meters for construction 110 Housing, in the field of the residential rental industry.
Compass (Data Centers) – The company updated that in relation to the first investment date in July 2019, there was an increase of approximately 84% in theNOI The annual Annualized To a total of about $ 70 million, and the potential for future development increased by 11% to 620MW.
The company’s balance sheet at the end of 2020: a debt of NIS 9.2 billion
Azrieli has cash, deposits and short-term investments in the amount of NIS 2.7 billion, including Bank Leumi shares, cash and cash equivalents and marketable securities in the amount of NIS 3.5 billion. Net debt amounted to NIS 9.2 billion. Value of investment real estate and real estate The investment in construction amounted to NIS 29 billion, with an equity-to-balance sheet ratio of approximately 52%, and a net debt-to-balance sheet ratio of approximately 26%. The company has unencumbered assets of NIS 24 billion.