Amot: The annual FFO is expected to grow by 5% to NIS 545 million – the capital market

The income-producing real estate company

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Reports a decrease in profit of 73% in 2020 – about NIS 290 million compared to about NIS 1.07 billion in 2019. However, the bottom line is irrelevant in income-producing real estate companies. The FFO decreased by 1% to NIS 512 million.

The decrease in net income is mainly due to a reduction in fair value of NIS 163 million compared to an increase in fair value of NIS 891 million in 2019. In addition, the company explained that part of the reduction in fair value in the reported period is due to the decline in the index and part due to the Corona crisis. The impact of the corona was mainly reflected in the commercial sector – the collection of which amounted to only 72% and the rent decreased relatively significantly.

NOI In the fourth quarter of 2020, it decreased by 9% to NIS 174 million, compared with NIS 192 million in the fourth quarter of 2019. The decrease in NOI in the fourth quarter compared to the corresponding quarter last year is due to the amount of relief for NIS 25 million tenants recognized in the current quarter. On the other hand, additional income was recorded from new assets as well as from assets whose construction was completed and began to generate income.

God-NOI In 2020, it amounted to approximately NIS 734 million, compared with approximately NIS 728 million in 2019. The increase of approximately 1% is due to income from newly acquired properties and additional income in respect of areas that were completed and began to yield, and offsetting the effect of the relief of NIS 64 million. In full in 2020.

The real FFO In 2020, it decreased by 1.4% and amounted to NIS 512 million, compared with NIS 520 million in 2019. The decrease is due to the effect of the decrease in the index on current tax expenses and by offsetting the increase in NOI and savings in real interest rates.

The FFO in the fourth quarter decreased by 14% to NIS 119 million, compared with NIS 138 million in the corresponding quarter last year, a decrease which is mainly due to the decrease in NOI in the quarter and an increase in current taxes.

In 2020, the company raised about NIS 2.3 billion, of which NIS 400 million through capital raising and NIS 1.9 billion through debt raising.

For 2020, the company distributed a dividend of NIS 381 million (98 agorot per share). In addition, in March 2020, the company announced an additional dividend for 2019 in the amount of 31 ag per share (approximately NIS 118 million). The total dividend for 2020 is approximately NIS 499 million.

The Company announced the distribution of a dividend after the publication of the first quarter reports in the amount of 25 ag per share (approximately NIS 102 million) which will be paid during March 2021, following the Company’s dividend distribution policy in 2021 with the Company intending to distribute a minimum annual dividend of 100 ag per share. , To be paid in 4 quarterly installments in the amount of 25 ag per share, subject to a specific decision of the Board of Directors at the end of each quarter.

In addition, the company announced its forecasts for 2021, according to which: the NOI is expected to amount to NIS 735-765 million, the FFO is expected to amount to NIS 535-555 million and the FFO per share to 130-135 agorot per share (weighted number of shares in 2021 Increased by 6% following a capital issue carried out in October 2020).

Against the background of the reports, Shimon Aboudrahm, CEO of Amot Stated that: “We conclude the year 2020 with stability in all operational parameters.
A year has passed since the outbreak of the crisis, we have adapted ourselves to conduct ourselves in its shadow and now we are preparing for the return of the economy to activity. The effects of the crisis on the income-producing real estate sector have not yet crystallized into a substantial change in the way the areas are consumed by the company’s customers. The adjustments we have made in the asset mix over the years along with the ongoing investments in clients and real estate assets, the strong financial strength, the dispersion between the sectors, the geographical distribution and maintaining the optimal fit between the client and the asset, position us optimally in the face of future challenges. Adjustments are another benefit.

The field of logistics centers, which has enjoyed positive sentiment over the past few years, has strengthened during the crisis. The field is one of our important growth engines and we are working to continue to deepen our grip on it. Looking ahead, we will continue to focus on strengthening our asset portfolio on our own initiative, improving the asset portfolio and purchasing quality assets, and we will continue to work to identify opportunities and realize the company’s multi-year growth plans and bring value to all shareholders. ”