Edgar || FFO in the quarter increased by about 30% compared to last year

Holdings data in Edgar shares

According to FUNDER website data,
160 mutual funds hold Edgar shares in the amount of NIS 98.91 million

Funds that hold significant holdings in the stock – for the full list of holdings

The following is a change in the holdings of mutual funds in the Edgar share according to FUNDER-MVF data

The FFO in 2020 increased by about 14% compared to last year and amounted to about NIS 85.2 million, about 4% above the upper limit of the company’s updated forecast.
FFO in the quarter increased by about 30% compared to last year and amounted to about NIS 23.7 million

In December 2020, the Company completed the conversion transaction for the acquisition of the minority rights from Migdal, which held 19.9% ​​of its operations in Poland, against an allotment of approximately 11.4 million ordinary shares, NIS 1 each (approximately 7% of the total issued and paid-up capital Of the Company and its voting rights after the allotment)

It was decided to distribute a quarterly dividend of NIS 11.8 million, which represents an annual return of approximately 5.2% on the market price as of the date of publication of the reports. The company also decided to renew the existing dividend policy, according to which a total of 50% of the FFO will be distributed. Realistic for shareholders, for another year.

NOI and FFO forecasts for 2021-2022

NOI and FFO * forecast: Based on a gradual improvement, with the population immunization, in the second half of 2021, also does not include the effect of possible changes such as changes in exchange rates, and a change in financing expenses following future changes in interest rates.

Roi Gadish, CEO of the company, told FUNDER: “We conclude the year 2020 with a continued increase in FFO despite the challenging year and uncertainty. The results of the activity were achieved thanks to the geographical distribution, the quality of our portfolio and the quality of the tenants which demonstrated impressive stability during the period of uncertainty.

Looking ahead, we are working according to the work plan to adapt the properties to the changing needs of the tenants. Along with the traditional activity, we are developing other activities such as solving the work spaces under the “BRAIN EMBASSY” brand, which provides a creative and quality solution for tenants and was recently selected as the leading solution in Israel in its field in a comprehensive survey by Spacecenter magazine. At the same time, we are working to develop a data center activity that is very successful and accelerating during the corona period. Edgar will continue to work for growth in the company’s operations while focusing on the business strategy that includes increasing the FFO, thinking about value solutions for tenants and continuing to improve and strengthen existing properties. ”

Emphasis on results

 Income from rental properties amounted to NIS 240.7 million in 2020, compared with NIS 241.2 in the corresponding quarter last year. Excluding the effect of exchange rates, which caused a decrease in income of NIS 5.6 million. (The average exchange rates of the euro and the Canadian dollar, compared with the NIS compared to the same period last year, decreased by 2.2% and 4.5%, respectively). Revenues were also recorded. Income from rental properties in the fourth quarter amounted to NIS 62 million. , An increase of about 3%, compared to about NIS 60 million in the corresponding quarter last year.

 The NOI in 2020 amounted to NIS 225.1 million, similar to last year. The NOI in the quarter increased to NIS 56.7 million, compared with NIS 55.7 million in the corresponding quarter last year. The damage to the NOI in 2020, due to the corona crisis, amounts to For a negligible amount of about NIS 9 million (only about 4% of the annual income from renting properties).

 The FFO in 2020 amounted to approximately NIS 85.2 million, an increase of approximately 14% compared to approximately NIS 75 million last year in light of the increase in NOI (shareholding) and due to the improvement in financing expenses and management expenses. The FFO in the quarter amounted to NIS 23.7 million, an increase of about 30% compared to the corresponding quarter last year.

 The loss attributed to shareholders in 2020 amounted to NIS 34.2 million, compared with a profit of NIS 175.1 million recorded in 2019. The loss is mainly due to the fact that the company recorded negative revaluations in the amount of NIS 115 million, compared to positive revaluations in the amount of NIS 115 million. NIS 159 million in 2019, as well as for the revaluation of hedging transactions that the company executes in order to reduce the exposure to changes in exchange rates, some of which are shown in the Company’s financing expenses (the balance of the effect of exchange rates is shown in other comprehensive income). The loss attributed to shareholders in the quarter amounted to NIS 11.9 million, compared with a profit of NIS 48.5 million recorded in the corresponding period last year.

 In 2020, a total loss was recorded attributable to shareholders, which amounted to approximately NIS 58.5 million, compared with a total profit of approximately NIS 120.3 million last year. The total loss attributed to shareholders in the quarter amounted to NIS 24.1 million, compared with a total profit of NIS 59.7 million last year.

 The equity attributed to the shareholders amounted to NIS 1,255 million as of December 31, 2020 (approximately NIS 7.67 per share), compared with approximately NIS 1,271 million (approximately NIS 8.35 per share) as of December 31, 2019. .

 Cash flow from operating activities in 2020 amounted to approximately NIS 87.6 million.

 The cash position and cash value as of December 31, 2020 amounted to NIS 424.4 million. In addition, the Company has unutilized credit facilities in the amount of NIS 315 million.

 Investment real estate (including construction real estate) – During 2020, the company invested approximately NIS 251 million, of which a total of approximately NIS 117 million in respect of the purchase of a new property in the subsidiary in Canada, and approximately NIS 23 million. H. In respect of the property under construction at 33 Efal Street, Petah Tikva and approximately NIS 12 million in respect of the establishment of the Brain Embassy activity in Belgium. In addition, there were impairments of approximately NIS 115.1 million. During the reporting period, the exchange rate of the euro increased, compared with the NIS, by 1.7% and the exchange rate of the Canadian dollar decreased, compared with the NIS, by approximately 5%. The change in exchange rates resulted in a decrease of approximately NIS 62 million in this item.