Edgar – the FFO in 2021 will amount to NIS 92-97 million – the capital market

The income-producing real estate company,

Edgar
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Publishes good results2020. The FFO in 2020 increased by about 14% compared to last year and amounted to NIS 85.2 million, about 4% above the upper limit of the company’s updated forecast. The FFO in the quarter increased by 30% compared to last year and amounted to NIS 23.7 million. The company’s management provided an FFO forecast of NIS 92-97 million for 2021 and NIS 100-105 million for 2022.

As of December 31, 2020, the shareholders’ equity attributed to shareholders amounted to approximately NIS 1.25 billion. 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 (approximately 7% of the Company’s issued and paid-up capital after voting). The company’s management decided to distribute a quarterly dividend of NIS 11.8 million, which represents an annual return of approximately 5.2% on the market price. In addition, the Company’s management has decided to renew the existing dividend policy, according to which a total of not less than 50% of the real FFO will be distributed to shareholders, for another year.
Upon publishing the results, Roi Gadish, CEO of the company, said: “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 dispersion, the quality of our property portfolio and the quality of the tenants which demonstrated impressive stability during the period of uncertainty.

Looking ahead, we work according to the work plan to adapt the properties to the changing needs of tenants. Along with traditional activities we develop other activities such as solving work spaces under the “BRAIN EMBASSY” brand which provides a creative and quality solution for tenants and was recently selected as a leading solution in Israel. At the same time, we are working to develop the data center activity that is a great success and acceleration during the Corona period. Edgar will continue to work to grow the company’s activity while focusing on the business strategy that includes increasing FFO, thinking about value solutions for tenants and continuing to improve existing properties. ”

Last quarter results
Revenue from rental properties amounted to NIS 240.7 million in 2020, compared with 241.2 in the corresponding quarter last year. Neutralizing the effect of exchange rates, which caused a decrease in revenues of NIS 5.6 million, there was also an increase in revenues. Revenues from rental properties in the fourth quarter amounted to approximately NIS 62 million, an increase of approximately 3%, compared with approximately 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 rose to NIS 56.7 million, compared with NIS 55.7 million in the corresponding quarter last year. The damage to NOI for 2020, due to the corona crisis, amounts to only NIS 9 million.