Epic Properties: FFO grows in the fourth quarter of 2020 by 15% to NIS 57 million – Real Estate

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Releases today financial results for the fourth quarter of 2020, and of the entire year. The FFO in the fourth quarter of 2020 amounted to NIS 57 million, compared with NIS 49 million in the corresponding quarter last year, an increase of about 15%. For the entire year, the FFO amounted to NIS 175 million, a decrease of 1.1%, compared to 2019, when the FFO amounted to NIS 177 million.

The NOI amounted to NIS 133 million in the fourth quarter of the year, compared with NIS 110 million in the corresponding quarter last year, an increase of 21%. For the entire year, the NOI amounted to NIS 439 million, compared with NIS 427 million last year, an increase of 2.8%. The increase in NOI in the quarter is due to a number of factors, including the acquisition of the office portfolio in Romania that was reflected in the company’s results in the third quarter of this year, the opening of the mall in Brasov in the fourth quarter and 2019. On the other hand, as a result of the corona restrictions, the company absorbed a decrease in the revenues of the malls in Romania in the amount of NIS 49 million.

Total investment real estate as of December 31, 2020 amounted to NIS 8.9 billion, compared with NIS 6.5 billion last year, an increase of 37%. This increase is due to the acquisition of properties in Romania and Poland and the completion of projects during the year, mainly the Epic Mall in Brasov.

Avi Barzilai, CEO of Efi Properties: “2020 was a complex and challenging year for society in the face of the outbreak of the corona plague. The main impact was, as expected, on the company’s trading activities in Romania as a result of the closure of the malls during part of the period and a decrease in the number of visitors and revenue.

Epi Properties, or as it was called until recently, Africa Properties, is an income-producing real estate company that operates mainly in Eastern Europe, with an emphasis on Romania, the Czech Republic, Poland and also in Israel. The company, in addition, concentrates epic properties in rental offices, and in recent years the Czech, Polish and Romanian economies have stabilized, the real estate market is healthy and investors’ fears of these countries have begun to dissipate. Epic reports show a steady increase in rental income at a mall in Bucharest, suggesting the economic strengthening of the country’s population.