Real Estate Company
Back sea
+ 1.93%
Base:2,640
opening:2,649
High:2,715
low:2,649
change:1,573,292
Page Quote News Graphs Company Profile Recommendations
More articles on the subject:
, Held by
Properties and building
+ 3.95%
Base:29,150
opening:29,150
High:30,560
low:29,150
change:96,004
Page Quote News Graphs Company Profile Recommendations
More articles on the subject:
of
Discount Investments
-0.15%
Base:804.9
opening:808.9
High:808.9
low:803.7
change:194,776
Page Quote News Graphs Company Profile Recommendations
More articles on the subject:
Reports its financial results for 2020: Rental income rose to NIS 500 million and net profit was cut in almost half to about NIS 260 million.
Rental income increased by 4.7% compared to 2019 and amounted to NIS 534 million. The NOI increased by a similar rate of 5.3% to NIS 516 million, the FFO attributed to shareholders amounted to NIS 240 million – an increase of 3.9%, and EBITDA grew by 4.8% to NIS 480 million. The company’s current cash flow has accumulated to NIS 421 million – 8.5% higher than last year.
In the bottom line, Gev Yam recorded a net profit of NIS 260 million – 43% lower than a profit of NIS 463 million in 2019. The company attributes the decline in revenue from rising fair value of investment real estate – in other words the corona hit asset revaluations upwards, a phenomenon that accompanied the income-producing real estate market in 2019.
As for the current year, Gev Yam expects revenues of NIS 125 million, which is an addition of NIS 80 million to FFO, which will grow by 33% compared to 2020. The company also says that at the end of 2024, the assets will be 1.25 million. RR, with annual revenues of about NIS 700 million.
And back to 2020, the company’s backlog of signed lease agreements amounted to about NIS 2.3 billion for income-producing properties, and about NIS 2.75 billion including signed lease agreements for construction projects. The company states that the collection in 2020 was conducted at a regular rate and at a rate similar to that of 2019, and that Gev Yam waived its amount of NIS 10 million, equivalent to less than 2% of revenues. According to Gev Yam, all contracts with the company’s customers are honored and there is no change in trend.
At the end of 2020, the volume of income-producing properties of Gev Yam amounted to a total area of approximately 1,034,000 square meters, and the occupancy rate was 96%. In addition, the company has reserves of available building rights, amounting to approximately 490,000 square meters. Over the past year, the company has signed 160 leases in an area of about 197,000 square meters, yielding about NIS 142 million a year. In Gev Yam, they note that in new contracts signed in buildings there are average rents. The average rent actually increased by 4.5% (rate Of about 3.2% in contract renewals, a rate of about 2.8% in the exercise of options and a rate of about 7.4% in the exchange of tenants).
During the year, Gev Yam completed the construction of three projects in which the company’s share stands at 39,000 square meters, and they are the fourth building in Gev Yam Negev Park, the second building in Gev Yam Holon Park and the second logistics center in Gev Yam Park in Haifa Bay.
Investments in projects in planning, licensing and construction during 2020 amounted to NIS 413 million. The list of Gev Yam projects that are in the initiated phases includes Matam East Towers (Phase A – approximately 28,000 square meters of surface and approximately 18,000 square meters of underground parking); Gev Yam Hebrew Park (Phase A – surface area of about 55,000 square meters, and about 30,000 square meters underground, the company’s share stands at 66%) where Leitrix rented about 16,000 square meters.
The Gev Yam Raanana Park project is also being initiated (Phase A – surface area of approximately 25,000 square meters and approximately 33,000 square meters underground, the company’s share is 69.5%); ToHa2 parking lot (approximately 16,000 square meters underground); Gev Yam Gaderot Park (Phase A – Marlog in an area of approximately 7,500 square meters above ground – all of which will be rented by AM Agam Logistics and Storage) and Gev Park Haifa Bay Sea (Marlog 3 – about 6,100 square meters above sea level).
Gev Yam is the main asset to which competitors competing for control of DCS, including the previous controlling shareholder in the group, Eduardo Elstein, and the new owners Tzachi Nachmias, the controlling shareholder in
Mega light
+ 1.16%
Base:9,615
opening:9,820
High:9,820
low:9,615
change:111,108
Page Quote News Graphs Company Profile Recommendations
More articles on the subject:
. Even before Nachmias’ bid won the lawsuit, billionaire Aharon Frenkel purchased 18% of Gev Yam shares in Migdal, Phoenix and Gazit Globe.
“We conclude a year of challenging activity, saturated with corona, for all its consequences. In my estimation, this rolling event is expected to continue in the next year or two. 2020 did not miss a sea, which came ready for crisis, with a toolbox that allows dealing with challenges The entrepreneur, and meeting all the obligations “, Said Avi Jakubowicz, CEO of Gev Yam, today, In the background of the publication of the results.
Jakubowicz added that “the highlight of this year’s Gev Yam activity was the signing of eight major lease agreements, mostly with international companies, the technology giants in the world, which include, among others, GM, GE, Microsoft and one of the leading international companies in the world of technology. The need of the technology giants for real estate and recruitment has not been hurt, and demand continues. This is the trend in the market. ”
“International companies do not give up their development centers, and broadcast that there is no substitute for office work. The current situation is not permanent and will not leave the real thing – office work. The hybrid model is created by medical constraint and lack of choice and not a structured process of changing work needs and habits. , Which will be rated, 10% -20% will remain to work from home in a partial / hybrid form, in my estimation the change in the yielding real estate is not expected to be significant. “High-tech companies, showing continued growth, are leading the trends in the market, and are a kind of locomotive and accelerator in the world of offices.”