According to FUNDER website data,
304 mutual funds hold NIS 216.31 million in Melisron shares
Funds that hold significant holdings in the stock – for the full list of holdings
In addition to this data, AS SmartBeta mimics Tel Aviv Large Cap Integrated Monthly Holds Melisron shares Missing in scope Of 1.27% of the fund.
The following is a change in the holdings of mutual funds in Melisron shares according to FUNDER-MVF data
Although Melisron malls were closed for 150 days during 2020 – the company presented FFO in the amount of NIS 461 million, after providing relief to tenants in the amount of NIS 351 million
Neutralizing the decrease in the value of net real estate tax, Melisron ended 2020 with a profit for owners in the amount of NIS 318 million
Despite the retail difficulties, the occupancy rate in commercial properties remains high and stands at about 98%, with an increase of about 3% in real rents in contract renewals and exercise of options, which indicates the continued trust of tenants in the company’s malls
The occupancy rate in offices has risen to about 95%, despite working from home, while an increase of about 4% in real rents in contract renewals and the exercise of options
Following the decrease in interest rates in recent years, the company has the potential to save on annual interest expenses, by way of debt turnover, in the total amount of NIS 71 million over the next two years.
From the date of the opening of the malls at the end of the third closure until near the date of the report, there was a sharp increase of about 21% in redemptions from Mlisron malls
Melisron chairman Liora Ofer told FUNDER: “We end 2020 with an FFO of NIS 461 million, despite the many and severe restrictions imposed on our current activities this year, as part of the Corona’s limitations in Israel and around the world. This figure indicates the strength and power of Melisron, and its good preparedness for dealing with crises. Melisron “We will continue to work to strengthen and develop our core business, with the goal of continuing to lead the income-producing real estate sector in Israel and provide added value to all our customers – retailers, office tenants and customers, along with diversification and identification of new areas of activity.”
Ofir Sarid, CEO of Melisron added: Melisron ended the most challenging year it has experienced in all its years of existence. For 10 months out of this year we conducted in the shadow of the corona plague. On March 15, 2020, the government malls closed for the first time in the company’s life in light of the epidemic outbreak. Closed about half a year (150 days!) And we had to work in conditions of uncertainty.
This year we saw paramount importance in maintaining our business activity in malls and offices and for this purpose we provided tenants with relief during quarantine periods which also included exemption from rent as well as concessions aimed at assisting in adapting to quitting.
Alongside this, we are working to improve the company’s assets, maximize them and allow them to mix uses, which will make it possible to diversify the many services we offer in them. At the same time, we are examining entry into new areas of activity, which have a synergy with the company’s capabilities, its long-term strategy and its financial and managerial resources, thus utilizing its strengths and the great trust it enjoys from Melisron in the Israeli economy.
With the reopening of the economy in February, 2021, we are happy to see the customer base come to the company’s malls again and enjoy the shopping and entertainment experience. Melisron will continue to adhere strictly to all the rules of the purple character and maintain the public health of its customers. We are strengthening our tenants and employees during this period and believe that together we can continue to succeed in this challenging period, and present improved business results in 2021. “
Melisron Company Published its financial results for the summary of 2020. During 2020, with the outbreak of the Corona virus, Melisron malls were closed cumulatively for about 150 days, and yet Melisron ended the year with stability in occupancy rates in commerce, and with an increase in office occupancy rates, an increase Real rents in new contracts and renewal of options and an increase in mall redemptions in the periods between closures, while maintaining financial strength. The company took actions that led to high liquidity and introduced an FFO of NIS 461 million throughout 2020, after providing relief to tenants in the total amount of NIS 351 million.
Over the past year, the company has been working to formulate a strategic plan, which will form the basis for its development and business growth in the next decade. In accordance with the strategic plan, the company will work to diversify its areas of activity by maximizing and improving building rights on its existing properties, while reducing the rate of the commercial component, focusing on a mix of uses, including: offices, services, hotels and residences. In addition, the company will leverage its financial capabilities and managerial expertise in the field of real estate, and is examining the possibility of entering new areas of activity synergistic with its areas of activity, including server farms, logistics, rental housing, sheltered housing and hotels and more.
During 2020, in the periods between closures, the company’s revenues (excluding the activity of unopened cinemas, restaurants and cafes that remained closed or partially closed) increased by about 2% compared to 2019. The rapid return of customers to Melisron’s entertainment complexes, stumbles For the great trust that the company’s malls receive from the visitors. Since the end of the third closure on February 21, 2021, there has been a sharp increase of about 21% in Melisron mall redemptions, compared to the average revenue in all of 2020 minus the closing days.
Despite the corona crisis, during 2020 the company maintained high occupancy rates in the commercial sector and showed an increase in the occupancy rate in the office sector, with a real increase in rents.
In the field of commerce – the company maintained a high occupancy rate of about 98%, while signing about 300 contract renewals and exercising options with an average increase of about 3% in real rents, along with signing 91 new contracts (as part of tenant exchanges) with an increase Of 2% in real rent. In addition, the company presented a high collection rate from customers (less concessions) of about 97%.
In the field of offices – the occupancy rate increased to about 95%, compared to an occupancy rate of about 92% in 2019, while signing 34 contract renewals and options exercises with an average increase of about 4% in real rents.
The company also signed a number of new contracts for land, which will generate an annual income of about NIS 9 million.
Business results
The NOI attributed to the shareholding of Melisron in 2020 amounted to NIS 779 million, compared with NIS 1.1 billion in 2019, following a waiver of the rent granted by the company to tenants totaling NIS 351 million, in parallel with the continued maintenance and operation of the company’s complexes. Many essential services such as writers, pharma chains, optical stores and various clinics, and partial offsetting with the acquisition of the minority rights in the Ramat Aviv mall in December 2019.
The representative FFO in 2020 amounted to NIS 461 million, compared with NIS 717 million in 2019. The decrease in FFO was mainly due to the said reliefs given to tenants during 2020, which were partially offset by the decrease in current tax expenses, savings in financing expenses and a decrease in administrative and general expenses.
Melisron ends 2020 with a loss attributable to shareholders in the amount of NIS 250 million. The shift to loss was mainly due to the reliefs given to tenants and a decrease in the value of real estate for investment in the amount of NIS 741 million recorded this year as a result of the corona crisis, while in 2019 there was an increase in real estate value of NIS 975 million.
Excluding the impairment attributable to the corona net tax crisis, the company ended 2020 with a profit for owners totaling NIS 318 million, compared to a profit for owners of NIS 507 million in 2019.
The company maintains its strength and financial strength, and as of the date of publication of the reports, the company has a cash balance and credit facilities of approximately NIS 1.9 billion against a debt that it must serve by the end of 2021 in the amount of approximately NIS 1.1 billion. In addition, the company owns unencumbered assets amounting to NIS 6.2 billion.
With the outbreak of the corona virus, the company took a series of steps to ensure liquidity and financial strength, including: issuing bonds totaling NIS 1.33 billion, of which NIS 239 million in February 2021; receiving a credit line from Bank Leumi of up to NIS 850 million against Existing lien of Ramat Aviv Mall (part of which was used to repay a loan of NIS 636 million in the month made last November); signing a loan agreement from a bank in the amount of NIS 300 million for a period of one year (until September 2021); maintaining additional bank credit facilities Of NIS 195 million; and the completion of the sale of the Ofer Malkat Sheba Eilat mall in exchange for NIS 67 million, as it had planned to do even before the Corona crisis.
The company’s leverage rate (LTV) at the end of 2020 was about 47.9%, compared to about 46.8% at the end of 2019, and was mainly affected by the aforesaid decrease in investment property value. Despite the corona crisis, this leverage rate is below the company’s target About 50%.
Over the next two years (2021-2022), the company is expected to repay a debt, which carries a weighted effective interest rate of about 2.79%, compared to the ability to raise debt at a lower cost today. As a result, the company is expected to recognize annual savings in interest expenses in the total amount of NIS 71 million over the next two years, based on the current maturity yield of Melisron bonds in long-term maturities.
The company continues the momentum of entrepreneurship, with an emphasis on the field of offices. Over the next two years, the company is expected to complete the development of 4 projects that will yield the company an annual NOI of approximately NIS 50 million (at full capacity). In addition, the company continues to develop the flagship project of Sharona Tower Tel Aviv in an area of approximately 144,000 square meters of offices, which is expected to yield the company an annual NOI (fully occupied) of approximately NIS 95 million (part of the company) when construction is expected at the end of 2023.
During the fourth quarter of 2020, the trading sector operated for a short period of about a month. Accordingly, the company ended the fourth quarter of 2020 with NOI’s shareholding in the amount of NIS 125 million, compared with NIS 273 million in the corresponding quarter in 2019 – a decrease that was mainly due to the provision of relief to tenants in the amount of NIS 160 million.
The FFO in the quarter amounted to NIS 64 million, compared with NIS 181 million in the corresponding quarter in 2019 – a decrease that was due to the relief for tenants in partial offsetting with the decrease in current tax expenses and savings in financing expenses. The company ended the quarter with a loss to owners of NIS 55 million compared to a net profit to owners of NIS 583 million in the corresponding quarter in 2019 – the move to the loss was mainly due to the relief given to tenants and a decrease in real estate investment value due to the corona crisis.
Excluding the decrease in value and the effects of tax-deferred taxes, the company ended the fourth quarter of 2020 with a net profit for owners of NIS 10 million, compared to a net profit for owners of NIS 126 million in the corresponding quarter in 2019.