According to FUNDER website data,
189 mutual funds hold Gev Yam shares in the amount of NIS 169.16 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 Gev Yam shares according to FUNDER-MVF data
• These agreements cover a total area of approximately 90,000 square meters (the company’s share – 80,000 square meters), and annual revenues totaling approximately NIS 80 million (the company’s share).
• The company shows a consistent increase in all operational parameters as detailed below.
• The company’s current cash flow this year amounted to NIS 421 million, an increase of 8.5% compared to last year.
• Net income for shareholders amounted to NIS 260 million in 2020, compared with NIS 463 million last year. The decrease is mainly due to a decrease in income from the increase in the fair value of investment real estate compared to the corresponding period last year.
Avi Jakubowicz, CEO of Gev-Yam, told FUNDER : “We conclude a year of challenging activity, saturated with Corona, for all its consequences. In my opinion, this rolling event is expected to continue in the next year or two. 2020 did not miss Gev-Yam, which arrived ready for the crisis, with a toolbox that addresses the challenges, The ongoing entrepreneurial activity, and compliance with all obligations.
The company operates with a long-term view, while balancing the crisis and its consequences for the company’s business operations in a controlled manner, and shows a continued trend of stability in the level of occupancy and rents, and a continuous increase in all operational parameters.
The highlight of this year’s Gev-Yam activity was the signing of 8 major lease agreements, mostly with international companies, the world’s technology giants, which include, among others, GM, GE, Microsoft and one of the leading international companies in the world of technology.
In 2020, Gev-Yam signed 160 lease agreements, in relation to approximately 200,000 square meters, yielding approximately NIS 140 million per year, with an average real increase of approximately 4.5% in the rent on existing properties.
As stated during the year, the technology giants’ need for real estate and recruitment has not been hurt, and demand continues. This is the market trend. 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. Work from the office The hybrid model was created out of medical constraint and lack of choice rather than a structured process of changing work needs and habits.
Even if at the end of the process, which is graded, 10% -20% will remain to work from home in a partial / hybrid manner, in my estimation the change in income-producing real estate is not expected to be significant. In the world of offices.
Gev-Yam continues on a very clear path of intensive entrepreneurial activity, which includes 7 projects, amounting to 265 thousand square meters (the company’s share is about 210,000 square meters), with a total investment of about 1.6 billion NIS, and expected revenues of about NIS 125 million, which is an addition of approximately NIS 80 million to the FFO attributed to shareholders (an increase of approximately 33% compared to the FFO attributed to shareholders in 2020, which amounted to approximately NIS 240 million). After the completion and occupancy of the projects under development, at the end of 2024, the company’s assets will stand at 1.25 million square meters, with annual revenues of approximately NIS 700 million. A significant leap forward. ”
Gev-Yam has 1,034,000 square meters of properties, with a wide spread, both geographically and sectorally, in 18 cities around the country, including 21 parks and high-tech centers, offices, logistics, industry and commerce. The company’s properties are located in leading demand areas in the country Adjacent to railway arteries, Class A buildings with high LEED standards. In addition, the company has reserves of available building rights, amounting to approximately 490,000 square meters.
The company has about 440 customers, most of them large, high-quality and well-established international companies, at the forefront of technology. As of the end of 2020, the company’s backlog of signed lease agreements amounted to approximately NIS 2.3 billion for income-producing properties, and approximately NIS 2.75 billion including signed lease agreements for construction projects. The lease agreements last for about 4.4 years.
The collection was conducted at a regular rate in 2020, at a rate similar to that of 2019. During 2020, the company incurred revenues totaling approximately NIS 10 million, which constitute less than 2% of the company’s annual revenues. All contracts with the company’s customers are honored. There is no change in trend.
The company has strategic partnerships with the leading academic institutions in the country. Gev-Yam significantly deepens its activities and collaborations, which include, among others, the Hebrew University of Jerusalem, Ben-Gurion University of the Negev and the Weizmann Institute.
During the year, the company completed the construction of 3 projects in a total area of approximately 45,000 square meters (approximately 39,000 square meters part of the company), which include the fourth building in Gev-Yam Negev Park, the second building in Gev-Yam Holon Park and Marlog The other in Gev-Yam Park, Haifa Bay.
During 2020, Gev-Yam and its subsidiary Matam issued a total debt of approximately NIS 2 billion. The high demand in the three IPOs made and their success is an expression of the capital market’s confidence in the company, in the quality of its assets and in its business strategy, which leads to growth, financial strength and stability over the years, and provides the company with a boost to continued intensive entrepreneurship.
Company revenue
The company’s revenues from renting buildings totaled NIS 534 million in 2020, an increase of 4.7% compared to last year.
NOI
The NOI in 2020 amounted to approximately NIS 516 million, an increase of 5.3% compared to last year.
EBITDA
EBITDA in 2020 amounted to approximately NIS 480 million, an increase of 4.8% compared to last year.
FFO
The FFO attributed to shareholders amounted to NIS 240 million in 2020, an increase of 3.9% compared to last year.
The net profit
The net profit, attributable to the company’s shareholders, amounted to NIS 260 million in 2020, compared with NIS 463 million last year. The decrease is mainly due to a decrease in income from the increase in the fair value of investment real estate compared to the corresponding period last year.
Income-producing assets
As of December 31, 2020, the Company has income-producing properties with a total area of approximately 1,034,000 square meters, at various sites throughout the country (including an area of approximately 19,000 square meters (part of the Company) held by Gev-Yam Maman Properties in Lod Ltd. (M, a jointly controlled company presented according to the equity method). The occupancy rate of the Company’s income-producing assets as of December 31, 2020 is 96%.
In 2020, the company signed 160 leases, in relation to a surface area of approximately 197,000 square meters, yielding approximately NIS 142 million per year. The lease agreements relating to areas in existing buildings were signed with an average real increase in rents of about 4.5% (a 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 tenant exchanges).
In 2020, the company invested a total of NIS 413 million in projects that are in planning, licensing and construction.
Completed projects:
During 2020, the company completed three projects with a total area of approximately 45,000 square meters, as detailed below:
Gev-Yam Holon Park – The second building – The company has completed the construction of the second building in Gev-Yam Holon Park, in a total area of about 13,000 square meters of surface and about 9,000 square meters of underground parking. The building areas were partly leased (approximately 5,300 square meters) and partly sold (approximately 6,700 square meters) to companies from the MGS Group.
Gev Yam Sea Park, Haifa Bay – Marlog 2 – Gev-Yam completed the construction of the second Marlog in the park, with a total area of approximately 10,600 square meters, and leased it in full to Millennium Services and Logistics Ltd. The marlog was delivered to the tenant in early October 2020.
Gev-Yam Negev Park – The fourth building – Gev-Yam Negev completed the construction of the fourth building in the park, in an area of approximately 13,000 square meters, towards the end of the third quarter of the year.
Projects initiated:
East Matam Towers – Phase A – Matam is working to establish Phase A of the East Matam Towers project, which includes about 28,000 square meters of surface and about 18,000 square meters of underground parking. During the year, Matam leased Approximately 28,000 square meters of surface area and approximately 620 parking spaces for one of the high-tech giants in the world. Simultaneously with the establishment of Phase A, Matam is operating to license Matam Towers East – Phase B – which includes approximately 28,000 square meters of 19,000 square meters of underground parking. During the year, Matam signed a lease agreement for an area of approximately 6,000 square meters and about 120 parking spaces for GE Healthcare in this project.
Gev-Yam Hebrew Park – Phase A – Gev-Yam entered into a combination transaction with the Hebrew University (66% of the company) for the establishment of a high-tech park on the campus of the University of Givat Ram, Jerusalem. Gev-Yam began in 2020 the construction of Phase A of the project, which will include 2 buildings with a total surface area of about 55,000 square meters, and about 30,000 square meters underground. During the fourth quarter of this year, Gev-Yam signed a first, significant lease agreement in the park with Leitrix, which leased an area of approximately 16,000 square meters. (Under the authority of a district committee), which will allow an addition of about 140,000 square meters, for the purpose of establishing the continuation of the project.
Gav-Yam Park Raanana – Phase A – In June 2020, the conditions precedent in the company’s contract in a combination transaction with Shufersal Real Estate Ltd. (the company’s 69.5%) were completed, for the establishment of an office project in Raanana, with the approval of the master plan applied to the project land (see, by way of reference, report Immediate of the company as of June 25, 2020 (reference 2020-01-058315)).
ToHa2 car park – During 2020, the company and Amot completed the development of the ToHa1 project in Tel Aviv, and are working to further promote the project, including the construction of a partial underground parking lot in the area under the planned ToHa2 tower, in an area of approximately 16,000 square meters. And further planning of ToHa2. In 2018, the Tel Aviv Local Planning and Construction Committee approved a deposit under the master plan conditions for ToHa2, in which an additional rights of approximately 140,000 square meters (gross), an addition of approximately 500 parking spaces were approved, and Designations of offices, commerce and hotels.
Gev-Yam Fences Park – Phase A – In 2020, the company began the construction of Phase A in the park, which includes Marlog in an area of approximately 7,500 square meters. Even before the construction work began, the company leased all the Marlog areas to AM Agam Logistics and Storage Ltd.
Gev-Yam Park Haifa Bay – Marlog 3 – The company is working on planning and licensing an additional marlog in Gev-Yam Park, Haifa Bay, in a total area of approximately 6,100 square meters.