Summit published over the weekend the results of the financial statements for the fourth quarter and for the entire year 2021. Summit is a commercial real estate company operating in Germany, Israel and the United States. As of December 31, 2021, the Company’s assets, owned and leased, include 141 income-producing properties scattered throughout Germany, the United States and Israel with a total area of approximately 1.4 million square meters.
Highlights of the results for the fourth quarter of 2021:
Total revenues in the fourth quarter increased by 13% to NIS 121.4 million, compared with NIS 107.4 million in the corresponding quarter in 2020.
The NOI in the quarter amounted to NIS 87.1 million, compared with NIS 95.4 million in the corresponding quarter.
Other net income in the fourth quarter amounted to NIS 470.1 million, compared with other net income of NIS 5.6 million in the corresponding quarter in 2020. Most of the period’s income comes from revaluation of investment real estate in the United States, Germany and Israel.
The company ended the fourth quarter of 2021 with a sharp increase in net profit of NIS 372.4 million (NIS 270.3 million attributed to shareholders), compared with NIS 46.8 million (NIS 31.8 million attributed to shareholders) in the corresponding quarter. 2020.
US activity:
In April 2021, the company entered the residential area for rent in New York City, USA. – 250,000 square meters, of which the annual income, net of operating expenses, is about $ 27 million. Property purchases are made through dedicated companies, which are controlled by the company.
At the same time, the company’s operations in the United States also include the purchase of commercial properties. The annual income from these properties, based on existing contracts, net of operating expenses, is approximately $ 68 million. Next to it is a local partner and factors on its behalf hold 48%.
As of the date of publication of the report, additional transactions have been signed in the United States amounting to $ 250 million, the properties in the United States include about 3,000 apartments for rent in New York and 21 commercial properties that generate a net annual income of about $ 95 million