The company managed to increase revenues by 5%, but nevertheless all item items experienced an increase, financing expenses stood out mainly with an increase of 22 million, almost 100%
Revenues from rental properties amounted to NIS 67.1 million, an increase of 5.1% compared with 63.8 in the corresponding quarter last year. (In the amount of NIS 2.2 million) due to the decline in the average exchange rates of the euro and the Canadian dollar against the shekel.
The NOI in the quarter amounted to NIS 62.1 million, an increase of 4.2% compared to NIS 59.6 million in the corresponding quarter last year.
FFO in the quarter increased by 17.6% and amounted to NIS 29.0 million, compared with NIS 24.7 million in the corresponding quarter last year.
Net profit for the quarter decreased to NIS 5.4 million, compared with NIS 16.3 million last year, mainly due to the high financing expenses that the company presents in the quarter. This is an increase of almost 100%. Net financing expenses increased due to preliminary expenses NIS 18 million Exchange rate differentials and foreign exchange protection worth NIS 6 million, the other items such as marketing and administrative expenses also increased at more negligible rates but also increased.
The total profit amounted to NIS 28.9 million, compared with NIS 34.2 million last year, and was affected by a profit due to adjustments resulting from the translation of financial statements in the amount of NIS 13.9 million. In addition, other comprehensive income in the amount of NIS 9.6 million was recorded. H. arising from a positive revaluation in respect of IRS interest rate fixing transactions.
The shareholders’ equity attributed to shareholders as of March 31, 2022 amounted to approximately NIS 1,382 million, compared with approximately NIS 1,367 million as of December 31, 2021.
Cash flow from operating activities in the first quarter of 2022 amounted to approximately NIS 31.6 million, compared with approximately NIS 5.5 million in the corresponding period last year, less changes in assets and liabilities. In the amount of approximately NIS 29 million.
The cash position and cash value as of March 31, 2022 amounted to NIS 511 million. In addition, the Company has unutilized credit facilities in the amount of NIS 315 million. In January 2022, the Company increased its cash balance through the issuance of bonds (Series X). B) In a net consideration of approximately NIS 247.1 million.
Roi Gadish, CEO of the company, said: “We opened the year 2022 with good results and the continuation of the growth trend that has characterized us in recent quarters. Brain Embassy, which is expanding the range of solutions we offer to tenants in Israel and abroad, and we are working to increase the supply. Edgar’s leases are mostly index-linked, while about half of the debt is not linked; The data center in the company, Eran was the one who established the first facility in Israel on behalf of Edgar and the one who will lead the development of the facility in Petah Tikva and other facilities in Israel and around the world. “
Increase in the value of real estate for investment (including real estate under construction) – During the reporting period, a valuation of the assets of BMW and Ceskygo in Poland was performed by an independent external appraiser. H.