2023-11-27 09:42:00
Azrieli Group Reports Strong Financial Results for Third Quarter of 2023
The Azrieli Group has announced its financial results for the third quarter of 2023, reporting a significant increase in performance across key financial metrics.
According to the report, the Same Property NOI saw a 6% increase, reaching approximately NIS 535 million compared to the same period last year. The FFO (without sheltered housing) also saw a significant increase of approximately 14%, totaling NIS 367 million for the quarter.
The total FFO increased by approximately 21%, amounting to approximately NIS 398 million. Additionally, the group completed a transaction to realize its holdings in Compass for a gross consideration of approximately NIS 3.2 billion, resulting in a net flow of approximately NIS 2.7 billion and an accounting profit of approximately NIS 0.9 billion.
The report also highlighted the group’s commitment to social responsibility, with Chairman Dana Azrieli stating, “The Azrieli Group has fully mobilized itself for the effort and civilian assistance on all fronts. In this framework, we formulated an aid outline for the tenants of the shopping malls and came out with a wide-ranging support program that combines the strengthening of the economic hinterland throughout the country, designed to strengthen the economy and set the wheels of commerce in motion, and direct aid to evacuated families and businesses from the south and the north.”
Eyal Hankin, CEO of the Azrieli Group, added, “The group concludes another good quarter with continued growth in all parameters. The group’s activities in the shopping malls and offices sectors showed good results and high occupancy. The field of Data Centers continues to gain momentum within the Green Mountain subsidiary and be a significant growth engine.”
The report also provided an overview of the group’s balance sheet, showing cash, deposits, and short-term investments amounting to approximately NIS 1.3 billion, with net debt (including national debt) amounting to approximately NIS 18.4 billion.
Despite the challenging business environment, the Azrieli Group remains committed to continuing its development and building the country, maintaining financial strength, and responsible conduct.
The group’s dedication to its financial performance and social responsibility amid challenging times further solidifies its position as a key player in the real estate and investment sectors.
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