Edgar – Quarterly Reports 2021-3

by time news

The NOI in the third quarter increased by 9.1% compared to last year and amounted to NIS 62.3 million in the quarter.

The FFO for shareholders increased in the quarter by about 36.4% compared to last year and amounted to about NIS 28.8 million, reflecting a return on equity of about 9.2% on an annual level.

The company announced that it would distribute a dividend to shareholders in the amount of NIS 14.0 million in accordance with the dividend policy.

The company is once again raising its FFO forecast for 2022.

Roi Gadish, CEO of the company, said: “We continue to show growth in all operational parameters as we have shown in recent years, along with reducing financing expenses. Allow our tenants maximum flexibility according to their needs, while reducing abandonment rates and the growth of the field is a source of attraction for new customers. The data center market, an area in which we have gained experience and success. “

Emphasis on results

Revenues from rental properties amounted to NIS 66.1 million in the third quarter, an increase of 9.0% compared to NIS 60.7 million in the corresponding quarter last year. The increase is mainly due to the occupancy of Building C in the Edgar 360 project in Israel, an increase in revenues in Canada and Poland as a result of the acquisition of new properties, as well as an improvement in the average occupancy rates in Poland.

The NOI in the quarter amounted to NIS 62.3 million, an increase of 9.1% compared to NIS 57.1 million in the corresponding quarter last year.

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FFO in the quarter increased by approximately 36.4% and amounted to approximately NIS 28.8 million, compared with approximately NIS 21.1 million in the corresponding quarter last year.

As of September 30, 2021, the shareholders’ equity attributed to shareholders amounted to approximately NIS 1,255 million.

Cash flow from operating activities for the reporting period amounted to approximately NIS 51.2 million and after deducting the changes in assets and liabilities, amounted to approximately NIS 63.1 million, compared with approximately NIS 45 million in the corresponding period last year. Cash flow is affected by the payment of semi-annual bond interest in the amount of NIS 16 million.

The cash position and cash value as of September 30, 2021 amounted to NIS 298 million. In addition, the Company has unutilized credit facilities in the amount of NIS 315 million and unencumbered assets worth NIS 337 million as of September 30, 2001.

Investment real estate (including construction under construction) – During the reporting period, the company invested NIS 130 million in investment real estate and investment real estate under construction. In addition, an increase in value of NIS 15.3 million was recorded. During the reporting period, the exchange rate of the euro decreased against the shekel by about 5.3% and the exchange rate of the Canadian dollar increased, compared with the shekel, by about 0.5%. These changes resulted in a decrease of approximately NIS 57 million in this item.

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