The Reit Foundation “Living Areas”, which specializes in long-term rental housing, published today (Thursday) its financial data for the first quarter of the year and reports an increase in a number of indices. There was an increase of NIS 78.1 million in the fair value of projects in the company’s portfolio. Most of the increase in the company is attributed to the “House in the Park” project in Or Yehuda (about NIS 61 million) in which the company populated most of it and as a result, the value of the property increased.
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The NOI jumped from NIS 1.5 million last year to NIS 10.4 million in the current quarter, and financing expenses grew to NIS 15.6 million, these figures explain in the company, an increase in the company’s debt volume and the cessation of financing costs following project completion. As for the company’s net profit, an amount of NIS 67.1 million was recorded, compared with a loss of NIS 0.3 million in the corresponding period last year.
The company’s announcement also states that the fund’s total assets doubled compared to the corresponding quarter last year – about NIS 2.5 billion, compared with about NIS 1.3 billion in the corresponding quarter last year. As for the last quarter, Azorim’s cash balance stands at NIS 128.6 million, plus NIS 60 million in non-encumbered financial deposits, compared to NIS 91 million in the previous report.
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In addition, all of those in the company state that as of the date of the report, they own 3 income-producing projects (Ashdod, Rakefot Rishon Lezion and Beit B’Park Or Yehuda) with about 700 income-producing units compared to one income-producing project in the same period last year. (Ashdod). In addition, the fund has 10 additional projects, including 242 housing units under construction and 1,382 housing units in the planning stage. Housing – The fund’s total assets are about 2,300 housing units in 13 projects nationwide.
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