Melisron
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the yielding real estate company that owns a number of large shopping malls alongside offices, presented a strong report with significant growth in tenant redemptions in the second quarter, which led to an increase in FFO to a record of NIS 221 million – a 12% increase compared to the corresponding quarter last year. In addition, the announcement The company is about to distribute a dividend of NIS 120 million to the shareholders.
The company’s net profit in the second quarter was NIS 585 million, a 59% increase compared to the corresponding quarter last year, when the net profit was NIS 368 million. The leverage ratio (LTV) of the company continued to decrease in the last quarter and stood at approximately 41.8%, compared to approximately 43.3% at the end of 2021. The leverage ratio was mainly affected by the increase in the flow from current operations and proceeds from real estate sales. The NOI attributed to the owner crossed For the first time in this quarter, a quarterly threshold of NIS 300 million was NIS 303 million, an increase of 9% compared to the corresponding quarter last year.
The increase in NOI (which reflects an annual rate of NIS 1.21 billion) is mainly attributed to the increase in the index, the increase in real rents and following the concessions, amounting to NIS 5 million, that the company granted in the corresponding quarter last year, due to the Corona crisis.
In the last quarter, the company carried out a number of significant transactions, including the purchase of 70% of land in Yavne, for NIS 47 million, intended for the establishment of a commercial center measuring approximately 24,000 square meters, in collaboration with Yohannoff, which is expected to yield an NOI of approximately NIS 29 million. Transaction Another of the company’s is the purchase of land near the Ofer Carmel Park in the Carmel Castle, which is intended for its expansion, for NIS 36 million.
An equally significant transaction is the purchase of 50% of the housing development company Aviv Yazom, which specializes in urban renewal and currently markets approximately 500 housing units, with an expected gross profit of approximately NIS 270 million in the next two years. Aviv will initiate about 2,600 housing units, in various stages of planning, which are expected to yield a gross profit of about one billion shekels. In return, the transaction was carried out according to a company value of NIS 836 million, before cash and after deducting debts.
The company’s value currently stands at NIS 13.5 billion, with the company owning 17 shopping malls, 5 high-tech complexes in addition to offices in shopping malls and 5 single-tenant properties, totaling NIS 21.6 billion in managed asset value. Today, before the opening of trading, the company’s stock stands at NIS 281.5 per share, an increase of about 30% since mid-June when it recorded the annual bottom of NIS 217 per share.
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