Plains enjoys the return of hotels in North America

by time news

Mishorim, which is traded on the Tel Aviv Stock Exchange, managed by Daniel Leventhal, announced this morning its financial results for the third quarter of 2021. The company continued to show growth in the third quarter, recording a 58% increase in revenues totaling NIS 148 million. In the same quarter last year, as a result of an increase in the real estate activity of Mishorim and an improvement in the occupancy of the Skyline subsidiary’s assets, the profit from the hotel and leisure sector strengthened after the corona. In the third quarter of this year.

The other financial indices also recorded a sweeping improvement, with the FFO standing at NIS 11.4 million in the current quarter, compared to NIS 2.5 million in the corresponding quarter last year. In the first nine months of the year, Mishorim FFO (extended solo) recorded NIS 19.3 million, compared to NIS 13 million in the corresponding period last year. The NOI continues to grow and reached NIS 24.2 million in the third quarter, compared to NIS 15.9 million in the corresponding quarter last year.

Mishorim ends the third quarter with a cash balance of NIS 147 million, after completing the raising of a new series of bonds worth NIS 118 million during July this year. The equity attributed to shareholders amounts to NIS 535 million and reflects a price of NIS 145 million. NIS 15.4 per share.

The company recently entered into an agreement to purchase a property near Houston Texas, for about $ 37.1 million. Upon completion of the transaction, the property is expected to contribute an annual FFO of approximately NIS 10 million.

Daniel Leventhal, CEO of Mishorim, Said: “The significant change that Mishorim has undergone in recent years, which is reflected in the clear focus of its activity in the field of commercial income-producing properties and offices in Israel and the United States, bears fruit. The quarter’s peak results and the company’s operating performance continue the consistent growth trend from 2016, when all of the company’s investments made a significant improvement of an increase in occupancy rates, an increase in NOI and a strengthening of cash flow.

Total consolidated company revenueAnd Increased by approximately 58% and amounted to approximately NIS 148 million, compared with a total of approximately NIS 94 million in the corresponding quarter last year. The increase is due to an increase in revenue from the hotel sector due to an increase in occupancy rates at resorts and hotels, both in the US and Canada, in a subsidiary in Canada and on the other hand from an increase in the company’s real estate turnover in the US.

The NOI amounted to NIS 24.2 million, compared with NIS 15.9 million in the corresponding quarter last year, and NIS 18.5 million in the previous quarter.

The FFO amounted to NIS 11.4 million, compared with NIS 2.5 million in the corresponding quarter last year, and NIS 4.7 million in the previous quarter. Part of the increase is attributed to a grant received from the US government in the amount of $ 3.5 million for The SVOG program is intended for the field of art and entertainment for the cinema at the company’s property in Tampa, Florida (the company’s share in the property – 60%).

The net profit amounted to NIS 75 million, compared with a net loss of NIS 7 million in the corresponding quarter last year.

After the reporting period we leased the Cinema property in Tampa, entered into an agreement to purchase a property in Houston and expanded two series of bonds. And to flood value to shareholders. “

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