Herit Sela Real Estate Fund
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published its financial reports for the third quarter of the year according to which the NOI amounted to NIS 75.5 million – an increase of 27% compared to the corresponding quarter last year.
The FFO amounted to approximately NIS 56.2 million – an increase of approximately 29% compared to the corresponding quarter last year. The net profit for the third quarter of 2022 amounted to approximately NIS 60 million, compared to approximately NIS 58 million in the corresponding quarter last year. The company explains that the increase in profit is mainly due to the increase in the fair value of income-generating assets, in the amount of approximately NIS 37 million (minus transaction expenses for the purchase of assets), which were credited to the profit and loss statement.
Sela Real Estate maintains a NOI and FFO forecast for 2022 of NIS 284 million and NIS 216 million, respectively. The company announced a dividend distribution for the third quarter of 2022 in the amount of approximately NIS 28.25 million (approximately 13 shares per share).
The Sela Real Estate share fell by 18% since the beginning of the year to a price of NIS 8.8, which represents a market value of NIS 1.91 billion.
Gadi Alikam, CEO of Sela Capital Real Estate: Sela Real Estate concludes the first nine months of 2022 with good business results, continued growth and demand for the company’s properties, including the renewal of existing agreements, while increasing the level of rents and maintaining high occupancy rates. We note that the leases on the properties are long-term ranging from 3 to 10 years and are all linked to the index. Since the beginning of the year, the company has purchased real estate to the extent of approximately NIS 1.2 billion, quality properties in the heart of the demand areas, and strengthened its hold in the field in the Tel Aviv metropolis, reaching a total of NIS 5 billion in assets.
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