The income-producing real estate group
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Announces that the total NOI from income-producing assets in the third quarter of 2021 increased by about 6.5% to about NIS 157 million, compared to about NIS 148 million in the corresponding quarter last year. The FFO from income-producing assets increased by 16% to NIS 120 million, compared with NIS 104 million in the corresponding period.
According to the company, the increase was mainly due to a sharp increase in occupancy rates and an increase in rents. Net interest expenses in the quarter decreased by 8% to NIS 34 million, compared with net interest expenses of NIS 37 million in the corresponding quarter last year. This is due to the decrease in the volume of financial debt and the decrease in the average interest rate.
The company raised the NOI forecast for the entire year to a range of NIS 687-693 million, compared to a previous forecast in the range of NIS 665-677 million and an original forecast in the range of NIS 652-663 million.
The FFO forecast for the entire year is in the range of NIS 450-460 million, compared to the previous forecast which was in the range of NIS 429-445 million and the original forecast in the range of NIS 412-428 million. This is the second consecutive quarter in which the company raises its annual forecast.
Net income attributable to shareholders increased by 54% to NIS 220 million, compared with NIS 143 million in the corresponding quarter last year. The net profit in the quarter was affected by an increase in the revaluation of real estate assets of NIS 158 million, while in the corresponding quarter the company recognized an revaluation of NIS 39 million – according to the company, an increase in rental income, an improvement in occupancy rates, an increase in the index and land and rights. construction.
The equity attributed to shareholders increased to NIS 6.62 billion, compared with NIS 6.07 billion at the end of the previous year, after a dividend of NIS 150 million.
The weighted rate of return on investment real estate in Israel at the end of the reporting period decreased to approximately 7.23%, compared with approximately 7.36% at the end of the previous quarter. The occupancy rate of the Group’s assets in Israel increased to approximately 92.1%, compared to approximately 90.6% the previous year. .
Dudu Zabida, CEO of the Real Estate Building Group: “We conclude a quarter with an increase in results in material parameters. The results also rely on the support of the strong business environment expressed in high rental demand in all areas of the group’s operations with emphasis on offices and industry. At the same time, we continue to increase the company More, which will ensure the acceleration of its growth in the coming years ”
The company has 290 solar facilities, of which the plan for the installation of about 90% of them has been arranged. According to the company, The solar facilities are expected to yield about NIS 24 million a year, While today the solar facilities generate a few million shekels. The company has 6 projects in the short term in the short term of about 152,000 square meters The company is expected to generate an additional NOI in the range of NIS 169-183 million.
The company’s management said that it expects a tens of percent increase in the company’s NOI by NIS 273 million by 2027, and an expansion of its asset portfolio by an additional NIS 300,000 so that it will hold about NIS 2 million for rent, with an emphasis on housing. And the offices.
In addition, the company also hopes to show growth in the field of residential housing, as it currently has 1,965 residential housing units in the planning and construction stages, about half of them in Tel Aviv. In the field of rental housing, the company is working on the planning and construction of approximately 1,530 units, most of them in the central and Jerusalem areas, and expects an NOI of approximately NIS 59 million.
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