The income-producing real estate company
Summit
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Reports NOI in the fourth quarter of 2021 in the amount of NIS 87.1 million, a decrease from a level of NIS 95.4 million in the corresponding quarter in 2020 due to the sale of properties in Germany, and on the other hand the acquisition of others in the United States. Total revenues in the quarter increased by 13% to NIS 121.4 million, compared with NIS 107.4 million a year earlier.
The company also recorded other net income of NIS 470 million due to a positive revaluation of real estate assets in the United States, Germany and Israel. This, compared to other net income of only NIS 5.6 million in the corresponding quarter. Thus, Summit recorded a quarterly profit attributable to shareholders of NIS 270.3 million Compared to only NIS 31.8 million at the time.
In 2021, it was reported that the NOI in identical assets increased by 7.4% to NIS 191 million. The representative annual FFO attributed to shareholders was NIS 278 million, which is 401 agorot per share.
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At the end of the year, the company’s total balance sheet amounted to NIS 8.32 billion. The total equity for the balance sheet stands at about 50.5% compared to about 46.6% at the end of 2020. The total equity attributed to shareholders amounted to NIS 3.77 billion, compared with NIS 3.63 billion then. The change is due to the year’s spread, offset by the appreciation of the shekel against the euro, it was explained. The debt-to-CAP ratio decreased to about 30%, compared to about 42.9% at the end of 2020.
The properties in the United States include about 3,000 apartments for rent in New York and 21 commercial properties that generate a net annual income of about $ 95 million. Summit is expanding its operations there in the name of the alliance, and since the beginning of the year has signed additional deals in the country amounting to $ 250 million.
Amir Sagi, CEO of Summit: “During the year, Summit Germany made a strategic change that included the realization of a significant portion of its operations in Germany and the acquisition of assets in the United States. The results of the move have led to a dramatic increase in FFO and cash flow allowing for additional purchases to be made. In addition, the company intends to develop many projects within the framework of the excess building rights in its assets and huge land reserves amounting to millions of square meters.
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