NOI in 2021 is up 31% year-over-year, amounting to some ILS 1.6 billion and the NOI rate in Q4/2021 was over ILS 1.8 billion and has reached record levels, thanks to the significant contribution of growth engines (the offices, senior housing, and data center segments), and despite the partial operation of the malls at the beginning of the year
FFO in 2021 is up 32% year-over-year, amounting to some ILS 1.3 billion
The net profit attributed to shareholders amounted to ILS 2.9 billion, and the comprehensive profit to ILS 3.2 billion, compared with a comprehensive loss of ILS 147 million in 2020
Same Property NOI in 2021 is up 23% year-over-year
This year, the Group closed one of the biggest deals in its history – the acquisition of
Financial Highlights for Q4/2021 and Y2021
- NOI in 2021 amounted to some ILS 1,590 million, up around 31% year-over-year. The increase mainly derives from the relief granted to mall tenants last year following the Covid crisis, and from the opening of the
Azrieli Town and Azrieli HaManor office towers. NOI in the quarter amounted to some ILS 454 million, up 103% from Q4/2020. The increase mainly derives from relief granted to mall tenants in Q4/2020 as a result of the Covid crisis, the acquisition of theGreen Mountain data center company, and the opening of the Azrieli Town Tel Aviv and HaManor Holon office towers, together with the occupancy of Bezeq’s former space in theAzrieli Tel Aviv Triangular Tower . - Same Property NOI in 2021 was up 23% year-over-year. Same Property NOI in Q4/2021 was up 87% year-over-year.
- FFO excluding senior housing amounted to some ILS 1,152 million in 2021, up some 31% year-over-year. The total FFO amounted to some ILS 1,318 million, up around 32% year-over-year. FFO excluding senior housing amounted to some ILS 323 million in Q4/2021, up some 113% compares with Q4/2020. The total FFO amounted to some ILS 362 million in Q4/2021, up around 70% compares with Q4/2020.
- Net profit attributed to the shareholders totaled approx. ILS 2,889 million in 2021, compared with a profit of approx. ILS 184 million in 2020. The comprehensive income in 2021 totaled approx. ILS 3,235 million compared with a comprehensive loss of approx. ILS 147 million year-over-year. Net profit attributed to the shareholders totaled approx. ILS 2,209 million in Q4/2021, compared with a loss of approx. ILS 29 million in Q4/2020. The comprehensive income in Q4/2021 totaled approx. ILS 2,228 million compared with approx. ILS 10 million in Q4/2020.
- During the year, the Group invested approx. ILS 1,143 million in investment property, in the acquisition, development, construction of new properties and in upgrading and improving existing properties. The Group also invested ILS 2.4 billion in the acquisition of the Norwegian data center company
Green Mountain .
In the last decade we presented a number of new growth engines, including data centers, senior housing, and the omni-channel, and we are continuing to lay the groundwork for additional new areas such as hotels and long-term residential rentals. We will continue to explore new business opportunities which are a good fit with our long-term business strategy, alongside constant investment in preserving the high standard and value of the Group’s portfolio".
The Group continues to develop new growth engines, mainly Data Centers, a segment growing in high pace. In Q4 2021, our share in the Data Center's NOI reached an annual rate of ILS 120 million. This contribution will further increase with the completion of the many projects in development in Compass (24% ownership) active mainly in
Occupancy Rates and Store Revenues
- The average occupancy rate (excluding properties under lease-up) was 99% in the malls segment, 99% in the
Israel offices segment, and 97% in senior housing. - Store revenues – From the date the malls reopened on
February 21 st until the end of 2021, store revenues in the malls increased by 1.8% relative to the same period in 2019 (excluding tenants that did not resume full / regular operations due to the restrictions).
Balance Sheet as of
- The Group has cash, deposits and short-term investments amounting to approx. ILS 2.9 billion, and together with
Bank Leumi stock, cash and cash equivalents, and marketable securities – ILS 4.2 billion. - The net debt totals approx. ILS 12.4 billion.
- The value of investment property and investment property under construction totals approx. ILS 34 billion.
- The equity to assets ratio is approx. 49% and the net debt to assets ratio is approx. 29%.
- Unencumbered assets total approx. ILS 29 billion.
Conference call The Company will hold its annual conference call, hosted by the Group's senior management, today ( The call will include a review of the Company's Q4/2021 and Y2021 performance, as well as a discussion of the Company's strategy and expectations for the future. A question & answer session will follow the discussion. To participate, please dial: 03-9180664 from 1-888-407-2553 from the 0-800-917-9141 from the 0-800-024-9936 from 1-888-604-5839 from or +972-3-9180664 internationally |
For further details:
Office: +972-3-6081310, Mobile: +972-54-5608151, Morango@azrieli.com
Source:
2022 GlobeNewswire, Inc., source