Income producing real estate company Azrieli Group (TASE: AZRG), controlled by the Azrieli family and headed by Eyal Henkin, released its 2021 results this morning showing improvement in operational parameters and a jump in gains on revaluations of its real estate assets, which amounted to NIS 2.4 billion.
Accordingly, the net profit attributable to shareholders rose from NIS 184 million in 2020 to NIS 2.88 billion in 2021. The company will distribute a dividend in May of NIS 650 million.
Azrieli Group reports 31% growth in net operating income (NOI) to NIS 1.6 billion. NOI from same assets rose 23%. The company attributes the rise to discounts given to tenants in shopping malls in 2020 with the outbreak of the coronavirus pandemic, and to the opening of the office towers Azrieli Town in Tel Aviv and Hamanor in Holon.
Funds from real estate operations (FFO) grew 32% to NIS 1.3 billion.
Excluding assets in the process of being occupied, the average occupation rate in the office and malls segments was 99%, while in the sheltered housing segment it was 97%. From the time they were reopened on February 21 last year to the end of 2021, proceeds at the company's malls were 1.8% higher than in the corresponding period of 2019, before the pandemic (excluding tenants that because of pandemic related restrictions had not returned to full activity).
The company made investments of over NIS 3.5 billion last year: NIS 1.1 billion in real estate, and NIS 2.4 billion in buying Green Mountain, which is active in data centers in Norway.
Published by Globes, Israel business news - en.globes.co.il - on March 23, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.