Azrieli Group Reports Q3/2023 Results

Same Property NOI in Q3 is up around 6%

FFO (excluding senior housing) in Q3 is up around 14% totaling some NIS 367 million; total FFO is up around 21% totaling some NIS 398 million

After the report date, the Company closed the transaction for the sale of its holdings in Compass for gross consideration of approx. NIS 3.2 billion. Net cash flow (after a provision for tax and transaction expenses) is approx. NIS 2.7 billion and the accounting profit is expected to be around NIS 0.9 billion

Financial Highlights for Q3/2023

• NOI in Q3 totaled some NIS 535 million, compared with some NIS 513 million year-over-year, up some 4%. The increase mainly derives from rent increases in malls and offices. The increase was partially offset by non-inclusion of Compass’s results already in the current quarter.
• Same Property NOI was up around 6% in Q3.
• FFO excluding senior housing totaled some NIS 367 million in Q3 compared with around NIS 321 million year-over-year, up some 14%. In Q3, the FFO totaled approx. NIS 398 million, compared with around NIS 330 million year-over-year, up some 21%.
• Net profit attributable to the shareholders totaled approx. NIS 352 million in Q3 compared with approx. NIS 330 million year-over-year. Comprehensive income totaled some NIS 575 million in Q3 compared with approx. NIS 208 million year-over-year. In Q3, revaluation profits were recorded of some NIS 177 million, mainly in the subsidiary (100%) Green Mountain, which operates in the data centers segment. In the same quarter last year, similar revaluation profits were recorded in the sum of approx. NIS 174 million, which mainly derived from a rise in the CPI and rent increases.

TEL AVIV, Israel, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Danna Azrieli, Chairwoman of Azrieli Group, said: “The State of Israel is in the midst of a war, and Azrieli Group is entirely committed to the effort and to civil aid on all fronts. This includes formulating an aid program for the mall tenants and launching an extensive support plan which combines strengthening the economic front throughout Israel, which is intended to strengthen the economy and set the wheels of commerce in motion, with direct aid for evacuated families and for businesses from the south and the north of Israel.