Azrieli Group Reports Q4/2023 and Y2023 Results - Seite 2

Financial Highlights for Q4/2023

• NOI in Q4 totaled some NIS 494 million, compared with some NIS 511 million year-over-year, down some 3%. The decrease mainly derives from war-related relief in the sum of around NIS 35 million given to tenants in the malls segment and from non-inclusion of the results of Compass, which was sold in October. The decrease was partially offset by the NOI increase in the offices segment.
• Same Property NOI was down around 1% in Q4, mainly as a result of the war-related relief given in the malls segment.
• FFO excluding senior housing totaled some NIS 314 million in Q4 compared with around NIS 335 million year-over-year, down some 6%. In Q4, the FFO totaled approx. NIS 356 million, compared with around NIS 362 million year-over-year, down some 2%.
• Net profit attributable to the shareholders totaled approx. NIS 1,070 million in Q4 compared with approx. NIS 323 million year-over-year. Comprehensive income totaled some NIS 749 million in Q4 compared with approx. NIS 429 million year-over-year. In Q4, revaluation losses were recorded of some NIS 118 million, which mainly derives from the U.S. income-producing real estate segment. In the same quarter last year, revaluation profits were recorded in the sum of approx. NIS 454 million.

Financial Highlights for Y2023

• NOI in Y2023 was up around 8% and totaled some NIS 2,113 million, compared with some NIS 1,953 million year-over-year. The increase mainly derives from the increase in rent in the offices segment, the addition of Mall Hayam, and the continuation of the occupation of the Lehavim project. The increase was partially offset by the war-related given to tenants in Q4.
• Same Property NOI was up around 5% in Y2023.
• FFO excluding senior housing totaled some NIS 1,358 million in Y2023 compared with around NIS 1,275 million year-over-year, up some 7%. In Y2023, the FFO totaled approx. NIS 1,461 million, compared with around NIS 1,360 million year-over-year, up some 7%.
• Net profit attributable to the shareholders totaled approx. NIS 2,218 million in Y2023 compared with approx. NIS 1,792 million year-over-year. Comprehensive income totaled some NIS 2,166 million in Y2023 compared with approx. NIS 1,964 million year-over-year. In Y2023, revaluation profits were recorded of some NIS 912 million, which mainly derived from the data center segment and the Israel offices segment. Last year, revaluation profits were recorded in the sum of approx. NIS 1,418 million.

Occupancy Rates and Store Revenues