Real-estate profit rises at Azrieli Group

Net operating income (NOI) from the company’s real-estate operations rose 11% to NIS 224 million for the third quarter.

By KOBY YESHAYAHOU
November 24, 2010 23:53
1 minute read.
azrieli center 88 298

azrieli center 88 298. (photo credit: Courtesy)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Real-estate and industrial company Azrieli Group Ltd. has reported strong third-quarter results for its income-producing real-estate operations as the company benefits from Israel’s thriving economy.

The holding company, whose core businesses include malls in Israel, energy and industrial interests through Granite Hacarmel Investments Ltd.and a 20 percent holding in credit-card company Leumi Card Ltd., went public on the Tel Aviv Stock Exchange six months ago.

Be the first to know - Join our Facebook page.


Net operating income (NOI) from the company’s real-estate operations rose 11% to NIS 224 million for the third quarter, from NIS 201m. for the third quarter last year.

Same-properties NOI in the malls sector rose 9% to NIS 150m., from NIS 137m., and same-properties NOI in the offices sector rose 3% to NIS 66m., from NIS 64m. Funds from operations (FFO) rose 9% to NIS 155m., from NIS 142m.

Azrieli Group reported a NIS 125m. net gain on the revaluation of real-estate properties. The gain refers only to the rise in the Consumer Price Index-linked rental contracts, and does not include other factors affecting property values.

The company said the increase in NOI and other factors would be reflected in the annual financial report.

Revenue from income-producing real estate rose to NIS 283m. for the third quarter, from NIS 252m. for the third quarter last year. Total net profit was NIS 251m., and total profit was NIS 425m. The company attributes most of the difference to a NIS 176.9m. increase in net fairvalue assessments of financial assets available for sale (an investment in Bank Leumi).



Azrieli Group’s consolidated revenue rose to NIS 255m. for the third quarter, from NIS 243.6m. for the third quarter last year. Its consolidated net profit fell nearly twothirds to NIS 243.1m., from NIS 640.1m.

Azrieli’s share price rose 1.4% by mid-afternoon to NIS 92.84, for a market cap of NIS 11.1 billion.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS