GlobeNewswire by notified

Azrieli Group Releases Q3/2022 Results

Share

TEL AVIV, Israel, Nov. 23, 2022 (GLOBE NEWSWIRE) --

NOI in Q3 is up 20% year-over-year, totaling some NIS 513 million

Based on Q3 figures, the annual NOI exceeds NIS 2 billion for the first time, excluding signed Data Center contracts not yet producing income

Same Property NOI in Q3 is up 9% year-over-year

The Group is presenting record occupancy rates in all of its core business – offices, malls and senior housing

FFO in Q3 totaled some NIS 330 million compared with around NIS 357 million year-over-year, including many resident move-ins at Palace Modi’in and Palace Lehavim

Net profit attributable to the shareholders was up around 76% totaling some NIS 330 million compared with around NIS 187 million last year

Financial Highlights for Q3/2022

  • NOIin Q3 totaled some NIS 513 million, up around 20% from Q3/2021. The increase mainly derives from the malls segment (including the acquisition of Mall Hayam), and in the offices segment from rent increases, and the Data Centers segment.
  • Same Property NOI is up around 9% year-over-year.
  • FFO excluding senior housing totaled some NIS 321 million in Q3 compared with around NIS 315 million, up some 2% year-over-year. The total FFO in Q3 totaled some NIS 330 million compared with around NIS 357 million in the same quarter last year. The growth in the FFO (excluding senior housing) was offset due to the significant investments in the Data Centers segment, which are not yet producing income and also include growth in general, administrative and financing expenses which are mainly related to the acquisition of the Data Centers company Green Mountain. In the senior housing segment, in the same period last year, the Company populated a significant number of apartments in Modi’in and Lehavim.
  • Net profit attributable to the shareholders totaled approx. NIS 330 million in Q3, compared with a profit of around NIS 187 million last year, up around 76%. Comprehensive income in Q3 totaled some NIS 208 million compared with a profit of around NIS 273 million last year. The decrease mainly derives from a decrease in the Bank Leumi stock. During Q3, appreciation of around NIS 174 million was recorded in the value of investment property, mainly due to the rise in the index. The growth in profit was offset in part due to a rise in the interest expenses, also mainly due to the rise in the index together with growth in overseas debt for Data Center investments.
  • During the quarter, the Group invested approx. NIS 1.8 billion in investment property, in acquisition, development, construction of new properties and in upgrade and betterment of preexisting properties (around NIS 1.4 billion for Mall Hayam), and around NIS 2.6 billion since the beginning of the year.

Eyal Henkin, CEO of Azrieli Group: "We are happy to close another good quarter in the Group’s operations. The offices segment continues to see high demand thanks also to the geographic dispersion and nature of the properties, together with the diversity of the tenants. In addition, the moves we led to upgrade the Triangular Tower are continuing to be reflected in the impressive growth in the operating parameters. From this quarter, the retail operations, are presenting impressive growth in store revenues and the NOI, even without the newly acquired Mall Hayam, despite the significant increase in outgoing travel by Israelis in the summer months. We are pleased to see the increase in the number of mall visitors and are continuing our efforts to maintain this positive trend. Development of the Data Centers operations, one of our key growth engines in the coming years, is making big strides forward, and the significant contribution of the signed contracts that are not yet producing income will be expressed with the completion of the many projects under development. We are continuing to develop our new business segments while exploring new business opportunities across the board."

Occupancy Rates and Store Revenues

  • The average occupancy rate (excluding properties under lease-up) was 99% in the malls segment, 97% in the office space in Israel segment, and 98% in senior housing.
  • Store revenues – During Q3, an 8.1% increase was recorded in store revenues in the malls compared with the same quarter last year.

Business Developments

  • At the beginning of Q3, the Company closed the acquisition of Mall Hayam in Eilat, and the mall’s results are reflected in the Group’s financial statements for the first time.
  • Bond offering – In July, Azrieli Group completed a bond offering by way of expansion of three series (D, F, H). Demand of around NIS 3.7 billion was recorded in the offering, and the Company raised around NIS 3 billion in the three series, with an average interest rate of 2% and an average duration of 8.1 years.

Balance Sheet as of September 30, 2022

  • The Group has cash, deposits and short-term investments amounting to approx. NIS 3.7 billion and together with Bank Leumi stock, cash and cash equivalents and marketable securities – around NIS 4.8 billion.
  • Net debt (including Leumi) totals approx. NIS 14.4 billion.
  • The value of investment property and investment property under construction totals approx. NIS 38 billion.
  • The equity to assets ratio is approx. 46% and the net debt to assets ratio is approx. 33%.
  • Unencumbered assets total approx. NIS 32 billion.

Conference call

The Company will hold its quarterly conference call, hosted by the Group's senior management,
Today (Wednesday, November 23rd, 2022) at 17:00 pm Israel local time (16:00 CET; 15:00 United Kingdom time, and 10:00 am Eastern Time).
The call will include a review of the Company's Q3/2022 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 register in the following link :
https://register.vevent.com/register/BI0880a55c20964d20be4d03162f013b1e

For further details:
Moran Goder, Head of Capital Markets and Business Development Analyst,
Azrieli Group
Office: +972-3-6081310 Mobile: +972-54-5608151, Morango@azrieli.com

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Iveco Group signs a 150 million euro term loan facility with Cassa Depositi e Prestiti to support investments in research, development and innovation11.6.2024 12:00:00 CEST | Press release

Turin, 11th June 2024. Iveco Group N.V. (EXM: IVG), a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain and related Financial Services arenas, has successfully signed a term loan facility of 150 million euros with Cassa Depositi e Prestiti (CDP), for the creation of new projects in Italy dedicated to research, development and innovation. In detail, through the resources made available by CDP, Iveco Group will develop innovative technologies and architectures in the field of electric propulsion and further develop solutions for autonomous driving, digitalisation and vehicle connectivity aimed at increasing efficiency, safety, driving comfort and productivity. The financed investments, which will have a 5-year amortising profile, will be made by Iveco Group in Italy by the end of 2025. Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a

DSV, 1115 - SHARE BUYBACK IN DSV A/S11.6.2024 11:22:17 CEST | Press release

Company Announcement No. 1115 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save for the rules on share buyback programmes set out in MAR article 5) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. Trading dayNumber of shares bought backAverage transaction priceAmount DKKAccumulated trading for days 1-25478,1001,023.01489,100,86026:3 June 20247,0001,050.597,354,13027:4 June 20245,0001,055.705,278,50028:6 June20243,0001,096.273,288,81029:7 June 20244,0001,106.174,424,68

Landsbankinn hf.: Offering of covered bonds11.6.2024 11:16:36 CEST | Press release

Landsbankinn will offer covered bonds for sale via auction held on Thursday 13 June at 15:00. An inflation-linked series, LBANK CBI 30, will be offered for sale. In connection with the auction, a covered bond exchange offering will take place, where holders of the inflation-linked series LBANK CBI 24 can sell the covered bonds in the series against covered bonds bought in the above-mentioned auction. The clean price of the bonds is predefined at 99,594. Expected settlement date is 20 June 2024. Covered bonds issued by Landsbankinn are rated A+ with stable outlook by S&P Global Ratings. Landsbankinn Capital Markets will manage the auction. For further information, please call +354 410 7330 or email verdbrefamidlun@landsbankinn.is.

Relay42 unlocks customer intelligence with a new insights and reporting module, powered by Amazon QuickSight11.6.2024 11:00:00 CEST | Press release

AMSTERDAM, June 11, 2024 (GLOBE NEWSWIRE) -- Relay42, a leading European Customer Data Platform (CDP), is leveraging Amazon QuickSight to power its new real-time customer intelligence, reporting, and dashboard module. Harnessing the breadth and quality of customer data, the new Insights module empowers marketing teams to dive deep into customer behaviors and gain invaluable insights into the performance of their marketing programs across all online, offline, paid, and owned marketing channels. Preview of the Relay42 Insights module, in pre-beta version Key capabilities of the Relay42 Insights module include: Deep insights into customer behaviors: With the Relay42 Insights module, marketers can ask unlimited questions about their data and gain a deeper understanding of how to serve their customers more effectively. Simplicity with AI-powered querying: Marketers can use artificial intelligence to query their data using natural language search, reducing the reliance on data scientists. Us

Metasphere Labs Announces X Spaces Event on the Topic of Green Bitcoin Mining and Sound Money for Sustainability11.6.2024 10:30:00 CEST | Press release

VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is thrilled to announce an engaging Twitter Spaces event on Green Bitcoin mining, energy markets, and sustainability on July 3, 2024 at 2 p.m. ET. Follow us on X at MetasphereLabs for updates and to join the event. What We'll Discuss Bitcoin Mining Basics: Understand the fundamentals of Bitcoin mining.Energy Market Dynamics: Explore how Bitcoin mining interacts with energy markets.Sustainable Innovations: Learn about our efforts to promote sustainability in Bitcoin mining.Sound Money: Discover how tamper-proof currency can enhance stability.Efficient Payment Rails: See how fast, neutral payment systems support humanitarian projects.Carbon Footprint: Compare Bitcoin's environmental impact with traditional banking. "We're excited to host this event and dive into the critical topics of Bitcoin

World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye