Azrieli Group reports Q2 net profit NIS 156M vs NIS 418M last year

NOI in Q2 totaled some NIS 553 million, compared with some NIS 559 million year-over-year. The decrease derives from the sale of Compass. Same-Property NOI was up around 5% in Q2 totaling some NIS 553 million compared with approx. NIS 527 million year-over-year. FFO excluding senior housing totaled some NIS 379 million in Q2 compared with around NIS 342 million year-over-year, up some 11%. Total FFO in Q2 totaled around NIS 419 million compared with some NIS 357 million year-over-year, up approx. 17%. Eyal Henkin, CEO of Azrieli Group: “We are concluding another good quarter for the Group with continued growth in the same-property NOI and record double-digit quarterly FFO growth. The offices segment continues to present good results while maintaining high occupancy rates. We are seeing rising interest from potential tenants and are working to seize the various opportunities. The Group’s malls presented growth across all parameters, with a continued increase in store revenues. The Data Centers segment continues to gain momentum, and its contribution to the results is steadily growing. The results do not yet include some of the significant contracts we have signed, which are expected to make a considerable contribution to the Group’s performance in the upcoming year. We are continuing to identify many opportunities in the sector, which we are proactively pursuing.