A construction company operating in the field of income-producing real estate and also engaged in the construction of residential apartments published this morning (Sunday) the third quarter reports of 2020 and raised its forecasts for the entire year.
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The company, which has been in the process of taking over the Harit Sela Real Estate fund for the past two weeks, made progress in the process over the weekend. , So that a structure can continue in the outline of the takeover bid for the fund’s shares.
The adjusted income of a building, managed by Dudu Zabida, from rent (NOI) in Israel in the third quarter amounted to NIS 145.7 million, a decrease of 2.3% compared to the corresponding period. God-WE Identical assets in Israel decreased by 2.9% compared to the third quarter last year and amounted to NIS 143.6 million. Abroad, there was a sharp drop of 24.8% inWE Which amounted to NIS 20.8 million. The decrease was due to the realization of assets in France in the amount of NIS 17 million. The impact of the corona on NOI abroad amounted to NIS 6 million.
The relief provided by the building to tenants in properties in Israel and abroad amounted to NIS 15.5 million since the beginning of the crisis, and out of this amount, NIS 9.5 million was provided as relief to tenants in Israel.
In terms of profitability, operating income (FFO) Of a structure from its income-producing assets increased by 3.4% and amounted to NIS 103.6 million.
Structure updated upward the lower continuum in the forecastFFO Which granted at the end of the second quarter. The company estimated that the lower limit of the annual FFO (2020) will be NIS 384 million and has now raised it to NIS 398 million, the upper range in the FFO forecast remains unchanged at NIS 405 million.
The NOI forecast has also been updated upwards, at both ends of the range. The NOI that the building edited at the end of the second quarter ranges from NIS 644 million to NIS 657 million, and now the company estimates that at the end of the year, the adjusted rental income will be NIS 660-654 million.
The building has 1.6 million square meters of income-producing properties in the country, about one million square meters in the industrial sector, 400,000 square meters of office space and the balance in the commercial sector. The company has 2,648 tenants and the average rent is NIS 35 per square meter. The company also has diverse overseas operations with 18 properties for rent including 14 properties in the countries of Switzerland, Ukraine, France, Canada, USA and 4 more properties in other countries. The average occupancy rate abroad is 90.8%, similar to the rate in Israel (90.5%).