JERUSALEM (dpa-AFX) - Azrieli Group Ltd. (AZRGF), an Israeli real estate company, on Wednesday reported stable funds from operations (FFO) including senior housing for the second quarter of 2026, while net income declined due to a swing in the fair value of investment property.
Total FFO including senior housing was NIS 426 million, compared with NIS 425 million a year ago. Excluding exchange-rate effects, FFO increased by about 1%. FFO excluding senior housing decreased to NIS 411 million from NIS 417 million, but was unchanged excluding currency effects.
FFO under the ISA method declined to NIS 44 million from NIS 77 million a year ago.
Net income decreased to NIS 155 million from NIS 320 million, mainly due to a NIS 35 million loss from changes in the fair value of investment property, compared with a NIS 193 million gain a year earlier.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased to NIS 549 million from NIS 520 million.
Net operating income (NOI) rose to NIS 651 million from NIS 648 million. Excluding exchange-rate effects, NOI rose 4%.
Revenue from rent, maintenance and management fees increased to NIS 970 million from NIS 949 million last year.
Occupancy rates were 99% in malls, 96% in Israeli offices and 97% in senior housing.
Tenant sales increased 8.3% year-over-year.
In Tel Aviv, Azrieli shares were down 1.23% at ILA 38,480.
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