Azrieli's empire is worth NIS 34.1 billion on the stock exchange - Net profit amounted to NIS 2.9 billion in 2021

Dana Azrieli's empire is worth NIS 34.1 billion on the stock exchange today, which is 34% higher than the group's value a year ago, and it's an equally amazing story given the fact that it is a real estate business that can be considered "boring" by adventurous investors.
The group's NOI amounted to NIS 1.6 billion in 2021, an increase of about 31% compared to last year. The increase is mainly due to the relief given to tenants in malls last year following the Corona crisis, as well as the opening of the Azrieli Town and Manor office towers in Holon.
The NOI in the fourth quarter of the year amounted to NIS 454 million, doubling compared to the corresponding quarter last year. The increase is mainly due to the relief given to tenants in malls in the corresponding quarter following the Corona crisis, the acquisition of the data center Green Mountain and the opening of the Azrieli Town and Manor office towers in Holon along with the occupancy of Bezeq in the Azrieli Triangle Tower in Tel Aviv.
In terms of identical assets, the NOI increased in 2021 by about 23% compared to last year. Same Property NOI in the quarter increased by 87% compared to last year.
The FFO without the contribution of sheltered housing amounted to NIS 1.15 billion in 2021, an increase of about 31% compared to last year. The FFO amounted to NIS 1.3 billion, an increase of 32% compared to last year. The FFO without the contribution of sheltered housing amounted to NIS 323 million in the quarter, an increase of 113% compared to last year. The total FFO in the quarter amounted to NIS 362 million, an increase of 70% compared to last year.
The net profit attributable to shareholders amounted to NIS 2.9 billion in 2021, compared with a profit of NIS 184 million last year. The total profit in 2021 amounted to NIS 3.2 billion, compared with a total loss of NIS 147 million last year. The net profit attributable to shareholders in the quarter amounted to NIS 2.2 billion, compared with a loss of NIS 29 million last year.
The total profit in the quarter amounted to NIS 2.3 billion, compared with NIS 10 million last year. During the year, the group invested NIS 1.14 billion in real estate for investment, purchase, initiation, construction of new properties and upgrading and improving existing properties. In addition, the group invested NIS 2.4 billion (EV in the amount of NIS 2.8 billion) in the acquisition of Green Mountain, a company active in the field of Data Centers in Norway.
The average occupancy rate (excluding populated properties) in the malls sector was 99%, in the office sector in Israel it was 99%, and in sheltered housing it was 97%. From the opening of the malls on February 21 until the end of 2021, there was a 1.8% increase in the malls' revenues compared to the corresponding period in 2019 (excluding tenants who did not return to full / regular activity due to the restrictions).
The group has cash, deposits and short-term investments amounting to NIS 2.9 billion, including Bank Leumi shares, cash and cash equivalents and marketable securities of NIS 4.2 billion. Net debt amounted to NIS 12.4 billion. Investment and real estate value The investment in construction amounted to NIS 34 billion, an equity-to-balance sheet ratio of about 49%, and a net debt-to-balance sheet ratio of about 29%. The group has unencumbered assets of NIS 29 billion.
Dana Azrieli, Chairman of the Azrieli Group: “2021 was an excellent year for the Azrieli Group, with strong growth, significant development in all core areas and excellent financial results. In addition, during the year we completed a strategic transaction, one of the largest in the group's history, of acquiring Green Mountain, a data center company operating in Norway, in the amount of NIS 2.8 billion.
"In the last decade we have introduced a number of new growth engines in them: the Data Centers, the Sheltered Housing and the Omni Channel, and we continue to lay the groundwork for other new areas such as hotels and long-term rental housing. We will continue to explore new opportunities in our long-term business strategy. Constant investment in maintaining the quality and high value of the group's existing assets portfolio. "
Eyal Hankin, CEO of the Azrieli Group: "2021 was a strong year with double-digit growth in all operational parameters, along with significant investments of over NIS 3.5 billion. The office sector has enjoyed growing demand throughout the year and continued growth in NOI from identical assets, and alongside it trading activity has continued to show a positive trend since reopening at the end of February this year.
"The group continues to develop new growth engines with an emphasis on the Data Centers sector, which continues to grow at a high pace. 24%) was active mainly in North America and Green Mountain (100%) was active in the European market.
"The field of sheltered housing continues to grow and constitute a strong and growing leg of the group. In light of the success of Phase A of the Lehavim Palace project, we advanced the construction of Phase B and initiated development work in the new project in Rishon Lezion." 
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