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Azrieli's Q2 FFO rises 5% YOY

Israel-based real estate company Azrieli Group's funds from operations from real estate activity in the second quarter grew 5% to 271 million shekels from 258 million shekels in the year-earlier period.

FFO from real estate activity, excluding senior housing, for the three-month period amounted to 268 million shekels, a gain of 10.3% from 243 million shekels in the prior-year period.

Net operating income came to 380 million shekels, 11% more than 343 million shekels in the prior-year period, while the group's adjusted net profit reached 214 million shekels, up roughly 4% from 205 million shekels in the second quarter of 2017.

Net asset value, as defined by the European Public Real Estate Association, was 160 shekels per share as of June-end, versus 153 shekels per share a year ago.

Since January, the company has invested over 1.3 billion shekels in development, acquisition and improvement of properties. Azreli's net debt stood at 8.60 billion shekels at the end of the second quarter.

As of Aug. 14, US$1 was equivalent to 3.69 Israeli shekels.