Amot Investments Posts Stable Q3 Results, Adjusts FFO Guidance
Amot Investments reported stable third-quarter results with net profit up 8% to 110 million NIS, while adjusting its full-year FFO forecast due to lower inflation expectations.
Amot Investments has released its financial results for the third quarter, reporting stable top-line and bottom-line figures compared to the same period last year, alongside a downward revision of its full-year FFO forecast. Net NOI for the third quarter rose by approximately 1% year-over-year to 268 million NIS, while FFO according to management approach remained stable at around 207 million NIS. Meanwhile, net profit for the quarter advanced by about 8% to reach roughly 110 million NIS.
The company adjusted its FFO guidance for the year, citing lower projected annual inflation than initially anticipated. Management now expects full-year NOI to range between 1,070 and 1,080 million NIS, while FFO is projected to land between 780 and 790 million NIS, slightly below the previous forecast of 790 to 800 million NIS. Amot anticipates annual inflation to reach approximately 1.7%, down from the original 2% projection, which impacts current tax expenses.
Additional figures from the report indicate that the total value of investment property, both income-producing and under construction, stands at approximately 22.2 billion NIS. The occupancy rate remains steady at roughly 92.7%, excluding assets held for sale and including spaces with signed contracts. Shareholders equity reached 9.96 billion NIS, translating to 20.16 NIS per share, up from 9.85 billion NIS at the close of the previous year.
Amot CEO Shimon Abuhdereh noted that the strong performance is driven by robust demand for premium office spaces, particularly in central Tel Aviv, and significant leasing momentum at the ToHa2 tower project. Leasing and advanced negotiations at ToHa2 currently cover about 75% of the tower's space, outpacing original schedules by roughly a year. The company also announced a fourth-quarter dividend distribution of 27 agorot per share, totaling approximately 133 million NIS.
