Azrieli Group Ltd. Announces Second Quarter Results for 2012

Azrieli Group Ltd. Announces Second Quarter Results for 2012 PR Newswire TEL AVIV, Israel, August 23, 2012 TEL AVIV, Israel, August 23, 2012 /PRNewswire/ -- Reports a 13% increase in NOI, totaling NIS 269 million in Q2/2012, and a 10% increase in FFO from real estate activity, totaling NIS 185 million, compared with second quarter 2011 Azrieli Group Ltd. (TASE: AZRG IT) reported today its results for the quarter ending June 30, 2012. Second Quarter Financial Highlights NOI for the first quarter increased by 13%, totaling NIS 269 million, compared with NIS 239 million in the same quarter in 2011. The increase is due to an internal rise in rent (same-property NOI), the acquisition of the assets in Houston, Texas, and the opening of the new malls in Akko and Kiryat Ata. Increased same-property net operating income (NOI) of 5.4% over the second quarter of 2011: 3.8% increases in the commercial segment in Israel, an increase of 4.5% in the offices and others segment in Israel, and an increase of 30.8% in the assets in the US segment. [1]Funds from Operations (FFO) from real estate activity (relating to the Group's income-producing real estate business only) totaled NIS 180 million in Q2/2012, compared with NIS 157 million in the same quarter in 2011 - representing an increase of 15%. The increase is attributed to an improvement in cash flow from real estate, and to acquisitions and completion of new assets.