The company reported a real increase of 6.4% in rental fees collected in contracts renewed over the first nine months of 2020. In the first three quarters of the year, considered especially challenging in light of the Corona crisis, Gav Yam signed 110 new rental agreements in existing properties covering 90,000m², yielding the company 67M NIS a year in rental fees. The FFO related to Gav Yam shareholders declined by 3.3% compared to the respective quarter last year, totaling 59M NIS.

Net operating income (Sample Property NOI) for identical assets increased by 2.4% in Q3 compared to the respective period last year, totaling 128M NIS, despite the fact that the “second wave” had already begun in this period.

Gav Yam CEO, Avi Jacobovitz, told Calcalist upon statement publication that “Corona has not passed anyone by, it impacts everyone. At Gav Yam, without knowing that Corona was coming, we were prepared”. He further stated that “There are projects where we feel the momentum, like Mata Haifa or Ra’anana. We want to move up the timetables. Gaining 18 months in planning a large project means time and eventually means money. We are currently focusing on logistics, turning over every stone nationwide for this purpose”.

Gav Yam’s spokesperson commented: We cannot provide further information beyond the notice to the stock market”.