Rent relief hits profits at Israeli shopping mall operator Azrieli | Reuters
Azrieli Group, one of Israel’s largest shopping mall operators, on Wednesday reported lower third-quarter profits, citing rent relief given to its retail tenants due to the coronavirus outbreak.
Azrieli said it earned 192 million shekels ($58 million) in the third quarter, down from 289 million shekels a year earlier. It said profit was also impacted by higher financing expenses.
The company said that excluding the lockdown periods in March, April, May and September aimed at containing the COVID-19 virus, store revenue between January and Sept 18 was up 1.2% over the same period last year.
The company invested 307 million shekels in the quarter in investment properties, both to develop and construct new properties and to upgrade existing ones.
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