Gav-Yam: Annual NOI rises to approximately NIS 759 million
FFO attributable to shareholders totaled NIS 432 million, a 6.1% increase from 2024. Net profit attributable to shareholders rose by approx. 40% year-over-year
Hadas Greenberg February 4, 2026
Gav-Yam released its 2025 financial report this morning (Wednesday), summarizing a year of growth and expansion across all operational parameters. NOI (Net Operating Income) for 2025 totaled approximately NIS 759 million, a 10% increase compared to last year.
In the fourth quarter, this figure reached NIS 199 million, a 12% increase over the corresponding quarter last year. Additionally, Same-Property NOI saw a 5.5% rise year-over-year.
FFO (Funds From Operations) attributable to shareholders totaled NIS 432 million for the year, reflecting a 6.1% increase compared to 2024. In the fourth quarter, FFO stood at approximately NIS 110 million, a 9% increase over the parallel quarter last year. Since the beginning of the year, the share price has surged by approximately 7%, closing yesterday with a 1.83% gain.
According to the company’s guidance, NOI in 2026 is expected to range between NIS 825–845 million, with FFO attributable to shareholders expected between NIS 450–460 million. The company also released projections for 2026–2028 for shareholder-attributed NOI and FFO, normalized based on the fourth quarter of each year. According to these forecasts, NOI is expected to grow by approximately 52% and FFO by 50% over the next three years.
Furthermore, income from the increase in the fair value of investment property totaled NIS 541 million over the past year, stemming primarily from the impact of the Consumer Price Index (CPI) rise and the revaluation of assets under construction.
Net profit attributable to shareholders totaled NIS 670 million at year-end, a roughly 40% increase compared to last year. In the fourth quarter, net profit attributable to shareholders totaled approximately NIS 168 million, a 60% jump compared to Q4 2024.
Additionally, the occupancy rate climbed during the year, standing at 97% compared to 95% at the end of 2024. During the year, Gav-Yam signed 192 lease agreements for existing assets with an average real increase of approximately 4.2%. In the fourth quarter, the company signed 58 lease agreements for existing assets, reflecting an average real increase of about 4%.
During the year, the company completed the construction of three income-generating projects: Buildings #1 and #2 at the Gav-Yam Hebrew Park, Building #5 at Gav-Yam Park Rehovot, and Building #5 at Gav-Yam Park Negev.
Gav-Yam has 6 projects under development in high-demand areas, encompassing a total area of approximately 290,000 sqm (Gav-Yam’s consolidated share), with a total investment of NIS 3.8 billion. These are expected to add approximately NIS 290 million to the company’s annual revenue. Completion is expected between 2026–2027, and about 51% of the above-ground areas in these projects have already been marketed.
Moreover, the company holds income-generating assets totaling approximately 1.3 million sqm, all unencumbered, located in the country’s prime real estate hubs, with an occupancy rate of approximately 97%.
“Gav-Yam concludes a year of growth, presenting strong results and increases across all operational parameters. Despite the complex business environment, characterized by uncertainty throughout the year, we surpassed all the challenging growth targets we set for ourselves at the beginning of 2025, and we are issuing strong forecasts for the next three years, anticipating continued growth of approximately 50% in NOI and FFO,” said company CEO Natalie Mishan-Zakai.