Airport City 2025: Value Jumped, but Core NOI Was Still Flat
Airport City ends 2025 with a balance sheet that supports aggressive capital allocation, but recurring NOI still does not on its own justify the jump in reported profit.
March 25, 2026
Airport City
Income-producing real estate & operates an industrial park.
Sector: Investment-Properties In IsraelMarket cap: NIS 6.2B
All analyses
Analyses on Airport City (1)
Follow-up dives
Follow-up dives on Airport City (2)
Follow-up
Airport City Follow-Up: How Much of 2025 Profit Came From NOI and How Much Came From Revaluation
Airport City's 2025 profit headline looks strong, but most of the improvement versus 2024 came from a sharp reversal in the revaluation line. The operating business is better read through quarterly NOI and FFO/AFFO than through net profit alone.
March 25, 2026
Follow-up
Airport City Follow-Up: The ILS 400 Million Buyback Against the Near-Term Debt Stack
Airport City's expansion of the buyback plan to ILS 400 million is not built on simple excess cash. It reflects management's confidence that short-term debt can be rolled, unencumbered assets provide room, and cash generation can keep supporting distributions at the same time.
March 25, 2026
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