REIT-Real estate investment trust.
Sela ends 2025 with a stable portfolio and a strong balance sheet, but 2026 becomes a capital-allocation quality test: NOI should keep rising, yet the key question is whether the Kfar Saba acquisition leaves enough spread to protect FFO per share.
Sela's 2.03% debt-cost headline is accurate as a historical description of the existing book, but it does not fully describe the forward economic funding cost. Most of the debt sits in CPI-linked bonds, and the newest series is already priced above the legacy book, so the spread…
Sela looks like a diversified REIT, but its economics still lean on offices. At the end of 2025 offices generated 55% of portfolio value and 52% of NOI at only 87% occupancy, and the 2027 upside management highlights is concentrated mainly in Beit Mani and Migdal Moshe Aviv.
The Kfar Saba acquisition looks acceptable at the asset level, but once ILS 42 million of purchase tax and deal costs, current 93% occupancy, marginal funding cost, and the already-expanded 2025 share base are included, the spread left for shareholders becomes much tighter, whic…
