Income-producing real estate in israel & europe.
Dorsel exits 2025 as a stronger income-producing real estate company with better balance-sheet flexibility and better operating momentum, but anyone focusing only on net profit misses that a large part of the jump comes from revaluation gains and associates while the adjusted FF…
At Dorsel, the 95% occupancy figure is real, but it masks a split portfolio: well-let anchor assets on one side and materially weaker office pockets on the other, while the five largest tenants already account for 43% of revenue.
Dorsel's 2025 earnings quality looks much stronger at the asset and equity level than at the recurring-cash level: the truly recurring layer appears to sit around NIS 40 million to NIS 43 million, while the NIS 105.8 million net profit relied materially on direct and indirect re…
Dorsel enters 2026 with real balance-sheet room for dividends and buybacks, but the true ceiling on capital return is driven less by legal distributable profit and more by refinancing capacity, the maturity ladder, and lease obligations.
