adminOperator
Good day, and thank you for standing by. Welcome to Azrieli Group’s Third Quarter 2025 Conference Call for Global Investors. [Operator Instructions].
With us today are Ms. Danna Azrieli, Chairwoman and Interim CEO; and Ariel Goldstein, CFO. [Operator Instructions].
This conference call will be accompanied by a slide presentation. It can be found on Azrieli’s site, www.azrieligroup.com on the Investor Relations page and the media room presentations, and the financial reports can be found on the website as well.
I would like to remind everyone that forward-looking statements for the respective company’s business, financial condition and results of its operations are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated.
Please note that today’s conference call is being recorded.
I would now like to hand the conference over to your speaker, Ms. Danna Azrieli, Interim CEO. Please go ahead.
Danna Azrieli
Thank you. Good afternoon, and thank you for joining the Azrieli Group’s earnings call for the third quarter of 2025. I am very happy to be here today leading this call as Chair of the Azrieli Group and Interim CEO.
In the third quarter, we delivered strong results with another record NOI, presenting a double-digit increase of 12% year-over-year, mainly from our data center segment, where our new projects have been completed over the past year, so we are now generating full income. Our mall segment also contributed to our growth. This is driven primarily by a strong performance over the summer.
The FFO has shown relative stability, but you will note a slight
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