Azrieli, IL0011194789

Azrieli cancels 292 apartments: what it means for Azrieli stock

Published on 10/14/2026 at 15:10 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Azrieli converted 292 planned apartments into offices on October 13, 2026. Azrieli stock faces Q2 net income of ILS 155 million.

Portfolio shifts toward offices

Azrieli planned 292 residential units in the Spiral Tower before switching the space to offices on October 13, 2026.
Second-quarter net income was ILS 155.0 million versus ILS 540.0 million in the first quarter of 2026.
Azrieli stock was trading at ILA 35,720 on October 14, 2026 at 2:53 p.m. CEST.

Azrieli, IL0011194789, Illustration mit AI erstellt.

Azrieli (ISIN IL0011194789) is converting 292 planned apartments in its Spiral Tower project into office space, according to Globes on October 13, 2026. The change gives Azrieli stock a concrete development focus while the group manages weaker recent net income.

Why the project changed

Globes reported that the original plan for the 91-story tower included 292 residential units, 67,000 square meters of employment space and 15,000 square meters of retail space. The residential component was later reduced to 171 units and then removed, leaving offices as the intended use of the apartments' planned area.

The decision shifts the project toward a large commercial footprint in central Tel Aviv. For investors, that changes the key question from residential demand to office leasing, tenant quality and the pace at which the tower can absorb large corporate occupiers.

Results show a mixed picture

Azrieli's second-quarter 2026 revenue was ILS 1.15 billion and net income was ILS 155.0 million, while first-quarter revenue was ILS 1.12 billion and net income was ILS 540.0 million, according to Investing.com in its results summary updated October 14, 2026. Revenue therefore increased by ILS 37.0 million quarter over quarter, while net income decreased by ILS 385.0 million.

The latest figures make the property mix especially relevant. A higher office allocation could expand recurring leasing capacity, but it also leaves execution dependent on demand for large office blocks rather than apartment sales.

Three dated developments

On March 31, 2026, Azrieli reported first-quarter revenue of ILS 1.12 billion and net income of ILS 540.0 million. On August 18, 2026, the group reported second-quarter revenue of ILS 1.14 billion and net income of ILS 155.0 million, according to Investing.com. On October 13, 2026, the Spiral Tower plan shifted from 292 apartments to offices, as Globes reported.

Upcoming reporting date

The next earnings report is listed for November 25, 2026, by TradingView. That date will give investors a new reference point for office demand, project progress and the earnings effect of the group's development pipeline.

Stock quote in Israeli agorot

Azrieli Group Ltd. trades on the Tel Aviv Stock Exchange under ticker AZRG, according to Global Banking and Finance Review. The stock was trading at ILA 35,720 on October 14, 2026 at 2:53 p.m. CEST. Its market capitalization was ILA 44.5 billion, while the 52-week range was ILA 31,190 to ILA 51,310.

Market context: Market report TA-35.