G City Ltd. · TASE:GCT
G City — Gazit-Globe — Q3 2012 Earnings Presentation
18 slides from G City's earnings presentation, Nov 28, 2012
Slide 1: Gazit-Globe Conference Call Presentation Q3 2012 Financial Results
November 27, 2012 | Gazit-Globe Conference Call Presentation | Q3 2012 Financial Results A GLOBAL REAL ESTATE PLATFORM LOCATION LOCATION LOCATION
Slide 2: Disclaimer
Disclaimer 2 This presentation may include forward-looking statements, including forecasts, evaluations, estimates and other information relating to future events and issues. Forward-looking statements may relate to, among other things, revenues, earnings, cash flows, capital expenditures and other
Slide 3: Roni Soffer, President
Roni Soffer President 3 LOCATION LOCATION LOCATION
Slide 4: A Global Real Estate Platform
Listed on the Tel-Aviv Stock Exchange (TASE: GLOB) & New York Stock Exchange (NYSE: GZT) Focused on supermarket-anchored shopping centers NIS 77.4 billion ($US 20 billion) in assets under management, over 600 properties Approximately NIS 6.9 billion ($US 1.76 billion) in annual rent, more than NIS 1
Slide 5: Financial Highlights
3 months ended September 30 3 months ended September 30 3 months ended September 30 % change (2011 (* 2012 (NIS millions) 14% 1,181 1,352 Property rental income 14% 811 928 NOI 29% 110 142 FFO 21% 0.71 0.86 FFO per share (NIS) - 154.7 165.0 Number of shares (millions) - 183 187 Net income attributab
Slide 6: Strong Growth in Operational Parameters; Increase in FFO and FFO Per Share
+14% +14% 6 +21% +29% ^^^^^ ^^^^^^ ^^^^^^^ (FFO) ^^^^^^^ ^^^^^^^ ^^^^^ ^^^^^ ^^^^ ^^^^^^^^ ^^^^^^^^^ (*) LOCATION LOCATION LOCATION Strong Growth in Operational Parameters (*) Increase in FFO and FFO Per Share Consistent Growth NOI (NIS millions) Rental Revenues (NIS millions) FFO (NIS millions) FFO
Slide 7: Resilient Assets with Stable Occupancy; Organic Growth
(*) Excluding foreign exchange fluctuation 7 Strong tenants mix - Supermarkets, Necessity-Driven Retailers and Other High Quality Tenants 1-9/2012 Same Property NOI Growth(*) Resilient Assets with Stable Occupancy Organic Growth - Global Diversification 7 LOCATION LOCATION LOCATION
Slide 8: External Growth - Investment Activity, NIS 4.35 billion
7-9/2012 External Growth - Investment Activity, NIS 4.35 billion (NIS million) Total Investments Total Investments (NIS million) 7-9/2012 1-9/2012 New properties acquisition 1,202 3,063 Development & redevelopment 301 1,291 Total 1,503 4,354 Dispositions and recycle of capital 476 1,413 8 LOCATION L
Slide 9: Consistent & Growing Dividends for Over a Decade
Dividend Per Share (NIS) CAGR 11.2% Consistent & Growing Dividends for Over a Decade 9 The dividend policy for 2013 is a minimum quarterly dividend payment of NIS 0.43 per share (NIS 1.72 per share annualized) LOCATION LOCATION LOCATION
Slide 10: Gil Kotler, Senior Executive VP & Chief Financial Officer
Gil Kotler Senior Executive VP & Chief Financial Officer 10 LOCATION LOCATION LOCATION
Slide 11: Financial Results for Q3
3 months ended September 30 3 months ended September 30 3 months ended September 30 % change 2011 (*) 2012 (in NIS million except per share data) 14% 1,181 1,352 Property rental income 14% 811 928 NOI - 68.7% 68.6% NOI margin 29% 110 142 FFO 21% 0.71 0.86 FFO per share (NIS) - 602 568 Cash flow from
Slide 12: Financial Results for the 9-Month Period
9 months ended September 30 9 months ended September 30 9 months ended September 30 % change 2011 * 2012 (in NIS million except per share data) 12% 3,470 3,879 Property rental income 12% 2,345 2,633 NOI - 67.6% 67.9% NOI margin 34% 294 395 FFO 26% 1.90 2.40 FFO per share (NIS) - 892 963 Cash flow fr
Slide 13: Foreign Exchange Adjustments
Foreign Exchange Adjustments % change excluding FX fluctuation 3 months ended September 30 3 months ended September 30 % change excluding FX fluctuation 2011 (*) 2012 % change excluding FX fluctuation (NIS million ) (NIS million ) 7% 1,181 1,258 Property rental income 6% 811 863 NOI 7% 482 516 Propo
Slide 14: Fair Value of Investment Property
Change in fair value pre-tax Consolidated (NIS million) Change in fair value pre-tax Consolidated (NIS million) Q3/2011 (*) Q3/2012 262 295 (39) 88 1 (1) (68) 46 57 13 213 441 115 (40) 14 Q3/2012 Fair Value of Investment Property LOCATION LOCATION LOCATION (*) Retroactively adjusted due to the imple
Slide 15: Balance Sheet Highlights
Balance Sheet Highlights As of September 30 As of September 30 2011 (*) 2012 (in NIS million except per share data) 61,699 71,927 Total Assets 51,807 60,865 Investment Properties & development 37,535 40,862 Interest Bearing Liabilities 18,293 23,513 Total Equity 6,642 8,321 Shareholder's Equity 43.0
Slide 16: Consistent Growth in NAV Per Share
Consistent Growth in NAV Per Share EPRA NAV (*) and Equity Per Share 16 From 2010 to Q3/2012 the dividends paid by the Company totaled NIS 650 million, NIS 4.2 per share EPRA NAV Per Share CAGR +28 % Equity Per Share CAGR +16% LOCATION LOCATION LOCATION (*) Retroactively adjusted due to the implemen
Slide 17: Liquidity and Financing Activity
The Group has liquid assets available and undrawn lines of credit in the amount of NIS 8.3 billion (of which approximately NIS 2.4 billion is on the Company level) As of September 30, 2012, net debt to total assets (LTV) was 55.6%, as compared to 60.0% as of September 30, 2011 and 58.0% as of Decemb
Slide 18: Good Things Happen When You Own Good Real Estate
Good Things Happen When You Own Good Real Estate