G City Ltd. · TASE:GCT
G City — Gazit-Globe — Q1 2018 Earnings Presentation
20 slides from G City's earnings presentation, May 29, 2018
Slide 1: Q1 2018 Financial Results
GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE Q 1 2018 FINANCIAL RESULTS INTERNACIONAL SHOPPING | S ÃO P AULO S HOPPING L IGHT | S ÃO P AULO G - C ITY | R ISHON L EZION G - TZAMERET | TEL AVIV G | KFAR SABA B RICKELL | M IAMI B RIDGE T OWER | N EW Y ORK
Slide 2: Disclaimer
DISCLAIMER GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE This presentation may include forward - looking statements, including forecasts, evaluations, pro forma figures, estimates and other information relating to future events and issues. Forward - looking statements may relate to, among oth
Slide 3: First Quarter 2018 – Highlights
FIRST QUARTER 2018 – HIGHLIGHTS GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE Strong o perational results, in particular in Brazil and Israel Continued Execution of our strategy to increase our share investments in our private subsidiaries and invest in mixed use retail based assets in major
Slide 4: Ongoing Development of Approx. 149,000 sqm GLA, Expected Delivery 2018-2021
ONGOING DEVELOPMENT OF APPROX. 149,000 SQM GLA EXPECTED DELIVERY 2018 - 2021 GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE Not including development projects in First Capital with a total investment of approx. NIS 2.6 billion, which as of 31 March, 2018 approx. NIS 2.3 billion has been invest
Slide 5: Additional Building Rights in Israel
Additional Building Rights in Israel GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE 80 thousands sqm in planning process in Israel, GLA is expected to increase by 50 % and the NOI by approx. NIS 55 million Project Gazit's Share Location Use Est. GLA (sqm) Est. GLA Gazit's Share (sqm) Est. NO
Slide 6: Additional Building Rights - Gazit Horizons, Brickell Gateway, Miami
Additional Building Rights - Gazit Horizons GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE Brickell Gateway, Miami, FL – In Planning • Gazit Horizons has approx. 35 thousands sqm building rights, out of which 9.3 thousands sqm is expected to be developed in stage one. • Estimated project co
Slide 7: Additional Building Rights – Gazit Brasil
Additional Building Rights – Gazit Brasil GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE Paulista 1267 – In Planning • Additional building rights of approx. 9.7 thousands sqm on avenue Paulista in Sao Paulo. • Gazit Brasil is considering potential to unlock additional building rights through l
Slide 8: Exiting Equity One
Exiting Equity One GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE Our execution actions have generated positive value of $ 165 m, in a declining market environment In January 2016 we announce our strategy to reduce the share of our public holdings Million USD Million USD EQY value before merge
Slide 9: Financial Results Q1 2018
GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE FINANCIAL RESULTS Q 1 2018 G CITY I RISHON LE’TZION 41 WINTER STREET I BOSTON I MA
Slide 10: Same property NOI growth of 3.7%
3.70 % Same property NOI growth of 3.7 % Q1/2017 Q1/2018 477 492 GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE Million NIS US- REG Canada - FCR Northern Europe Central & Eastern Europe Brazil Israel 4.0 % 2.6 % 0.8 % 4.1 % 15.6 % 7.8 % Same property NOI growth of 15.6 % in Brazil and 7.8 % i
Slide 11: Geographic Spread: Increase in Occupancy Rate
Geographic Spread Total GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE INCREASE IN OCCUPANCY RATE OF 1.2 % TO 94.9 % 96.1 % Regency - US Canada Northern Europe CEE Brazil Israel 95.3 % 94.5 % 96.0 % 95.4 % 91.9 % 95.7 % 95.1 % 96.2 % 96.1 % 96.9 % 95.9 % 98.6 % 31/03/2017 31/03/2018
Slide 12: Economic FFO
Economic FFO is presented based on management approach and EPRA, and includes Gazit’s proportionate share in Regency’s FFO . GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE Q1/2017 Q4/2017 Q1/2018 0.89 0.84 0.87 Economic FFO per share increased by 3.7 % from last quarter and decreased
Slide 13: Economic FFO Decreased from Selling Shares of REG and FCR
0.60 0.70 0.80 0.90 1.00 1.10 1.20 FFO Gazit Brasil FFO Public Investments FFO Gazit Israel Investing in CTY G&A Fx- changes FFO Horizons Financing, Tax and others Selling REG and FCR shares 0.89 0.87 0.05 0.02 0.01 0.01 0.01 0.01 0.03 0.03 0.07 ( 1 ) ( 1 ) Economic FFO is presented based on mana
Slide 14: Other P&L Highlights
( 1 ) OTHER P&L HIGHLIGHTS (in NIS millions except per share data) (Unaudited) 3 Months ended March 31 change Property rental income Consolidated cash flow from operating activities - Loss attributable to equity holders of the company - Lo
Slide 15: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS 31/12/2017 31/3/2018 51.4 50.2 12/31/2017 3/31/2018 53.4 % 53.9 % LTV ( expanded solo) increased by 0.5 % Equity decreased by NIS 221 million 31/12/2017 31/3/2018 9,936 9,715 Equity per share decreased by NIS 1.2 per share GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTAT
Slide 16: Changes in Shareholders' Equity
40.00 43.00 46.00 49.00 52.00 55.00 Equity per share as of 31/12/2017 FFO Gain of Financial Derivatives Position Adjustments of currency translations Fair value gain from investment property Change in Regency Value net of Tax Dividend Paid Other Equity per share as of 31.3.2018 51.40 50.22 0.87 0
Slide 17: Financial Strength
FINANCIAL STRENGTH MORUMBI | S ÃO P AULO KOKHAV HATZAFON | T EL A VIV GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE BRIDGE TOWER I NEW YORK I NY
Slide 18: Well Staggered Debt Maturity Schedule - Expanded Solo
(*) Repayments in 2019 include Series 10 principal of NIS 75 m with coupon of 6.5 % which is secured by part of G City in Rishon Lezion , Israel. WELL STAGGERED DEBT MATURITY SCHEDULE - EXPANDED SOLO AS OF / / 1,282 1,506 1,175 1,036 954 1,088 1,197 745 1,029 1,460 11.2 % 13
Slide 19: Liquidity and Financial Strength
5.8 3.7 (1) Cash, short term securities and unutilized credit facilities. Not including liquidity in FCR amounting to NIS 1.3 B LIQUIDITY AND FINANCIAL STRENGTH The company and its private subsidiaries Consolidated subsidiaries Liquidity NIS billions GREAT THINGS HAPPEN WHEN YOU OWN GREAT
Slide 20: Thank You for Your Time. Contact Information
Internacional Shopping Plano de Expansão T OP C ENTER | S ÃO P AULO T OP C ENTER | S ÃO P AULO ʭʧʺʮ G ʺʸʮʶ ʡʩʡʠʬʺ ʭʧʺʮ G ʠʡʱʸʴʫ C IDADE J ARDIM | S ÃO P AULO G - C ITY | R ISHON L EZION Adi Jemini EVP & CFO GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE THANK YOU F