Slide 1: 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 2: Roni Soffer, President
Roni Soffer President 3
Slide 3: 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 71.9 billion in assets under management, over 600 properties Approximately NIS 6.7 billion in annual rent, approximately NIS 18 million per day 6.7 million sq
Slide 4: Financial Highlights
Three months ended March 31 Three months ended March 31 Three months ended March 31 % change 2011 2012 (NIS millions) 11% 1,268 1,411 Property rental income 13% 828 935 NOI 42% 89 126 FFO 33% 0.57 0.76 FFO per diluted share (NIS) 154.7 165.1 Number of shares fully diluted (millions) - *(14) 260 Net
Slide 5: Organic Growth - Global Diversification
(1) Excluding foreign exchange fluctuation 6 Strong tenants mix - Supermarkets, Necessity-Driven Retailers and Other High Quality Tenants Q1/2012 Same Property NOI Growth(1) Resilient Assets with Stable Occupancy (1) Excluding foreign exchange fluctuation Organic Growth - Global Diversification 6
Slide 6: External Growth - Investment Activity, NIS 1.15 billion
Q1/2012 External Growth - Investment Activity, NIS 1.15 billion (NIS million) Total Investments (NIS million) Q1/2012 New properties acquisition 721 Development & redevelopment 429 Total 1,150 Dispositions and recycle of capital 383 7
Slide 7: Consistent Growth in Value Per Share
Consistent Growth in Value Per Share EPRA NAV (*) and Equity Per Share 8 (*) The EPRA NAV in 2010 and 2011 was calculated based on EPRA's new guidelines published in October 2010 Numbers for 2011 and 2010 were retroactively adjusted due to amendment to IAS 12 From 2008 to Q1/2012 the dividends paid
Slide 8: Gazit America Proposal
Gazit America Proposal Before After A win-win for all parties involved GAA's shareholders will realize a significant premium on their common shares FCR will acquire a quality portfolio of medial and retail assets at a fair price that will complement their current portfolio and enhance its strategic
Slide 9: Gadi Cunia, Senior Executive VP & Chief Financial Officer
Gadi Cunia Senior Executive VP & Chief Financial Officer 10
Slide 10: NOI Diversification Across Leading Economies
NOI Diversification Across Leading Economies Based on proportional consolidated NOI for the three months ended March 31, 2012 NOI Diversification (1) 12
Slide 11: Foreign Exchange Adjustments
Foreign Exchange Adjustments % change excluding FX fluctuation 3 months ended March 31 3 months ended March 31 % change excluding FX fluctuation 2011 2012 % change excluding FX fluctuation (NIS million ) (NIS million ) 8.4% 1,268 1,375 Property rental income 10.1% 828 912 NOI 16.1% 446 518 Proportio
Slide 12: Q1/2012 Fair Value of Investment Property
Change in fair value pre-tax Consolidated (NIS million) Change in fair value pre-tax Consolidated (NIS million) Q1/2011 Q1/2012 84 297 (10) (6) (9) (2) (15) 37 19 (5) 69 321 14 Q1/2012 Fair Value of Investment Property
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights As of March 31 As of March 31 2011 2012 (in NIS million except per share data) 56,673 66,798 Total Assets 51,824 60,243 Investment Properties and fixed assets 35,309 39,596 Interest Bearing Liabilities * 16,497 19,921 Total Equity * 6,123 7,396 Shareholder's Equity * 39.7 44
Slide 14: Currency Diversification Lowers FX Risk
Currency Diversification Lowers FX Risk Assets Currency Matching Policy 16 Shareholders' Equity
Slide 15: Liquidity and Financial Strength
The Group has liquid assets available and undrawn lines of credit in the amount of NIS 8.2 billion (of which approximately NIS 1.9 billion is on the Company level) As of March 31 2012, net debt to total assets (LTV) was 58.0%, as compared to 61.2% as of March 31, 2011 During the quarter, the Group r
Slide 16: Consistent & Growing Dividends for Over a Decade
Dividend Per Share (NIS) CAGR 11.5% Consistent & Growing Dividends for Over a Decade 18 A quarterly dividend of NIS 0.40 per share will be paid on July 3, 2012. The dividend policy for 2012 is a minimum quarterly dividend payment of NIS 0.40 per share (NIS 1.60 per share annualized)
Slide 17: Good Things Happen When You Own Good Real Estate
Good Things Happen When You Own Good Real Estate