G City Ltd. · TASE:GCT
G City — Gazit-Globe — Investor Presentation (March 2019)
19 slides from G City's investor presentation, March 2019
Slide 1: Investor Presentation March 2019
GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE INVESTOR PRESENTATION MARCH 2019 RISHON LEZION | G – CITY MANHATTAN | NEW YORK G | KFAR SABA INTERNACIONAL SHOPPING I SÃO PAULO TEL AVIV | G - TZAMERET SÃO PAULO | SHOPPING LIGHT BRICKELL GATEWAY I MIAMI I FL CEASAR'S BAY I BROOKLYN I NEW YORK 1
Slide 2: Disclaimer
DISCLAIMER 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 other things, revenues, earnings, cash flows, capital expend
Slide 3: About Us: Gazit-Globe
ABOUT US GAZITGLOBE GLOBAL REAL ESTATE COMPANY FOCUSED ON THE OWNERSHIP, MANAGEMENT, AND DEVELOPMENT OF HIGH-QUALITY, IRREPLACEABLE, NECESSITY DRIVEN GLOBAL PRESENCE (1) RETAIL AND MIXED USE PROPERTIES IN MAJOR URBAN MARKETS 101 PROPERTIES 2.5 MILLION SQM of GLA (26.9 million Sqf.)(2) WITH A TOTAL O
Slide 4: Our Investments
ABOUT US GAZITGLOBE OUR INVESTMENTS PRIVATE INVESTMENTS MID STAGE PUBLIC INVESTMENTS MATURE INVESTMENTS GROWING THE “PRIVATE COLLECTION” CREATE ADDITIONAL VALUE “INSTITUTIONAL GRADE” USD 1.3b USD 1.2b (NIS 4.8b) USD 860m USD 1.2b (NIS 4.5b) Investment USD 670m (NIS 3.3b) (NIS 4.3b) Investment USD 32
Slide 5: Stable, Diversified and High-Quality Cash Flow in Attractive Yields
GAZITGLOBE STABLE, DIVERSIFIED AND HIGH-QUALITY CASH FLOW IN ATTRACTIVE YIELDS FFO (2018 FFO Outlook) $192 MILLION Represents FFO yield of 13.1% (1), a FFO multiple of 7x Dividend of approx. 290 Million NIS annually, a yield of 5.5% (1) OPERATING CF $130 MILLION (2) Represents cash yield of 8.9%(1)
Slide 6: Stable, Diversified, and High-Quality Fundamentals
GAZITGLOBE STABLE, DIVERSIFIED, AND HIGH - QUALITY FUNDAMENTALS OCCUPANCY SAME PROPERTY NOI GROWTH TOTAL TOTAL 96.1% 96.5% 3.4% 95.5% 2.1% 2.3% 2016 YE 2017 YE 2018 3Q 2016 YE* 2017 YE 2018 9M YTD ** * Including Russia Same property NOI growth in 2016 increased by 1.2% compared to 2015 ** 2018 YTD i
Slide 7: Focus on Major Cities in Densely Populated Areas
STRATEGY GAZITGLOBE Focus on major cities in densely populated areas 75% OF GAZIT'S ASSETS* ARE LOCATED IN 14 METROPOLITAN AREAS STOCKHOLM STOCKHOLM TAMPERE HELSKINI 30% OSLO HELSKINI TALLIN OSLO COPENHAGEN COPENHAGEN WARSAW PRAGUE WROCLAW TALLIN 26 ASSETS BOSTON TAMPERE NEW YORK TEL AVIV CENTRAL EU
Slide 8: Increasing Our Private Investment: Business Plan in Progress
GAZITGLOBE BUSINESS PLAN IN PROGRESS INCREASING 80% 66% 56% PRIVATE OUR PRIVATE 34% 44% SHARE #451 20% >60% INVESTMENT SHARE 2015 2018 (September 30) Pro Forma* – MID TERM # 101 80% / 20% 62% / 38% Excluding FCR TARGET 40% / 60% FOCUS ON 451 382 LARGER 24.5K NIS DOMINANT 101 15K 168 NIS ASSETS # OF
Slide 9: Increasing FFO per Share and NAV per Share While Reducing Leverage
GAZITGLOBE BUSINESS PLAN IN PROGRESS INCREASING FFO PER SHARE INCREASING NAV PER SHARE 3.58 3.60 51.37 3.53 49.20 3.30 3.02 2.82 2.86 41.73 2.42 38.44 2015 2016 2017 2018 Outlook 2015 2016 2017 September 30, 2018* FFO Per Share Excluding Regency (NIS) FFO Per Share (NIS) NAV Per Share (NIS) * NAV Pr
Slide 10: The Private Collection Business Strategy
ABOUT US GAZITGLOBE THE “PRIVATE COLLECTION” BUSINESS STRATEGY Create value in our privately owned urban, Long-term oriented investor in income Identifying assets with opportunities for cash flow growth irreplaceable, necessity driven retail and mixed producing assets in dense urban locations with a
Slide 11: Case Study: Value Creation Ceasar's Bay
NORTH AMERICA NORTH AMERICA GAZITHORIZONS CASE STUDY – VALUE CREATION CEASAR’S BAY CEASAR’S BAY I BROOKLYN, NY Ceasar’s Bay Bazaar is a community shopping center located along ACQUIRED IN the waterfront in the dense Brooklyn neighborhood of Sheepshead Bay. Easily accessible from Brooklyn’s Belt Park
Slide 12: Gazit Horizons Recent Acquisitions
NORTH AMERICA NORTH AMERICA GAZITHORIZONS RECENT ACQUISITIONS LATEST ACQUISITION OF GAZIT HORIZONS 341 NEWBURY STREET I BOSTON, MA RECENT ACQUISITION OF GAZIT HORIZONS THE EDGE I NEW YORK * * * * In January 2019, Gazit Horizons acquired 341 Newbury Street in Boston’s Back Bay neighborhood In July 20
Slide 13: Case Study: São Paulo Top Center
SÃO PAULO SÃO PAULO GAZITBRASIL CASE STUDY VALUE CREATION THROUGH PROACTIVE MANAGEMENT SÃO PAULO I TOP CENTER I BRAZIL • Occupancy 100% • Yield on Cost(1) from 6.5% (2014) to 9.0% (2018) • NOI Growth of approximately 70% in five years (1) Shopping center only, excludes the office tower. 2018 NOI is
Slide 14: Case Study: G City, Israel
ISRAEL ISRAEL GAZITISRAEL CASE STUDY CREATING VALUE THROUGH DEVELOPMENT AND PROACTIVE MANAGEMENT G CITY I RISHON LE’TZIYON I ISRAEL • G City is privately-held, unique and dominant shopping center spanning ~1 km of frontage with 80,600 AFTER AT ACQUISITION GROWTH EXPANSION sqm of land (-19.7 acres) o
Slide 15: Completed and Ongoing Development
GAZITGLOBE COMPLETED AND ONGOING DEVELOPMENT DEVELOPMENT PIPELINE – PRIVATE SUBSIDIARIES MAIS, SAO PAULO, EXPANSION G CITY (DEVELOPMENT EXPANSION) G KOCHAV HAZAFON, DEVELOPMENT COMPLETED 2019 2020 GLA 8,750 SQM GLA 13,265 SQM GLA 2,200 SQM TOTAL INVESTMENT NIS 60 MILLION TOTAL INVESTMENT NIS 158 MIL
Slide 16: Mid Stage Investments: Citycon & Atrium
MID STAGE INVESTMENTS GAZITGLOBE CITYCON & ATRIUM • Focus on high density urban markets • Recycling capital and enhancing portfolio quality through divestment of non-core assets, selective acquisitions and investment in major redevelopment/expansions 153 2014 Dec-18 2014 Dec-18 119 86 60 56 43 34 29
Slide 17: Iso Omena Case Study
MID STAGE INVESTMENTS GAZITGLOBE ISO OMENA – CASE STUDY • Completed the expansion of Iso Omena, in Helsinki, Finland - Expansion of 37,700 Sqm to 101,000 Sqm, € 270 million investment • Metro line opened in November 2017 • ~20 million visitors • 37% of all visitors walk through M.E.E.T. • 16% of all
Slide 18: Warsaw Junior Acquisition by Atrium
MID STAGE INVESTMENTS GAZITGLOBE WARS SAWA JUNIOR I WARSAW I POLAND • In October, Atrium completed the acquisition of Wars Sawa Junior, a prime central Warsaw retail asset located in the most prominent high street retail area, for EUR 301.5m • 26,000 sqm high quality modern retail GLA, with over 60m
Slide 19: Contact Information
G - TZAMERET | TEL AVIV I ISRAEL CONTACT INFORMATION GREAT THINGS HAPPEN WHEN YOU OWN GREAT REAL ESTATE THANK YOU FOR YOUR TIME. Adi Jemini Doron Lavi Segelson EVP & CFO HEAD OF INVESTOR RELATIONS +972.3.6948000 dlavi@gazitgroup.com +972.3.6948037 19