G City Ltd. · TASE:GCT
G City — Gazit-Globe — Q1 2013 Earnings Presentation
20 slides from G City's earnings presentation, May 28, 2013
Slide 1: Gazit-Globe Conference Call Presentation Q1 2013 Financial Results
A GLOBAL REAL ESTATE PLATFORM LOCATION LOCATION LOCATION Gazit-Globe - Conference Call Presentation Q1 2013 Financial Results May 28, 2013
Slide 2: Disclaimer
LOCATION Disclaimer LOCATION 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 expendi
Slide 3: Roni Soffer, President
LOCATION LOCATION Roni Soffer President
Slide 4: Global Presence
LOCATION Global Presence LOCATION i onton nn Stockh Vancouver ntreal Calg scow Toro ston Frank w San Francisco Los Angeles York A viv i Sao Paulo Listed on the Tel-Aviv Stock Exchange (TASE: GZT) & New York Stock Exchange (NYSE: GZT) Focused on supermarket-anchored shopping centers NIS 76.4 billion
Slide 5: Strong Growth in Operational Parameters
Rental s) +6% +5% Strong 340 Growth in 1,259 Operational 883 Parameters 840 Q1 2012 Q1 2013 Q1 2012 Q1 2013 FFO Per Share (NIS) FFO (NIS millions) +18% +19% 0.90 150 Growth in FFO and FFO 0.76 126 Per Share Q1 2012 Q1 2013 Q1 2012 Q1 2013
Slide 6: Organic Growth
LOCATION Organic Growth LOCATION Q1/2013 Same Property NOI Growth (*) Regional Breakdown 3.1% 3.7% Strong 2.7% tenants mix upermarkets 1.2% nd necessity-driven retailers North Europe Israel Total America upancy Q1/2012 Q1/2013 94.3% 94.7 Regional Occupancy Breakdown 98.1% 98.6% 96.3% 96.1% 93.4% 93.
Slide 7: External Growth - Investment Activity
External Growth - Investment Activity, LOCATION LOCATION NIS 629 million Total Investments NIS million 1-3/2013 % New properties acquisition 264 42% Development & redevelopment 365 58% Total 629 100% Dispositions and recycle of capital (611) 1-3/2013 - Investment Canada 13% Europe 2% 9% USA Israel 1
Slide 8: Urbanization, Quality, Growth
Urbanization, Quality, Growth LOCATION LOCATION Plaza New Westminster, Greater Vancouver Area, Canada
Slide 9: Urbanization, Quality, Growth
Urbanization, Quality, Growth LOCATION LOCATION Serramonte Shopping Center, San Francisco, USA
Slide 10: Gil Kotler, Chief Financial Officer
LOCATION LOCATION Gil Kotler Senior Executive VP & Chief Financial Officer
Slide 11: Financial Results for Q1 2013
LOCATION Financial Results for Q1 2013 LOCATION 3 months ended March 31st (in NIS million except per share data) 2013 2012 (*) Change % Property rental income 1,340 1,259 6% NOI 883 840 5% NOI margin 65.9% 66.8% - FFO 150 126 19% FFO per share (NIS) 0.90 0.76 18% Cash flow from operating activities
Slide 12: Foreign Exchange Adjustments
Foreign Exchange Adjustments LOCATION Operational figures based on the average exchange rates in 2012 3 months ended March 31st % change excl. FX (NIS million) 2013 2012 (*) fluctuation Property rental income 1,364 1,259 8% NOI 899 840 7% Proportionate consolidated NOI 535 528 1% Assets Shareholders
Slide 13: Fair Value of Investment Property
Fair Value of Investment Property LOCATION Change in fair value (pre-tax, Consolidated) (NIS million) 3 months ended March 31st 2013 2012 (*) 62 (6) 52 295 42 31 25 (2) (4) (5) 177 313 41 18
Slide 14: Balance Sheet Highlights
Balance Sheet Highlights LOCATION As of March 31st As of December 31st (in NIS million except per share data) 2013 2012 (*) 2012 Total Assets 69,846 64,492 71,062 Investment Properties & Development 57,778 54,457 59,753 Interest Bearing Liabilities 39,889 37,992 40,834 Total Equity 22,399 19,797 22,
Slide 15: Deleveraging and Equity Increase
LOCATION Deleveraging and Equity Increase (*) LOCATION Shareholders’ Equity (NIS Millions) Net Debt to Total Assets 10,000 70% ,618 64 7,500 65% 5,189 5,000 60% 3,334 56.1% 55.6% 2,500 55% 0 50% 31/12/08 31/12/09 31/12/10 31/12/11 31/12/12 31/3/13 31/12/08 31/12/09 31/12/10 31/12/11 31/12/12 31/3/13
Slide 16: Net Asset Value
Net Asset Value LOCATION Shareholders’ Equity and EPRA NAV Per Share EPRA NAV Per Share Shareholders’ Equity Per Share 59.7 56.2 56.9 54.1 51.6 50.4 48.0 47.5 44.9 46.1 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 In the last 12 months the Company distributed NIS 2
Slide 17: Debt Maturity Schedule
LOCATION Debt Maturity Schedule LOCATION NIS Millions Mortgages Bank Loans 2,276 298 2,058 Bonds 313 1,632 1,534 110 26 481 996 1,344 534 67 1,059 1,026 1,013 990 851 507 20 22 833 133 36 84 1,522 603 234 1,264 982 974 1,006 991 857 731 182 770 599 274 2013 2014 2015 2016 2017 2018 2019 2020 2021 20
Slide 18: Liquidity and Financial Strength
Liquidity and Financial Strength LOCATION Liquidity Leverage Unencumbered Assets NIS 8.1 bn NIS Billions -9.3% 12.4% 6.1 64.9% 37.2 NIS 2.0 bn 33.1 2.0 at the 55.6% company level Mar. 2013 Dec. 2008 Mar. 2013 Mar. 2012 Mar. 2013 Q1 2013 Access to Capital Markets Strong Credit Rating Midroog, Moody’s
Slide 19: Demonstrated Long-Term Value Creation
LOCATION Demonstrated Long-Term Value Creation LOCATION Consistent & Growing Dividends for 14 Years 2.00 1.80 (NIS) 1.60 1.40 Share 1.20 CAGR 11.2% Per 1.00 Dividend 0.80 0.60 0.39 0.40 0.20 0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 E The dividend policy for 201
Slide 20: For More Information
LOCATION For More Information: LOCATION 1 HaShalom Rd. Tel Aviv 67892, Israel Tel: +972 3 694 8000, E-mail: IR@GazitGroup.com