Slide 1: Q4 & Year-End 2011 Financial Results
March 28, 2012 | Gazit-Globe Conference Call Presentation | Q4 & Year-End 2011 Financial Results A GLOBAL REAL ESTATE PLATFORM
Slide 2: Forward-looking statements
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 financial ite
Slide 3: Roni Soffer, President
Roni Soffer President 3
Slide 4: 2011 Highlights
Upgrading our portfolio with double-digit growth in all operational parameters- continued to scale-up our portfolio and create efficiency in our operations Improved our credit rating and lowered our LTV - LTV in December 2011 was 58.0% compared to 60.7% in December 2010 Increasing financial flexibil
Slide 5: Strong Growth in Operational Parameters
(CHART) (CHART) (CHART) (CHART) CAGR 12.9% CAGR 13.8% Consistent Growth GLA (Square meter, millions) Rental Revenues (NIS billions) CAGR 13.5% NOI (NIS billions) Increase in FFO while Deleveraging and increasing Shareholders' Equity Strong Growth in Operational Parameters (CHART) Shareholder Equity
Slide 6: Consistent Growth in Value Per Share
(CHART) Consistent Growth in Value Per Share - 4 Years EPRA NAV (*) and Equity Per Share 6 EPRA NAV Per Share CAGR - 22.0% Equity Per Share CAGR - 17.6% (*) The EPRA NAV in 2010 and 2011 was calculated based on EPRA's new guidelines published in October 2010 Between 2008 to 2011 the dividends paid b
Slide 7: Consistent & Growing Dividends for Over a Decade
(CHART) Dividend Per Share (NIS) CAGR 11.5% Consistent & Growing Dividends for Over a Decade 7 A quarterly dividend of NIS 0.40 per share will be paid on April 23, 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 8: Organic Growth - Global Diversification
Organic Growth - Global Diversification (1) Excluding foreign exchange fluctuation 8 (CHART) (CHART) 2011 Same Property NOI Growth(1) Resilient Assets with Stable Occupancy (1) Excluding foreign exchange fluctuation 8 Strong tenants mix - Supermarkets, Necessity-Driven Retailers and Other High Quali
Slide 9: External Growth - Strong Investment Activity, NIS 9.6 billion
(CHART) Q4/2011 (CHART) 2011 External Growth - Strong Investment Activity, NIS 9.6 billion (NIS million) Total Investments Total Investments (NIS million) 2011 Q4/2011 Mergers & Acquisitions 2,256 - New properties acquisition 5,502 1,906 Development & redevelopment 1,842 692 Total 9,600 2,598 Dispos
Slide 10: Global Strategy, Business Focus and High Growth Potential
10 Tel Aviv Warsaw Sao Paulo Boston New York Los Angeles San Francisco Bay Area Prague Toronto Global Strategy, Business Focus and High Growth Potential Stockholm Tallinn Miami Rio Grande do Sul
Slide 11: Gadi Cunia, Chief Financial Officer
Gadi Cunia Senior Executive VP & Chief Financial Officer 11
Slide 12: 2011 Highlights
12 months ended December 31 12 months ended December 31 12 months ended December 31 % change 2010 2011 (in NIS million except per share data) 14% 4,596 5,239 Property rental income 15% 3,058 3,509 NOI - 66.5% 67.0% NOI margin 13% 359 405 FFO 3% 2.54 2.62 FFO per share (NIS) - 1,017 1,803 Fair value
Slide 13: Q4/2011 Highlights
3 months ended December 31 3 months ended December 31 3 months ended December 31 % change 2010 2011 (in NIS million except per share data) 18% 1,184 1,392 Property rental income 19% 791 939 NOI - 66.8% 67.5% NOI margin 5% 106 111 FFO (1%) 0.72 0.71 FFO per share (NIS) - 343 850 Fair value gain on in
Slide 14: NOI Diversification Across Leading Economies
(CHART) (CHART) NOI Diversification Across Leading Economies Based on proportional consolidated NOI for the three months ended December 31, 2011 NOI Diversification (1) 14
Slide 15: Foreign Exchange Adjustments
Foreign Exchange Adjustments % change excluding FX fluctuation 12 months ended December 31 12 months ended December 31 % change excluding FX fluctuation 3 months ended December 31 3 months ended December 31 % change excluding FX fluctuation 2010 2011 % change excluding FX fluctuation 2010 2011 % cha
Slide 16: Fair Value of Investment Property
Change in fair value pre-tax Consolidated (NIS million) Change in fair value pre-tax Consolidated (NIS million) Change in fair value pre-tax Consolidated (NIS million) Change in fair value pre-tax Consolidated (NIS million) Q4/2010 Q4/2011 2010 2011 96 761 658 1,692 (29) 43 (177) (22) 31 (5) 29 (18)
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights As of December 31 As of December 31 2010 2011 (in NIS million except per share data) 52,550 66,732 Total Assets 47,814 59,311 Investment Properties and fixed assets 32,509 39,965 Interest Bearing Liabilities 15,169 19,384 Total Equity 5,915 7,136 Shareholder's Equity 38.3 43
Slide 18: Currency Diversification Lowers FX Risk
(CHART) (CHART) Currency Diversification Lowers FX Risk Assets Currency Matching Policy 18 Shareholders' Equity Based on proportional consolidated NOI and exchange rates as of December 31, 2011
Slide 19: Liquidity and Financial Strength
The Group has liquid assets available and undrawn lines of credit in the amount of NIS 8.3 billion (of which approximately NIS 2.0 billion is on the Company level) As of December 31, 2011, net debt to total assets (LTV) was 58.0%, as compared to 60.7% as of December 31, 2010 During the year, the Gro
Slide 20: Good Things Happen When You Own Good Real Estate
Good Things Happen When You Own Good Real Estate