G City Ltd. · TASE:GCT
G City — Gazit-Globe — Q3 2013 Earnings Presentation
19 slides from G City's earnings presentation, Nov 20, 2013
Slide 1: Gazit-Globe - Conference Call Presentation | Q3 2013 Financial Results
Gazit-Globe - Conference Call Presentation | Q3 2013 Financial Results November 20, 2013 A GLOBAL REAL ESTATE PLATFORM LOCATION LOCATION LOCATION
Slide 2: Disclaimer
Disclaimer 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 fi
Slide 3: Roni Soffer, President
LOCATION LOCATION LOCATION ‘cazrt-G108e Roni Soffer President
Slide 4: Global Owner, Developer and Operator
Global Owner, Developer and Operator Los Angeles San Francisco Miami Boston New York Atlanta Vancouver Calgary Edmonton Toronto Montreal Tel Aviv Stockholm Frankfurt Helsinki Prague Tallinn Warsaw Moscow Sao Paulo Rio Grande do Sul Listed on the Tel-Aviv Stock Exchange (TASE: GZT), New York Stock Ex
Slide 5: Resilient Assets with Stable Occupancy
(*) Excluding foreign exchange fluctuation Resilient Assets with Stable Occupancy (CHART) 1-9/2013 Same Property NOI Growth (*) Strong tenants mix Supermarkets and necessity- driven retailers Organic Growth (CHART) (CHART) Regional Occupancy Breakdown (CHART) Regional Breakdown
Slide 6: External Growth - Investment Activity, NIS 2.0 billion
(CHART) (CHART) (CHART) Total Investments NIS million 7-9/2013 1-9/2013 New properties acquisition 235 899 Development & redevelopment 307 1,133 Total 542 2,032 Disposals and recycle of capital 153 1,777 7-9/2013 Investment External Growth - Investment Activity, NIS 2.0 billion 1-9/2013 Investment 1
Slide 7: Urbanization, Quality, Growth
As Percentage of total assets Number of Assets with value > US$ 100 million Urbanization, Quality, Growth 2008 2013 47 2008 2013 17% 38% 10 (*) Calculation is based on December 2008 financial statements and December 2012 financial statements with full inclusion of the value of properties managed by
Slide 8: Demonstrated Long-Term Value Creation
Demonstrated Long-Term Value Creation (CHART) Dividend Per Share (NIS) CAGR 10.7% Consistent & Growing Dividends for 15 Years The dividend policy for 2014 is a minimum quarterly dividend payment of NIS 0.45 per share (NIS 1.80 per share annualized)
Slide 9: Gil Kotler, Senior Executive VP & Chief Financial Officer
Gil Kotler Senior Executive VP & Chief Financial Officer
Slide 10: Rental Revenues and NOI; FFO and FFO Per Share
(CHART) Rental Revenues (NIS millions) NOI (NIS millions) FFO Per Share (NIS) FFO (NIS millions) Operational Parameters Rental Revenues and NOI FFO and FFO Per Share (CHART) (CHART) (CHART) (7%) Based on Q3 2012 FX rates, Q3 2013 Rental Revenues increased by 3% Based on Q3 2012 FX rates, Q3 2013 NOI
Slide 11: Financial Results for Q3 2013
Financial Results for Q3 2013 3 months ended September 30 3 months ended September 30 3 months ended September 30 (in NIS million except per share data) 2013 2012 Change % Property rental income 1,251 1,352 (7%) NOI 854 928 (8%) NOI margin 68.3% 68.6% - FFO 147 142 4% FFO per share (NIS) 0.83 0.86 (
Slide 12: Financial Results for 1-9 2013
Financial Results for 1-9 2013 9 months ended September 30 9 months ended September 30 9 months ended September 30 (in NIS million except per share data) 2013 2012 Change % Property rental income 3,877 3,879 - NOI 2,602 2,633 (1%) NOI margin 67.1% 67.9% - FFO 438 395 11% FFO per share (NIS) 2.58 2.4
Slide 13: Foreign Exchange Adjustments
(CHART) Foreign Exchange Adjustments (NIS million) 3 months ended September 30 3 months ended September 30 3 months ended September 30 (NIS million) 2013 2012 % change excl. FX fluctuation Property rental income 1,394 1,352 3% NOI 949 928 2% Proportionate consolidated NOI 579 547 6% Assets Sharehold
Slide 14: Change in fair value (pre-tax, Consolidated)
Change in fair value (pre-tax, Consolidated) (NIS million) Change in fair value (pre-tax, Consolidated) (NIS million) 3 months ended September 30 3 months ended September 30 2013 2012 76 88 - 295 26 46 (1) (1) 12 13 113 441 3 (39) Fair Value of Investment Property
Slide 15: Balance Sheet Highlights
As of September 30 As of September 30 As of December 31 (in NIS million except per share data) 2013 2012 2012 Total Assets 69,120 71,927 71,062 Investment Properties & Development 56,879 60,865 59,753 Interest Bearing Liabilities 38,902 40,862 40,834 Total Equity 23,037 23,513 22,649 Shareholder's E
Slide 16: Deleveraging and Equity Increase
(CHART) 16 Net Debt to Total Assets Shareholders' Equity (NIS Millions) (CHART) Deleveraging and Equity Increase (*) (*) 2010 & 2011 Numbers retroactively adjusted due to the implementation of new accounting standards
Slide 17: Liquidity and Financial Strength
Liquidity and Financial Strength (CHART) Liquidity Unencumbered Assets Leverage (CHART) Q1-Q3/2013 Access to Capital Markets (CHART) 9.1 (CHART) 1.0% Equity Bonds and Convertible Bonds NIS Billions NIS Billions NIS Billions NIS 2.4 bn at the company and its private subsidiaries 8.3 9.6% -0.4%
Slide 18: Debt Maturity Schedule
18 Debt Maturity Schedule Staggered Debt Maturities at the Company and its private subs Level NIS Millions (CHART)
Slide 19: For More Information
For More Information: 1 HaShalom Rd. Tel Aviv 67892, Israel Tel: +972 3 694 8000, E-mail: IR@GazitGroup.com