Dear Shareholders
Dear Shareholders, What we did in 2017 This year, we continued the realization of the business plan we outlined at the beginning of 2016, namely, simplifying the company structure, increasing our private real estate portfolio as a percentage of our total portfolio, and lowering the company’s leverage. North America In March 2017, the merger between Equity One and Regency Centers was completed, forming the largest shopping center company in the United States. Upon completion of the merger, we sold, for the first time, shares of a public A brief summary of our year-end results company that we founded, achieving a levered IRR of approximately 21%* over our 25-year investment. Additionally, we sold shares of First Gazit-Globe had an excellent year in 2017. Our Capital Realty, our Canadian business which we FFO per share rose by approximately 19%, to grew and improved over 17 years, achieving a NIS 3.58, compared to NIS 3.02 per share in levered IRR of approximately 20%*. 2016. Meanwhile, the equity per share as of the end of 2017 totalled approximately NIS 51.4 per In June, we founded Gazit Horizons, which share, compared to NIS 41.7 per share at the end serves as our private investment arm in the U.S. of 2016, an increase of approximately NIS 1.8 We recruited a U.S. regional team of Equity One billion (22%), despite the ongoing appreciation of alumni who have deep experience in the markets the shekel vis-à-vis other currencies in which we in which we are active.
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