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2018 Gazitresults

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2018 Gazitresults GAZITRESULTS2018 Dear Shareholder Partners, We are ending 2018 with impressive results. Our overall occupancy rate is 96.6% and over 96% in every one of our territories of operations. Net rental income in shekels from same properties grew this year by 3.1%. We are showing an increase of 15.4% in FFO per share that came to NIS 3.30 per share (net of our holding in Regency, which was sold during the year for approximately NIS 4 billion). Our private properties portfolio continues to bear fruit: in the last quarter of the year the portfolio created an additional value in properties of NIS CHAIM KATZMAN | CEO 431 million and an increase in NOI of NIS 26 million, an increase of 33.3%; this was the result of proactive management of the properties and improvements we carried out on them. These facts are the best testimony to the quality of the properties, the high demand for our properties, and the success of the strategy to focus on urban properties in areas with strong demographics. As of the end of 2018, over 75% of the Group’s properties are located in 14 metropolitan areas with heavy population concentrations. MAIN ACTIVITIES IN 2018 During the year we continued to carry out the strategy we announced three years ago to increase the share of our private investments by acquiring irreplaceable properties at the same time as actively realizing our mature holdings in public companies, and reduction of the Company's leverage. Implementation of the strategy was illustrated through he following three steps: 1. In July we completed the sale of our holdings 3. In February 2019 we announced that we were in Regency for an overall consideration in entering into conditional agreements for a 2018 of NIS 4 billion. The proceeds from the strategic transaction in which we will realize, if disposals served to reduce the Company’s completed, most of our holdings in FCR for a debt (Company expanded solo) by NIS 1.2 consideration of NIS 3.3 billion in cash. The billion. transaction, if completed, reflects an annual IRR of 20% on our investment, which 2. Up until this publication, we increased our highlights the enormous value that Gazit portfolio share of private properties by NIS Globe has created in the 19 years since it 2.3 billion and our holdings in our European created and developed FCR. If the transaction companies by NIS 300 million (EUR is completed, the Company’s net debt to total 75million). The percentage of private assets (expanded solo) is expected to drop holdings after these actions represent 37% of the Company’s total assets value, while the significantly, reaching 43.5%, while total Company’s leverage (expanded solo) reached privately-held properties are expected to be 53.9%. at 46% of the total value of the Company's asset value. ISRAEL BRAZIL Our property portfolio in Israel showed growth in NOI At the beginning of the year we acquired for almost of 4.6%, reaching NIS 160 million. Net rental income on NIS 1 billion 70% of one of the most important same properties grew by 5.1% (together with renovations at G City) and occupancy stands at 98.6%. properties in metropolitan Sao Paulo, Internacional, a Investment in Israel represents 15% of the Group’s total mall with GLA of 77,000 sq. m., located in the town of assets value and we are working to expand that. During Guarulhos on the highway to the airport, where about the year we purchased the shopping center in Savyon 30 million people visit each year. Since acquisition of that covers 30 dunam (7.4 acre) for NIS 117 million. the property 33 new stores have opened, including The shopping center gross leasable area is 3,200 sq. m., several international tenants, as well as 54 kiosks, with and we are currently acting to expand the leasable area occupancy of 99%, and these actions will be reflected by an additional 3,700 sq. m. In addition, based on our in both NOI and an increase in the property’s value. strategy to acquire urban properties in irreplaceable There are additional rights of 200 thousand sq. m. in locations, we purchased two properties in the center of the property, which will be an additional growth Tel-Aviv on Dizengoff Street for NIS 102 million. One, a engine for the Company in the future. In February branch of Bank Leumi, of 700 sq. m. at the very busy 2019 we increased our holding in the property and corner of Dizengoff and King George Streets, and the second, the iconic Chen Cinema, with 2,240 sq. m. acquired a further 10.1% for BRL 155 million, and located in the recently renovated Dizengoff Square, a currently the investment in Brazil represents 14% of historically preserved property with a wide range of the value of the Groups property portfolio. possible uses that we are examining. CHEN THEATER | TEL AVIV INTERNACIONAL I SAO PAULO At the same time as the acquisitions, Gazit Israel is also Towards the end of the year we completed expansion expanding through development and expansion of of 9,000 sq. m. of the Mais Shopping property in Sao properties. During 2019 the development of the Paulo to 23,000 sq. m., which among other things will property in the Kochav Hazafon neighborhood of Tel- add to the property the offices of the government Aviv is expected to be completed, 2,200 sq. m. at an agency that issues identity cards, passports driving overall investment of NIS 105 million (applications have licenses etc., which is expected to increase footfall in been filed to expand the property by a further 1,500 sq. the property by tens of thousands of visitors daily. m.), and the expansion of G City in Rishon Lezion by 13,000 sq. m. for a total investment of NIS 158 million. Our Brazil portfolio continues to show excellent In parallel, we are currently working on submitting results. The NOI on the portfolio for the year came to plans and obtaining approvals for two office buildings, BRL 170 million, an increase of 44.8% as compared one at the G Kfar Saba of 27,000 sq. m. and the other at with 2017, while net rental income from same the G City property in Rishon Lezion of 50,000 sq. m. properties grew by 14.3%. Sao Paulo’s economy is These investments together with construction on lands booming, and we are seeing increased interest from we purchased close to the Kfar Saba property (to put international real estate players in investments in the up a branch and head offices of Decathlon) and in city. We are certain this investment will continue to Neve Gan, Ramat Hasharon for the construction of a bear fruits in the future. neighborhood shopping center, will increase investments in Israel by NIS 1 billion, and these will represent a much more significant component of the Group’s portfolio. US This year up until the reporting date we have increased our investments in the US through Gazit Horizon by USD 185 million, and in all we have invested in the US USD 320 million since the company was started. In the US too we are concentrating on super-urban areas and properties that we believe we can generate significantly higher yields from over time by leveraging dozens of years of experience and knowledge that we have accumulated in this market. An example of such an improvement can already be seen in the Caesar’s Bay property in Brooklyn. We purchased our share of the property (41%) in June 2018 for USD 50 million as part of the bankruptcy proceedings of the Toys R Us chain. The cap at acquisition was 4.1%. During February 2019 we completed various improvements, including signing an agreement with the Target chain to lease 90,000 sq. ft. and the lease of 3 further additional, smaller stores. Rental income in the property on account of these actions has doubled, yield on the cost of the property has risen to 8.6% and the asset value of Gazit’s share has increased by USD 19 million, a rise of 38% in a period of just over half a year and with increased rental income that we collected in this period - of over 40%! In our opinion, this is just the beginning of enhancement of this property, which spreads over 57 dunam (14 acre) on which only 28,000 sq. m. are currently built up in an area of extremely high demand. CEASAR'S BAY | BROOKLYN | NY CENTRAL EUROPE - ATRIUM In October 2018 we purchased the Wars Sawa Junior shopping center, located, in our opinion, in the most central location in Warsaw, for EUR 301.5 million. Next to this property are two metro stations through which 60 million people pass annually! In addition, during the last quarter we completed construction of about 26,000 sq. m. in Warsaw as part of the overall plan to develop 60,000 sq. m. in Warsaw for EUR 300 million. Earlier, Atrium completed its exit from Romania and Hungary with the sale of properties for EUR 176 million, a consideration that was on average 9% higher than the book values immediately prior to the disposals. These actions are part of the same strategy to concentrate on growing urban areas in central cities. Today 85% of our properties portfolio in Central Europe is concentrated in Poland and the Czech Republic, 50% of which is in the cities of Warsaw and Prague. WARS SAWA JUNIOR | WARSAW | POLAND NORTHERN EUROPE - CITYCON Completion of the construction of the Iso Omena shopping center and its connection to the metro in Helsinki in November 2017 ended with great success; the number of visitors to the property in 2018 increased by 74% to 20 million in the year and tenants’ sales rose 17%.
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