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Gazit-Globe Reports Year-End And Fourth Quarter 2012 Financial Results

As of December 31, 2012, the Group had 10 properties under development with a gross leasable area of 217 thousand square meters and 24 properties under redevelopment with a gross leasable area of 189 thousand square meters with a total investment of NIS 3,856 million. The additional cost to complete the properties under development and redevelopment totals NIS 1,138 million.

In 2012 the Group completed the arrangement with Gazit America (GAA) and First Capital Realty (FCR). The Company acquired the outstanding common shares of Gazit America not already owned by it and First Capital Realty acquired Gazit America's medical office and retail properties.

In August 2012 the Company's privately held subsidiary Royal Senior Care (60%) completed a transaction to sell 12 of its senior housing properties in the U.S. The properties were sold for a total gross consideration of US$ 230 million.

Financing Activities:

  • During 2012, the Group raised NIS 1.8 billion in equity and NIS 6.2 billion in debentuers and convertibale debentuers
  • The average cost of debt during 2012 was 5.2% compared to 5.7% during 2011
  • As of December 31, 2012, net debt to total assets (LTV) was 56.1%, compared to 58.0% as of December 31, 2011
  • During 2012 the credit rating of Atrium was upgraded by S&P and by Fitch to investment grade level of (BBB-) with a stable outlook. The credit rating of First Capital Realty was upgraded by DBRS to BBB (High) and by Moody's to Baa2 with a stable outlook and the credit rating Equity One was upgraded by Moody's to Baa2 with a stable outlook

ACCOUNTING AND OTHER DISCLOSURES

The Company believes that publication of FFO, which is computed according to EPRA guidance, more correctly reflects the operating results of the Company, since the Company's financial statements are prepared in line with IFRS. In addition, publication of FFO provides a better basis for the comparison of the Company's operating results in a particular period with those of previous periods and also provides a uniform financial measure for comparing the Company's operating results with those published by other European property companies.

In addition, pursuant to the investment property guideline issued by the Israel Securities Authority in January 2011, FFO is to be presented in the "Description of the Company's Business" section of the annual report of investment property companies on the basis of the EPRA criteria.

As clarified in the EPRA and NAREIT position papers, the EPRA Earnings and the FFO measures do not represent cash flows from operating activities according to accepted accounting principles, nor do they reflect the cash held by a company or its ability to distribute that cash, and they are not a substitute for the reported net income. Furthermore, it is clarified that these measures are not audited by the Company's independent auditors.

CONFERENCE CALL/WEB CAST INFORMATION

Gazit-Globe will host a conference call and webcast in English on Wednesday, March 20, 2013 at 17:00 Israel Time, 5:00 pm Israel Time/ 4:00 pm Central European Time/ 11:00 am Eastern Time, to review the fourth quarter and year-end 2012 financial results. Shareholders, analysts and other interested parties can access the conference call by dialing 1 866 966 9439 (U.S./Canada) or 0800 694 0257 (U.K.) or +44 (0) 1452 555 566 (International) or 1 809 216 057(Israel), conference ID 12830993, or on the Company's website www.gazit-globe.com .

For those unable to participate during the call, a replay will be available for future review on Gazit-Globe's website under Investor Relations.

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