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.
- 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
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