Company Presentation - Gazit

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THE EVOLUTION OF A GLOBAL RETAIL CHAMPION
Gazit-Globe
Investor Presentation
February 2016
Disclaimer
This presentation may include forward-looking statements, including forecasts, evaluations, pro forma figures, 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 financial items. Forward-looking statements may also relate to our business strategy, goals and
expectations concerning our market position, future operations, profitability, liquidity and capital resources. All statements other than
statements of historical facts are forward-looking statements and can be identified by the use of forward-looking terminology such as the
words "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will" and similar terms and
phrases.
Any forward-looking information contained in this presentation is based, in addition to existing information of the company, on present
company expectations and evaluations regarding future developments and trends and on the interaction of such developments and
trends. Although we believe the assumptions upon which any forward-looking statements are based are reasonable, any of these
assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Our
business and operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination
of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct.
Forward-looking statements are based on current expectations and are not guarantees of future performance.
Actual results and trends in the future may differ materially from those suggested or implied by any forward-looking statements in this
presentation depending on a variety of factors including those described in greater detail in our Periodical and Annual Reports,
Registration Statement on Form F-1, Registration Statement on Form F-3, Annual Report on Form 20-F and in other information we file
and furnish including, but not limited to, with the Israel Securities Authority, the U.S. Securities and Exchange Commission, and the
Canadian Securities Administrators, including under the heading “Risk Factors.”
All written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety
by the previous statements. Except for any obligations to disclose information as required by applicable securities laws, we undertake no
obligation to update any information contained in this presentation or to publicly release the results of any revisions to any statements
that may be made to reflect events or circumstances that occur, or that we become aware of, after the date of this presentation.
The information contained herein does not constitute a prospectus or other offering document, nor does it constitute or form part of any
invitation or offer to sell, or any solicitation of any invitation or offer to purchase or subscribe for, any securities of Gazit-Globe Ltd. or any
other entity, nor shall the information or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any
action, contract, commitment or relating thereto or to the securities of Gazit-Globe Ltd.
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Management
RACHEL
LAVINE
ADI
JEMINI
LIAD
BARZILAI
RAMI
VAISENBERGER
Chief Executive Officer
CFO
Chief Investment Officer
VP & Controller
 CEO, Gazit-Globe, since
Sep. 2015
 Vice Chairman Atrium (since
Dec 2014)
 Member of Board of
Directors of Citycon
 Member of Board of EPRA
 Previously CEO of Atrium,
(2008-2014) President and
CEO of Plaza Centers,
President and CEO of Elscint
 BA in Business Management
from College of Management
 Executive MBA from Kellogg
School of Management (Tel
Aviv University)
 Certified Public Accountant
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 CFO since Jan. 2016
 Joined the Group in 2010
 Previously Chief of Staff to
Chaim Katzman and Regional
Controller of Equity One
 Seven years in US affiliate of
global accounting firm, Deloitte
 Bachelor of Science in
Accounting and Information
Systems (Virginia Tech),
graduating Summa Cum Laude
(2003)
 Certified Public Accountant
 Chief Investment Officer
since Nov. 2015
 Previously CIO at Atrium,
 Head of Acquisitions (20112015) and VP of Business
Development (2008 -2011)
 Previously Analyst and
Capital Markets Manager,
Gazit-Globe (2006-2008)
 BA in Business Economics
and Management from the
Ben-Gurion University
 MBA from the Tel-Aviv
 Financial Controller, since
July 2004
 Leads Controlling and
Reporting department
 Previously auditor, Ernst &
Young (2000 – 2004)
 Bachelor’s Degree in
Business Management,
College of Management,
Tel-Aviv
 Certified Public Accountant
University.
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Global Company with a Focus on SupermarketAnchored Shopping Centers in Major Urban Markets
 458 properties, 6.6m sqm of GLA
Global Presence (1)
 Over 15,000+ leases
USA
19%
Israel
6%
 $21bn assets under management
Europe
Brazil
3%
Other, 4%
Europe
47%
Poland,
12%
Baltics, 2%
Czech
Republic,
4%
 $1.7bn of annual rent
Russia, 4%
 80% of NOI is driven from A+
credit rated countries or above
Canada
25%
Finland,
9%
Sweden,
5%
Norway,
7%
 Listed on the NYSE, TSX, TASE
under the symbol GZT with average
daily volume of more than $ 4.0
million
 LTV – 51.6%
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ILS/USD exchange rate as of 30 September 2015 of 3.923.
(1) As of September 30, 2015, proportionate consolidated basis.
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Current Ownership Structure
As of September 30
35.2% (1)
39.4% (1)
43.3%
54.9%
# Assets
GLA (sqm)
Net Equivalent
Yield
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(1)
(2)
(3)
84.7%
Private Subsidiaries (2)
Public Subsidiaries
Standing
Investment
100%
Equity One
First Capital
Citycon
Atrium
Gazit Brazil
Gazit Israel
$ 4.8bn
C$8.0bn
€4.7bn
€3.0bn
BRL 1.1 bn
NIS 3.5bn
125
158
66
82
8
11
1.5m
2.2m
1.4m
1.2m
81,000
121,000
6.1% (3)
5.7%
6.0%
7.6%
8.8%
7.2%
Post Q3/2015 financial report, Gazit-Globe sold 4.6m of it shares in EQY for US$125m and 6.5m of its shares in FCR for C$117m
Gazit-Globe also holds 3 assets in Germany
Based on public reported data as of December 31, 2014
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Active Portfolio Repositioning
What Are We Selling?
What Are We Investing in?
Non-Core Properties
Core properties

Properties in second-tier cities

Dominant properties centrally located in large cities

Properties with lower growth expectations

Development and redevelopment of existing prime
properties
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Investments in Acquisitions, Property Development
and Property Sales Since 2010
Property sales totaling
NIS 12 billion
($ 3.05 billion)
Sales
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2010
Investments of NIS 42 billion
($ 10.7 billion) in acquisitions
and property development
Investments
9/2015
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Assets in Affluent Areas with Strong Demographics
1
Larger Better
Assets
# Gazit-Globe Assets With Value > US$100m (1)
#Assets
% of
Assets
46
39%
Promenada
Value of
$100m+
$8.1bn
Assets (bn)
Warsaw, Poland
 One of the largest assets in
Warsaw, Poland
 In the process of a major
redevelopment
17%
10
2008
2
$1.8bn
2014
2008
2014
2008
2014
Average Household Income
In Affluent
Areas
$102,000
Maryland, USA
$C96,000
$C76,000
$73,000
2009
WESTWOOD COMPLEX
2014
2009
 One of most affluent areas in
Washington
 Average household income of
catchment area over $200k
 10km from the White House
2014
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With Strong
Population
Demographics
Average Population (Catchment Area)
Sao Paolo, Brazil
213,000
184,000
134,000
82,000
2009
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(1)
2014
TOP CENTER
2009
 Located on Paulista Avenue,
main business center in Brazil
 Over 1.5m daily footfall
 Over 1m live within 5 km
 Average annual household
income twice city average
2014
Assets with US$100 and above calculation is based on December 2008 financial statements and December 2014 financial statements.
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Focus on Stable and Strong Economies
NOI and Asset Allocation (1)
Country
S&P
NOI
Canada
AAA
25%
Norway
AAA
7%
Sweden
AAA
5%
Germany
AAA
1%
Denmark
AAA
Less than 1%
US
AA+
19%
Finland
AA+
9%
AA+ and Above
AA-
2%
Czech Republic
AA-
4%
Slovakia
A+
1%
Israel
A+
6%
Latvia
A-
Less than 1%
Poland
BBB+
12%
Romania
BBB-
Less than 1%
Other Investment Grade
25%
BB+
1%
Brazil
BB+
3%
Russia
BB+
4%
Below Investment Grade
67%
25%
Hungary
(1)
8%
67%
Estonia
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NOI Diversification
8%
Q3/2015, Proportionate basis. Credit rating source: Bloomberg, 26/01/2016
AA+ and Above
Other Investment-Grade
Below Investment-Grade
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Ratings Overview
Investment-Grade Credit Rating Group Wide
Agency
Previously
Today
S&P Maalot (Local Rating)
ilA+ | Stable
ilAA- | Stable
Aa3 | Stable
Aa3 | Stable
S&P
BB+ | Stable
BBB- | Stable
Fitch
BB+ | Positive
BBB- | Stable
Moody’s
Baa3 | Positive
Baa2 | Stable
S&P
BBB- | Positive
BBB | Stable
DBRS
BBB | Stable
BBB (High) | Stable
Moody’s
Baa3 | Positive
Baa2 | Stable
S&P
BBB- | Stable
BBB | Stable
Moody’s
Baa3 | Stable
Baa1 | Stable
Midroog (Moody’s)
(Local Rating)
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Conservative Financial Leverage
Net Debt to Total Assets (1)
70%
64.9%
63.7%
60.7%
60%
58.0%
56.1%
55.1%
51.0%
51.6%
Dec-14
Sep-15
50%
40%
30%
20%
10%
0%
Dec-08
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(1)
Dec-09
On a consolidated basis
Dec-10
Dec-11
Dec-12
Dec-13
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Growth in FFO and FFO per Share
FFO
FFO Per Share
NIS Millions
NIS
585
598
3.41
3.39
2013
2014
3.23
533
2.54
2.62
2010
2011
405
359
2010
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2011
2012
2013
2014
2012
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Business Strategy for Gazit-Globe Moving Forward
A Pivot Back to Global Property Company Model
 Invest in top-tier shopping centres in the most robust regions in the Company's core markets
 Develop global platform to enhance operating efficiencies across wider group
 Simplify corporate structure and increase its direct ownership of real estate
 Optimise balance sheet to bring down cost of capital and diversify funding sources
 Improve liquidity and access to capital markets and exposure to institutional investor base
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Global Reach of a Retail Champion
Canada
Macro
GAV
C$8.0bn
# Assets [IP/Develop.]:
158 [155/3]
GLA (m sqm):
2.2
16E GDP growth:
2.3%
16E Consumption growth: 1.7%
16E Employment:
GAV:
US
Macro
Macro
93.1%
GAV:
66 [64/2]
GLA (m sqm):
16E GDP growth:
GAV:
Brazil
GAV:
CEE
€3.0bn
# Assets [IP/Develop.]:
82
1.4
GLA (m sqm):
1.2
1.6%
16E GDP growth:
2.8%
16E Consumption growth: 1.6%
16E Employment:
$4.8bn
€4.7bn
# Assets [IP/Develop.]:
Macro
93.6%
16E Consumption growth: 3.0%
16E Employment:
BRL1.1bn
GAV:
Israel
91.5%
NIS3.2bn
# Assets [IP/Develop.]:
125 [124/1]
# Assets [IP/Develop.]:
8 [7/1]
# Assets [IP/Develop.]:
11 [10/1]
GLA (m sqm):
1.5
GLA (m sqm):
0.1
GLA (m sqm):
0.1
16E GDP growth:
2.4%
16E GDP growth:
(1.5%)
16E GDP growth:
3.4%
16E Consumption growth: 2.5%
16E Employment:
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Northern
Europe/
Nordics
95.4%
Note: Data as at 30 September 2015.
Source: EIU as of December 2015.
Macro
16E Consumption growth: (1.7%)
16E Employment:
92.4%
Macro
16E Consumption growth: 4.2%
16E Employment:
94.5%
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U.S. – Business Overview
Business Strategy
Portfolio Metrics
Asset Map
 Owns, manages, acquires,
develops and redevelops
shopping centers and retail
properties in supply
constrained suburban and
urban communities in U.S
Standing Investments ($m)
Net LTV
27.6%
 Acquires shopping centres
with leading anchor tenants
Occupancy
95.6%
 All properties managed
primarily by local
management team
Rating – S&P
Developments and Land ($m)
4,754
Number of Assets
125
GLA (m sqm)
1.5
FFO ($m)
(1)
Massachusetts
24
New York
8
9
Connecticut
Maryland
13
California
3
9
3
North Carolina
183
9
BBB
Rating – Moody’s
Georgia
7
Baa2
Holding Rate – Gazit-Globe
Louisiana
Number of Assets
35.2%
Key Management
GAV by Geography
64 Florida
Key Tenants
Massachusetts Other 3%
Maryland
3%
Georgia
5%
Connecticut
8%
David Lukes
CEO
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Tom Caputo
President
Matthew L.
Ostrower
EVP, CFO &
Treasurer
Michael
Makinen
COO
New York
18%
4%
Florida 36%
California
23%
Source: EQY filings and presentation.
(1) Annualized, based on Q3/2015 FFO.
(2) Post Q3/2015 financial report, Gazit-Globe sold 4.6m of it shares in EQY for US$125m and its holding rate as of Feb 2016 is 35.2%
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Canada – Business Overview
Business Strategy
 Leading owner-operator and
developer of grocery anchored
shopping centres in Canada
 80% of revenues from tenants
providing daily essential products
and services
 Target specific urban markets
with stable and/or growing
populations
 All properties managed by local
management team
Portfolio Metrics
Asset Map
Standing Investments (C$m)
7,600
Developments & Land (C$m)
383
Number of Assets
158
GLA (m sqm)
2.2
Net LTV
42.5%
Occupancy
94.7%
Net Equivalent Yield
FFO (C$m) (1)
Rating – Moody’s
Rating – DBRS
Holding Rate – Gazit-Globe
5.7%
247
Baa2
1
BRITISH COLUMBIA
ALBERTA
11
12
Gtr Edmonton Area
15
Gtr Calgary Area
19
44
Red Deer
1
Gtr Vancouver Area
BBB (High)
39.4%
Key Management
Gtr Ottawa Area QUEBEC
Gtr
Quebec City
Gtr Toronto Area Montreal
Area
8
Golden Horse
Shoe
7
London Area
35
5
Number of Assets
GAV by Geography
Key Tenants
Others
16%
Greater
Toronto
36%
Greater
Edmonton
9%
Adam Paul
President &
CEO
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Kay Brekken
EVP & CFO
Gregory Menzies
EVP
Greater
Vancouver
12%
Greater
Calgary
12%
Greater
Montreal
15%
Source: FCR filings and presentation.
(1) Annualized, based on Q3/2015 FFO.
(2) Post Q3/2015 financial report, Gazit-Globe 6.5m of its shares in FCR for C$117m and its holding rate as of Feb 2016 is 39.4% in FCR
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Northern Europe/Nordics – Business Overview
Business Strategy
Portfolio Metrics
Asset Map
 Leading owner-operator and
developer of urban,
grocery-anchored shopping
centres in the Nordic and Baltic
regions
Standing Investments (€m) (1)
4,640
Developments and Land (€m)
88
 Entered Norwegian market
through Sektor Gruppen deal
to enhance strategy and create
balanced portfolio in core
countries
Net LTV
45.2%
Occupancy
96.7%
 Aim to maintain strong financial
profile with target LTV of
40-45%
Number of Assets
(1)
Standing Investments (€m)
1,500
66
Number of Assets
GLA (m sqm) (1)
Net Equivalent Yield
FFO (€m) (2)
20
1.4
GLA (`000 sqm)
Sweden
400
12
20
3
BBB
Rating – Moody’s
Baa1
Holding Rate – Gazit-Globe
43.3%
Denmark
Baltics
1
Number of Assets
GAV by Geography (1)
Key Management
30
Norway
6.0%
156
Rating – S&P
Finland
Sektor Acquisition
Key Tenants
Norway
29%
Finland
35%
Marcel Kokkeel
CEO
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Eero Sihvonen
EVP & CFO
Source: CTY filings and presentation.
(1) Includes Kista Galleria.
(2) Annualized, based on Q3/2015 FFO.
Jurn Hoeksema
COO
Sweden
28%
Baltics &
New
Business
8%
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CEE – Business Overview
Business Strategy
Portfolio Metrics
Asset Map
 Leading owner-operator and
developer of food anchored
shopping centres
Standing Investments (€m)
2,703
Developments & Land (€m)
318
Number of Assets
82
 Opportunistic growth
prospects offered by
emerging markets
GLA (m sqm)
1.2
Net LTV
25.5%
Poland
Occupancy
96.3%
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Net Equivalent Yield
 All properties managed by
local management team (1)
FFO (€m) (1)
7.6%
BBB-
Rating – Fitch
BBB-
1
7
23
Slovakia
23
Hungary
1
Romania
Number of Assets
54.9%
Key Management
Russia
3
131
Rating – S&P
Holding Rate – Gazit-Globe
Cz. Rep
Latvia
GAV by Geography
Hungary
2%
Romania
3%
Russia
12%
Key Tenants
Latvia
1%
Poland
55%
Slovakia
5%
Josip Kardun
Group CEO
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Ryan Lee
Group CFO
Rolf Rüdiger Dany
Group COO
Source: Company website and filings as at 30 September 2015.
(1) Annualized, based on Q3/2015 FFO.
Czech
Republic
22%
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Brazil – Business Overview
Business Strategy
Portfolio Metrics
Asset Map
1
 Entered Brazil in 2008 and
established a local team and
portfolio which now holds 8
assets
 Strategy to become one of the
dominant owner-operators
and developers of urban,
grocery-anchored shopping
centers in Sao Paulo
 Recently acquired 5%
shareholding in BR Malls
Standing Investments (BRLm)
Developments & Land (BRLm)
800
271
Number of Assets
GLA ('000 sqm)
Occupancy
Holding Rate – Gazit-Globe
2
Mais Shopping
3
Top Center
4
Shopping Light
5
Extra Itaim
110 tenants
169 tenants
79 tenants
135 tenants
1 tenant
Owned GLA:
30,000 sqm
Owned GLA:
12,830 sqm
Owned GLA:
6,530 sqm
Owned GLA:
18,600 sqm
Owned GLA:
12,780 sqm
6
7
8
8
81
87.8%
Net Equivalent Yield
Morumbi Town
8.8%
Flamingo
Prado Boulevard
San Pelegrino
45 tenants
82 tenants
89 tenants
GLA: 3,360
GLA: 9,430 sqm
GLA: 14,800 sqm
100%
Key Management
3
4
5
6
Mia Stark
CEO
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Oscar Koeke
Director of Finance
Andres Andrade
Director of Business
Development
7
8
1
2
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Israel – Business Overview
Portfolio Metrics (1)
Business Strategy
 Leading owner-operator and
developer of urban,
grocery-anchored shopping
centers
Asset Map
Israel: Operating Assets
Standing Investments (NISm)
3,235
(11 high quality operating assets in prime locations)
G Beit Ha’lkarim
G One
Developments & Land (NISm)
234
Rishon LeZion
Tel Aviv
Retail
(Under development)
Office
GLA: 24,000 sqm
 Entered the region in 2005 with
first acquisition and has
established 3rd largest portfolio
in Israel
 Exploring strategic
opportunities to create value for
Gazit-Globe’s shareholders
Number of Assets
GLA ('000 sqm)
121
Occupancy
97.6%
Net Equivalent Yield
Holding Rate – Gazit-Globe
GLA: 5,500 sqm
11
Northern Cluster
G Two
Yokneam
GLA: 21,200 sqm
G Cinema City
GLA: 20,400 sqm
Key Management
Yavne
Rishon
Tel Aviv
LeZion
Yavne
G6
ISRAEL
All real estate under management as of September 30, 2015.
Retail & Office
GLA: 14,200 sqm
G Horev
Tel Aviv
(1)
GLA: 9,900 sqm
Yokneam
G Tel Baruch
LOCATION
LOCATION
LOCATION
JERUSALEM
(Opened October 2015)
Retail
G Rothschild
GLA: 12,900 sqm
Tali Simon
CFO
G Yavne
Kfar Saba
Rishon LeZion
Retail & Office
Yaron Eshel
COO
Kfar Saba
Retail & Leisure
GLA: 42,200 sqm
Rishon LeZion
Retail & Leisure
Ronen
Ashkenazi
CEO
G Kfar Saba
Central Cluster
7.2%
84.5%
Haifa
Rishon LeZion
Retail
Haifa
Retail & Office
Retail & Office
GLA: 6,300 sqm
GLA: 9,800 sqm
G Tzameret
Tel Aviv
Eliat
Retail & Office
GLA: 7,700 sqm
20
Appendix
Atrium PROMENADA
Warsaw, Poland
Evolution of Gazit-Globe
Equity One is
founded in the US
1992
1997
Gazit-Globe
become the
controlling
shareholder of
First Capital
Realty
LOCATION
LOCATION
LOCATION
Gazit-Globe
enters into
Canada
1998
2000
Gazit-Globe
enters the
healthcare
business and
forms Royal
Senior Care
Equity One lists
on the NYSE
2002
2003
Gazit-Globe
becomes the
controlling
shareholder of
Citycon
Equity One
acquires IRT
adding 92
incomeproducing
properties to its
portfolio
Establishes a
presence in Brazil
through GazitGlobe Brazil
2004
2007
2005
Gazit-Globe
establishes GazitGlobe Israel
(Development)
2008
Citycon expands
to Sweden,
Estonia and
Lithuania. GazitGlobe establishes
ProMed
Expands into CEE
through the
acquisition of
Atrium together
with CPI
2009
2010
Gazit-Globe IPO
in the US
Successful
divestment of
ProMed
Properties
2011
2012
Successful
divestment of
Royal Senior Care
Gazit-Globe
Acquires
Norway’s Sektor
through its
subsidiary,
Citycon, for
€1.47bn
2013
2015
Gazit-Globe
becomes the sole
controlling
shareholder of
Atrium
22
International and Independent Board
CHAIM
KATZMAN
Chairman
 Founder, controlling shareholder and Chairman, Gazit-Globe (Chairman since
1998)
 Chairman, Norstar , controlling shareholder of Gazit-Globe (Chairman since 1991)
 Chairman of Citycon Oyj (since 2010)
 Chairman and founder of Equity One (CEO 1992 to 2006)
 Director, First Capital Realty (Chairman until 2015)
 Chairman, Atrium European Real Estate (since 2008)
 Pioneer of retail investment and development industry, member of International
Council of Shopping Centers (ICSC), the National Association of Real Estate
Investment Trusts (NAREIT), the Real Estate Roundtable and the Association of
Foreign Investors in Real Estate (AFIRE) and a trustee of the Urban Land Institute
 Founder, Gazit-Globe Real Estate Institute at the Interdisciplinary Center (IDC),
 Graduate of Tel Aviv University Law School
DORI
SEGAL
Executive Vice Chairman





Executive Vice Chairman, Gazit-Globe
Chairman, First Capital Realty (President and CEO 2000 – 2015)
Vice Chairman, Equity One
Previously CEO of Gazit-Globe (1998 to 2008)
Joined Gazit-Globe in 1993 as principal investor and senior member of
management team
 Over past 20 years has been active in acquisition, development and redevelopment
of shopping centers in the company's main markets
 Played a key role expanding Gazit-Globe Globe to Canada, leading the acquisition
of First Capital Realty in 2000 and its growth since
LOCATION
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 Active Deputy Chairman of Board; Previously Active Chairman of the Board of
Arie Mientkavich Directors of Israel Discount Bank, Active Chairman of the Board of the Israel
Deputy Chairman Securities Authorities
 Mr. Mientkavich holds degrees in Law and Political Science from the Hebrew
University in Jerusalem
 Various Israeli governmental positions (2003-2013) including Minister of
Finance, Minister of the Interior, Minister of National Infrastructure, Minister of
Ronnie Bar-On
External Director Science and Technology, Chairman of the State Control Committee, Chairman of
the Foreign Affairs and Defense Committee, Member of the Knesset
Haim Ben Dor
Director
Gary Epstein
Director

Corporate consultant in finance and investments. Degree in Accounting from
College of Management, Jerusalem and auditors' certificate from Ministry of
Justice (Israel)

Chair of the Global Corporate and Securities Department, member of the
Executive Committee and a Principal Shareholder at Greenberg Traurig. B.A.
and B.H.L. Yeshiva University, M.A. (NYU) and J.D. from Harvard Law School
 CEO of Rosario Capital Ltd, formerly CEO of Dash Underwriting Ltd. and Chief
Investment Officer in Dash Securities and Investments. Previously held
Noga Knaz
External Director positions with Migdal Capital Markets, including Co-CEO of Madanes Financial
Services. B.A. in Economics and Business Administration from Haifa University
Rachel Lavine
Director

See Management, page 3
 Former Chairman of the Board of the Tel-Aviv Stock Exchange. Previously director
of Bank Hapoalim. Professor Emeritus of the Management Faculty at Tel Aviv
Yair Orgler
External Director University. B.S. in Industrial Engineering and Management from Technion; M.S.
Engineering (USC) and Ph.D. in Management- (Carnegie-Mellon University)

CEO of Wexford Capital Israel. B.S. in Mathematics, B.A. in Philosophy from TelAviv University; M.Sc. in Mathematics from Hebrew University in Jerusalem;
and an M.B.A. from Columbia University in New York. Also holds Ph.D. in
Statistics (USC)

Private real estate investor. Previous head of global real estate principal
investments of Bank of America Merrill Lynch. From 2005 until December
2008, Mr. Sesler served as Managing Director and later as co-Head of Real
Estate Investment Banking, Merrill Lynch. B.A. in Government (Cornell)
Shaiy Pilpel
Director
Douglas Sesler
Director
23
Liquidity and Financial Strength
Liquidity
Leverage
NIS Billions
11.0
Other
consolidated
Subsidiaries
7.8
3.2
the company and
its private subsidiaries
30 September 2015
Access to Capital Markets Jan-Sep 2015
NIS Billions
51.5%
51.6%
30 September
2014
30 September
2015
Unencumbered Pool of Assets
NIS Billions
Equity
2.3
51.1
Bonds
59.1
78.4% of
investment
property
5.6
30 September
2014
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30 September
2015
24
Financial Results for Q1-Q3 2015
9 Months Ended September 30
(in NIS million except per share data)
2015
2014
Change %
Property rental income
4,588
3,654
26%
NOI
3,137
2,489
26%
NOI margin
68.4%
68.1%
-
FFO
481
463
4%
FFO per share (NIS)
2.69
2.63
2%
The number of shares used in calculating the diluted FFO per share (mm)
178.6
176.0
1%
Cash flow from operating activities
1,170
722
-
Fair value gain on investment property
480
354
-
Net income attributable to equity holders of the company
414
290
-
Diluted net income per share attributable to equity holders of the Company (NIS)
2.30
1.63
-
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25
Operational Parameters
Q1 – Q3 2015 Same Property NOI Growth (*)
Total
Regional Breakdown
5.1%
4.1%
0.6%
(12.0%)
(0.5%)
Total
USA
Canada
North Europe
Central and Eastern
Europe
Resilient Assets with Stable Occupancy
Regional Breakdown
95.6%
94.4% 95.6%
95.9% 94.7%
95.7% 96.7%
97.1% 96.3%
USA
Canada
North Europe
Central and Eastern
Europe
Q3/2014
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(*)
Excluding foreign exchange fluctuation.
95.5%
Total
Q3/2015
26
Operational Results – Q3/2015
Rental Income
NOI
NIS millions
Based on Q3/2014 FX
rates, Q3/2015 rental
income increased by 36%
NIS millions
Based on Q3/2014 FX
rates, Q3/2015 NOI
increased by 33%
36%
Q3 2014  Q3 2015
Average currencies
against NIS
33%
29%
1,547
9.5%
27%
1,066
1,201
840
(9.0%)
Q3/2014
FFO
Q3/2014
Q3/2015
FFO Per Share
(8.2%)
NIS millions
Based on Q3/2014 FX
rates, FFO increased by
21%
(29.8%)
NIS
Based on Q3/2014 FX rates,
FFO per share increased by
19%
21%
19%
5%
LOCATION
LOCATION
LOCATION
Q3/2015
4%
150
158
0.85
0.89
Q3/2014
Q3/2015
Q3/2014
Q3/2015
27
Balance Sheet Highlights
As of September 30
As of December 31
2015
2014
2014
Total Assets
85,036
69,699
69,984
Investment Properties & Development
75,050
57,182
59,334
Interest Bearing Debt
44,874
37,069
36,359
Total Equity
30,611
25,044
25,870
Shareholder’s Equity
7,123
7,853
8,023
Shareholder’s Equity Per Share
39.9
44.6
45.0
EPRA NAV per share
55.6
58.3
60.2
Net Debt to Total Assets
51.6%
51.5%
51.0%
Average nominal interest rate for the period
4.3%
4.7%
4.8%
(in NIS million except per share data)
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28
Well Staggered Debt Maturity Schedule (1)
Debt Breakdown
Financial Institutions
17%
Total Debt
NIS15.7bn
83%

Weighted average debt
maturity: 5.6 years

Average interest rate: 5.03%
Debentures
Debenture Maturity Schedule
NIS Millions
2,601
1,401
985
1,535
1,199
782
1,007
909
2021
2022
1,073
1,225
329
2015
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2016
(1)
2017
2018
2019
2020
As of 30 September 2015. Comprises financial liabilities at the Gazit-Globe parent level and its private subsidiaries.
2023
2024
2025 and After
29