Hot Features
Premium
Level up your trading with our powerful tools and real-time insights all in one place.
What are the details?
Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT), a real estate company focused on the management, acquisition, development and redevelopment of supermarket-anchored shopping centers in major urban markets, announced today its financial results for the second quarter ended June 30, 2015.
Highlights:
– NOI for the quarter increased by 25% to NIS 1,043 million (US$ 277 million) compared to NIS 832 million (US$ 221 million) in the same quarter last year. The increase results from the consolidation of Atrium’s financial reports.
– FFO for the quarter totaled NIS 162 million (US$ 43 million), or NIS 0.91 per share (US$ 0.24), compared to NIS 163 million (US$ 43 million), or NIS 0.92 per share (US$ 0.24), in same quarter last year. The number of shares grew by 1% between the periods.
– Investments during the quarter totaled NIS 848 million (US$ 225 million).
– Same Property NOI for the first 6 months, excluding the effect of changes in exchange rates, decreased by 0.1%, compared to same period last year. The occupancy rate as of June 30, 2015 remained high at a level of 95.4% the same as of June 30, 2014.
– Shareholders’ equity as of June 30, 2015 totaled NIS 7,454 million (US$ 1,978 million), or NIS 41.8 per share (US$ 11.1 per share), compared to NIS 7,687 million (US$ 2,040 million), or NIS 43.7 per share (US$ 11.6 per share), as of June 30, 2014. As a result of changes in exchange rates against the NIS, shareholders’ equity decreased by NIS 855 million (US$ 85 million) during the first 6 months.
– EPRA NAV per share as of June 30, 2015 was NIS 56.9 (US$ 15.1) compared to NIS 56.6 per share (US$ 15.0) as of June 30, 2014.
– As of June 30, 2015, the Group had liquid assets and unutilized revolving credit facilities in the amount of NIS 10.6 billion (US$ 2.81 billion) of which NIS 2.9 billion (US$ 0.77 billion) is at the Company level.
– As of June 30, 2015, net debt to total assets (LTV) was 50.5%, compared to 53.4% as of June 30, 2014.
– The Company declared a quarterly cash dividend of NIS 0.46 per share payable on October 14, 2015 to shareholders of record as of September 30, 2015, which represents an annualized dividend per share of NIS 1.84.
– After the quarter ended, Gazit-Globe’s subsidiary, Citycon (42.8%), completed the purchase of all of the shares of Norway’s second largest commercial real estate company, Sektor Gruppen, for consideration amounting to approximately EUR 1.47 billion. The consideration was paid in cash (approximately EUR 541 million) and through the assumption of debt.
Roni Soffer, President of Gazit-Globe: “We are pleased to conclude another good quarter in which we continued to grow our business despite global economic challenges. Once again, we believe that the advantage of having a geographically-diverse, urban, quality portfolio in countries with high, investment-grade credit ratings was demonstrated. Subsequent to quarter end, Citycon completed the acquisition of Sektor and became the largest public commercial real estate company in the Nordic region and the third largest in Europe, further positioning the group for continued long-term growth.”
Soffer added: “I have had the great privilege of being part of Gazit-Globe over the past 19 years and I am thankful for that. I wish Rachel Lavine success in her new role and I am confident that under her leadership, Gazit-Globe will continue to grow and attain more of its goals.”
