Gazit-Globe

  • ISIN: PAL0605071A3
  • Land: .

Nachricht vom 21.08.2012 | 09:48

Gazit-Globe Reports Second Quarter 2012 Financial Results


Gazit-Globe 

21.08.2012 09:48
---------------------------------------------------------------------------

            FFO for the Quarter Grew by 45% Totaling NIS 138 Million

                  Same Property NOI for the Period Grew by 3.8

TEL-AVIV, Israel, Aug. 21, 2012 (GLOBE NEWSWIRE) -- Gazit-Globe (TASE:GLOB)
(NYSE:GZT), one of the world's leading multi-national real estate companies
focused on acquisition, development and redevelopment of supermarket-anchored
shopping centers announced today its financial results for the three months
(the 'quarter') and six months (the 'period') ended June 30, 2012. 

References to the 'Group' relate to Gazit-Globe's consolidated statements.
References to the 'Company' relate to Gazit-Globe's stand-alone financial
statements. Unless otherwise stated, financial information included in this
press release relates to the 'Group'. 

Highlights:

  -- NOI for the quarter increased by 11% to NIS 865 million compared to NIS 780
     million for the same quarter last year
  -- FFO for the quarter increased by 45% to NIS 138 million (NIS 0.84 per
     diluted share) as compared to NIS 95 million (NIS 0.61 per diluted share)
     for the same quarter last year
  -- Investments during the quarter totaled NIS 1,836 million, compared to NIS
     1,364 million the same quarter last year. Investments during the period
     totaled NIS 2.85 billion, compared to NIS 4.74 billion the same period last
     year
  -- Net income attributable to the Company's shareholders for the quarter
     totaled NIS 288 million (NIS 1.70 per diluted share) compared to NIS 281
     million (NIS 1.80 per diluted share) for the same quarter last year
  -- Total Same-Property NOI for the period grew by 3.8% compared to the same
     period last year and occupancy rate as of June 30, 2012 increased to 94.5%
     compared to 94.1% as of June 30, 2011
  -- Shareholders' equity as of June 30, 2012 totaled NIS 7,906 million (NIS
     48.0 per share), compared to NIS 6,253 million (NIS 40.5 per share) on June
     30, 2011 and NIS 7,310 million (NIS 44.4 per share) as of December 31, 2011
  -- EPRA NAV per share as of June 30, 2012 was NIS 56.2 compared to NIS 42.5
     per share as of June 30, 2011 and NIS 49.4 as of December 31, 2011
  -- As of June 30, 2012, the Group had cash on hand and unutilized revolving
     credit facilities of NIS 8.5 billion, of which NIS 2.1 billion are at the
     Company's level
  -- As of June 30, 2012, net debt to total assets (LTV) was 57.5%, compared to
     60.6% on June 30, 2011and 58.0% on December 31, 2011
  -- Subsequent to June 30, 2012, the Company announced the completion of the
     transaction to take Gazit America private. The Company acquired the
     outstanding common shares of Gazit America not already owned by it and
     First Capital Realty acquired its medical office and retail properties. As
     part of the arrangement, FCR allocated approximately 4 million of its
     shares to Gazit-Globe
  -- Subsequent to June 30, 2012, the Company's private subsidiary Royal Senior
     Care (60%) completed the transaction to sell the majority of its
     wholly-owned senior housing properties in the U.S. The properties were sold
     for a total gross consideration of US$ 230 million of which the Company's
     portion is US$ 138 million. Royal Senior Care will continue to own its
     joint venture interest in two senior housing properties, one fully-owned
     senior housing community and a tract of land held for future development.
     As result of this transaction, Gazit-Globe will record a gain of
     approximately US$ 18 million and net proceeds of approximately US$ 70
     million, all after transactions costs and before taxes

Roni Soffer, President of Gazit-Globe: 'We have concluded another strong
quarter in which we see the positive impact that  the substantial investments
we have made over the last few years have had, among other things, on the
rental income, NOI and FFO, all of which have shown impressive growth. Recently
we announced two transactions, taking Gazit America private and selling the
majority of our senior housing facilities in the U.S. Both of these
transactions will have an immediate positive effect on operations and show the
group's ability to acquire, manage and develop properties and operations and
successfully recycle capital while creating substantial cash flow. These
transactions are part of our strategic plan to direct management's attention to
our core business while improving efficiencies and taking advantage of
opportunities in the global real estate market.' 

Financial Highlights for the three months ended June 30, 2012:

  -- Rental income increased by 11% to NIS 1,268 million compared to NIS 1,146
     million in the second quarter of 2011
  -- NOI increased by 11% to NIS 865 million compared to NIS 780 million in the
     second quarter of 2011
  -- Proportional consolidated NOI increased by 17% to NIS 539 million, compared
     to NIS 459 million in the second quarter of 2011
  -- FFO increased by 45% to NIS 138 million (NIS 0.84 per diluted share) as
     compared to NIS 95 million (NIS 0.61 per diluted share) in the second
     quarter of 2011
  -- Net income attributable to the Company's shareholders for the quarter
     totaled NIS 288 million (NIS 1.70  per diluted share) compared to NIS 281
     million (NIS 1.80 per diluted share) for the same quarter last year
  -- Cash flow from operating activities totaled NIS 283 million, compared to a
     negative cash flow of NIS 20 million in the second quarter of 2011
  -- The fair value gain from investment property and investment property under
     development was NIS 718 million compared to NIS 543 million in the second
     quarter of 2011

Financial Highlights for the six months ended June 30, 2012:

  -- Rental income increased by 10% to NIS 2,527 million compared to NIS 2,289
     million in the same period last year
  -- NOI increased by 11% to NIS 1,705 million compared to NIS 1,534 million in
     the same period last year
  -- FFO increased by 48% to NIS 272 million (NIS 1.65 per diluted share) as
     compared to NIS 184 million (NIS 1.19 per diluted share) in the same period
     last year
  -- Net income attributable to the Company's shareholders for the period
     totaled NIS 546 million (NIS 3.24  per diluted share) compared to NIS 267
     million (NIS 1.71 per diluted share) for the same period last year

Acquisition, Development and Redevelopment Activities

During the quarter, the Group acquired 11 income-producing properties totaling
110 thousand square meters and adjacent land parcels for future development for
the aggregate amount of NIS 1,862 million. The Group also invested an amount of
NIS 989 million in development and redevelopment projects. 

As of June 30, 2012, the Group had 14 properties under development with a gross
leasable area of 297 thousand square meters and 29 properties under
redevelopment with a gross leasable area of 164 thousand square meters with a
total investment value of NIS 3,559  million. The additional cost to complete
the properties under development and redevelopment totals NIS 1,611 million. 

Subsequent to June 30, 2012, the Company announced the completion of the
transaction to take Gazit America private. The Company acquired the outstanding
common shares of Gazit America not already owned by it and First Capital Realty
acquired its medical office and retail properties. As part of the arrangement,
FCR allocated approximately 4 million of its shares to Gazit-Globe. 

Subsequent to June 30, 2012, the Company's private subsidiary Royal Senior Care
(60%) completed the transaction to sell the majority of its wholly-owned senior
housing properties in the U.S. The properties were sold for a total gross
consideration of US$ 230 million of which the Company's portion is US$ 138
million. Royal Senior Care will continue to own its joint venture interest in
two senior housing properties, one fully-owned senior housing community and a
tract of land held for future development. As result of this transaction,
Gazit-Globe will record a gain of approximately US$ 18 million and net proceeds
of approximately US$ 70 million, all after transactions costs and before taxes. 

Financing Activities

  -- As of June 30, 2012, the Group had cash on hand and unutilized revolving
     credit facilities of NIS 8.5 billion, of which NIS 2.1 billion are at the
     Company's level
  -- During the quarter the Company announced a private placement of Debentures
     (Series J) for immediate consideration of approximately NIS 175 million
     together with Options to purchase Series K Debentures. Some of the Options
     were exercised for an additional consideration of approximately NIS 60
     million
  -- In June 2012, the Company announced the extension of an existing US$200
     million line of credit for 5 years with a maturity date of July 15, 2017
  -- Subsequent to June 30, 2012, the Company sold all Citycon's convertible
     debentures it held (Euro 42 million par value) of which Citycon purchased
     back Euro 20 million par value

Balance Sheet Highlights

  -- As of June 30, 2012, net debt to total assets (LTV) was 57.5%, compared to
     60.6% on June 30, 2011and 58.0% on December 31, 2011
  -- Shareholders' equity as of June 30, 2012 totaled NIS 7,906 million (NIS
     48.0 per share), compared to NIS 6,253 million (NIS 40.5 per share) on June
     30, 2011 and NIS 7,310 million (NIS 44.4 per share) as of December 31, 2011
  -- EPRA NAV per share as of June 30, 2012 was NIS 56.2 compared to NIS 42.5
     per share as of June 30, 2011 and NIS 49.4 as of December 31, 2011

Dividend

  -- The Company's Board of Directors declared a quarterly cash dividend of NIS
     0.40 per share payable on October 11, 2012 to shareholders of record as of
     September 24, 2012. The quarterly cash dividend of NIS 0.40 per share
     represents an annualized amount of NIS 1.60

ACCOUNTING AND OTHER DISCLOSURES

The Company believes that publication of FFO, which is calculated according to
EPRA best-practice recommendations, better reflects the operating results of
the Company, since the Company's financial statements are prepared in
conformity with IFRS. In addition, publication of FFO provides a better basis
for the comparison of the Company's operating results between different
reporting periods and strengthens the uniformity and the comparability of this
financial measure to that published by European property companies. 

As clarified in the EPRA and NAREIT position papers, the FFO measures do not
represent cash flows from current operations 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
(loss). Furthermore, it is also clarified that these measures are not part of
the data audited by the Company's independent auditors. 

CONFERENCE CALL/WEB CAST INFORMATION

Gazit-Globe will host a conference call and webcast in English on Tuesday,
August 21, 2012 at 17:00 Israel Time, 15:00 United Kingdom/ 16:00  Central
European Time/ 10:00 a.m. Eastern Time to review the second quarter 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) 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. 

FOR ADDITIONAL INFORMATION

A comprehensive copy of the Company's annual report is available on Gazit-Globe
website at www.gazit-globe.com. To be included in the Company's e-mail
distributions for press releases and other Company notices, please send e-mail
addresses to Ms. Avishag Kichel, International Investor Relations, at
akichel@gazitgroup.com. 

ABOUT GAZIT-GLOBE

Gazit-Globe is one of the largest owners and operators of supermarket-anchored
shopping centers in the world. In addition, the Company is active in North
America in the healthcare real estate sector. Gazit-Globe is listed on the Tel
Aviv Stock Exchange (TASE:GLOB) and is included in the TA-25 and the
Real-Estate 15 indices in Israel. The Company is also listed on the New York
Stock Exchange (NYSE:GZT). The Group operates properties with a total value of
approximately $18.5 billion in more than 20 countries and owns and operates
over 600 properties with a gross leasable area of approximately 6.7 million
square meters. www.gazit-globe.com. 

FORWARD LOOKING STATEMENTS

This release may contain forward-looking statements within the meaning of the
U.S. federal securities laws. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. Such
statements involve a number of known and unknown risks and uncertainties, many
of which are outside our control, that could cause our future results,
performance or achievements to differ significantly from the results,
performance or achievements expressed or implied by such forward-looking
statements. Important factors that could cause or contribute to such
differences include risks detailed in our public filings with the SEC. Except
as required by law, we undertake no obligation to update any forward-looking or
other statements herein, whether as a result of new information, future events
or otherwise. 



**Some historical numbers were retroactively adjusted due new IFRS standards

Below please find excerpts from our second quarter report. For the full report
in English, please go to  http://www.gazitglobe.com/financial-reports. 



CONSOLIDATED STATEMENTS OF FINANCIAL POSITION                                   
-----------------------------------------------------------                     
                                                                                
                                                                                
                                                       June 30,       December  
                                                                         31,    
                                                   -----------------            
                                                     2012   *) 2011    *) 2011  
                                                   -----------------------------
                                                       Unaudited       Audited  
                                                   -----------------------------
                                                           NIS in millions      
                                                   -----------------------------
     ASSETS                                                                     
                                                                                
CURRENT ASSETS:                                                                 
                                                                                
 Cash and cash equivalents                           1,442      982        1,539
 Short-term deposits and loans                         385      251          770
 Marketable securities at fair value through            62       85           97
  profit or loss                                                                
 Available-for-sale financial assets                    18       46           67
 Financial derivatives                                  78      114           84
 Trade receivables                                     730      579          656
 Other accounts receivable                             284      362          291
 Inventory of buildings and apartments for sale        645      514          697
 Current tax receivable                                 21       26           14
                                                   -----------------------------
                                                                                
                                                     3,665    2,959        4,215
                                                                                
Assets classified as held for sale                     636      260          714
                                                   -----------------------------
                                                                                
                                                     4,301    3,219        4,929
                                                   -----------------------------
NON-CURRENT ASSETS:                                                             
                                                                                
 Investments in associates and jointly controlled    4,808    4,324        4,390
  entities                                                                      
 Other investments, loans and receivables              442      151          308
 Available-for-sale financial assets                   357      239          314
 Financial derivatives                                 883    1,036          937
 Investment property                                54,080   46,148       51,014
 Investment property under development               3,063    1,814        2,198
 Non-current inventory                                  23       23           23
 Fixed assets, net                                     163      153          157
 Goodwill                                              103      132          101
 Other intangible assets, net                           43       97           68
 Deferred taxes                                        199      123          160
                                                   -----------------------------
                                                                                
                                                    64,164   54,240       59,670
                                                   -----------------------------
                                                                                
                                                    68,465   57,459       64,599
                                                   =============================
                                                                                
*) Retroactively adjusted due to implementation of new IFRS standards, see Notes
 2b, 2c and 6 of the financial statements.                                      
                                                                                
The accompanying notes are an integral part of these interim consolidated       
 financial statements.                                                          

                                                                                
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION                                   
---------------------------------------------------------------------           
                                                                                
                                                        June 30,       December 
                                                                         31,    
                                                    -----------------           
                                                      2012   *) 2011   *) 2011  
                                                    ----------------------------
                                                        Unaudited      Audited  
                                                    ----------------------------
                                                           NIS in millions      
                                                    ----------------------------
     LIABILITIES AND EQUITY                                                     
                                                                                
CURRENT LIABILITIES                                                             
 Credit from banks and others                           289      491         453
 Current maturities of non-current liabilities        2,906    2,137       3,525
 Financial derivatives                                   25       16          25
 Trade payables                                         785      625         819
 Other accounts payable                               1,236    1,051       1,218
 Advances from customers and buyers of apartments       225      175         277
 Current tax payable                                     30       27          53
                                                    ----------------------------
                                                                                
                                                    ----------------------------
                                                      5,496    4,522       6,370
 Liabilities attributable to assets held for sale        83      187         103
                                                    ----------------------------
                                                                                
                                                      5,579    4,709       6,473
                                                    ----------------------------
NON-CURRENT LIABILITIES                                                         
 Debentures                                          17,258   14,694      15,379
 Convertible debentures                               1,602      886       1,121
 Interest-bearing loans from financial institutions  19,487   17,706      18,973
  and others                                                                    
 Financial derivatives                                  385      110         339
 Other financial liabilities                            312      175         277
 Employee benefit liability, net                          7        5           8
 Deferred taxes                                       2,805    2,079       2,401
                                                    ----------------------------
                                                                                
                                                     41,856   35,655      38,498
                                                    ----------------------------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF                                        
 THE COMPANY                                                                    
 Share capital                                          218      208         218
 Share premium                                        3,791    3,482       3,787
 Retained earnings                                    4,318    3,569       3,904
 Foreign currency translation reserve                 (557)  (1,225)       (728)
 Other reserves                                         157      244         150
 Loans granted to purchase shares of the Company     **) --      (4)      **) --
 Treasury shares                                       (21)     (21)        (21)
                                                    ----------------------------
                                                                                
                                                      7,906    6,253       7,310
                                                                                
 Non-controlling interests                           13,124   10,842      12,318
                                                    ----------------------------
                                                                                
Total equity                                         21,030   17,095      19,628
                                                    ----------------------------
                                                                                
                                                     68,465   57,459      64,599
                                                    ============================
                                                                                
*) Retroactively adjusted due to implementation of new IFRS standards, see Notes
 2b, 2c and 6 of the financial statements.                                      
**) Represents an amount of less than NIS 1 million.                            
                                                                                
The accompanying notes are an integral part of these interim consolidated       
 financial statements.                                                          

                                                                                
CONSOLIDATED STATEMENTS OF INCOME                                               
---------------------------------------------------------                       
                                                                                
                                        Six months ended   Three months   Year  
                                                              ended       ended 
                                            June 30,         June 30,    Decembe
                                                                          r 31, 
                                       ---------------------------------        
                                         2012    *) 2011   2012    *)    *) 2011
                                                                  2011          
                                       -----------------------------------------
                                                   Unaudited             Audited
                                       -----------------------------------------
                                           NIS in millions (except per share    
                                                        amounts)                
                                       -----------------------------------------
                                                                                
Rental income                             2,527    2,289  1,268   1,146    4,718
Revenues from sale of buildings, land       932      279    456     279    1,001
 and contractual works performed                                                
                                       -----------------------------------------
                                                                                
Total revenues                            3,459    2,568  1,724   1,425    5,719
                                       -----------------------------------------
                                                                                
Property operating expenses                 822      755    403     366    1,522
Cost of buildings sold, land and            885      264    430     264      967
 contractual works performed                                                    
                                       -----------------------------------------
                                                                                
Total cost of revenues                    1,707    1,019    833     630    2,489
                                       -----------------------------------------
                                                                                
Gross profit                              1,752    1,549    891     795    3,230
                                                                                
Fair value gain from investment           1,031      614    718     543    1,670
 property and investment property                                               
 under development, net                                                         
General and administrative expenses       (327)    (318)  (165)   (178)    (733)
Other income                                125       45     35      29      119
Other expenses                             (17)     (11)   (12)    (11)    (114)
Group's share in earnings of                154      197     74     128      334
 associates and jointly controlled                                              
 entities, net                                                                  
                                       -----------------------------------------
                                                                                
Operating income                          2,718    2,076  1,541   1,306    4,506
                                                                                
Finance expenses                        (1,097)  (1,060)  (591)   (490)  (2,197)
Finance income                               45       29     19      13       72
                                       -----------------------------------------
                                                                                
Profit before taxes on income             1,666    1,045    969     829    2,381
Taxes on income                             343      201    211     157      328
                                       -----------------------------------------
                                                                                
Net income                                1,323      844    758     672    2,053
                                       =========================================
                                                                                
Attributable to:                                                                
                                                                                
Equity holders of the Company               546      267    288     281      719
Non-controlling interests                   777      577    470     391    1,334
                                       -----------------------------------------
                                                                                
                                          1,323      844    758     672    2,053
                                       =========================================
Net earnings per share attributable to equity holders of the Company (NIS):     
                                                                                
Basic net earnings                         3.31     1.73   1.74    1.82     4.65
                                       =========================================
                                                                                
Diluted net earnings                       3.24     1.71   1.70    1.80     4.30
                                       =========================================
                                                                                
                                                                                
*)  Retroactively adjusted due to implementation of new IFRS standards, see     
 Notes 2b, 2c and 6 of the financial statements.                                
                                                                                
The accompanying notes are an integral part of these interim consolidated       
 financial statements.                                                          

                                                                                
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME                                 
-----------------------------------------------------------------               
                                                                                
                                             Six months     Three months   Year 
                                                ended          ended       ended
                                               June 30,       June 30,    Decemb
                                                                          er 31,
                                           ------------------------------       
                                             2012    *)     2012    *)      *)  
                                                    2011           2011    2011 
                                           -------------------------------------
                                                     Unaudited            Audite
                                                                             d  
                                           -------------------------------------
                                                       NIS in millions          
                                           -------------------------------------
                                                                                
Net income                                  1,323     844    758     672   2,053
                                           -------------------------------------
                                                                                
Other comprehensive income (loss) (net of                                       
 tax effect):                                                                   
                                                                                
Exchange differences on translation of        428      47    657   (183)   1,139
 foreign operations                                                             
Realization of exchange differences on          3      12     --      12      12
 translation of foreign operations                                              
Net gains (losses) on cash flow hedges       (37)      40   (63)    (31)   (139)
Net gains (losses) on available-for-sale       34    (20)     33     (6)    (39)
 financial assets                                                               
Gain on revaluation of fixed assets in         16       9     19      10      28
 jointly controlled entity                                                      
                                           -------------------------------------
                                                                                
Total other comprehensive income (loss)       444      88    646   (198)   1,001
                                           -------------------------------------
                                                                                
Total comprehensive income                  1,767     932  1,404     474   3,054
                                           =====================================
                                                                                
Attributable to:                                                                
                                                                                
Equity holders of the Company **)             752     368    575     186   1,231
Non-controlling interests                   1,015     564    829     288   1,823
                                           -------------------------------------
                                                                                
                                            1,767     932  1,404     474   3,054
                                           =====================================
                                                                                
**) Composition of comprehensive income attributable to equity holders of the   
 Company:                                                                       
                                                                                
                                                                                
Net income                                    546     267    288     281     719
Exchange differences on translation of        171      76    263    (96)     573
 foreign operations                                                             
Realization of exchange differences on          2      12     --      12      12
 translation of foreign operations                                              
Net gains (losses) on cash flow hedges       (17)      22   (28)    (13)    (66)
Net gains (losses) on available-for-sale       34    (18)     33     (8)    (35)
 financial assets                                                               
Gain on revaluation of fixed assets in         16       9     19      10      28
 jointly controlled entity                                                      
                                           -------------------------------------
                                                                                
                                              752     368    575     186   1,231
                                           =====================================
                                                                                
*) Retroactively adjusted due to implementation of new IFRS standards, see Notes
 2b, 2c and 6 of the financial statements.                                      
                                                                                
The accompanying notes are an integral part of these interim consolidated       
 financial statements.                                                          

                                                                                
The table below presents the               For the 6        For the 3    For the
 calculation of the Company's FFO,                                        year  
 computed according to the directives                                           
 of EPRA, and its FFO per share for                                             
 the stated periods:                                                            
---------------------------------------                                         
                                         months ended     months ended    ended 
                                            June 30         June 30      Decembe
                                                                          r 31  
                                       ---------------------------------        
                                         2012    2011(*   2012   2011(*  2011(*)
                                                    )               )           
                                       -----------------------------------------
                                         NIS in millions (other than per share  
                                                         data)                  
                                       -----------------------------------------
                                                                                
Net income attributable to equity           546     267     288     281      719
 holders of the Company for the period                                          
                                       -----------------------------------------
Adjustments:                                                                    
 Fair value gain from investment        (1,031)   (614)   (718)   (543)  (1,670)
  property and investment property                                              
  under development, net                                                        
 Capital loss on sale of investment          13      11      10      12       63
  property and investment property                                              
  under development                                                             
 Impairment of goodwill                      --      --      --      --       38
 Changes in the fair value of                35      32      13    (51)      179
  derivatives measured at fair value                                            
  through profit and loss                                                       
 Adjustments with respect to companies     (47)    (85)    (48)    (88)    (131)
  accounted for using the Equity                                                
  method                                                                        
 Loss from decrease in holding rate of        1       1  (**)--       1        1
  investees                                                                     
 Deferred taxes, current taxes with         333     195     206     155      324
  respect to disposal of properties                                             
 Gain from bargain purchase               (119)    (26)    (37)    (26)    (102)
 Acquisition costs recognized in              6      21       3      15       21
  profit and loss                                                               
 Non-controlling interests' share in        401     236     287     213      654
  above adjustments                                                             
                                       -----------------------------------------
 Nominal FFO                                138      38       4    (31)       96
                                       =========================================
 Additional adjustments:                                                        
 CPI and exchange rate linkage               83     120      81      72      133
  differences                                                                   
 Loss from early redemption of                2       1      --       1        6
  interest-bearing liabilities                                                  
 Depreciation and amortization                8       8       5       3       15
 Adjustments with respect to companies       14       2      34       7       67
  accounted for using the Equity                                                
  method                                                                        
 Other adjustments 1                         27      15      14      43       88
                                       -----------------------------------------
 FFO according to the management            272     184     138      95      405
  approach                                                                      
                                       =========================================
 Basic and diluted FFO according to        1.65    1.19    0.84    0.61     2.62
  the management approach per share                                             
  (in NIS)                                                                      
                                       =========================================
                                                                                
                                                                                
(*) Retroactively adjusted due to the implementation of new IFRSs; for details  
 refer to notes 2.b, 2.c and 6 of the financial statements.                     
(**) Represents an amount of less than NIS 1 million.                           
                                                                                
                                                                                
1 Income and expenses adjusted against the net income for the purpose of        
 calculating FFO, which include the adjustment of income from the waiver of the 
 bonus and the compensation with respect to the expiration of the employment    
 agreement of the Chairman of the Board of Directors, expenses and income from  
 exceptional legal proceedings not related to the reporting periods, expenses   
 arising from termination of the engagement of senior Group employees and also  
 income and expenses from operations not related to income-producing property.  




         CONTACT:  Gazit-Globe Ltd.
         1 HaShalom Rd.
         Tel Aviv, Israel 67892
         +972 3 694 8000
         
         For additional information:
         Gadi Cunia,
         Senior Executive VP and CFO
News Source: NASDAQ OMX



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Language:     English
Company:      Gazit-Globe
              
               
              Panama
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         PAL0605071A3
WKN:          
 
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Anleihe im Fokus

Timeless Homes Anleihe – 9,31% Rendite – Luxus für Ihr Depot

– Zeichnungsstart: 17. Juni
– Kupon: 9,00 % p.a. (effektiver Zins 9,31% p.a.)
– Zeichnung ab 1.000 Euro
– Laufzeit 7 Jahre
– WKN: A1R09H

Anleihe im Fokus

DIE CLOUD No 7-ANLEIHE: EINE AUSSERGEWÖHNLICHE IMMOBILIENANLAGE.

- Zeichnungsfrist: 20. Juni - 01. Juli 2013, Bondm
- Kupon: 6 % p.a.
- Laufzeit: 4 Jahre
- Stückelung: 1.000 Euro - WKN: A1TNGG
- Rating: Anleiherating BBB („Investment Grade“),Creditreform Rating AG

GBC-Fokusbox

8,5%-gamigo-Anleihe: Überdurchschnittlich attraktiv

Dynamisches Wachstum mit Onlinespielen; Einstufung: 4 von 5 GBC-Falken

Die gamigo AG will sowohl organisch als auch anorganisch wachsen. Zur Finanzierung emittiert der Betreiber und Vermarkter von Onlinespielen eine Unternehmensanleihe mit einem jährlichen Kupon von 8,5% bei vierteljährlicher Zinszahlung (Effektivrendite 8,775%). Wir stufen die Anleihe als „überdurchschnittlich attraktiv“ ein.

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