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Gazit-Globe Reports First Quarter 2016 Financial Results
TEL-AVIV, Israel, May 26, 2016 (GLOBE NEWSWIRE) -- Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT), one of the world's leading multi-national real estate companies focused on the management, acquisition, development and redevelopment of supermarket-anchored shopping centers in major urban markets, announced today its financial results for the first quarter ended March 31, 2016.
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:
Rachel Lavine, CEO of Gazit-Globe: "The improvement in the various operating parameters is primarily due to the capital recycling activity that began more than 6 years ago in our North American subsidiaries, Equity One and First Capital, as this has been reflected more strongly in recent quarters. We believe that the improvement process is similar to the capital recycling activity currently under way in our subsidiaries in Europe, which have not yet been reflected in their results. Our operating results were significantly offset by the strengthening of the Shekel against the currencies of operations, coupled with the sale of shares in our North American subsidiaries earlier this year, in line with our strategy. We are committed to acting decisively and consistently as we create the right infrastructure for the company's growth in the coming years. Recently, we announced an increase in our holdings in Gazit Israel to 100% as we increase the Group's component of private real estate and simplify the holding structure."
Financial highlights for first quarter 2016:
Acquisition, Development, Redevelopment and Capital Recycling Activities:
Financing Activities:
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 Thursday, May 26, 2016 at 5:00 pm Israel Time / 4:00 pm Central European Time / 10:00 am Eastern Time, to review the first quarter 2016 financial results. Shareholders, analysts and other interested parties can access the conference call by dialing 1877 280 1254 (U.S./Canada) or 0800 279 4992 (U.K.) or 44 (0) 20 3427 1908 (International) or 1 809 212 925 (Israel), or on the Company's website: www.gazit-globe.com (Conference ID 8905824)
Webcast link: http://edge.media-server.com/m/p/4godqbnj
For those unable to participate during the call, a replay will be available for future review on Gazit-Globe's website under Investor Relations.
About Gazit-Globe
Gazit-Globe is one of the largest owners, developers and operators of predominantly supermarket-anchored shopping centers in major urban markets around the world. Gazit-Globe is listed on the New York Stock Exchange (NYSE:GZT), the Toronto Stock Exchange (TSX:GZT) and the Tel Aviv Stock Exchange (TASE:GZT) and is included in the TA-25 and Real-Estate 15 indices in Israel. As of March 31, 2016 Gazit-Globe owns and operates 439 properties in more than 20 countries, with a gross leasable area of approximately 6.5 million square meters and a total value of approximately US$ 21.5 billion.
FOR ADDITIONAL INFORMATION
A comprehensive copy of the Company's financial report is available on Gazit-Globe website at www.gazit-globe.com
Investors Contact: IR@gazitgroup.com , Media Contact: press@gazitgroup.com
Gazit-Globe Headquarters, Tel-Aviv, Israel, Tel: +972 3 6948000
FORWARD LOOKING STATEMENTS
This release may contain forward-looking statements within the meaning of applicable securities laws. In the United States, 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 and the Canadian Securities Administrators. Except as required by applicable 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.
Below please find excerpts from our Q1 2016 financial report. For our full Q1 2016 report in English, please go to http://www.gazitglobe.com/financial-reports .
The table below presents the calculation of the Company's FFO, calculated according to the recommendations of EPRA and the guidelines of the Israel Securities Authority, and its FFO per share for the stated periods:
Income and expenses adjusted against the net income for the purpose of calculating FFO, which include the adjustment of expenses and income from extraordinary legal proceedings not related to the Reporting Periods (including a provision for legal proceedings), non-recurring expenses arising from the termination of engagements with senior Group officers, as well as income and expenses from operations not related to income-producing property (including the results of Dori Group in comparable periods) and the cost of debt with respect thereto, and non-recurring restructing expenses, and internal costs (mainly salary) incurred in the leasing of properties.
Weighted average for the period.
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