Gazit Globe (TASE: GLOB), one of the world’s leading real estate companies engaged in the acquisition, development, and management of income-producing properties, with a focus on supermarket-anchored shopping centers in high-growth markets in the Americas, Europe, the Baltic countries and Israel, reported strong financial and operating results for the third quarter and first 9 months of 2009.
Highlights:
* Cash flows from operations for the third quarter totaled 356 million NIS and 804 million NIS year-to-date, as compared to 255 million NIS and 550 million NIS for the same period last year, respectively.
* Net income for the third quarter totaled 117 million NIS and 290 million NIS for the first 9 months of 2009 as compared to losses in the same periods in 2008.
* As of the quarter end, the Group has cash on hand and available lines of credit in the amount of 4.6 billion NIS. In addition, Atrium European Real Estate (Affiliate) has liquid resources totaling 4.5 billion NIS.
* The Company Board of Directors has resolved that as of the first quarter of 2010, dividends distributed would be equal to, or higher than 0.37 NIS per share (1.48 NIS per share annualized for 2010 vs. 1.42 per share for 2009)
Post Quarter-End Highlights:
* Post quarter-end, Gazit Globe completed the issuance of shares and warrants of 293 million NIS.
* Post quarter-end, Equity One (Affiliate), has completed the purchase of a 40,000 square meter of GLA shopping center in Long Island, New York for $103.7 million.
* Post quarter-end, at an extraordinary general meeting (“EGM”), Atrium’s shareholders approved the Exchange Transaction of the Gazit Globe and Citi Property Investors (“CPI”) convertible bonds and warrants of Atrium for shares. Gazit Globe announced that all conditions to closing have been satisfied and that the deal is expected to be completed within days.
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