Gazit America announces its third quarter 2009 operating results
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
- Began operations as a separate public company on August 14, 2009 after First Capital Realty Inc. ("FCR") distributes shares of the Company by way of a dividend-in-kind - Acquired two properties consisting of four medical office buildings located in Cambridge, Ontario and one medical office building located in London, Ontario.
FINANCIAL HIGHLIGHTS
Gazit America reported third quarter rental revenues and net operating income of
Equity income in the third quarter was
The Company's U.S. subsidiaries received dividends from its investment in Equity One of
Net income for the third quarter of 2009 was
ACQUISITIONS
Prior to the dividend-in-kind, the Company acquired all of the issued and outstanding common shares of ProMed Properties (CA) Inc. ("ProMed") from FCR's controlling shareholder for
Management is currently looking at a number of additional medical office building acquisition opportunities.
Financial statements and managements' discussion and analysis for the three and nine months ended
ABOUT GAZIT AMERICA (TSX: GAA)
Gazit America is focused on entrepreneurial real estate investments including the acquisition and development of income-producing properties, investments in public and private real estate entities, investments in joint ventures and other structured acquisitions and investments in commercial and residential mortgage-backed securities. Gazit America currently owns approximately 16% of Equity One, Inc. (NYSE: EQY), a US real estate investment trust, and two properties comprised of five medical office buildings totalling approximately 115,000 square feet of rentable space located in Cambridge and
FORWARD LOOKING STATEMENT ADVISORY
This press release contains forward-looking statements, and other statements concerning Gazit America's objectives and strategies and Management's beliefs, plans, estimates and intentions. Forward-looking statements can generally be identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "outlook", "objective", "may", "will", "should", "continue" and similar expressions. The forward-looking statements are not historical facts but reflect the Company's current expectations regarding future results or events and are based on information currently available to Management. Certain material factors and assumptions were applied in providing these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements.
Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Management can give no assurance that actual results will be consistent with these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks Factors" in the Company's prospectus that was filed on SEDAR on
Factors that could cause actual results or events to differ materially from those expressed, implied or projected by forward-looking statements in addition to those described in the "Risks Factors" section include, but are not limited to, general economic conditions, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions, environmental matters, legal matters, reliance on key personnel, financial difficulties and defaults, changes in interest rates and credit spreads, changes in the U.S.-Canadian foreign currency exchange rate, changes in operating costs, the Company's ability to obtain insurance coverage at a reasonable cost and the availability of financing.
Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Gazit America undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws.
These forward-looking statements are made as of
NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES Net Operating Income
Net operating income ("NOI") is defined as rental revenues less property operating costs. In Management's opinion, net operating income is useful in analyzing the operating performance of the Company's portfolio. Net operating income is not a measure defined by Canadian Generally Accepted Accounting Principles ("GAAP") and there is no standard definition of net operating income. As a result, net operating income may not be comparable with similar measures presented by other entities. Net operating income is not to be construed as an alternative to net income or cash flow from operating activities determined in accordance with GAAP.
For further information: For further information: regarding Gazit America: Roni Soffer, Vice-Chair & interim C.E.O., or David Dinniwell, C.F.O. Gazit America Inc., 109 Atlantic Avenue, Suite 303, Toronto, Ontario, Canada, M6K 1X4, Tel: (416) 447-6400, Fax: (416) 447-6488, www.gazitamerica.com
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