G CITY LTD Bond 18
Assets Overview
December 26, 2023
THE HEART OF IT.
General Disclaimer
This presentation may include forward-looking statements as defined in section 32A of the Securities Law, 1968, including forecasts, evaluations, estimates, future revenues and other financial information, and financial and operational data that refers to future events whose fulfillment is not certain and is not under the control of the Company and its investee companies. Such information is based on the Company's subjective evaluation based upon past experience and the professional knowledge the Company has accumulated, using the Company's and its investee companies' existing knowledge, and on the Company's expectations and current estimates concerning future developments and trends, and their expected impact on the Company's operations, as known to the Company at the time of preparation of this presentation.
Notwithstanding that we believe that the assumptions underlying any forward-looking assumption are reasonable, any such assumption can turn out to be inaccurate, and a forward-looking declaration based on such an assumption can turn out to be erroneous. Actual results and future trends might materially change from those presented or understood from any forward-looking declaration in this presentation, dependent on a range of factors. These include risk factors that characterize the Company's business and that of its investee companies as detailed in the Company's Periodic Report and other information we have submitted to the Israel Securities Authority, including under the heading of "Risk Factors" in the Company's Periodic Report, which include economic conditions that impact on geographic regions, changes in leasing policies of retail chains and major tenants, , competition, growth in operating costs and other expenses, developments in the economic and geopolitical environment in areas where the Company and its investee companies operate, including with attention to the war in Israel and its effects. Accordingly, the results of the Company's operations may be materially different from what is stated in this presentation.
Apart from the duty to disclose information as required under the applicable securities laws, we do not undertake to update the information in this presentation or to publish the results of any change to any declaration that might occur in order to reflect events or circumstances that will have occurred, or to which we became aware, after the date of this presentation.
The information included in this presentation does not represent a prospectus or other offering document and is not and does not create any invitation of proposal to sell or any solicitation for any invitation or offer to purchase or register for purchase any securities of G City Ltd or any other company. In addition, the information or any part of it or the fact of its distribution do not represent the basis or possibility to rely upon them in respect of any action, contract, undertaking or in connection with securities of G City Ltd.
This presentation does not include the full information regarding GHI Alpha and its activity. For the full information regarding GHI Alpha please refer to the Company's | |
immediate and periodic reports. Therefore, this presentation should be reviewed together with such reports. | 2 |
Portfolio Overview
GHI Alpha
As of September 30, 2023
Occupancy | ||||||||||
Residential | as of | |||||||||
No. | Property Name | Location | Own % | Operating Sqm | Units | 30/09/2023 | Book Value | Debt Amount | Interest Rate [1] | Final Maturity |
1 | 467 Washington | Boston, MA | 100% | 975 | 100.0% | $11,087,000 | ||||
2 | The Edge Retail (Williamsburg) | Brooklyn, NY | 100% | 5,517 | 100.0% | $61,000,000 | $26,000,000 | 3.65% | May 2026 | |
3 | 159 Newbury Street | Boston, MA | 100% | 595 | 100.0% | $11,586,000 | ||||
4 | 9-15 Brattle Street | Boston, MA | 100% | 2,210 | 100.0% | $18,454,000 | ||||
5 | Maizon Apartments | Miami, FL | 100% | 19,209 | 262 | 93.5% | $156,600,000 | $63,750,000 | 2.71% | July 2028 |
6 | Brickell Station | Miami, FL | 100% | 1,103 | 100.0% | $23,707,000 | ||||
Total | 29,609 | 262 | 95.8% | $282,434,000 | $89,750,000 | 2.98% | ||||
NOI | 9 months ended | $282,434,000 | $89,750,000 | $195,166,000 | 55% | $107,341,300 | 390,000,000 |
Sep 30, 2023 | |||||||
Assets | Debt | GHI | Proposed LTV over | Potential Debt | Potential new | ||
Residential | $4,443,000 | ||||||
Portfolio Value | Outstanding | Alpha Equity | GHI Alpha Equity | Amount under new | Debenture in ILS | ||
Debenture | |||||||
Commercial | $3,936,000 | ||||||
Total NOI (9 Months) $8,379,000
[1] Fixed Interest Rate
3
Financial Covenants Proforma
Financial Ratio | Covenant | As of September 30, 2023 |
G City LTD | ||
Minimum Shareholders' Equity | Higher than $800M, | $1,362M |
(less non-controlling interest) | during 3 consecutive quarters | |
Ratio of net interest-bearing debt | lower than 75%, | 60.5% |
to total consolidated assets | during 3 consecutive quarters | |
GHI Alpha LLC | ||
Minimum Shareholders' Equity | Higher than $120M, | $195M |
during 2 consecutive quarters | ||
4
Gazit Horizons Inc. Overview
Gazit Horizons is focused on the acquisition, development, and management of high-quality retail, residential and mixed- use properties in North America. Gazit Horizons is the North American subsidiary of G-City, a leading global real estate company with operations in 11 countries and ~$10 billion in asset value. Gazit Horizons strives to own best in class residential and retail assets in growing markets with favorable demographics. The company is focused on owning real estate in areas where synergistic dynamic live, work, & play can thrive. Gazit Horizons strives to own urban assets in growing markets with favorable demographics. Our assets are well positioned to benefit from "work, live & play" dynamics. We are active owners seeking to unlock value through proactive asset management and redevelopment opportunities in high-growth markets. GHI Alpha portfolio comprises 6 Properties with 100% ownership stake.
GHI Alpha Assets Summary
6 | 262 | |
Number of | Residential | |
properties | Units | |
$282,434,000 | $8,379,000 | 29,609 Sqm. |
Total | NOI | Total |
Value | 9 months ended Sep | GLA |
30, 2023 | ||
As of September 30, 2023 |
For more information about Gazit Horizons please visit https://www.gazithorizons.com/
Geographic Breakdown
by Book Value
MA,
NY,14%
22%
FL,
64%
As of September 30, 2023
Property Type
Breakdown by NOI
Commercial
47%
Residential 53%
As of September 30, 2023
5
GHI Alpha - Geographic Overview
Boston
New York
Miami
6
Holding Structure
G City Ltd. (IL)
100%
GHI Alpha LLC | Other | |
Real Estate Assets | ||
100% | 100% | 100% | 100% | 100% | 100% | |||||||||
Gazit Horizons | GH (Brickell | Gazit Horizons | Gazit Horizons | Gazit Horizons | GH Holdings | |||||||||
(467 Washington | (Newbury | (Maizon) | ||||||||||||
(MM) LLC | Station) LLC | (9 Brattle) LLC | ||||||||||||
street) LLC | Condo) LLC | Investor LLC | ||||||||||||
99.0% | 100% | |||||||||||||
1.0% | ||||||||||||||
Gazit Horizons | GH Holdings | |||||||||||||
(EDGE) LLC | (Maizon) GP LLC | |||||||||||||
99.5% | 0.5% | |||||||||||||
100% | ||||||||||||||
Gazit Horizons | Maizon | |||||||||||||
(The Edge) | ||||||||||||||
Apartments, LP | ||||||||||||||
Fee Owner LLC | ||||||||||||||
7
Maizon
Property Overview
Maizon is a 262-unit high rise apartment building in Miami's West Brickell neighborhood. The Property was completed in 2019 and is one of several new projects in the expanding neighborhood. The Property is centrally located with walkable access to Brickell office towers, shopping and entertainment. Maizon is one block away from Brickell's Metromover station which provides regional transportation access throughout South Florida.
70,500 | $101K | 60% |
1-MILE | 1-MILE | BACH./GRAD. |
POPULATION | AVG HH | DEGREE |
Key Financial Metrics
Maizon Apartments 100% $63,750,000 $156,600,000
Location
Property Name
Ownership
Debt Amount
Book Value
8
The Edge Retail
Property Overview
The Edge Retail is a 60,000 square foot retail (5,500 Sqm) condominium on the ground floor of four separate buildings along Williamsburg's booming waterfront. The Edge is adjacent to Brooklyn's ferry terminal to lower Manhattan and next door to the iconic Smorgasburg food market. The property is anchored by a CVS pharmacy and Brooklyn Harvest Market.
139,581 | $87K | 27,757 | 52% | 10K |
1-MILE | 1-MILE | 1-MILE | BACH./GRAD. | FERRY RIDERSHIP |
POPULATION | AVG HH | EMPLOYEES | DEGREE | PER DAY |
Key Financial Metrics
The Edge Retail (Williamsburg) 100% $26,000,000 $61,000,000
Location
Property Name
Ownership
Debt Amount
Book Value
9
467 Washington Street
Property Overview
467 Washington is a 3-story flagship building containing 10,500 square feet (975 Sqm) , just steps from Boston's busiest pedestrian intersection in Downtown Crossing. The company has signed a long-term lease agreement with Snipes, a leading sports chain in the United States and Europe, with over 750 stores worldwide, operating for more than 20 years. The building serves as Snipes' flagship store in Boston.
68,775 | $138K | 327,469 | 73% |
1-MILE | 1-MILE | 1-MILE | BACH./GRAD. |
POPULATION | AVG HH | EMPLOYEES | DEGREE |
Location
Key Financial Metrics
467 Washington 100%
$0 $11,087,000
Property Name
Ownership
Debt Amount
Book Value
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G City Ltd. published this content on 26 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 December 2023 11:13:21 UTC.
