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Israel real estate developer Gazit-Globe moves to Q1 loss

Published 2016-05-26, 05:10 a/m
Updated 2016-05-26, 05:10 a/m
© Reuters. Israel real estate developer Gazit-Globe moves to Q1 loss

JERUSALEM, May 26 (Reuters) - Gazit-Globe GZT.TA , Israel's
largest real estate development company, swung to a net loss in
the first quarter due to a revaluation of the company's
financial derivatives.
Gazit-Globe said on Thursday it lost 278 million shekels
($72.5 million) in the January-March period, compared with a 376
million gain a year earlier.
The revaluation alone accounted for a loss of 302 million
shekels, it said, adding its bottom line also was hurt by a net
loss from the sale of shares in real estate and construction
company Dori Group and the reduction in the value of its capital
note.
Rental income grew 0.8 percent to 1.54 billion shekels,
while net operating income (NOI) increased 2.3 percent to 1.05
billion. Excluding foreign currency fluctuations - mainly an
appreciation of the shekel - NOI rose 7.9 percent.
The company said the fair value gain from investment
property and property under development was 249 million shekels
versus 107 million in the first quarter of 2015.
Gazit-Globe said it will pay a quarterly dividend of 0.35
shekel per share, down from 0.46 shekel in the fourth quarter.
It had previously said it would start paying a quarterly
dividend of 0.35 shekel a share from the second quarter to
reflect an annual dividend of 1.51 shekels a share in 2016.
Gazit-Globe operates in the United States through Equity One
EQY.N (NYSE:EQY) and in Canada through First Capital Reality Inc
FCR.TO . It is the largest shareholder in Finland's Citycon
CTY1S.HE , controls shopping mall developer Atrium European
Real Estate ATRS.VI and is expanding in Brazil.
($1 = 3.8347 shekels)

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