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Israeli real estate developer Gazit-Globe moves to profit in Q4

Published 2016-03-31, 03:27 a/m
Updated 2016-03-31, 03:30 a/m
Israeli real estate developer Gazit-Globe moves to profit in Q4

JERUSALEM, March 31 (Reuters) - Gazit-Globe GZT.TA ,
Israel's largest real estate development company, moved to a net
profit in the fourth quarter, helped by a rise in rental income.
Gazit-Globe said on Thursday it earned 1.14 shekels
($0.3017) per share in the October-December period, compared
with a 1.25 shekel loss per share a year earlier.
Rental income grew 24 percent to 1.56 billion shekels and
net operating income gained 25 percent to 1.05 billion, boosted
by the consolidation of its Atrium European Real Estate
ATRS.VI subsidiary and the acquisition by its Citycon
subsidiary of Norwegian real estate firm Sektor Gruppen.
Gazit-Globe said the fair value gain from investment
property and property under development was 231 million shekels
versus 699 million in the fourth quarter of 2014.
The company said it planned to buy back 100 million shekels
of its shares and 250 million shekel of its debt.
It will pay a dividend of 46 cents a share for the fourth
quarter, the same as the third quarter. It will start paying a
quarterly dividend of 35 cents a share from the second quarter
of 2016 to reflect a dividend of $1.51 for all of 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 and is
expanding in Brazil.
($1 = 3.7791 shekels)

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