TEL AVIV, May 23 (Reuters) -
* Gazit-Globe, Israel’s largest real estate development firm, posted on Tuesday an unchanged loss in the first quarter and a jump in funds from operations.
* Quarterly net loss was 1.44 shekels ($0.40) per share diluted, unchanged from a year earlier.
* Economic funds from operations (FFO), a measure of cash generated, rose 27 percent in the quarter to 174 million shekels. Gazit-Globe forecast FFO would be 606-626 million shekels in 2017, up from 591 million in 2016.
* Property rental income decreased 2.2 percent to 698 million shekels, while net operating income (NOI) slipped to 477 million from 493 million. Excluding the effect of exchange rate fluctuations, NOI rose 3.2 percent.
* Gazit-Globe will pay a quarterly dividend of 0.35 shekel per share, unchanged from the fourth quarter.
* “The first quarter of 2017 had stronger than usual economic FFO per share which we expect will moderate throughout the rest of the year given the sale of shares in the end of the quarter and some more impact from currency exchange rates,” Chief Executive Officer Dori Segal said.
* ($1 = 3.5838 shekels) (Reporting by Tova Cohen)