TEL AVIV, March 15 (Reuters) -
* Gazit-Globe, Israel’s largest real estate company, reported a rise in fourth-quarter net profit, boosted by higher income from the rise in the fair value of its properties.
* The company said on Sunday it earned 1.18 shekels per diluted share in the October-December period, compared with 0.84 shekel a share a year earlier.
* Economic funds from operation (FFO), a measure of cash generated, rose 13% to 0.77 shekel a share in the quarter excluding Regency Centers, which it sold in 2018, and FCR . The company in 2019 sold most of its stake in Canadian unit FCR.
* Revenue from property rental income slipped to 670 million shekels from 734 million.
* Net operating income excluding currency fluctuations rose 1.5% to 473 million shekels.
* It projects economic FFO of 3.30-3.40 shekels a share for 2020, up from 3.01 shekels in 2019 excluding FCR results.
* Gazit approved a one-year programme to buy back 750 million shekels of its own bonds. (Reporting by Tova Cohen)