March 15, 2020 / 8:26 AM / in 14 days

Israeli real estate firm Gazit-Globe Q4 profit rises

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below