Gazit-Globe Q2 FFO Rises 3% - Quick Facts

(RTTNews) - Israel-based real estate company, Gazit-Globe (GZT), Tuesday reported an increase in Funds From Operations or FFO for the second quarter. However, net income decreased, as a result of a lower fair value gain from investment property and investment property under development, and impact of non-recurring items.

FFO for the quarter increased 3 percent to NIS 142 million, or NIS 0.85 per share, compared with NIS 138 million, or NIS 0.84 per share, during the same quarter last year. FFO, after adjustments was NIS 291 million or NIS 1.75 per share, compared with 272 million or NIS 1.65 per share.

Net income attributable to the company's shareholders was NIS 60 million, or NIS 0.33 per share, compared with NIS 288 million, or NIS 1.70 per share a year ago. The fair value gain from investment property and investment property under development was NIS 214 million compared to NIS 718 million last year.

Rental income grew by 1 percent to NIS 1,286 million, from NIS 1,268 million last year. Net operating income for the quarter was flat at NIS 865 million.

The company declared a quarterly cash dividend of NIS 0.43 per share, payable on October 9 to shareholders of record on September 24.