August 22, 2011 / 8:18 AM / in 6 years

Gazit-Globe Q2 profit, rental income higher

JERUSALEM, Aug 22 (Reuters) - Israeli real estate investment company Gazit-Globe Ltd reported higher second-quarter net profit, boosted by a double-digit gain in property rental income.

Net profit at Israel’s largest real estate investment firm grew to 251 million shekels ($70 million), or 1.60 shekels per diluted share, from 149 million shekels, or 1.07 shekels a share, a year earlier.

Property rental income rose 12 percent to 1.27 billion shekels.

Gazit-Globe said its investment in acquisition, development and redevelopment activities amounted to 5.2 billion shekels in the first half of 2011, triple that of a year ago.

“We continue to maintain a strong and flexible balance sheet that supports our growth strategy, allows us to take advantage of opportunities and be prepared for times of uncertainty and volatility in the global capital markets,” said Roni Soffer, Gazit-Globe’s president.

The company said it would pay a dividend of 0.39 shekel a share on Oct. 4 as part of its plan for an annual payout of 1.56 shekels. It paid an identical amount after first-quarter results and 0.37 shekel a share a year earlier.

Gazit-Globe operates in the United States through Equity One and in Canada through First Capital Reality Inc . It is also the largest shareholder in Finland’s Citycon and together with Citigroup controls shopping mall developer Atrium European Real Estate . ($1 = 3.57 shekels) (Reporting by Steven Scheer; Editing by Hans-Juergen Peters)

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