March 28, 2012 / 7:58 AM / in 6 years

Gazit-Globe Q4 profit flat, rental income rises

TEL AVIV, March 28 (Reuters) - Israeli real estate investment company Gazit-Globe Ltd reported flat quarterly earnings on Wednesday, as financing expenses due to a weaker shekel offset higher rental income.

Gazit-Globe, which listed its shares in New York in late 2011, posted fourth-quarter net profit of 223 million shekels ($60 million), compared with 226 million shekels a year earlier.

Rental income grew 18 percent to 1.39 billion shekels and net operating income, which reflects its core operations, rose 19 percent to 939 million shekels.

Funds from operations, another key financial indicator, rose 5 percent to 111 million shekels.

The fair value gain from investment property and those under development totalled 850 million shekels, versus 343 million a year earlier.

The company said it would distribute a quarterly dividend of 0.40 shekel a share, up from 0.39 in the third quarter. Gazit-Globe has said it would pay a minimum quarterly dividend of 0.40 shekel a share in 2012.

Gazit-Globe in December raised nearly $100 million in an initial public offering of its shares on the New York Stock Exchange. Its NYSE shares have risen to $10.45 from its IPO pricing of $9.

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.

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