TEL AVIV, March 27 (Reuters) -
* Gazit-Globe, Israel's largest real estate
development firm, posted on Monday a more than doubling in
fourth quarter net profit, boosted by a fair value gain from
* Net profit was 587 million shekels ($162 million) in the
quarter compared with 206 million a year earlier.
* Rental income decreased to 1.21 billion shekels from 1.23
billion, while net operating income (NOI) slipped to 789 million
from 804 million. Excluding the effect of exchange rate
fluctuations, NOI decreased by 0.6 percent.
* The fair value gain from investment property and property
under development was 170 million shekels in the fourth quarter
versus a loss of 224 million a year earlier.
* Gazit-Globe will pay a quarterly dividend of 0.35 shekel
per share, unchanged from the third quarter.
* The company has taken steps to simplify its structure
while shifting its weight towards direct real estate
investments. "At year-end approximately 25 percent of our
portfolio was held directly, compared to approximately 19
percent in 2015, with the most notable progress in Israel and
Brazil," Chairman Chaim Katzman said.
* He also said the election of U.S. President Donald Trump
and the UK's vote to exit the European Union "have had little or
no impact on consumer confidence or demand in the areas in which
we operate, nor on customer shopping habits".
($1 = 3.6235 shekels)
(Reporting by Tova Cohen, Editing by Ari Rabinovitch)