August 21, 2019 / 9:49 AM / a month ago

Israeli real estate developer Gazit-Globe moves to Q2 loss

JERUSALEM, Aug 21 (Reuters) -

* Gazit-Globe, Israel's largest real estate company, swung to a net loss in the second quarter after it sold stakes in two significant assets including unit First Capital Realty (FCR).

* The company said on Wednesday it lost 0.45 shekel per diluted share in the April-June period, compared with profit of 0.37 shekel a share a year earlier.

* Economic funds from operation (FFO), a measure of cash generated, rose 20% to 0.77 shekel a share in the quarter excluding Regency Centers, which it sold a year ago, and FCR.

* Revenue from property rental income slipped to 702 million shekels ($199 million) from 710 million.

* Net operating income rose 2% to 514 million shekels.

* It projects a pro forma economic FFO of 3.56-3.64 shekels a share for 2019.

* Gazit said it would pay a dividend of 0.405 shekel per share for the second quarter, the same as the first quarter.

* The company in April sold most of its stake in Canadian unit FCR for 3.3 billion shekels. It still holds 9.9% of FCR.

* Gazit also said it was considering selling up to 8% of shares in unit Atrium European Real Estate to an Israeli institutional investor in a deal expected to be completed in January 2020.

* Last month it agreed to buy the 40% of Atrium it does not already own and sell 12% of Atrium to Israeli insurer Menora Mivtachim Holdings. ($1 = 3.5273 shekels) (Reporting by Steven Scheer)

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