March 28, 2018 / 8:31 AM / 8 months ago

Israel real estate developer Gazit-Globe Q4 profit edges lower

JERUSALEM, March 28 (Reuters) -

* Gazit-Globe, Israel’s largest real-estate company, recorded a slight decline in fourth-quarter net profit.

* The company said on Tuesday it earned 583 million shekels ($167 million) in the quarter compared with 587 million a year earlier.

* Property rental income rose to 726 million shekels from 712 million, while net operating income (NOI) was largely flat at 483 million shekels.

* Economic FFO (funds from operation) slipped to 162 million shekels from 165 million, with the decline attributed to the sale of shares in Regency Centers and First Capital Realty.

* Gazit-Globe will pay a quarterly cash dividend of 0.38 shekel per share, up from 0.35 shekel a share in the third quarter.

*

* ($1 = 3.4967 shekels) (Reporting by Steven Scheer)

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