November 19, 2019 / 10:07 AM / 19 days ago

Israel real estate firm Gazit-Globe Q3 profit jumps, raises dividend

JERUSALEM, Nov 19 (Reuters) -

* Gazit-Globe, Israel’s largest real estate company, reported a sharp rise in third-quarter net profit, boosted by higher financing income.

* The company said on Tuesday it earned 2.57 shekels per diluted share in the July-September period, compared 0.01 shekel a share a year earlier.

* Economic funds from operation (FFO), a measure of cash generated, rose 10% to 0.75 shekel a share in the quarter excluding Regency Centers, which it sold a year ago, and FCR . The company in April sold most of its stake in Canadian unit FCR.

* Revenue from property rental income slipped to 660 million shekels ($191 million) from 685 million.

* Net operating income declined 2.6% to 479 million shekels.

* It projects economic FFO of 3.18-3.24 shekels a share for 2019, up from a previous estimate of 3.10-3.18 shekels.

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

* It raised its annual dividend to at least 1.72 shekels per share in 2020 from 1.62 shekels per share in 2019.

* Gazit bought back 900 million shekels of its own bonds in the quarter to reduce its interest expense by 46 million shekels.

* A bid to raise its stake in Atrium European Real Estate was rejected by Atrium shareholders last month.

* ($1 = 3.4630 shekels) (Reporting by Steven Scheer)

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