* Q3 net profit 187 mln shekels vs 183 mln in Q3 2011
* Raises dividend payments for 2013
JERUSALEM Nov 27 Gazit-Globe,
Israel's largest real estate investment company, reported a
modest gain in quarterly net profit that was boosted by a rise
in the fair value of investment properties and higher rental
Gazit-Globe said on Tuesday it earned 187 million
($49 million) in the third quarter, compared with 183 million a
Property rental income rose 14 percent to 1.35 billion
shekels, while net operating income gained 14 percent to 928
The fair gain from investment property and investment
property under development increased to 441 million shekels from
Gazit-Globe's bottom line was partly weighed down by higher
During the July-September period Gazit-Globe bought 23
income-producing properties for 3.1 billion shekels and invested
1.3 billion shekels in development and redevelopment projects.
The continued improvement in all operational parameters
demonstrates "the positive impact of the steps we took over the
past few years to improve our operational efficiency, enhance
the quality of our portfolio, recycle capital and to lower our
cost of capital," said Roni Soffer, the company's president.
"Those steps have enabled us to increase our dividend
payments in 2013 as we have consistently done over the past 14
Gazit-Globe declared a third-quarter dividend of 0.4 shekel
a share as part of a plan in 2012 to pay 1.6 per share. It said
the minimum dividend will be raised in 2013 to 0.43 shekel a
share, or 1.72 a share for the full year.
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.