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Israeli real estate developer Gazit-Globe swings to Q3 loss
November 20, 2017 / 8:57 AM / in 22 days

Israeli real estate developer Gazit-Globe swings to Q3 loss

JERUSALEM, Nov 20 (Reuters) -

* Gazit-Globe, Israel’s largest real-estate company, swung to a loss in the third quarter, partly due part to a wider fair value loss from investment property and investment property under development.

* The company reported on Monday a quarterly loss of 185 million shekels ($53 million) versus a 381 million profit a year earlier.

* Property rental income rose 2.7 percent to 718 million shekels, while net operating income (NOI) adjusted for exchange rates grew 6.8 percent to 516 million shekels.

* Economic FFO (funds from operation) adjusted for exchange rates gained 33 percent to 186 million shekels.

* The fair loss from investment property and investment property under development widened to 101 million shekels from 22 million.

* Gazit-Globe raised its outlook for economic FFO to 688-700 million shekels in 2017 from 635-649 million, or to 3.53-3.59 shekels per share from 3.25-3.32 shekels per share.

* The company said it would pay a quarterly dividend of 0.35 shekel per share, unchanged from the previous quarter.

* ($1 = 3.5143 shekels) (Reporting by Ari Rabinovitch; Editing by Steven Scheer)

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