Gazit-Globe Ltd. (NYSE: GZT; TASE: GZT; TSX: GZT) today reported flat results for 2013.
Net operating income (NOI) fell 2% to NIS 5.15 billion in 2013 from NIS 5.25 billion in 2012, due to currency changes. Excluding this factor, NOI rose 4%. Funds from operations (FFO) rose 10% to NIS 585 million (NIS 3.41 per share) in 2013 from NIS 533 million in 2012, and net profit rose to NIS 977 million (NIS 5.64 per share) from NIS 957 million. Cash flow from operations fell to NIS 1,22 billion from NIS 1.39 billion.
Same-property NOI, excluding the effect of changes in exchange rates, rose 3.4%, because of 2.9% increase in North America, a 3.9% increase in Europe, and a 3.6% increase in Israel. The fair value gain from investment property and investment property under development was NIS 933 million in 2013 compared with NIS 1,913 million in 2012
During 2013, Gazit-Globe and its subsidiaries invested NIS 3 billion in acquiring 11 income-producing properties with 73,000 square meters. At the end of the year, the company had ten properties under development and 27 properties under redevelopment for a total investment of NIS 5.1 billion, and an additional NIS 1.4 billion need to complete the projects.
Published by Globes [online], Israel business news - www.globes-online.com - on March 26, 2014
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