Gazit-Globe Q3 FFO Rises; Hikes Annual Dividend - Quick Facts

(RTTNews) - Gazit-Globe (GZT, GZT.TO) reported that its third-quarter of 2013 Funds From Operations or FFO increased to NIS 147 million or $42 million from NIS 142 million or $40 million in the same quarter last year. But FFO per share declined to NIS 0.83 or $0.23 from NIS 0.86 or $0.24 last year.

Net income attributable to the Company's shareholders totaled NIS 334 million, or NIS 1.89 per share, compared to NIS 187 million, or NIS 1.06 per share, in the third quarter of 2012.

NOI for the quarter decreased by 8% to NIS 854 million or $241 million, from NIS 928 million or $262 million in the same quarter last year. Excluding the effect of changes in exchange rates, the NOI increased by 2% compared to the same quarter last year.

Rental income decreased 7% to NIS 1.251 billion, from NIS 1.352 billion in the third quarter of 2012. Excluding the effect of changes in exchange rates, rental income increased by 3% compared to the same quarter last year.

The company's Board of Directors declared a dividend policy for 2014 of a minimum quarterly dividend payment of NIS 0.45 per share, representing an annualized dividend of NIS 1.80 per share, to be distributed as of the first quarter of 2014, representing growth of 4.7% over the 2013 dividend.