Gazit-Globe, Israel's largest real estate investment company, reported lower quarterly profit due to higher revaluations of investment properties in the year-earlier quarter. Gazit-Globe said on Wednesday it earned 204 million shekels ($59 million) in the first quarter, down from 345 million a year earlier. The fair value gain from properties for investment and under development dropped to 25 million shekels from 185 million a year earlier.Rental income declined 8 percent to 1.23 billion shekels, but was flat excluding the effect of changes in exchange rates. Funds from operation rose 1 percent to 151 million shekels.Net operating income (NOI), which reflects the group's core business, slipped 7 percent to 817 million shekels but was up 1 percent excluding exchange rate changes.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.
Equity One, Inc. is a real estate investment trust (REIT), which owns, manages, acquires, develops and redevelops shopping centers and retail properties located primarily in supply constrained suburban and urban communities. Shares of EQY traded higher by 1.54% or $0.35/share to $23.03. In the past year, the shares have traded as low as $20.71 and as high as $24.99. On average, 593295 shares of EQY exchange hands on a given day and today's volume is recorded at 446642.
First Capital, Inc. (First Capital), is a holding company of First Federal Bank, A Federal Savings Bank (the Bank). Shares of FCAP traded higher by 0.5% or $0.1001/share to $20.25. In the past year, the shares have traded as low as $19.40 and as high as $21.96. On average, 626 shares of FCAP exchange hands on a given day and today's volume is recorded at 1485.
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