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Gazit-Globe profit dips as investment property value slides
News from Reuters:
TEL AVIV, March 20 | Wed Mar 20, 2013 4:00am EDT
TEL AVIV, March 20 (Reuters) – Gazit-Globe, Israel’s largest real estate investment company, reported a decline in quarterly net profit that was weighed down by a drop in the fair value of investment properties, offsetting higher rental income.
Gazit-Globe said on Wednesday it earned 224 million shekels ($ 61 million) in the fourth quarter, down from 269 million a year earlier.
Property rental income rose 10 percent to 1.37 billion, while net operating income increased 7 percent to 911 million.
The fair gain from investment property and property under development slid to 441 million shekels from 843 million.
Funds from operations jumped 23 percent to 137 million shekels.
During 2012, Gazit-Globe bought 30 income-producing properties for 3.8 billion shekels and invested 1.9 billion shekels in new development and redevelopment projects.
Gazit-Globe is “well positioned for growth over…………… continues on Reuters
Barry Zito sues friend over investment
News from San Francisco Chronicle:
San Francisco Giants pitcher Barry Zito has filed lawsuits claiming that a friend tricked him into investing $ 3 million in a fitness-software venture that went nowhere.
Through his company Barry Zito Enterprises, Zito, who is the final season of a seven-year, $ 126 million contract with the Giants, filed two lawsuits in Ventura County Superior Court this month, claiming he was duped into investing $ 3 million in a startup company called dotFIT that promoters said was raising $ 20 million in equity.
The company was trying to market a software program touting holistic health and fitness to health clubs worldwide.
But dotFIT didn’t do the 34-year-old left-hander right, Zito says, because it later claimed it hadn’t sought to raise $ 20 million. Instead, the company used his $ 3 million to pay high salaries and bonuses to employees, according to Zito.
The suits name dotFIT LLC, several other companies, Zito’s friend
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