Brookfield Canada Office Properties says it's boosting its annual dividend by 8 per cent as it reports second-quarter earnings that nearly tripled on a fair value gain.
The Toronto-based real estate owner said it earned $134.4-million, or $1.44 per unit, nearly tripling the $47.5-million, or 51 cents per unit it earned in the same quarter a year earlier.
The latest quarterly results included a $100-million fair value gain, reflecting a change in the value of its buildings, compared with a gain of $15-million in the same period of 2011.
The company also said it is raising its annual dividend by 8 per cent to $1.17 per unit effective in October.
Revenue from its commercial property operations rose to $124-million from $109.7-million in the year-ago period.
Funds from operations, an important metric in the real estate business, rose to $34.1-million from $32.5-million in the same period of 2011.
The company leased 233,000 square feet of space, including buildings in Toronto, Calgary and Vancouver during the quarter and its occupancy rate was 97 per cent, up 20 basis points from the previous quarter.
"Brookfield Canada Office Properties had a strong first half of 2012, achieving operational milestones and an uptick in occupancy," said Jan Sucharda, president and chief executive officer.
"We are particularly proud of the stabilization of Bay Adelaide Centre West at 95 per cent leased, our two recent LEED certifications, and the nearing completion of our First Canadian Place refurbishment project."
Brookfield Office Properties owns, develops and manages a portfolio of more than 100 office properties in the United States, Canada and Australia.
Brookfield is one of many publicly traded subsidiaries of Toronto-based
Brookfield Asset Management.
Follow us on Twitter: