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Brookfield Properties back in the black Add to ...

Brookfield Office Properties Canada earned $234.4-million for its latest quarter, boosted by a gain on the value of its properties.

The real estate trust said the profit amounted to $2.51 per unit for the quarter ended Dec. 31 compared with a loss of $44.1-million or 47 cents per unit a year ago.

Boosting the results was a fair-value gain of $207.4-million, compared with a fair-value loss of $74.3-million in the last three months of 2009.

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Revenue for the quarter totalled $109.4, down from $112-million, while funds from operations slipped to $27-million from $32.2-million a year ago.

"Our 2010 performance was strong, with solid financial results, two million square feet of total leasing and 97.1 per cent occupancy in our portfolio," chief executive officer Tom Farley said in a statement Tuesday.

Brookfield Office Properties Canada holds a portfolio including interests in 19 office properties in downtown Toronto, Calgary and Vancouver.

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