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Brookfield Office Properties’ Bay Adelaide East tower in Toronto. (dbox)
Brookfield Office Properties’ Bay Adelaide East tower in Toronto. (dbox)

Brookfield Office Properties beats forecasts Add to ...

Brookfield Office Properties Inc. showed improved funds from operations in the first quarter, beating analyst estimates.

The New York-based subsidiary of Brookfield Asset Management reports it had 33 cents (U.S.) per share of funds from operations – three cents ahead of a Thomson Reuters consensus estimate.

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That amounted to US$189-million in total, up 22 per cent from $154-million or 27 cents per share a year earlier.

Brookfield Office said the first quarter’s FFO included a $22-million investment gain, which added four cents per diluted common share.

Commercial property revenue, in U.S. currency, was US$566-million – up from $508-million.

Brookfield Office has major properties across North America, including in Calgary, Toronto, New York and Denver.

Meanwhile BPO’s net income attributable to common shareholders for the quarter was US$275-million, or 48 cents per share down from US$352-million or 62 cents per share a year earlier.

The net income includes a number of items that aren’t part of the funds from operations calculation, including a non-cash item to reflect changed estimated values for its properties.

In the first quarter of 2012, Brookfield Office recorded $293-million of gains on the fair value of its assets but in the latest three-month period the increase was only $171-million.

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