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.
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.