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Brookfield Office Properties profit rises 15%

A file photo of Brookfield Properties' building at 300 Madison Avenue in New York City.

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Brookfield Office Properties Inc. says its first-quarter profit was up 15 per cent from the same time last year, rising to $352-million (U.S.) from $306-million.

The company, one of many publicly traded subsidiaries of Toronto-based Brookfield Asset Management Inc. , said earnings per share attributable to common shareholders rose to 62 cents from 54 cents.

Total revenue for the office-property manager was $530-million under International Financial Reporting Standards.

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The company's funds from operations, a financial measure widely used by real-estate companies, was down slightly from last year. FFO fell $1-million to $154-million.

Brookfield's net profit included a number of non-cash items, including adjustments of the fair-value of its assets. Net income before fair value adjustments and taxes was $154-million, down $2-million from a year earlier.

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