Brookfield Office Properties CEO Ric ClarkNeville Elder
Brookfield Properties Corp. , a major commercial property owner, says its profit in the second quarter rose to $60-million (U.S.), or 15 cents a diluted share, from $45-million, or 11 cents, in the same 2008 period.
Funds from operations, a widely used measure of financial health for publicly traded real estate companies, fell to $148-million from $157-million, the New York-based company said Wednesday.
Commercial property net operating income for the quarter ended June 30 fell to $338-million from $341-million as a result of the impact of a weaker Canadian dollar and a lower contribution from non-managed properties.
'Our industry-leading low vacancy rate and lease rollover profile have helped mitigate risk exposure in this economic downturn," said chief executive officer Ric Clark. "Our positive results this quarter were further influenced by strengthening residential demand in Alberta."
Brookfield has office buildings in Toronto, Calgary, New York, Washington, D.C. and Los Angeles.
The company is part of Brookfield Asset Management Inc. , the former Brascan conglomerate.