Brookfield Office Properties’ 44-storey Bay Adelaide East tower in Toronto
Brookfield Office Properties Inc. (TSX:BPO) says it expects to report about 6 cents per share of one-time items this year, including costs related to a major acquisition in downtown Los Angeles.
It says a onetime item related to its acquisition of MPG Office Trust Inc. will be included in the fourth-quarter results, but didn't specify how much it would be.
Instead it included the MPG deal, which closed this month, with a tally of other items for the full year when it released third-quarter results on Friday.
The third quarter included a $7-million break fee related to the early refinancing of Suncor Energy Centre in Calgary. The second quarter included an increased provision for litigation expenses.
The New York-based company, which has a portfolio of prime office towers in major cities around the world including in Calgary and Toronto, also suggested its 2013 guidance is largely on target.
Brookfield said, excluding the one-time items, it expects to report full-year 2013 results within its original guidance range of US$1.16 to $1.20 per share, with a mid-point of US$1.18.
The company is part of the Brookfield group of companies based in Toronto.
Brookfield Office Properties also reported Friday that its funds from operations was $167-million or 29 cents per diluted share and net operating income from commercial properties was $223-million, both virtually the same as a year earlier.
Its net income attributable to common shareholders fell to US$223-million, down from $376-million a year earlier, due to a smaller increase in the fair value of its properties under international accounting rules.