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SMALL BUSINESS
Brookfield Properties reports better 4Q results
AP
NEW YORK -Brookfield Properties Corp., owner of downtown buildings in large North American cities, said Friday that increased income from the Canadian residential market helped its funds from operations increase in the fourth quarter.
The real estate investment trust also gave its outlook for 2010 and announced a dividend.
Brookfield said funds from operations, or FFO, was $222 million, compared with $191 million in last year's fourth quarter.
On a per share basis, FFO fell to 43 cents from 49 cents. The company had about 504.8 million shares outstanding in the fourth quarter, compared with 391.1 million in the same period last year.
FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.
Net income for the fourth quarter was $181 million or 35 cents per share, compared with net income of $458 million, or $1.16 per share, in the same period last year. Last year's fourth quarter net income included one-time tax gain of $479 million related to the conversion of some U.S. properties to a real estate investment trust.
The fourth quarter generated $74 million of residential income, compared with $46 million a year ago, as the Canadian housing markets rebounded from early 2009, the company said.
Brookfield, owner of high-profile properties like the World Financial Center in New York and Bank of America Plaza in Los Angeles, said it finished 2009 with a 95 percent occupancy rate.
For the year, FFO was $648 million, or $1.48 per share, compared with $626 million, or $1.59 per share, in 2008.
Full-year net income was $317 million or 72 cents per share, compared with net income of $700 million, or $1.77 per share, in 2008.
Also Friday, Brookfield said it expects full-year FFO in the range of $1.25 per share to $1.33 per share, with a midpoint of $1.28 per share.
And, the company declared a quarterly common share dividend of 14 cents per share, payable on March 31, to shareholders of record on March 1.
Shares rose 53 cents, or 4.3 percent, to $12.74, before dropping 3 cents in after-hours trading.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2010-02-05 16:59:30
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