Brookfield Office Properties Q2 FFO Down, Net Profit Up - Quick Facts

(RTTNews) - Brookfield Office Properties Inc. (BPO), a developer of premium office properties, announced a drop in second-quarter funds from operations or FFO to $162 million or $0.28 per share, compared with $171 million or $0.30 per share in the same period in 2012. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.30 for the quarter. Analysts' estimates typically exclude one-time items.

However, quarterly net income attributable to common shareholders climbed to $441 million or $0.78 per share, from last year's $217 million or $0.38 per share. Commercial property net operating income for the second quarter of 2013 increased to $344 million.

The company said in a statement, "The second quarter of 2013 marked a new phase of growth for Brookfield Office Properties as we announced the proposed acquisition of the MPG portfolio in Los Angeles and advanced the construction of the second tower at Brookfield Place Perth."

Further, the board declared a quarterly dividend of $0.14 per share, payable on September 30, 2013 to shareholders of record at the close of business on August 30, 2013.