Brookfield Office Properties Q3 FFO Up - Quick Facts

(RTTNews) - Brookfield Office Properties Inc. (BPO), a developer of premium office properties, Friday posted higher Funds From Operations or FFO, that included a break fee of $7 million related to the early refinancing of Suncor Energy Centre. However, net income for the period decreased, primarily due to a decrease in fair value gains.

For the three-month period, the company reported FFO of $167 million, compared with $164 million last year. On a per share basis, FFO stood flat at $0.29.

Excluding the break fee, the company reported FFO of 174 million or $0.30 per share.

On average, twelve analysts polled by Thomson Reuters expected the company to report earnings per share of $0.30 for the quarter. Analysts' estimates typically exclude one-time items.

Net income attributable to common shareholders was $223 million or $0.38 per share, compared with $376 million or $0.66 per share a year ago. Fair value gains for the period amounted to $105 million, compared with $306 million last year. Commercial property revenues increased to $574 million, from prior year's $559 million. Analysts expected the company to generate revenues of $600.92 million.