Brookfield Property Q4 Pro Forma FFO Flat

(RTTNews) - Brookfield Property Partners L.P. (BPY_UN.TO) (BPY) Thursday reported pro forma funds from operations for the fourth quarter, flat with last year.

Pro forma FFO increased to $150 million from $135 million a year earlier. FFO per share remained flat $0.29.

Net income decreased to $326 million from $585 million last year.

Pro forma net income fell to $190 million, or $0.37 per share, from $312 million, or $0.67 per share, a year earlier.

Total revenue remained nearly flat at $1.021 billion compared with $1.014 billion a year earlier.

Ric Clark, CEO, said, "Looking forward to 2014, we are excited to formally launch our offer to acquire "any and all" of the shares of Brookfield Office Properties that we don't own, and we are optimistic that we will be able to acquire 100% of BPO, which will further accelerate our business plan."

The company declared a quarterly distribution of $0.25 per unit payable on March 31 to unitholders of record on February 28.