Brookfield numbers set pace for long-term growth.Brookfield Properties Corporation announced positive operating results for the first quarter ended March 31, 2005, positioning the company for continued growth. "As the economic recovery proceeds and yields sustained job growth, we are optimistic that our high-quality office assets in high-growth markets will continue to attract quality tenants and position us for long-term growth," said Ric Clark, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Brookfield Properties Corporation. "Additionally, we are encouraged by the strong Western Canadian economy which has produced better-than-anticipated office and residential demand." Brookfield's funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. for the three months ended March 31, 2005, was $99 million ($0.42 per share) compared to $112 million ($0.47 per share) for the same period in 2004. The 2004 results included a $16 million leasing fee realized upon the successful completion of the sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. at 300 Madison Avenue. Excluding this fee, the comparative 2004 FFO FFO See: Funds from operations was $96 million ($0.40 per share). Net income for the quarter totaled $43 million ($0.18 per share), compared to $52 million ($0.22 per share), including the leasing fee and associated non-cash taxes, and $38 million ($0.16 per share) on a comparable basis. During the first quarter of 2005, Brookfield increased common share dividend by 70%, completed three-for-two stock split in the form of a stock dividend to ensure shares remain accessible to individual shareholders and to enhance the liquidity of the company's shares and repurchased approximately 1.2 million common shares of the company. Brookfield's core markets continue to improve as the rebound in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. economy took hold. Its portfolio-wide occupancy rate increased to 93.8% at the end of the quarter compared to 92.7% at December 31, 2004. In Brookfield's core markets of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Boston, Washington, D.C., Toronto and Calgary, the occupancy rate increased to 95.2% at March 31, 2005 compared to 94.0% at December 31, 2004. Commercial property operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. rose from $163 million during the same period last year to $169 million and the company leased 1.1 million square feet of space. In New York, it secured a 15-year lease with the U.S. Securities & Exchange Commission for 225,000 square feet at Three World Financial Center and a seven-year expansion with Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. for 42,000 square feet at One Liberty Plaza One Liberty Plaza is a skyscraper in lower Manhattan, New York, which resides at the location of the former Singer Building (in 1968, the second tallest building to be demolished). One Liberty Plaza is currently owned and operated by Brookfield Properties. In addition to the relocation of the U.S. Securities and Exchange Commission's northeast regional head office to Three World Financial Center, Brookfield Properties is moving its head office to Three World Financial Center in May 2005, vacating a floor at One Liberty Plaza into which the Royal Bank of Canada is expanding. A number of retail leases have recently been signed at the World Financial Center including the New York pub P.J. Clarke's, which will open this summer on the outdoor Plaza. Women's apparel shop Ann Taylor has also renewed its lease. With 33,000 people working at the World Financial Center, 35,000 residents in Lower Manhattan, and two million visitors annually to the Winter Garden, Broofield states that the World Financial Center is firmly established as downtown's dominant destination. |
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