Brookfield third quarter profit triples to $33m.On the heels of one of the biggest deals in Canadian real estate history, New York-based Brookfield Properties Brookfield Properties Corporation TSX: BPO NYSE: BPO is a Toronto-based North American commercial real estate company. Brookfield Asset Management owns 50% of its outstanding common shares. Corporation has announced its third quarter profits tripled to $33 million. The city's biggest landlord's net income has jumped from $11 million this time last year, standing at 14 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared with 5 cents. And quarterly 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. were on a par with last year at 41 cents per share. Brookfield's portfolio-wide occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) was 94.0% as at September 30, 2005 compared to 92.7% at the end of 2004. In Brookfield's primary 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 at September 30, 2005 was 95.4% compared to 94.0% at the end of 2004. Brookfield--a subsidiary of Toronto based Brascan Corp, which is changing its name to Brookfield Asset Management--has just closed on the $2 billion acquisition of O&Y Properties Corporation The O&Y purchase adds 24 office properties consisting of 29 buildings and development sites totaling 10.8 million square feet in five Canadian cities to Brookfield's roster of premier properties. Brookfield--one of New York's biggest landlords--earned $163 million of net 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. from commercial property operations for the three months ended September 30, 2005 and leased approximately 800,000 s/f of space. Year-to-date leasing stands at 2.9 million square feet, approximately three times the amount contractually expiring. In New York, Brookfield inked a 17-year, 197,000 s/f lease with American Express at Three World Financial Center. American Express occupies 34% of Brookfield's portion of Three World Financial Center. "Looking forward, Brookfieid is well-positioned to capitalize on many opportunities," 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. "We are adding tremendous value to our portfolio with the soon-to-be completed acquisition of the O&Y portfolio. We are in pre-development planning and/or pre-leasing negotiations with much of our six million square feet of development sites." Added Clark, "Although we have some work to do in the near-term, the company remains well-positioned for long-term growth," he concluded. |
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