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Brookfield Chief Sees Increased Downtown Momentum

NEW YORK CITY-Midtown transactions garner brisk competition, but Brookfield Properties head Ric Clark sees increased momentum on Downtown properties. While noting it's still too early to tell, he's "cautiously optimistic" that a recovery is on the way.

By Barbara Jarvie | Updated on July 30, 2003

NEW YORK CITY-Brookfield Properties chief executive Ric Clark says he sees moderate signs of recovery such as an increase in momentum in Lower Manhattan and is “cautiously optimistic” about an economic recovery.

Clark said Brookfield was “well in line with our expectations” and that he was confident Brookfield would achieve 15% growth in funds from operations this year. The company also raised its dividend on common shares by 50% to 15 cents a share. For the three months ended June 30, Brookfield, which has more than half its portfolio in New York, earned $53 million, or 30 cents a share, before lease termination income and gains. That was up from earnings of $51 million, or 28 cents a share, in the year-before quarter. Funds from operations, before lease termination income and gains, were $90 million, or 53 cents a share, up from $82 million, or 47 cents a share, in the year-ago quarter.

Revenue fell to $301 million from $322 million. In early January, Brookfield Properties spun-off its US homebuilding subsidiary, Brookfield Homes Corp., a residential homebuilder which also develops land in master-planned communities and infill locations.

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