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Brookfield Grows Income, FFO in First Quarter

NEW YORK CITY-The REIT says fundamentals in its largest markets are trending upward, and so is rental rate growth.

By Paul Bubny | Updated on May 06, 2010

NEW YORK CITY-Brookfield Properties Corp. on Thursday reported year-over-year increases in funds from operations and net income, highlighting a mixed earnings picture for locally based REITs as reflected in first-quarter reports issued the same day. Earlier this week, Vornado Realty Trust also announced sizeable gains in FFO and net income for Q1.

Brookfield Properties’ net income for the three months that ended March 31 was $252 million, compared to a loss of $589 million for the same period in 2009. FFO rose from $105 in Q1 ’09 to $136 million a year later. “With fundamentals in our largest markets—New York, Washington DC, Toronto and Houston—trending upward, we are beginning to see rental rate growth,” says Brookfield Properties CEO Ric Clark in a statement. “With a current focus on a number of strategic initiatives and capital deployment, we remain positive about Brookfield Properties’ position in a recovering economy.”

Also on Thursday, Lexington Realty Trust reported Q1 FFO of $34.4 million, off from the $42.4 million in FFO the REIT reported for the first quarter of ’09. At the same time, it narrowed its quarterly losses from $71.7 million to $33 million year over year.

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