Friday, Brookfield Properties Corp. (BPO, BPO.TO) said its fourth-quarter funds from operations or FFO increased to US$222 million from US$191 million in the year-ago period. Funds available to common shareholders for the quarter rose to US$217 million from US$190 million in the prior year period. Funds from operations per share for the quarter were US$0.43, down from US$0.49 in the previous year.
Net income for the quarter dipped to US$181 million or US$0.35 per share from US$458 million or US$1.16 per share in the earlier period.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of US$0.32 per share for the quarter.
Total revenue for the quarter increased to US$816 million from US$715 million in the comparable period. Two analysts estimated revenues of US$548.03 million for the quarter.
Brookfield Properties announced that full-year 2010 diluted funds from operations prior to lease termination income, special fees and gains is in the range of US$660 million - US$700 million or US$1.25 - US$1.33 per share with a mid-point of US$675 million or US$1.28 per share.
Fourteen analysts estimate earnings of US$1.18 per share for the year.
The board of directors of Brookfield Properties declared a quarterly common share dividend of $0.14 per share payable on March 31, 2010 to shareholders of record at the close of business on March 1, 2010.
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