Brookfield Office Properties Inc. (BPO), a developer of premium office properties, Friday announced an increase in funds from operation or FFO for the first quarter that included an investment gain, and exceeded estimates.
For the three-month period, the company reported FFO of $189 million or $0.33 per share, including an investment gain of $22 million, compared with $154 million or $0.27 per share during corresponding year quarter.
On average, twelve analysts polled by Thomson Reuters expected earnings per share of $0.30 for the quarter. Analysts' estimates typically exclude one-time items.
The company recorded net income of $275 million or $0.48 per share, compared with $352 million or $0.62 per share during same quarter previous year.
Commercial property revenues for the quarter were $566 million compared with $508 million reported during the comparable quarter last year. Analyst estimated the company to generate revenues of $611.19 million.
The Board declared a quarterly common share dividend of $0.14 per share payable on June 28 to shareholders of record at the close of business on May 31.
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