* Funds from operations flat after one-time items excluded
* In line with analyst expectations
TORONTO, Nov 2 (Reuters) - Brookfield Office Properties Inc said on Friday its funds from operations dipped slightly in the third quarter but were flat after excluding one-time items, largely in line with analysts' expectations.
Brookfield, an office landlord in Manhattan and London, among other cities, said its third-quarter funds from operations declined to $164 million, or $0.29 per share, from $168 million, or $0.30 a share in the same quarter of 2011.
FFO is a measure that strips out the effects of depreciation and other factors from the earnings of property companies.
Analysts polled by Thomson Reuters had expected earnings per share of $0.28 for the quarter.
The results for the quarter included transaction costs of $4 million, or $0.01 a share, related to the acquisition of assets in London. Third-quarter 2011 results included a one-time gain of $11 million, or $0.02 a share.
Net income slipped to $376 million, or $0.66 a share, from $415 million, or $0.72 a share, in the same quarter of 2011. Third-quarter 2011 results included a one-time gain of $150 million on the reorganization of Brookfield's ownership interest in the U.S. Office Fund assets.