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May 9 (Reuters) - Brookfield Asset Management's funds from operation (FFO), a measure of cash flow for real estate management companies, rose 34 percent in the first quarter on strong North American housing-related businesses.
FFO rose to $689 million, or $1.03 per share, from $515 million, or 77 cents per share, a year earlier.
Revenue rose 23 percent to $4.95 billion, while direct costs climbed 19 percent to $3.42 billion.
The Canadian property, power and infrastructure investor said its net income fell 4 percent to $697 million, or 51 cents per share, reflecting lower level of fair value gains.