UPDATE 1-Brookfield Office results rise, 2013 growth seen

Fri Feb 1, 2013 9:51am EST
 
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* Funds from operations edge higher in Q4

* Results seen rising in 2013 as economy improves

* Brookfield owns office properties in New York, London

* Shares rise 18 Canadian cents to C$16.61 in Toronto

TORONTO, Feb 1 (Reuters) - Brookfield Office Property Inc, one of the world's leading office landlords, said on Friday its results for the fourth quarter and full year edged higher, and it expects further growth in 2013 as economic conditions improve.

Brookfield, with properties in Manhattan, London and other big cities, said fourth-quarter funds from operations rose to $161 million, or 28 cents a share, from $151 million, or 26 cents, in the same quarter of 2011.

The results matched analysts' average forecast, according to Thomson Reuters I/B/E/S.

FFO is a measure that strips out the effects of depreciation and other factors from the earnings of property companies.

Brookfield said the results reflected a one-time break fee of $9 million, paid to extend the duration and reduce the interest rate on a loan. Excluding that fee, FFO came in at 30 cents a share in the fourth quarter.   Continued...