TORONTO (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.
“It was another successful year for Brookfield Office Properties, characterized by solid leasing achievements, expansion into new target markets, and the advancement of several major development projects,” Chief Executive Dennis Friedrich said in a statement.
“We are poised to reap substantial benefits from these initiatives in 2013 and beyond as the economy continues its gradual improvement.”
FFO for the year ended December 31 increased to $650 million, or $1.14 a share, from $640 million, or $1.14, in 2011.
Brookfield Office Properties said it expects full-year 2013 FFO to rise to between $1.16 and $1.20 a share. It sees a 3 percent increase in same-store commercial property net operating income.
Analysts previously forecast 2013 FFO of $1.13, according to Thomson Reuters I/B/E/S.
Shares of Brookfield Office Properties rose 18 Canadian cents to C$16.61 in early trade on the Toronto Stock Exchange.
Reporting By Andrea Hopkins; editing by John Wallace