November 4, 2011 / 12:23 PM / in 7 years

UPDATE 1-Brookfield Office Q3 leasing up; raises FY FFO outlook

Nov 4 (Reuters) - Brookfield Office Properties said it achieved its leasing activity targets for the year and now expected to beat its guidance for funds from operations (FFO).

Brookfield, an office landlord in Manhattan and other North American cities, said it now expected FFO of $1.12-$1.14 per share for the year. It had previously expected $1.05-$1.10.

Third quarter’s FFO were $168 million, or 30 cents per share, compared with $169 million, or 32 cents per share a year ago.

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

Brookfield leased 3 million square feet of space in the quarter and recorded an occupancy rate of 92.6 percent.

Last year, it leased 1.1 million square feet of space and its occupancy rate was 95.1 percent. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)

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