October 29, 2010 / 11:59 AM / 7 years ago

CORRECTED - CORRECTED-UPDATE 1-Brookfield Office Properties Q3 FFO rises

(Corrects Reuters Instrument Code throughout to BPO.TO, from BOX_u.TO, which is a unit of the company. Also corrects paragraph 5 to clarify that the company did not change its ticker symbol in July)

* Q3 FFO $0.32/unit vs $0.28/unit last year

* Occupancy rate finished at 95.1 pct (In U.S. dollars )

Oct 29 (Reuters) - Brookfield Office Properties BPO.TO reported a 37 percent rise in quarterly funds from operations (FFO) on Friday, helped by an increase in number of square feet leased.

The company said FFO for the third quarter rose to $169 million, or 32 cents per share, from $123 million, or 28 cents per share, in the year-before quarter.

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

Brookfield said it leased 1.1 million square feet of space, up from 693,000 square feet leased in the year-before quarter.

The company, which in July changed its name from Brookfield Properties Corp and announced it will restructure to be a pure-play office firm, said the average net rent per square foot rose 9 percent to $25 per square foot.

Its managed portfolio occupancy rate finished the quarter at 95.1 percent.

Brookfield shares, which have gained 12 percent in value since it announced its intention to convert to a pure-play office firm in July [ID:nSGE66T0V8], closed at C$21.95 Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Prem Udayabhanu)

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