July 31, 2008 / 11:26 AM / 9 years ago

UPDATE 1-Brookfield Properties reports lower Q2 FFO

(In U.S. dollars unless noted. Adds details)

TORONTO, July 31 (Reuters) - Brookfield Properties Corp BPO.TO reported lower second-quarter funds from operations on Thursday, due in part to a soft economic climate.

Brookfield, one of Manhattan's biggest landlords, said funds from operations were $157 million, or 40 cents a share, for the quarter ended June 30. That was down from $167 million, or 42 cents a share, in the year-before quarter.

Analysts had expected, on average, FFO of 37 cents a share, according to Reuters Estimates.

Funds from operations are a benchmark measure in the real estate sector, aimed at removing the distorting effects of depreciation.

Earnings for the second quarter fell to $45 million, or 11 cents a share, from $79 million, or 20 cents a share.

During the quarter, Brookfield said it leased 2 million square feet of space at an average net rent of $27.83 a square foot.

The company declared a quarterly dividend of 14 cents a share payable on September 30, 2008.

Brookfield's portfolio is comprised of interests in 110 properties and includes the World Financial Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles and Bankers Hall in Calgary. ($1=$1.02 Canadian) (Reporting by Jennifer Kwan; Editing by Scott Anderson)

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