NEW YORK, N.Y. - Brookfield Office Properties Inc. (TSX:BPO) has reported an increase in net income in the fourth quarter, although profits were lower for the year as a whole.
The Toronto-based concern says net income attributable to common shareholders was US$342 million, or 59 cents per share, in the quarter.
That was up slightly from US$338 million, or 58 cents per share, in the three months ended Dec. 31, 2011.
The company recorded lower fair value gains of US$238 million in the most recent quarter — $64 million less than in the fourth quarter of 2011. However, that was offset by stronger operating performance.
For the full year, Brookfield Office reported net income of just under US$1.3 billion or $2.225 per diluted share, down from almost US$1.7 billion or $2.92 per diluted share in the prior year.
Fair value gains were US$1 billion for the year, up from US$957 million.
Revenue from commercial properties was US$579 million in the quarter, up from US$510 million, and US$2.2 billion on for the full year, up from US$1.68 billion.
CEO Dennis Friedrich said the year was "characterized by solid leasing achievements, expansion into new target markets and the advancement of several major development projects."
"We are poised to reap substantial benefits from these initiatives in 2013 and beyond as the economy continues its gradual improvement," Friedrich said.
Brookfield Office owns, develops and manages office properties in major cities in the United States, Canada, Australia and the United Kingdom. Its portfolio is comprised of interests in 110 properties totalling 76 million square feet.