Brookfield Results Slip On Residential Decline

NEW YORK (AP) — Real estate developer Brookfield Properties Corp., owner of high-profile properties like the World Financial Center in New York and Bank of America Plaza in Los Angeles, posted a third-quarter profit dip Thursday, reflecting a decline in its residential operations.

The real estate investment trust said funds from operations was $151 million, or 34 cents per share, compared with $152 million, or 38 cents per share, in the year-ago quarter. The company had about 441.3 million shares outstanding in the latest quarter versus 393.9 million in the 2008 quarter.

FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.

Net income came to $38 million, or 8 cents per share, compared with $174 million, or 44 cents per share, in the year-ago period. Results in the 2008 quarter included a gain of 32 cents per share from the sale of a major building in Toronto.

Operating income rose 3 percent in Brookfield's commercial property unit, but fell 53 percent in its residential development unit.