TORONTO – Brookfield Canada Office Properties (TSX:BOX.UN) has reported $39.2 million of net income in the second quarter as lower commercial revenue was more than offset by lower expenses and a gain on the value of its assets.
The profit under standard accounting amounted to 42 cents per share, up from $35.2 million or 38 cents per share in the second quarter of 2013.
Revenue from Brookfield’s commercial properties dropped to $124.9 million from $130.9 million.
Income before fair value gains and after expenses was $38.2 million — up from $34.9 million in the second quarter of 2013. It had a $1-million gain in the fair value of its assets, compared with $300,000 a year earlier.
Adjusted funds from operations, a measure of profitability that is used to determine Brookfield Canada Office’s distributions to unitholders, was $30.8 million or 33 cents per unit, up from $24.7 million or 30 cents per unit.
The real estate investment trust, part of the Brookfield Asset Management group (TSX:BAM.A) of companies, has a number of office towers in Toronto, Calgary, Ottawa and Vancouver. Its most prominent properties include First Canadian Place and the Exchange Tower in the Toronto financial district and the Suncor Energy Centre and Bankers Hall in Calgary.