TORONTO – Brookfield Canada Office Properties (TSX:BOX.UN) has reported a big drop in both fourth-quarter and full-year net income, but attributed the difference to much lower gains in fair market value.
The company, with interests in 28 premier proprieties in major centres across Canada, said net income in the three months ended Dec. 31 was $50.5 million, or $0.54 per unit, including fair value gains of $13.3 million.
That compared with net income of $165.6 million, or $1.78 per unit, in the same prior year period, including fair value gains of $129.7 million, Brookfield said in an earnings report issued Monday after markets closed.
Excluding fair value gains, net income would have been $37.2 million in the latest period, up from $35.9 million as lower commercial property and interest expenses offset a drop in commercial property revenue to $132.7 million from $137.8 million.
For the full year, the company reported net and comprehensive income of $164.8 million, or $1.74 cents per share, including fair value gains of $22.6 million. That was down from $527.5 million, or $5.66 per share, including fair value gains of $388.5 million.