Brookfield Office reports lower Q1 net income; revenue down slightly at $125.6M

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TORONTO – Commercial property owner and manager Brookfield Canada Office Properties (TSX:BOX.UN) has reported lower first-quarter net income and a small drop in revenue compared with the same year-earlier period.

The company, whose assets include interests in 28 premier office properties totalling 20.8 million square feet in the downtown cores of Toronto, Calgary, Ottawa and Vancouver, said Monday that its net income in the three months ended March 31 was $42.1 million or 45 cents per unit, down from $46.5 million or 50 cents per unit in the comparable year earlier period.

Net income included fair value gains of $2.9 million in the quarter compared with fair value gains of $9 million in the prior-year period.

Commercial property revenue totalled $125.6 million, down from $128.3 million in the comparable year-earlier period.

Funds from operations totalled $40.9 million or 44 cents per unit, compared with $38.2 million or 41 cents the same period in 2013, while adjusted funds from operations were $36.5 million or $0.39 per unit compared with $30.3 million or 33 cents in the same period in 2013.

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