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Brookfield Office posts lower Q4 profit; cities loss on fair value of assets

TORONTO – Brookfield Canada Office Properties (TSX:BOX.UN) cited a $14.3-million charge on the fair value of assets versus a gain a year ago among reasons for reporting a big drop in fourth-quarter earnings.

The owner of premier officer properties in several major Canadian cities says net income for the three months ended Dec. 31 was $25.8 million or 28 cents per unit, compared with $50.5 million or 54 cents in the same year-earlier period when it booked a gain on assets of $13.3 million.

Commercial property revenue in the quarter was $134.8 million, up from $132.7 million, while net operating income of $67.9 million compared with $67.2 million in the 2013 period.

For the full year, Brookfield Office reported net income of $116.1 million or $1.24 per unit on commercial revenue of $517.2 million compared with $164.8 million or $1.77 per unit in 2013 on revenue of $521.9 million.

The full-year numbers included a charge of $38.8 million on the fair value of assets versus a gain of $22.6 million in 2013.