Brookfield Fourth-Quarter FFO Falls After Home Unit Spinoff
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Brookfield Office Properties Inc., owner of lower Manhattan’s World Financial Center, said fourth-quarter funds from operations fell 34 percent after the company spun off its profitable residential business.
FFO attributable to common shareholders, which gauges a real estate company’s ability to generate cash, dropped to $134 million, or 26 cents a share, from $204 million, or 40 cents, a year earlier, New York-based Brookfield said today in a statement. The result matches the average estimate of 15 analysts in a Bloomberg survey. The company projected full-year diluted FFO of $1.07 to $1.12 a share, compared with an average analyst estimate of $1.12.