Brookfield Properties’ profits fall

New York /
Jul.July 31, 2008 11:39 AM

 
Brookfield Properties’ earnings, hurt by a decline in home sales, fell in the second quarter by 43 percent, the company said today.

Profits declined to $45 million as of June 30, compared to $79 million in the same period last year. Revenues, however, rose 1.8 percent to $719 million, the company said in a statement.

Net operating income for residential development fell by half to $35 million.

The news was better on the commercial side, as net operating income from commercial properties rose by 7 percent to $353 million.

Brookfield, headquartered in New York City, owns and manages real estate in Canada and the United States. In addition to the four World Financial Center buildings, the company owns or has an interest in nine other office towers in Manhattan.

Occupancy at the World Financial Center rose to 99.2 percent from 97.1 percent. But vacancies increased at 1065 Sixth Avenue, where occupied space fell from 84.3 percent to 74.6 percent.

Company-wide, the rate of occupancy in 109 commercial properties rose to 95.3 percent from 94.6 percent.

Brookfield’s net operating income from its 13 commercial properties in New York, which comprise 37 percent of the company’s total, nudged up to $130.6 million from $130.2 million a year ago.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Taconic, Nuveen pay $70M for UES office building
Taconic, Nuveen pay $70M for UES office building
Taconic, Nuveen pay $70M for UES office building
Mitch Kossoff charged with grand larceny
Mitch Kossoff charged with grand larceny
Mitch Kossoff charged with grand larceny
Stuart Elliott
Editor’s note: My “Succession” obsession
Editor’s note: My “Succession” obsession
RE/MAX reaches record revenue of $91M with $25M net loss
Despite hot market and revenue growth, RE/MAX loses $25M
Despite hot market and revenue growth, RE/MAX loses $25M
Warehousing, construction notch November job gains
Warehousing, construction notch November job gains
Warehousing, construction notch November job gains
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...