The Real Deal Miami

Brookfield posts net income loss in 3Q

October 29, 2009 04:29PM

Brookfield Properties, which owns the World Financial Center, saw its profits decline in the third quarter, according to company financial results posted today. The developer reported a net income of $38 million, which reflects a loss of 36 cents per share compared to the third quarter of 2008, when it earned $174 million. Brookfield’s 2008 quarter results were boosted by a major Toronto sale that won the company 32 cents per share. The reported declines may be attributed to a slowdown in the residential sector. While operating income rose 3 percent in Brookfield’s commercial property unit, it fell 53 percent in its residential development unit. The company leased a total of 693,000 square feet of space and completed 63,000 square feet of development leasing. Rents for new leases averaged $25 per square foot, a 25 percent increase, and funds from operations came in at $151 million, down from $152 million last year.