Brookfield posts net income loss in 3Q

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.