A file photo of Brookfield Properties' building at 300 Madison Avenue in New York City.
Brookfield Office Properties Inc. says its first-quarter profit was up 15 per cent from the same time last year, rising to $352-million (U.S.) from $306-million.
The company, one of many publicly traded subsidiaries of Toronto-based Brookfield Asset Management Inc. , said earnings per share attributable to common shareholders rose to 62 cents from 54 cents.
Total revenue for the office-property manager was $530-million under International Financial Reporting Standards.
The company's funds from operations, a financial measure widely used by real-estate companies, was down slightly from last year. FFO fell $1-million to $154-million.
Brookfield's net profit included a number of non-cash items, including adjustments of the fair-value of its assets. Net income before fair value adjustments and taxes was $154-million, down $2-million from a year earlier.