Brookfield Properties Corp., owner of 74 million square feet of real estate in North America, said second-quarter earnings excluding items fell on a decline in Canadian residential revenue.
Funds from operations dropped to $148 million, or 38 cents a share, from $157 million, or 40 cents, a year earlier, the New York-based company said today in a statement. Brookfield was projected to have FFO of 35 cents, according to the median estimate of 14 analysts surveyed by Bloomberg.
Brookfield’s residential land development business, primarily in Calgary, Alberta, represents about 18 percent of the company’s revenue. Declines in the price of oil have reduced demand for housing at the same time the company is contending with falling office rents in U.S. cities including New York, analyst Anthony Paolone of JPMorgan Chase & Co. said.
Read David M. Levitt’s full article “Brookfield Earnings Drop on Canada Residential Sales” in Bloomberg (July 29, 2009).