(Source: The Associated Press)

Shares of Brookfield Properties Corp. advanced Monday after a Stifel Nicolaus & Co. analyst upgraded its rating to “Buy” from “Hold,” citing a spate of positive developments for the real estate developer and manager.

In a note to investors, analyst John Guinee said Brookfield stands to benefit from an early lease termination by Merrill Lynch from the World Financial Center. In addition to the termination fee, Guinee noted the building “is the best portfolio of buildings in the Downtown market” of New York City.

Guinee also noted that Brookfield’s recent equity raise also provides funding for investment opportunities. A strong Canadian economy, and robust Toronto office market, should benefit the company as well, he wrote.

Brookfield shares rose 69 cents, or 6.5 percent, to $11.32 in afternoon trading.

Read the full article “Shares of Brookfield rise on analyst upgrade” in the CNBC (September 28, 2009).

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