Brookfield Office Properties Q1 Profit Decreases On Higher Income Taxes

(RTTNews) - Brookfield Office Properties Inc. (BPO, BPO.TO) reported first-quarter net income to shareholders of $93 million or $0.15 per share, compared to $275 million or $0.48 per share, previous year. Income before income taxes increased to $473 million from $373 million, a year ago.

Funds from operations to shareholders was $136 million or $0.27 per share, compared to $169 million or $0.33 per share. The company noted that, in the first quarter of prior year, FFO included an investment gain of $22 million or $0.04 per share.

On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.24 for the quarter. Analysts' estimates typically exclude special items.

Commercial property revenue increased to $582 million from $566 million.

The Board of Directors of Brookfield Office Properties declared a quarterly common share dividend of $0.14 per share payable on June 30, 2014 to shareholders of record at the close of business on May 30, 2014.