Brookfield Properties reports better 4Q results

Brookfield Properties Corp., owner of downtown buildings in large North American cities, said Friday that increased income from the Canadian residential market helped its funds from operations increase in the fourth quarter.

Brookfield said funds from operations, or FFO, was $222 million, compared with $191 million in last year’s fourth quarter.

On a per share basis, FFO fell to 43 cents from 49 cents. The company had about 504.8 million shares outstanding in the fourth quarter, compared with 391.1 million in the same period last year.

FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.

Net income for the fourth quarter was $181 million or 35 cents per share, compared with net income of $458 million, or $1.16 per share, in the same period last year. [Read the full article]

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MasterCard Incorporated (NYSE: MA) fourth-quarter earnings (excluding special items) of $2.24 per share came in substantially below the Zacks Consensus Estimate of $2.47. However, this compares favorably with the earnings of $1.85 per share in the year-ago quarter. [Read the full article]

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