NEW YORK CITY-In keeping with what CEO DennisFriedrich calls “a new phase of growth,”Brookfield Office Properties on Friday reportedstrong quarterly results for the three months that ended March 31.Friedrich's comment referred specifically to the development underway at BPO's Manhattan West project in New YorkCity and the second phase of Bay Adelaide Centrein Toronto, but the financials also reflected an uptick, withyear-over-year gains in funds from operations, commercial propertynet income and same-store NOI during Q1.

FFO for Q1 was $189 million or $0.33 per diluted common share,up from $154 million or $0.27 per diluted common share the yearprior. Commercial property net operating income for the firstquarter increased to $349 million, compared with $312 million in Q12012, while same property NOI rose 2% year over year.

Also on the rise were rents, with the average net at $33.43 persquare foot compared to expiring rents during Q1. The REIT leased1.3 million square feet of space during the quarter; leading theway in terms of BOP markets was Calgary at 282,000 square feet.Subsequent to Q1, BOP renewed the TransportationSafety Administration's 546,000-square-foot lease at 601 and 701 S.12th St. in Arlington, VA, extending by four years an occupancythat was set to expire in 2014.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.