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NEW YORK CITY-Brookfield Properties Corp. on Thursday reported year-over-year increases in funds from operations and net income, highlighting a mixed earnings picture for locally based REITs as reflected in first-quarter reports issued the same day. Earlier this week, Vornado Realty Trust also announced sizeable gains in FFO and net income for Q1.

Brookfield Properties’ net income for the three months that ended March 31 was $252 million, compared to a loss of $589 million for the same period in 2009. FFO rose from $105 in Q1 ’09 to $136 million a year later. “With fundamentals in our largest markets—New York, Washington DC, Toronto and Houston—trending upward, we are beginning to see rental rate growth,” says Brookfield Properties CEO Ric Clark in a statement. “With a current focus on a number of strategic initiatives and capital deployment, we remain positive about Brookfield Properties’ position in a recovering economy.”

Also on Thursday, Lexington Realty Trust reported Q1 FFO of $34.4 million, off from the $42.4 million in FFO the REIT reported for the first quarter of ’09. At the same time, it narrowed its quarterly losses from $71.7 million to $33 million year over year.

“During the first quarter of 2010, we continued to make progress on Lexington’s capital recycling effort with the disposal of $39.9 million of properties,” says T. Wilson Eglin, president and CEO of Lexington, in a release. He adds that the company raised $193.2 million of debt and equity capital and retired $175.7 million of debt. “We continue to be focused on creating additional liquidity by selling Lexington’s non-core retail and multi-tenant properties to retire debt and to be prepared to capitalize on investment opportunities as they arise.”

Gramercy Capital generated FFO of $2.7 million, an increase of $1.5 million from FFO of $1.2 million generated in the same quarter of the previous year. Net loss attributable to common stockholders was $24.8 million, as compared to the net loss of $27.3 million for Q1 ’09.

At Northstar Realty Finance, adjusted Q1 FFO was negative $33.9 million compared with $22.6 million for the first quarter of ‘09. The REIT reported a net loss of $24.9 million, compared to net income of $84.6 million for the comparable quarter a year prior.

On Tuesday, Vornado said its Q1 adjusted FFO was $352.1 million, up from $284.5 million for Q1 ’09. Net income rose as well, from $125.8 million a year ago to $200.3 million in the first three months of this year.

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