X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.