Solid first quarter results for Brookfield Property Partners
Commercial real estate group Brookfield Property Partners has announced strong results for the first quarter of 2016, realising $US217 million in funds from operations, up from $181 million in the same period last year.
The company, listed on the New York and Toronto stock exchanges, said the results were a result of higher net operating income earned from newly signed leases in their office portfolio, strong core retail performance and investments made in 2015.
Lower interest costs also gave the company’s results a boost, when it repaid debt for the Brookfield Office Properties acquisition.
The company, which is recycling assets to fund its development pipeline, also confirmed in its results that it sold its 50 per cent interest in the World Square Shopping Centre in Sydney for $278 million. The sale occurred earlier this year.
The company has also listed two other Australian assets for sale – the Jessie Street Centre in Parramatta and 111 Alinga Street in Canberra. Both are expected to reap about $450 million.
Charter Hall entered due diligence to buy Brookfield’s interest in Macquarie’s headquarters at 1 Shelley Street for more than $500 million.
