NEW YORK (AP) -- Brookfield Office Properties Inc. said Friday that its fourth-quarter funds from operations rose 5 percent, beating Wall Street predictions, and issued a better-than-expected outlook for 2013.
The real estate investment trust said its funds from operations, or FFO, rose to $141 million, or 28 cents per share, from $134 million, or 26 cents per share, in the same quarter the year before.
Excluding a one-time fee of $9 million paid to rework a loan, the company said its funds from operations totaled 30 cents per share for the recent quarter.
That beat average Wall Street estimates that called for FFO of 28 cents per share, according to FactSet.
FFO is considered a key financial measure for real estate investment trusts. It adds back such items as amortization and depreciation to net income.
Commercial property revenue rose 14 percent to $589 million from $510 million, beating average estimates of $577.8 million.
The company, which is based in Toronto, said it leased 1.6 million square feet of space during the recent quarter at an average net rent of $33.65 per share foot, representing a 35 percent increase over net rents that expired during the quarter.
As of Dec. 31, the 92 percent of the company's property was occupied. The company also sold two non-core office assets for $182 million in net proceeds.
For the full year, Brookfield said FFO fell to $580 million, or $1.14 per share, from $582 million, or $1.14 per share, in 2011. Commercial property revenue increased to $2.2 billion from $1.68 billion.
The company projected 2013 FFO of $1.16 to $1.20 per share, while analysts expect $1.11 per share.