TORONTO — Brookfield Property Partners LP earned US$1.55 billion in its latest quarter, up from US$858 million in the same quarter a year earlier.
The real estate firm says the increase was due mostly to higher valuation gains in its Canada and United Kingdom office portfolios, as well as performance in several of its investments.
Brookfield Property Partners, which keeps its books in U.S. dollars, says the profit amounted to US$1.00 per diluted unit for the quarter ended Dec. 31 compared with a profit of 51 cents per diluted unit in the last three months of 2018.
Company funds from operations and realized gains amounted to US$459 million or 48 cents per unit for the quarter, down from US$749 million or 77 cents per unit a year earlier.
For the full year, Brookfield Property Partners earned nearly US$3.16 billion or US$1.89 per unit, down from a profit of US$3.65 billion or US$2.28 per unit in 2018.
Company funds from operations and realized gains totalled US$1.51 billion or US$1.57 per unit in 2019, down from US$1.57 billion or US$1.97 per unit a year earlier.
This report by The Canadian Press was first published Feb. 5, 2020.
Companies in this story: (TSX:BPY.UN)
The Canadian Press