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Brookfield Office Properties reports drop in Q2 income

TORONTO Brookfield Canada Office Properties Inc. TSX:BPO reported a sharp drop in its quarterly results compared with a year ago as it recorded a much smaller fair value gain on its investment properties.

The real estate investment trust said Monday it earned $35.2 million, or 38 cents per share, for the three months ended June 30, 2013. That was down from $134.4 million, or $1.44 per share, in the same period a year earlier.

The 44storey office tower currently under construction is expected to open in late 2015. It is 60 per cent preleased to anchor tenants Deloitte and Borden Ladner Gervais.

A west tower has been open since 2009.

Brookfield Canada Office Properties has a portfolio that includes 29 office properties in the downtown cores of Toronto, Calgary, Ottawa and Vancouver.