Brookfield Properties Corporation (NYSE:TSX) has released the financial result for the 2009 full year ended December 31, 2009. The net income for the year was $317 million, or $0.72 per diluted share. The previous year earned a net income of $22 million on a comparative basis with the previous year, excluding a onetime gain of $479 million from the conversion of the company’s US properties held outside of the United States Fund to a REIT. The net income for the three months ended December 31, 2009, was $181 million, or $0.35 per diluted share, versus a $21 million loss on a comparative basis, which excludes a onetime tax gain. Including the tax gain, the total net income for the period was $458 million, or $1.16 per diluted share during the same period of 2008.
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Brookfield Properties Corporation (Brookfield Properties) is a North American commercial real estate company. The Company operates in two principal business segments: the ownership, development and management of commercial office properties in select cities in North America, and the development of residential land. As of December 31, 2008, the Company’s commercial property portfolio consisted of investment in 108 office comprising 74 million square feet in 12 United States and Canadian markets. The Company’s primary markets are the financial, energy and government center cities of New York, Boston, Washington, D.C., Houston, Los Angeles, Toronto, Calgary and Ottawa.
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