FFO for the quarter ended March 31, 2013 was $149 million which was an increase of $26 million from the prior year period.
Total Return for the quarter ended March 31, 2013 was $357 million which was a decrease of $169 million from the prior year period, primarily a result of significant valuation gains in the prior year partially offset by the increase in FFO in the current period.
Net income attributable to LP Units and REUs for the quarter ended March 31, 2013 was $49 million and $241 million, respectively, totalling $290 million, a decrease of $67 million from the prior year period.
Volume Weighted Average Trading Price
On April 15, 2013, Brookfield Asset Management Inc. ("Brookfield") paid a special dividend of one unit of Brookfield Property Partners per 17.42 shares held by shareholders of record as of March 26, 2013. On April 15, 2013, the units commenced trading on the New York Stock Exchange ("NYSE") and the Toronto Stock Exchange ("TSX") under the symbols "BPY" and "BPY.UN," respectively. Generally, the tax cost of Brookfield Property Partners units received on March 26, 2013 should equal their fair market value on that date. Neither U.S. nor Canadian tax rules specify the method to determine fair market value in this situation; however, a commonly used method is the weighted average trading price of the units on the NYSE and TSX for the five trading days commencing on April 15, 2013 which is $21.8271 and CAD $22.3805 respectively.
This summary is not intended to be, nor should it be construed to be, legal or tax advice to any particular holder of Brookfield Property Partners units, and no representation with respect to the U.S. and Canadian income tax consequences to any particular holder is made. Consequently, holders of Brookfield Property Partners units are advised to consult their own tax advisors with respect to their particular circumstances.
Significant Transactions During the First Quarter
Brookfield Property Partners, directly or through affiliates, acquired seven real estate assets totaling over $546 million and disposed of seven real estate assets totaling $308 million, generating $36 million net proceeds (at share) during the first quarter of 2013. Highlights from the quarter include:
•Sold one non-core office asset, RBC Plaza in Minneapolis, for approximately $127 million •Entered into merger agreement to acquire MPG Office Trust subsequent to quarter end
•Divested one non-core retail mall for $80 million •Acquired $157 million of L.P. interest in Rouse Properties Inc. shares and General Growth Properties Inc. shares and warrants subsequent to quarter end
•Closed on nine properties for a gross purchase price of $213 million •Completed over $240 million value-add multi-family acquisitions in the U.S.
•Obtained financings at three properties allowing us to return $60 million of total equity
Opportunistic & Other
•Acquired a Los Angeles based office campus consisting of nine buildings for $90 million
The Board of Directors of Brookfield Property Partners declared a quarterly common unit dividend of $0.1277 per unit payable on June 28, 2013 to unitholders of record at the close of business on May 31, 2013. Unitholders resident in the United States will receive payment in U.S. dollars and unitholders resident in Canada will receive their dividends in Canadian dollars at the exchange rate on the record date, unless they elect otherwise. The dividend, calculated for the period from April 15, 2013 to May 31, 2013, represents an annualized dividend of $1.00 per unit.
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