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Brookfield Property Q2 company FFO and realized gains climb 44.8% YOY

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Brookfield Property Q2 company FFO and realized gains climb 44.8% YOY

Brookfield Property Partners LP said its second-quarter company funds from operations and realized gains amounted to 38 cents per share, compared to 36 cents per share in the year-ago period.

Company FFO and realized gains totaled $362 million, a 44.8% jump from the year-ago figure of $250 million.

The S&P Global Market Intelligence consensus FFO per share estimate was 36 cents.

Company FFO, excluding realized gains, totaled $335 million, a rise of 36.2% from $246 million in the year-earlier period. Excluding realized gains, company FFO per share came in at 35 cents, unchanged from the year-ago period.

Subsequent to the end of the quarter, the company signed contracts to sell a number of stakes and assets. It is selling its remaining 26% stake in the 75 State St. property in Boston for net proceeds of $79 million and its 30% stake in the Darling Park Complex in Sydney, Australia, for net proceeds of A$432 million.

Brookfield is also selling the majority of its assets in its Manhattan, N.Y., multifamily portfolio for net proceeds of $135 million and a portion of its triple net lease automotive dealership assets for net proceeds of $24 million.