Brookfield Office Properties Inc T.BPO.PR.A

RE:RE:RE:RE:RE:RE:RE:What I NEED to hear and see from Brookfield is that they

[rodbhar]

"For example on pg 9 of the BPY's most recent 6-K, it says FFO was NEGATIVE $165 million for the most recent 3 months and on the BN supplemental it says on pg 20 that FFO for the most recent 3 months is POSITIVE $166 million (but which I think includes $59 million for the residential group which is outside BPY.) "

I think the most likely reason for the difference is that BPY consolidates total assets such as the LP investments owned by others, while the BN Supplemental just shows direct ownership. That is really the point of the Supplemental, to escape strict accounting requirements that make it harder to understand.

The FT article simply tries to make something of a differnce of definitions--how BPY uses the word "Core" and how BN is using it. Sometimes BN calles it "Premium Core". Well I think that is hardly a smoking gun.

As for the $30B, I am getting that from page 20 of the Supplemental and adding the value of the LP investments. The $3B is from page 22 of the Supplemental. This is the equity of the US and Canadian office in the Transitional and Developement portfolio. These are the only office assets with occupancy below 95%.