Brookfield Properties

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Brookfield Properties in Toronto Canada is a REIT specializing in high growth assets in the biggest cities in North America, including New York City, Boston, Washington D.C., Ottowa, Denver, Minneapolis, Los Angeles, Houston, Toronto and Calgary.

It trades on both the New York and Toronto stock exchanges with the symbol BPO. In the United States, they are based in New York City. 36% of their portfolio value is in New York City.

Brookfield Properties Owns Major Urban Properties

They own 110 properties with 75 million square feet. They also have 19.3 billion dollars of book value under management. Properties it owns include: the World Financial Center and Grace Building in New York City, Brookfield Plaza in Toronto, Bankers Hall in Calgary, and Bank of America Plaza in Los Angeles. It looks for high quality tenants in the financial, energy and professional services industries, with high credit quality, for long-term leases.

Brookfield was originally incorporated in Canada in the 1950s as the Canadian Arena Corp. In 1924 that company built the Montreal Forum.

Until the National Hockey League Montreal Canadiens franchise was sold in 1978, the company mainly operated that arena.

In the late 1970s, then called Carena Properties, began to focus on commercial real estate. It has grown by acquiring such companies as: World Financial Properties& BCE Inc, Olympia & New York U.S.A., Royal Trust, Trizec Western Canada, O&Y Properties/O&Y REIT, and Trizec Properties/Trizec Canada.

Brookfield Properties strategy is to focus on class-A office buildings that are in major North American central business districts. Ric Clark is CEO. They develop, own and operate premier office properties. Their properties command some of the highest rates in their markets.

Brookfield Properties' Environmental Quality

They want to be a leader in making buildings that are sustainable as well as technologically advanced. They say they're committed to making all future developments up to the LEED Gold Standard. The Leadership in Energy and Environmental Design Green Building Rating System is the internationally accepted rating system for sustainable buildings -- based on water and energy efficiency, use of materials and resources, and indoor environmental air quality. By the end of 2009, two-thirds of their properties in the United States had received Energy Star labels.

They define themselves in six different fundamental ways: Premier Office Properties, Long-Term Lease Profile, Strong Financial Position, Market Focus, Diversified, Quality Tenants, and Performance Track Record.

They have a 47% ownership interest in the U.S. Office Fund. This includes Trizec Properties assets they acquired in 2006. One of their primary tenants has been Merrill Lynch, acquired by Bank of America.

Brookfield Properties has around 14 million square feet of commercial assets under development. They're also connected with 15,000 acres of residential land in Alberta Canada. They were planning to develop this, stopped three years ago due to the economy, but could begin again when the outlook is more favorable.

In August 2009 Brookfield went into partnership with an affiliate, Brookfield Asset Management. This is a consortium seeking underperforming real estate which could leverage Brookfield's restructuring and operating capabilities.

Brookfield Asset Management is looking for suitable properties in North America, Europe and Australia. Brookfield Properties has the right, but not the obligation, to sponsor investments pursued by the consortium.

Brookfield Properties is strongly positioned to benefit from mainstream economic health in North America.

Next: What is the BRE Properties -- an apartment REIT

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