Brookfield Properties 2011 Estimates Raised By JP Morgan

Brookfield Properties Corporation BPO is having its 2010 FFO estimate raised to $1.31 (+$0.16) and 2011 FFO lowered to $1.06 (-$0.06) by JP Morgan, citing that 2Q out-performance was the primary driver (with Tishman's repayment of BPO's Carr portfolio debt). 2012 FFO estimate is at $1.13 and the price target through 2011 remains at $13. Key factors in quarterly FFO results are the timing of transactions such as the Australian office closing and residential housing business sell-offs, and a sell down in Brookfield Office Properties Canada or other capital raises. BPO's cash flow rate per share will be in the low $0.20s range for 2011 and slightly above that for 2012. Brookfield Properties is currently rated as Underweight and closed yesterday at $14.21.