Brookfield Asset Management

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Operating results for the second quarter benefited from continued growth of our asset management business. Net income included increased fair value gains in the quarter, primarily from our opportunistic real estate investment portfolio. The per share number is after the allocation of net income to non-controlling interests and preferred share dividends.

Funds from operations (“FFO”) totaled $1.0 billion in the second quarter, compared to $637 million in the prior year. Excluding realized disposition gains, FFO increased 9% to $562 million. Growth in fee related earnings of 22% was due to higher fee bearing capital and higher incentive distributions as our listed issuers continue to generate strong growth in their capital base and distributions. Invested capital FFO increased by 2%, due to solid "same-store" growth from operational improvements across our businesses, in particular higher generation within our renewable power business, and contributions from acquisitions partially offset by the absence of FFO from assets previously sold and the impact of foreign exchange. We sold our interest in 245 Park Avenue, a New York office building, contributing to realized disposition gains of $464 million for the quarter.

Juli 2, 2012

Exclusive: Brookfield in talks to buy Odebrecht's Brazil toll roads - sources

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Canada's Brookfield Asset Management Inc is in talks with Odebrecht SA to buy seven Brazilian highways operated by the conglomerate's transportation unit, two sources with knowledge of the matter said on Thursday.

Brookfield and Odebrecht signed an exclusivity agreement to negotiate the acquisition, the sources said on condition of anonymity because they were not authorized to speak publicly on the matter.

Brookfield and Odebrecht declined to comment.

Odebrecht has rights to operate 1,712 kilometers (1,064 miles) of seven different highways in five Brazilian states. One of the largest is the Rota das Bandeiras, in Sao Paulo, Brazil's richest state. The source gave no details of the deal's value.

Brookfield Asset Management in talks with KMC Constructions for $400-$500 mn road asset buyout

Brookfield Asset Management's (BAM) CEO Bruce Flatt on Q2 2017 Results - Earnings Call Transcript

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Neil Downey

And the follow-up question may be for Bruce, may be better for Brian. I suspect you saw a Wall Street Journal article earlier this week that was entitled Brookfield’s total road to reaches. And in that article, the journalist was focused on a couple of infrastructure investments tariffs, and I believe Natural Gas Pipeline Company of America. And in the article it referred to how your valuations were at odds with some others on the same asset. And I think it also went on to discuss the implications or the office view of the implications of these valuations on your asset management fees, whether it’d be to the listed issuers or the private funds. Could you may be just comment on some of the content of that article?

Brian Lawson

So that’s a rehash of a story that you may have noticed ran a while back and it does contain a number of fundamental inaccuracies. And in particular, we felt it was misleading, as you’ve noted, the suggestion that our use of fair value accounting can lead to some questionable increases in book values. And in turn can result in higher management fees payable to Brookfield. And that’s simply not the case. As you can imagine, this is something we take very seriously. So I would say a couple of things, most of you on the call will notice already, but this is important. So first of all, the management fees that Brookfield earns are based on the stock market capitalization of our listed affiliates, and not based on the IFRS valuations or book values.

And in fact if you look at the company that owns those assets that you referred to, Brookfield Infrastructure Partners, most of the assets owned by BIP are not actually mark-to-market at all because they are concessions. And so the IFRS value is only a fraction of what the value of the company is. And this is clearly evidenced by the fact that BIP has sold many businesses over the past number of years proceed significantly above IFRS values. We’ve observed that when investors look at a company like BIP, they’re really looking at the ability of it to increase its cash flows and therefore pay a good dividend reliable. And when the increase is fairly overtime and again none of this is influenced by the IFRS valuations.

And again, the other point we’d like to make and this comes to your comment on the questions raised about the values of our tariffs, which is our Brazilian toll road operations, in particular. And the suggesting that we had widely deferring values than we apply to it sign to it and again, that’s just not true. We did not revalue this asset over that time period. In fact, this is an even -- we don’t even use fair value accounting or for our tariffs. Just to clarify the confusion around that one. The increase in the value of our tariffs was due to two factors and two factors only; first, we invested another $700 million of cash in the business to fund capital projects and purchase in our interest; and second, the exchange rate for the Brazil currency went up by over 20% during period. So this had nothing to do with our change in our valuation of the business. So you hope that helps clarify your question.

Juli 2, 2012

Brookfield Asset Management Reports Third Quarter 2017 Results

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Brookfield, November 9, 2017 – Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A, Euronext: BAMA), a leading global alternative asset manager, today announced financial results for the quarter ended September 30, 2017.

Bruce Flatt, CEO of Brookfield, stated that: "We closed a number of acquisitions during the quarter and have disposed of numerous assets, achieving excellent results. Assets under management increased to over $265 billion and with fundraising advancing on our next real estate opportunity fund we are well positioned for continued growth.”

Operating Results

Net income and funds from operations ("FFO") both grew significantly on a comparable basis as operating results for the third quarter benefited from the ongoing expansion of our business through fundraising, acquisitions, development projects and operating improvements.

Net income, prior to tax, was strong compared to last year, at $1.3 billion versus $1.0 billion in 2016, due to the aforementioned operating improvements and increased fair value gains. After including the impact of tax, which reflected a $1.0 billion tax recovery in the prior year quarter, net income was $992 million compared to $2 billion.

FFO from operating activities was $564 million, a 15% increase from the 2016 quarter. Growth in fee related earnings was 8% due to continued expansion of fee bearing capital, as our listed issuers generated strong growth in their capital base, and higher incentive distributions. Invested capital FFO increased by 19% due to contributions from acquisitions, particularly in our infrastructure business, higher generation and pricing in our renewable power business and gains on short-term portfolio investments. FFO inclusive of disposition gains and realized carried interest was $809 million, slightly less than last year's amount of $883 million, which included a higher level of disposition gains. Disposition gains in the current quarter included gains on the sales of several office properties as well as the sale of a portion of our investment in Norbord.

Juli 2, 2012

Brookfield enters the nuclear energy business with $4.6B acquisition of troubled Westinghouse Electric Co.

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Brookfield Asset Management’s private equity unit struck its biggest-ever deal Thursday, buying up bankrupt nuclear technology powerhouse Westinghouse Electric Co. LLC for US$4.6 billion, in a bold move that appears to be welcomed by investors.

Pittsburgh-based Westinghouse, owned by Japan’s Toshiba Corp., sought bankruptcy protection last March amid cost overruns at four new nuclear reactors under construction in Georgia and South Carolina – a development that hurt the utility companies involved in its construction and forced the parent company to record billions of dollars in write downs. Toshiba bought Westinghouse for $5.4 billion in 2006.

Amid the cost overruns, returns for nuclear power generation in the U.S. have also been under extreme pressure from abundant low-cost natural gas production, which left utility companies powered by nuclear energy at a huge disadvantage against the cheaper, gas-fired power generation companies.

Despite these challenges, Brookfield Business Partners is betting big on the nuclear business.

“Even though they don’t have a history in nuclear it really does feel like a fit,” New York city-based Keefe, Bruyette and Woods analyst Ann Dai said.

Juli 2, 2012

Brookfield Is in Talks to Acquire Spanish Renewable Energy Firm Saeta Yield

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Brookfield Asset Management Inc. is in talks to buy Spain’s renewable energy firm Saeta Yield SA, people familiar with the matter said.

Canada’s largest alternative asset manager is likely to delist the Madrid-based company after the purchase, according to the people, who asked not to be identified because the discussions are confidential. No decision has been made and the transaction may not take place, they said.

Shares of Saeta Yield have risen 24 percent in the past year, giving it a market value of 832 million euros ($1 billion).

A representative for Toronto-based Brookfield declined to comment. A Saeta Yield representative didn’t have an immediate comment Friday.

Saeta Yield is buying wind and solar plants to diversify the business beyond Spain while adding assets that generate stable cash flows. In October, the so-called yieldco, a renewable energy company set up to produce predictable recurring income, purchased a group of Portuguese wind farms for about 104 million euros. Earlier in 2017, it acquired two wind parks in Uruguay.

Juli 2, 2012

Brookfield Asset Management Reports 2017 Results

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Net income and funds from operations (“FFO”) both increased significantly in 2017. Net income totaled $4.6 billion , an increase of $1.2 billion compared to last year, reflecting strong operating results and a higher level of unrealized valuation gains. FFO was $3.8 billion , an increase of 18% from the prior year, which also reflects the strong operating results as well as an increased level of realized disposition gains from assets sold during the year. Net income per share reflects the allocation of income between common shareholders and non-controlling interests.

Operating results benefited from a 26% increase in the fee related earnings from our asset management activities as well as the impact of improved pricing and volumes across our operations. The increase in fee related earnings came as a result of new private funds, growth in the capitalization of our listed issuers and increased performance fees. The increased contribution from our invested capital reflects improved results across our businesses, in particular higher generation with our renewable power operations, the contribution from completed development projects and redeployment of capital into a number of significant acquisitions.

Dividend Declaration

The Board declared a quarterly dividend of US$0.15 per share (representing US$0.60 per annum), payable on March 29, 2018 to shareholders of record as at the close of business on February 28, 2018. This represents a 7% increase over the prior year. The Board also declared all of the regular monthly and quarterly dividends on its preferred shares.

Juli 2, 2012

In age of Amazon, mall mergers accelerate with Brookfield's GGP takeover

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“Consolidation is happening because prices have fallen below the asset values,” said Lindsay Dutch, an analyst with Bloomberg Intelligence. “If you believe that malls are not dying, you’re buying assets at a discount that will have value into the future.”

Landlords have been focusing on buying and revamping shopping centres to take advantage of the land they occupy in urban areas, including adding “experiential” elements such as restaurants, theaters and gyms. GGP Chief Executive Officer Sandeep Mathrani is among those looking for ways to repurpose malls.

Brookfield Property Partners LP, which with its affiliates own about 34 per cent of GGP, reached a deal to buy the rest of the Chicago-based company after raising its offer from a November bid. GGP shareholders will receive either US$23.50, one Brookfield unit or a share of a new real estate investment trust for each share they own, according to a statement Monday. The cash consideration is US$9.25 billion with 61 per cent of the deal in cash and 39 per cent in equity, the companies said, and the total value of the acquisition is almost US$15 billion, according to data compiled by Bloomberg.

Repurposing Land

Brookfield Property is seeking to unlock value like it has since it acquired Rouse Properties Inc. in 2016, said Chief Executive Officer Brian Kingston. The asset manager has since repurposed much of the land that Rouse’s malls were located on for residential, commercial and office space by bringing it into the broader Brookfield business.

“This is a tough environment for retail real estate companies today,” he said in a telephone interview. “But there are a lot of things on this land that you can do to enhance the value that may not necessarily be retail. We have expertise in multifamily, office and hotels. As soon as we brought Rouse in, we were able to unleash all of those.”

GGP’s properties include Las Vegas’s Grand Canal Shoppes and Tysons Galleria in McLean, Virginia. The urban areas where the malls are situated are extremely valuable, presenting a major opportunity, Kingston said.

“This is something that is going to play out over very long periods of time,” he said. “These are big repositionings.”

The latest round of mall industry consolidation is tied to investors looking for the best assets as the retail industry shakes out, said Alexander Goldfarb, managing director at Sandler O’Neill & Partners LP.

There will be “further refinement of portfolios,” he said. “You don’t need to own every centre, you need to own the best centres. And that’s what you’re seeing.”

Juli 2, 2012

Interview mit Bruce Flatt in der Welt

Juli 2, 2012

Brookfield Asset Management Reports First Quarter 2018 Results

Q1 2018 Letter to Shareholders

Juli 2, 2012

GGP shareholders approve $15 billion takeover by Brookfield

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GGP Inc. shareholders approved a takeover by Brookfield Property Partners, clearing the way for the $15 billion deal for the second-largest U.S. mall owner to go forward.

Investors in GGP voted in favor of the transaction at a special meeting Thursday in the company’s hometown of Chicago, according to a statement. The approval of two-thirds of the votes cast was needed for the takeover to proceed. Brookfield’s shareholders had already approved the deal, which the companies expect to be completed next month.

Brookfield agreed in March to acquire the GGP shares it didn’t already hold in a transaction valued at almost $15 billion at the time. Under the terms of the deal, GGP shareholders will receive $23.50 a share in cash, or either one Brookfield unit or one share of a new U.S. real estate investment trust for each share they currently own. The deal represented a slight increase from the $23-a-share cash portion Brookfield had offered in November.

Juli 2, 2012

Brookfield Asset Management Reports Second Quarter 2018 Results

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Bruce Flatt, CEO of Brookfield, stated, "We continue to see strong interest from institutional investors in our real assets strategies, as evidenced by the closing of $11 billion of capital to date for our most recent flagship real estate fund. We ended the quarter with record liquidity of $33 billion, and we continue to find attractive opportunities to invest this capital including the recent privatization of GGP, the acquisition of a major gas gathering infrastructure system, and the successful acquisition of Westinghouse Electric."

Net income reached $1.7 billion in the quarter and $6.6 billion for the last twelve months, both significant increases over the comparable periods. The increase in the quarter reflects contributions from recent acquisitions across each of our businesses, transaction gains and strengthening valuations for a number of our assets.

Second quarter funds from operations ("FFO") was $790 million, including $132 million of disposition gains. Excluding disposition gains, second quarter FFO was $658 million, 17% higher than the comparable period. Fee related earnings continue to increase as a result of the growth in fee bearing capital from our private funds and higher performance fee income from Brookfield Business Partners ("BBU"). FFO from invested capital increased 26% over the comparable period reflecting contributions from recent acquisitions, additional home sales in our North American residential business, and improved performance by businesses owned within our private equity operations. Disposition gains included the sale of a 13% interest in our graphite electrode manufacturing operations and the sale of our interest in a real estate brokerage business.

Juli 2, 2012

Brookfield Asset Management Reports Third Quarter 2018 Results

Brookfield to buy Johnson Controls unit for US$13.2B

Juli 2, 2012

Brookfield Weighs Potential Bid for Dutch Royal KPN Phone Company

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Brookfield Asset Management Inc. is considering making an offer for Dutch phone company Royal KPN NV, according to people familiar with the matter. KPN shares jumped the most since 2013.

Canada’s largest alternative asset manager is holding exploratory talks with Dutch pension funds PGGM and APG Groep NV about partnering on a potential bid for KPN, said the people who asked not to be identified because the matter isn’t public. The company had a market value of about 10.6 billion euros ($12.2 billion) on Wednesday, before Brookfield’s deliberations were reported.

Brookfield hasn’t approached KPN yet and discussions are at an early stage, the people said. The firm may opt to not proceed with an offer, they said.

Representatives for Brookfield, KPN and PGGM declined to comment. APG didn’t immediately respond to a request.

“If such a transaction would go through, it would lift the whole telco sector, potentially massively, because it could imply that you will see more M&A,” said Emmanuel Carlier, an analyst at Kempen & Co., in an interview. Success with this deal could imply future interest from bidders beyond pension funds and may drive cross-border consolidation in the industry, he said.

Juli 2, 2012

Brookfield to buy Howard Marks' Oaktree to make alternatives giant

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Brookfield Asset Management (BAMa.TO) agreed to buy a majority stake in Oaktree Capital, a combination that would create one of the world’s largest alternative money managers.

Brookfield will acquire a 62 per cent stake in Oaktree in a cash and stock deal worth roughly US$4.7 billion, the companies said Wednesday in a statement.

As the private equity industry gathers near record sums of assets, institutional investors aim to make big allocations to fewer firms with a wide range of products. Today’s deal creates such a one-stop-shop: it bolsters the credit business of Brookfield, which has traditionally focused on real estate, and provides Oaktree, a specialist in distressed debt, exposure to assets that thrive outside turbulent economic times.

Juli 2, 2012

Warum Vermögensverwalter Brookfield als der kanadische Warren Buffett gilt

Juli 2, 2012

Q1 2019 Letter to Shareholders

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Overview

During the first quarter we were active on many fronts, including closing a number of transactions announced last year. We also committed to acquire a hospital operating company in Australia for $4 billion, completed the acquisition of our Clarios (formerly Johnson Controls Power Solutions) battery solutions business for $13 billion, and agreed to acquire a $1.5 billion mixed-use office complex in central Shanghai. Lastly, we announced an asset management partnership with the founders and management of Oaktree Capital Management to take the company private in a joint venture for $4.8 billion.

Results for the quarter were excellent, in particular when adjusting for one-time items last year. We reported $1.1 billion in FFO or $1.04 per share. Net income was $1.3 billion in total for the quarter.

Fundraising remains strong. We closed our $15 billion flagship real estate fund and continued closes in our flagship private equity fund and our long-life real estate and infrastructure funds. We also expect to reach a first close of approximately $14 billion in our flagship infrastructure fund shortly, which will be our largest infrastructure fund raised to date.

Juli 2, 2012

Brookfield, GIC to buy Genesee & Wyoming for about $6.4 billion

hab die Meldung verpasst...Blackstone war übrigens auch interessiert

das Unternehmen unterscheidet sich von den bekannteren der Branche, sie betreiben regionale Kurzlinien in den USA (dazu noch ein paar in Australien)

die Züge fahren auf diesen kurzen Strecken auch deutlich langsamer

Juli 2, 2012

Brookfield Asset Management Reports Second Quarter 2019 Net Income and FFO

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Bruce Flatt, CEO of Brookfield, stated, “Our results in the second quarter were strong. We continued to attract significant amounts of capital, reaching a first close of $14.5 billion for our fourth flagship infrastructure fund in the quarter, and raising more than $50 billion across our investment strategies in the last twelve months. We continued to find attractive opportunities to invest capital, investing $7 billion in the second quarter and $33 billion over the past year on behalf of our investors. We further increased our liquidity to a record level of approximately $50 billion, which positions us to opportunistically deploy capital across our listed and private funds.”

Net income was $5.9 billion for the last twelve months and $704 million for the quarter. This reflects the contribution

from a number of acquisitions closed during the last twelve months, as well as organic growth from existing

investments. The higher level of income in the prior year quarter was due to a larger amount of transaction and

appraisal gains during that comparative period.

Funds from operations (“FFO”) were $4.6 billion for the last twelve months, an increase of 13% from June 2018. This increase is primarily a result of growth in our asset management business. This included higher carried interest realizations as well as contributions from private fund capital raised over the last twelve months.

Fee related earnings (“FRE”) before performance fees for the quarter totaled $263 million, an increase of 33%. This is due to higher levels of private fund fee bearing capital from capital raised in our flagship funds in the last twelve months across each of our real estate, infrastructure and private equity strategies. FRE in the prior year quarter included $41 million of performance fees and we recorded no performance fees in the current quarter. FFO from invested capital including disposition gains for the quarter increased from the prior year as a result of operational improvements and gains on the sale of our facilities management business and a residential property manager.

Juli 2, 2012

Mark Carney joins Brookfield to lead firm's expansion into ESG funds

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The mystery of Mark Carney’s next job is solved.

Brookfield Asset Management Inc., the global investment firm with about US$550 billion in assets under management, has hired the former Bank of England governor to lead an ambitious expansion into environmental and social investing.

The Toronto-based company plans to develop a group of funds that try to marry positive social and environmental outcomes with strong investment returns. Carney will join Brookfield as vice chairman and steer its environmental, social and governance (ESG) investment strategy.

Bruce Flatt, Brookfield’s chief executive officer, said in an interview he expects the new ESG group could eventually grow to the size of its real estate, infrastructure, and private equity businesses. Carney will be instrumental in that expansion because of his strong relationships with sovereign wealth funds and his range of business experience, Flatt said.

Juli 2, 2012

Brookfield Asset Management Will Buy Up Brookfield Property Partners Shares

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Brookfield Asset Management (NYSE: BAM) started 2021 off with a bang. The leading global alternative asset manager proposed to acquire all the units of its publicly traded real estate partnership Brookfield Property Partners (NASDAQ: BPY) that it doesn't already own for $5.9 billion. It also extended that offer to investors in its real estate investment trust (REIT) Brookfield Property REIT(NASDAQ: BPYU)

BNN Bloomberg

Juli 2, 2012

Brookfield brings in a record US$34B in third quarter

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Brookfield Asset Management Inc. posted record inflows of US$34 billion in the third quarter as investors sought higher yields in a low interest-rate environment.

The company cited strong demand for its real estate and credit offerings, bringing in a total of US$24.8 billion for funds focused on those areas. That helped fee-related capital surge to US$341 billion, Brookfield said in an earnings statement Thursday.

Brookfield is further accelerating fundraising with the expectation that rates are “poised to remain lowish for longer,” Chief Executive Officer Bruce Flatt said in a letter to investors Thursday. The company also stands to benefit from an economic rebound that’s driving markets higher.

“Gross domestic product growth has been strong, labor markets have continued to improve, and capital markets remain very constructive,” Flatt said. “As owners of real assets and businesses, most of which can raise prices contractually or with inflation, we are well positioned in this environment.”

Alternative asset managers are seeing strong demand from investors. Private equity giants including Apollo Global Management Inc. and Carlyle Group Inc. are raising record sums. Toronto-based Brookfield plans to raise $125 billion for the next round of its flagship funds after it brings in $100 billion in the current round, Flatt said in September.

Brookfield shares rose 1.8 per cent to US$61.50 in early trading in New York. The stock has returned 48 per cent this year through Wednesday.

Other results:

Funds from operations of 85 cents a share fell short of analysts’ estimates of 90 cents.

Adjusted earnings per share came in at 47 cents

Revenue rose to US$19 billion, an 18 per cent gain year-over-year

The firm plans to further push into private credit, Flatt said

Mai 18, 2019

Hallo @Mithrandir77

momentan beschäftige ich mich mit alternativen Investments, der Trend geht ja die letzten Jahre stark in diese Richtung.

Brookfield sieht da auf dem ersten Blick natürlich sehr solide auf, die globale Aufstellung überzeugt.

Wie beurteilst du den Bereich Real Estate? Da ist der Schwerpunkt meines Erachtens auf nicht ganz so idealen Bereichen (Bürotürme, Ferienanlagen) und in eher überbewerteten Regionen (Asien).

Aber gut, wenn du 2017 eingestiegen bist, hast du eine andere Perspektive - verkaufen würde ich Brookfield momentan wahrscheinlich auch nicht.

Juli 2, 2012

Bürotürme sehe ich jetzt nicht so kritisch. Die Shoppingcenter sind meist in sehr guter Lage und können notfalls anders verwendet werden (Wohnung zum Beispiel). Center Parcs finde ich nicht ideal, werden sie aber sicher nicht ewig behalten.
Für mich sind die Bereiche Infrastruktur und Nachhaltige Energie aber wichtiger. Bei Real Estate hab ich eh noch vier REITs (Prologis, Realty Income, Crown Castle und AvalonBay).
Kaufen würde ich in dem Bereich aktuell nicht. Schau dir mal den Chart von Blackstone an.

Juli 2, 2012

Brookfield considers spinning off its asset management business

Brookfield Reports 2021 Net Income of $12.4 billion and Distributable Earnings of $6.3 billion

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