Brookfield Property Partners Gut Punched During COVID Pandemic, Loses $2 Billion
Posted on 02/03/2021
Brookfield Property Partners recorded about $2 billion in losses in 2020. The real estate entity’s holdings in retail and offices were negatively impacted by the Wuhan coronavirus pandemic. Brookfield Asset Management Inc. is the real estate arm of Brookfield Asset Management.
This loss compares to the 2019 US$ 3.2 billion in net income in 2019.
Funds from operations (FFO) is a measure of cash flow for real estate companies. FFO was down roughly 18% to US$ 540 million for the company’s portfolio of office buildings. FFO from retail properties plummeted 29% last year to US$ 550 million.
Article content
Brookfield Property Partners LP posted a US$2 billion loss as the fallout from the COVID-19 pandemic caused it to reassess the value of its real estate.
The loss last year compares with US$3.2 billion in net income for 2019, a decline the company attributed primarily to “unrealized reductions of values of certain assets within the portfolio,” according to a statement on Tuesday.
We apologize, but this video has failed to load.
Try refreshing your browser, or Brookfield Property Partners loses $2 billion in pandemic year Back to video
Funds from operations, a measure of cash flow for real estate companies, were down about 18 per cent to US$540 million for the company’s portfolio of office buildings, while FFO from retail properties fell 29 per cent last year to US$550 million, according to the statement.
Brookfield Renewable offices are seen in Gatineau, Que., Tuesday, September 1, 2020. THE CANADIAN PRESS/Adrian Wyld February 02, 2021 - 9:41 AM
TORONTO - Brookfield Property Partners LP says it swung to a loss in its latest quarter despite seeing a significant pickup in private real estate investment activity. Institutional investors continue to rotate capital from fixed income investments into real assets that generate long-term derisked yield, CEO Brian Kingston said Tuesday on an earnings call.
The real estate company, which keeps its books in U.S. dollars, says it lost $38 million or 40 cents per unit for the quarter ended Dec. 31.
That compared with a profit of $1.55 billion or $1 per unit in the same quarter a year earlier when it benefited from higher valuation gains, as well as strong performance in several of its investments.
Brookfield Property Partners reports Q4 loss compared with a profit a year earlier
by The Canadian Press
Last Updated Feb 2, 2021 at 7:50 am EDT
TORONTO Brookfield Property Partners LP reported a loss in its latest quarter compared with a profit a year earlier when it benefited from higher valuation gains, as well as strong performance in several of its investments.
The real estate company, which keeps its books in U.S. dollars, says it lost US$38 million or 40 cents per unit for the quarter ended Dec. 31 compared with a profit of US$1.55 billion or $1.00 per unit in the same quarter a year earlier.
Brookfield Property Partners reports Q4 loss compared with a profit a year earlier - Medicine Hat NewsMedicine Hat News medicinehatnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from medicinehatnews.com Daily Mail and Mail on Sunday newspapers.