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Brookfield Property Partners swings to loss in fourth quarter
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After almost a decade of growth, Brookfield Infrastructure selling energy business Enwave
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Brookfield attributed the decline primarily to “unrealized reductions of values of certain assets within the portfolio.” Bloomberg | Feb 02, 2021
(Bloomberg) Brookfield Property Partners LP posted a $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 $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.
Funds from operations, a measure of cash flow for real estate companies, were down about 18% to $540 million for the company’s portfolio of office buildings, while FFO from retail properties fell 29% last year to $550 million, according to the statement.
Winnipeg Free Press By: The Canadian Press
Last Modified: 11:41 AM CST Tuesday, Feb. 2, 2021
Brookfield Renewable offices are seen in Gatineau, Que., Tuesday, September 1, 2020. THE CANADIAN PRESS/Adrian Wyld
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.
Brookfield Property reports Q4 loss compared with profit a year earlier
The Canadian Press Pedestrians ride the escalator in the West Concourse at the World Trade Center site in New York, U.S., on Thursday, Oct. 24, 2013. , Jin Lee/Bloomberg
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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.
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