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Brookfield Asset Management Inc: Reports $6.4 billion of Investment Gains in First Quarter on $13 billion of Asset Sales
(US$ millions, except per share amounts)
Three Months Ended
2
2,3
2. Excludes amounts attributable to non-controlling interests.
3. 2020 per share amounts have been adjusted to reflect BAM s three-for-two stock split effective April 1, 2020.
4. See Basis of Presentation on page 8 and a reconciliation of net income (loss) to FFO on page 5.
Funds from operations (FFO) in the quarter were a record $2.8 billion and net income was $3.8 billion. This was due to strong financial results in our operations, the ongoing growth in our asset management franchise and increased asset sale activity. Growth in FFO from our invested capital was strong despite a lagging impact of our property results from the global shutdowns, but as economies normalize our affected assets are all coming back.