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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The Daily Chase: Reddit trade takes breather; Sunwing taps into fed loan program Workers walk past Sunwing Airlines Inc. and Air Transat Inc. planes on the tarmac at Montreal-Pierre Elliott Trudeau International Airport (YUL) in Montreal, Quebec, Canada, on Sunday, Jan. 31, 2021. Canada s largest airlines have agreed to suspend flights to the Caribbean and Mexico for three months while international travelers will also be tested on arrival, and will be forced to quarantine at designated hotels to await results. Photographer: Christinne Muschi/Bloomberg , Bloomberg
The Reddit trades that ran roughshod across markets appear to be taking a breather. The price of silver has been down more than 5 per cent this morning and shares in names like GameStop, AMC Entertainment and BlackBerry are all sliding in pre-market trading. Some market professionals, including our very own Andrew McCreath, saw this coming (in his return to BNN Bloomber