Alternative asset manager reports quarterly results
Brookfield Asset Management Inc. has reported strong financial results for the third quarter of 2017, with pre-tax net income of $1.3 billion, up from $1 billion a year earlier.
"We closed a number of acquisitions during the quarter and have disposed of numerous assets, achieving excellent results,” commented CEO Bruce Flatt.
“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,” he added.
Funds from operations grew 15% year-over-year to $564 million with fee earning up 8% due to continued expansion of fee bearing capital (to $120 billion), as the firm’s listed issuers generated strong growth in their capital base, and higher incentive distributions.
Invested capital FFO increased by 19% due to contributions from acquisitions.
Among the other highlights of the Toronto-based firm’s results was the acquisition of Houston investment advisor Center Coast Capital which has over $4 billion in fee-bearing capital and will increase Brookfield’s public securities investment offerings.
Real estate continues to play a key role in the firm’s strength with its team managing a $7 billion pipeline of development projects, with offices leading including $3 billion in London and $2 billion in North America.
Brookfield says it has “substantial capital resources” at its disposal to pursue further opportunities. That capital includes more than $17 billion of third-party private fund commitments and $9 billion of core liquidity from cash and financial assets and from undrawn committed credit facilities.
The firm’s board declared a quarterly dividend of US$0.14 per share (representing US$0.56 per annum), payable on December 29, 2017 to shareholders of record as at the close of business on November 30, 2017; and also declared all of the regular monthly and quarterly dividends on its preferred shares.
"We closed a number of acquisitions during the quarter and have disposed of numerous assets, achieving excellent results,” commented CEO Bruce Flatt.
“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,” he added.
Funds from operations grew 15% year-over-year to $564 million with fee earning up 8% due to continued expansion of fee bearing capital (to $120 billion), as the firm’s listed issuers generated strong growth in their capital base, and higher incentive distributions.
Invested capital FFO increased by 19% due to contributions from acquisitions.
Among the other highlights of the Toronto-based firm’s results was the acquisition of Houston investment advisor Center Coast Capital which has over $4 billion in fee-bearing capital and will increase Brookfield’s public securities investment offerings.
Real estate continues to play a key role in the firm’s strength with its team managing a $7 billion pipeline of development projects, with offices leading including $3 billion in London and $2 billion in North America.
Brookfield says it has “substantial capital resources” at its disposal to pursue further opportunities. That capital includes more than $17 billion of third-party private fund commitments and $9 billion of core liquidity from cash and financial assets and from undrawn committed credit facilities.
The firm’s board declared a quarterly dividend of US$0.14 per share (representing US$0.56 per annum), payable on December 29, 2017 to shareholders of record as at the close of business on November 30, 2017; and also declared all of the regular monthly and quarterly dividends on its preferred shares.
