16 February 2016 | Herpreet Kaur Grewal
International property firm Brookfield Asset Management Inc. has stated its net income as $4.7 billion (£3.3 billion) in the previous quarter, according to its financial results for the quarter and year ended December 31.
This amounted to $2.26 per share (£1.57), said the company's statement. There were favourable operating results across most of its portfolio and the expansion of its operations contributed a higher level of earnings compared with the previous year.
During the period, net income continued to benefit from increases in the value of Brookfield's global commercial property portfolio, which was enhanced by "strong leasing activity and strengthening market valuations for high-quality properties, as evidenced by recent transactions".
Brookfield committed or deployed $21 billion of capital to new investments during the year as it continued "to leverage its global operating platform to identify and close on investment opportunities".
Significant recent investments include hydroelectric facilities in Colombia and the US, a toehold position in a leading rail and port logistics business in Australia, toll roads in India, and high-quality office properties and multifamily buildings in the US, Europe and Brazil.
In January, Brookfield announced said it would acquire the remaining 50 per cent of the Canadian and Australian facilities management businesses from Johnson Controls Inc. Both companies previously held the businesses in a joint venture arrangement.
Bruce Flatt, CEO of Brookfield, said: "Our global portfolio of real assets performed well during the year, and we delivered strong results for our clients and shareholders. We deployed $21 billion, announcing or completing several acquisitions, including some signature assets - Canary Wharf and Center Parcs in the UK, TDF Communications in France, hydroelectric facilities in the US and Brazil, and more recently Isagen hydroelectric in Colombia. This year, we intend to launch our new listed partnership, Brookfield Business Partners, and close a number of flagship private funds, enhancing our ability to make value investments in attractive opportunities around the world."