Monday, July 26

Brookfield Asset Management Inc.

brookfield, Brookfield Asset Management Inc., FP Finance, Oaktree Capital Management LP

Brookfield said to launch private REIT with assets from Oaktree

Breadcrumb Trail Links FP Finance New company, Brookfield Real Estate Income Trust, will be formed by transitioning advisory role of Oaktree Real Estate Income Trust over to Brookfield, sources said Author of the article: Bloomberg News Scott Deveau and John Gittelsohn Bruce Flatt, chief executive officer of Brookfield Asset Management Inc. Photo by Kevin Van Paassen/Bloomberg files Article content Brookfield Asset Management Inc. plans to launch its own private real estate investment trust after taking over the management of a portfolio of properties currently overseen by subsidiary Oaktree Capital Management, according to people familiar with the matter. Advertisement This advertisement has not loaded yet, but your article continues below. Article co...
Brookfield Asset Management Inc., Commercial Real Estate, Financial Times, FT, Real Estate

Retail apocalypse now?: A day of reckoning may be approaching for two of Brookfield’s property entities

Article content continuedBut that is changing. Veritas Investment Research, a Toronto firm centred on accounting expertise, put out an “accounting alert flash” in mid-August about how BPY reported its second-quarter results. As Veritas pointed out, BPY's net operating income declined 7.7 per cent year over year, following a 3.4 per cent drop in the first quarter of this year. As the Veritas analyst wrote: “How did NOI not decline more given that BPY collected just 34 per cent (of its) rents during the quarter? "Investors in BPY-U can compare its GAAP results to similar mall-centric companies, such as Taubman Centers or Simon Property. In the first half of this year, BPI-U had US$188 million in adjusted cash flow from operations to cover US$343 million of interest expense. Simon had US$1...