Brookfield Property Partners Gut Punched During COVID Pandemic, Loses $2 Billion
Posted on 02/03/2021
Brookfield Property Partners recorded about $2 billion in losses in 2020. The real estate entity’s holdings in retail and offices were negatively impacted by the Wuhan coronavirus pandemic. Brookfield Asset Management Inc. is the real estate arm of Brookfield Asset Management.
This loss compares to the 2019 US$ 3.2 billion in net income in 2019.
Funds from operations (FFO) is a measure of cash flow for real estate companies. FFO was down roughly 18% to US$ 540 million for the company’s portfolio of office buildings. FFO from retail properties plummeted 29% last year to US$ 550 million.
Brookfield Asset Management proposed taking Brookfield Property Partners private by buying shares in the unit.