Brookfield Asset Management Inc. (BAM) CEO Bruce Flatt Sees Solid Fees Growth
Brookfield Asset Management Inc. (USA) (NYSE:BAM) CEO, Bruce Flatt, said that the company was able to generate solid growth in fees helping to report robust performance from its operating businesses. He said that the company has established itself as a real asset management leader and is well placed to extend all its platforms to deliver higher returns to its shareholders, as well as, clients.
Brookfield Asset Management Inc. (USA) (NYSE:BAM) said that its fee bearing capital witnessed 20% year-over-year growth to $89 billion at the end of the year. It was driven by both quantity, as well as, quality of fee bearing capital. As a result, its annualized base fee grew 27% to $675 million. The company could add $4 billion of assets under its management.
The company said that it extended its property business through the acquisition of 50% of its office property portfolio, which was not already owned by it.
The company stated that its renewable energy unit closed a number of key acquisitions, which included North, as well as, South American hydroelectric, an Irish wind farm portfolio, and biomass facilities. Similarly, its infrastructure division bought a Brazilian rail network. It was also committed to buying 50% stake in 6,700 European telecom towers portfolio.
The company’s consolidated net income nearly doubled to $1.699 billion from $850 million. On a per share basis its net income was $1.59, up from $1.08 in the year-ago quarter. Its funds from operations dropped 48.1% to $535 million from $1.03 billion. Funds from Operations per share dipped 51% to 78 cents from $1.59 in the prior year quarter.
Brookfield Asset Management Inc. (USA) (NYSE:BAM)’s revenues dropped 14.6% to $4.69 billion from $5.49 billion in the previous year quarter.
Full Year Results
The company reported consolidated net income of $5.21 billion, up 35.5% from $3.84 billion. On a per share basis net income surged 50% to $4.67 from $3.12 in 2013. Its funds from operations dropped 36% to $2.16 billion from $3.38 billion. FFO per share plunged 38.3% to $3.17 from $5.14 in the prior year.
Brookfield Asset Management Inc. (USA) (NYSE:BAM)’s top line dipped 8.6% to $18.36 billion from $20.1 billion in the previous year. The company closed the year with cash and cash equivalents of $3.16 billion.
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