Welcome to our dedicated page for Brookfield Corporation news (Ticker: BN), a resource for investors and traders seeking the latest updates and insights on Brookfield Corporation stock.
Brookfield Corporation (BN) is a leading global investment firm dedicated to building long-term wealth for both institutions and individuals. The company operates three main businesses: Asset Management, Insurance Solutions, and Operating Businesses. Brookfield Corp invests in real assets that form the backbone of the economy, including property, renewable power, infrastructure, and private equity, ensuring the delivery of risk-adjusted returns to its stakeholders.
The firm's extensive portfolio spans across dynamic and resilient markets around the world, including the United States, the UK, Canada, Australia, Brazil, and India. Brookfield Corporation generates the majority of its revenue from its Asset Management business, which focuses on investing in high-quality assets to create value over time.
Brookfield Office Properties, a subsidiary of Brookfield Property Partners, is a significant segment of the corporation. This division owns, manages, and develops premier office properties that define the skylines of major cities such as New York, Washington D.C., Houston, Los Angeles, Toronto, Calgary, London, Sydney, and Perth. Signature properties like Brookfield Place in New York City, Toronto, and Perth, as well as Bankers Hall in Calgary and Bank of America Plaza in Los Angeles, attract major financial, energy, government, and professional services organizations.
Brookfield's recent achievements include regular dividend declarations, strategic acquisitions, and upfinancings, which have significantly strengthened its financial condition. Furthermore, the corporation is known for its strong, consistent performance and partnerships with top-tier organizations that maintain long-term leases.
For the latest updates and detailed information about Brookfield Corporation's performance, ongoing projects, and strategic initiatives, please visit their website at www.bn.brookfield.com.
Brookfield (NYSE: BN, TSX: BN) has received exemptive relief from the Ontario Securities Commission regarding the requirement for formal valuation and minority shareholder approval. This relief pertains to the previously announced arrangement to enhance the corporate structure of Brookfield Asset Management (NYSE: BAM, TSX: BAM). The company filed a material change report on November 1, 2024, which includes details of the arrangement and results of the formal valuation prepared by KPMG LLP. These documents are available on SEDAR+ and EDGAR, with free copies available to shareholders upon request.
Brookfield (NYSE: BN) reported strong Q3 2024 financial results with record distributable earnings before realizations of $1.3 billion ($0.80 per share), up 19% year-over-year. The company's asset management business saw 14% growth in fee-related earnings, with fee-bearing capital increasing 23% to $539 billion. Wealth solutions earnings doubled, benefiting from American Equity Life acquisition and increased annuity sales. The company executed $17 billion in monetizations and $20 billion in new investments. Core real estate portfolio showed 4% growth in same-store NOI. Brookfield maintains over $150 billion in deployable capital and repurchased approximately $1 billion of shares over the last twelve months.
Brookfield Asset Management (BAM) and Brookfield (BN) announced structural changes to enhance BAM's corporate framework. The key changes include moving BAM's head office to New York and an arrangement where BAM would own 100% of the asset management business, with BN's current 73% interest being converted to direct ownership of BAM shares. This restructuring aims to simplify BAM's corporate structure and enable broader equity index inclusion, particularly in the U.S. The arrangement, subject to shareholder approval on December 20, 2024, is expected to close in early 2025. This would increase BAM's market capitalization to approximately $85 billion from the current $23 billion, reflecting the total value of the asset management business.
Fundamental Income Properties, a Phoenix-based net lease real estate company, has closed a $241.0 million long-term fixed-rate note issuance, designated as Fundamental Income Net-Lease Mortgage Notes, Series 2024-1. This marks the company's third note issuance under its FI Master Trust program and its first to achieve a 'AAA' rating from Standard & Poor's (S&P) on the senior class of notes.
The issuance comprises three classes of 5-year notes: $144.6 million of Class A-1 notes rated 'AAA', $72.3 million of Class A-2 notes rated 'AA', and $24.1 million of Class A-3 notes rated 'A'. Additionally, S&P upgraded $178.6 million of outstanding A-1 'AA' notes from the Series 2023-1 to 'AAA'.
This successful offering reflects investor confidence in Fundamental Income, which has acquired and financed over $1.6 billion of single-tenant properties across 43 states and 51 industries since 2020.
Brookfield (TSX: BN, NYSE: BN) has announced its upcoming third quarter 2024 conference call and webcast, scheduled for Thursday, November 14, 2024, at 10:00 a.m. (ET). The company will release its financial results earlier that morning, before 7:00 a.m. (ET), which will be available on their website. Participants can join the event via conference call or webcast, with pre-registration required for the conference call. A replay of the webcast will be accessible for 90 days following the event.
Brookfield (NYSE: BN, TSX: BN) has announced the results of the conversion of its Cumulative Class A Preference Shares, Series 40 (TSX: BN.PF.F) into Cumulative Class A Preference Shares, Series 41. The company reported that 29,920 Series 40 Shares were tendered for conversion, which is below the one million share threshold required to proceed with the conversion into Series 41 Shares. As a result, no conversion will take place, and holders of Series 40 Shares will retain their current shares.
American Tower (NYSE: AMT) has closed the sale of its India operations to Data Infrastructure Trust (DIT), sponsored by Brookfield Asset Management. The transaction yielded total cash proceeds of approximately $2.5 billion, including $320 million from monetizing Vodafone Idea debentures and receivables, and $2.2 billion in final closing proceeds. American Tower plans to use these funds to repay existing debts, including the India term loan.
As a result of this sale, ATC India's results will now be reported as discontinued operations. The company has provided updated 2024 outlook estimates, adjusting for the transaction's impact on property revenue, Adjusted EBITDA, and AFFO per share. American Tower has also released proforma estimates for continuing operations, factoring in interest expense savings from the sale proceeds.
Brookfield Asset Management (NYSE: BAM, TSX: BAM) and Brookfield (NYSE: BN, TSX: BN) have announced their upcoming Investor Day on September 10, 2024. The event will be split into two sessions:
1. Brookfield Asset Management's session from 10:00 a.m. to 1:00 p.m. (ET)
2. Brookfield 's session from 2:00 p.m. to 4:00 p.m. (ET)
Interested parties can access the live webcast and presentation materials through https://brookfieldinvestorday.cventevents.com/9N3ezn. Attendees are advised to register at least 15 minutes before the event starts. For those unable to attend live, a replay will be available on the website shortly after the event concludes.
Brookfield (NYSE: BN, TSX: BN) has announced the reset dividend rate for its Series 40 Preference Shares (TSX: BN.PF.F) for the period from October 1, 2024, to September 30, 2029. The fixed quarterly dividends will be paid at an annual rate of 5.833% ($0.3645625 per share per quarter). Shareholders have the option to convert their Series 40 Shares to Series 41 Shares by September 16, 2024. The Series 41 Shares will have a quarterly floating rate dividend calculated at 2.86% over the yield on three-month Government of Canada treasury bills. For the initial period (October 1 to December 31, 2024), the Series 41 dividend rate will be 7.065% annually. Currently, there are 11,841,025 Series 40 Shares outstanding.
Brookfield (TSX: BN, NYSE: BN) has received approval from the Toronto Stock Exchange (TSX) to renew its normal course issuer bid for preferred shares. The company is authorized to repurchase up to 10% of the public float of each series of its outstanding Class A Preference Shares listed on the TSX. The bid will run from August 22, 2024, to August 21, 2025, with purchases made on the open market through TSX and alternative Canadian trading systems.
Brookfield will pay the market price for acquired shares, which will be cancelled upon purchase. The company plans to enter an automatic share purchase plan around September 23, 2024, allowing for purchases during blackout periods. This renewal aims to provide flexibility in using available funds to purchase preferred shares if they trade at prices that don't fully reflect their value.
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