{"id":379346,"date":"2020-11-12T06:58:28","date_gmt":"2020-11-12T11:58:28","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=379346"},"modified":"2020-11-12T06:58:28","modified_gmt":"2020-11-12T11:58:28","slug":"brookfield-asset-management-announces-strong-third-quarter-results-regular-dividend-and-the-launch-of-bam-reinsurance","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/brookfield-asset-management-announces-strong-third-quarter-results-regular-dividend-and-the-launch-of-bam-reinsurance\/","title":{"rendered":"Brookfield Asset Management Announces Strong Third Quarter Results, Regular Dividend and the Launch of BAM Reinsurance"},"content":{"rendered":"
\n

BROOKFIELD, NEWS, Nov. 12, 2020 (GLOBE NEWSWIRE) — Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A) today announced financial results for the quarter ended September\u00a030, 2020.\u00a0<\/p>\n

Bruce Flatt, CEO of Brookfield, stated, \u201cOur third quarter results reflect the strength of both our operating businesses and our asset management franchise. We generated record operating FFO in the quarter, and over the last twelve months earned a record $2.8 billion of cash available for distribution and\/or reinvestment, underlining the stability and continued growth of our cash flows. With over $75 billion of capital for deployment, our business is stronger than it has ever been.\u201d<\/p>\n

\n Operating Results <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n
\n Unaudited<\/em>
\n
\n For the periods ended September 30<\/em>
\n
\n (US$ millions, except per share amounts)<\/em>\n <\/td>\n		\n Three Months Ended<\/em>\n <\/td>\n\u00a0<\/td>\n\n Last Twelve Months Ended<\/em>\n <\/td>\n<\/tr>\n
\n
\n 2020<\/em>
\n <\/strong>
\n
\n
\n
\n <\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n 2019<\/em>
\n
\n
\n <\/em>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 2020<\/em>
\n <\/strong>
\n
\n
\n
\n <\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2019<\/em>
\n
\n
\n <\/em>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
Net income attributable to shareholders1<\/sup><\/td>\n\n $<\/strong>\n <\/td>\n\n 172<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n947<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 69<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,845<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0 Per Brookfield share1,2<\/sup><\/td>\n\n 0.10<\/strong>\n <\/td>\n\u00a0<\/td>\n0.61<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (0.02<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.48<\/td>\n\u00a0<\/td>\n<\/tr>\n
Funds from operations1,3<\/sup><\/td>\n\n $<\/strong>\n <\/td>\n\n 1,039<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n826<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4,288<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,341<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0 Per Brookfield share1,2,3<\/sup><\/td>\n\n 0.65<\/strong>\n <\/td>\n\u00a0<\/td>\n0.54<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2.70<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.86<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income4<\/sup><\/td>\n\n $<\/strong>\n <\/td>\n\n 542<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n1,756<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 530<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,744<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

1.\u00a0\u00a0\u00a0\u00a0 Excludes amounts attributable to non-controlling interests.
2.\u00a0\u00a0\u00a0\u00a0 2019 per share amounts have been updated to reflect BAM\u2019s three-for-two stock split effective April 1, 2020.
3.\u00a0\u00a0\u00a0\u00a0 See Basis of Presentation on page 9 and a reconciliation of net (loss) income to FFO on page 6.
4.\u00a0\u00a0\u00a0\u00a0 Consolidated basis \u2013 includes amounts attributable to non-controlling interests.<\/p>\n

Funds from operations (FFO) were $1.0\u00a0billion for the quarter and $4.3 billion over the last twelve months. Fee-related earnings were $372 million for the quarter and $1.4 billion over the last twelve months, representing increases of 22% and 36% from the prior periods, respectively. This reflects record fundraising and deployment\u00a0across our long-term and perpetual private funds, growth in our listed affiliates, and a full year\u2019s contribution of fee-related earnings from our credit business. FFO from invested capital increased 34% from the\u00a0prior year quarter and was driven by positive results in several of our private equity businesses and financial assets which reversed losses from the second quarter. We also recorded $162 million of disposition gains in FFO. All of this led to overall net income in the quarter of $542 million. Net income attributable to shareholders was $172\u00a0million, or $0.10 per share.<\/p>\n

\n Regular Dividend Declaration<\/strong>\n <\/p>\n

The Board declared a quarterly dividend of US$0.12 per share, payable on December 31, 2020 to shareholders of record as at the close of business on November 30, 2020. The Board also declared the regular monthly and quarterly dividends on its preferred shares.<\/p>\n

\n Operating Highlights <\/strong>\n <\/p>\n

\n We raised $18 billion of private fund capital during the quarter, and approximately $40 billion over the last twelve months. Growth in fee-bearing capital over the last twelve months led to a 36% increase in fee-related earnings over the same period.<\/em>\n <\/p>\n

Fundraising included $12 billion of previously announced commitments to our latest distressed debt fund and $6 billion of commitments raised across our perpetual core strategies, private credit funds and other co-investments and separately managed accounts. We launched our European core-plus real estate fund during the quarter raising over \u20ac1 billion and exceeding its initial target, and our second vintage private infrastructure debt fund has raised over $1.8 billion to date, compared with its predecessor fund of approximately $875\u00a0million. Most of our credit funds and perpetual fund strategies earn fees on invested capital, as such the capital raised in the period will become fee-earning as it is invested.<\/p>\n

Fee-bearing capital increased $12 billion during the quarter to $290\u00a0billion as at September 30, 2020. Growth in fee-bearing capital includes $10 billion of growth across our listed affiliates, as well as $4 billion of capital invested across our credit and perpetual private funds. This growth was partially offset by distributions and the end of the investment period of our third flagship infrastructure fund. We currently also have approximately $30 billion of committed capital across our strategies that will earn $300 million of fees annually once deployed.<\/p>\n

\n We generated $703\u00a0million of carried interest during the quarter, and our accumulated unrealized carried interest now stands at $4.0\u00a0billion.<\/em>\n <\/p>\n

We recorded $482\u00a0million of realized carried interest into income over the last twelve months, including $42\u00a0million during the quarter related to distributions received from the sale of shares in one of our private equity businesses. Real asset transactions slowed meaningfully over the last six months as a result of the economic shutdown, but we have seen the pipeline of deal activity for both private and public market transactions begin to pick up again, and we expect to realize an increasing amount of carried interest as we complete monetizations within our mature vintage flagship funds.<\/p>\n

\n Annualized fee revenues and target carried interest now stand at a run-rate of $6.1 billion. <\/em>\n <\/p>\n

Growth in fee-bearing capital generated a commensurate increase in annualized fee revenues and target carried interest. Annualized fee revenues and annualized fee-related earnings are now $3.0 billion and $1.4 billion, respectively, and gross target carried interest stands at $3.1 billion, or $1.7 billion net of costs, at our share.<\/p>\n

\n We generated a record $2.8 billion of cash available for distribution and\/or reinvestment (CAFDR) over the last\u00a0twelve months. As at September 30, 2020, we had $76 billion of capital available to deploy into new investments.<\/em>\n <\/p>\n

Excluding realized carried interest, CAFDR increased 27% over the last twelve month period. The increase is due to the growth in our asset management franchise, and continues to be very resilient due to the contracted and predictable nature of both our fee-related earnings and distributions from listed affiliates.<\/p>\n

Deployable capital of $76 billion includes $16 billion of cash, financial assets and undrawn lines of credit in BAM and our affiliates and $60 billion of uncalled fund commitments available for new transactions. Liquidity remains very strong for high credit-worthy counterparties such as ourselves, and during the quarter we completed $1 billion of corporate financings across BAM and the listed affiliates. Subsequent to quarter-end, we also issued at a corporate level, $400 million of green subordinated notes with the proceeds to be deployed into eligible green projects.<\/p>\n

\n We invested $14 billion during the current quarter, and $48 billion over the last twelve months. <\/em>\n <\/p>\n

During the quarter we invested $9 billion of private fund capital, along with $3 billion of co-investment capital, bringing our latest vintage of flagships to approximately 60% committed. We expect to be in the market with our next round of flagship funds shortly, starting with our next flagship real estate fund in early 2021. We funded BPY\u2019s purchase of close to $1 billion of its units\/shares through substantial and normal-course issuer bids, and repurchased approximately $100 million of BAM shares since quarter end. We will remain active with repurchases as long as the shares continue to trade at meaningful discounts to our view of their underlying value. We also continued to increase the public floats of Brookfield Infrastructure Corporation (BIPC) and Brookfield Renewable Corporation (BEPC) by selling approximately $500\u00a0million of shares in those two securities into the markets.<\/p>\n

\n BAM Reinsurance<\/strong>\n <\/p>\n

We intend to distribute, in the first half of 2021, a special dividend in the form of a newly created \u201cpaired\u201d entity, Brookfield Asset Management Reinsurance Partners (\u201cBAM Reinsurance\u201d). We expect this special dividend to\u00a0be approximately $500 million, or approximately 33 cents per share of BAM. BAM Reinsurance is the entity through which Brookfield will conduct its reinsurance and other related activities for the benefit of all shareholders of both entities.<\/p>\n

BAM Reinsurance will be a paired share to Brookfield Asset Management Inc. and will aim to replicate the success of the structure used by us to create Brookfield Renewable Corporation and Brookfield Infrastructure Corporation. BAM Reinsurance will allow us to grow our reinsurance business in the most efficient fashion, and also provide flexibility to Brookfield\u2019s shareholders in how they can own their interests in Brookfield. The attributes of these shares should be more attractive to some groups of shareholders.<\/p>\n

As with our other paired entities, the Class A shares of BAM Reinsurance will be structured with the intention of being economically equivalent to the Class A shares of BAM. Each share of BAM Reinsurance will have the same dividend as a BAM share and shares of BAM Reinsurance will be exchangeable into shares of Brookfield at the shareholder\u2019s option. Our infrastructure, renewable, and property partnerships successfully implemented this type of structure, pairing entities with shares having economic equivalency with their associated publicly traded units. In a similar manner, BAM Reinsurance will offer Brookfield shareholders an alternative security through which to hold their interests in the business and are expected to trade substantially at the same price as shares of Brookfield.<\/p>\n

In order to launch BAM Reinsurance, Brookfield intends to pay a special dividend in the form of a fraction of a share of BAM Reinsurance for a given number of Class A shares of Brookfield. Details will be provided at the time of the declaration of the dividend, but from a corporate perspective, the transaction will be analogous to a stock split as it will not result in any underlying change to aggregate cash flows or net asset value, except for the adjustment for the number of shares outstanding and owned by all shareholders.<\/p>\n

\u201cBAM Reinsurance is intended to provide our shareholders with a choice of holding either shares of Brookfield or the new shares of BAM Reinsurance, depending on what is most attractive to them based on their own circumstances,\u201d stated Nick Goodman, Chief Financial Officer of Brookfield. \u201cThe very positive market reception, including in the case of the most recent listing of Brookfield Renewable Corporation, has encouraged us to offer a similar structure for our own shareholders, enhancing shareholders\u2019 ability to meet their own financial planning objectives, while also facilitating the growth of our overall organization.\u201d<\/p>\n

The special dividend will require the filing of a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission and a preliminary prospectus with the Canadian securities regulatory authorities. BAM Reinsurance also intends to apply to list its class A shares in the United States on the NYSE and in Canada on the TSX. Subject to the receipt of all regulatory approvals, Brookfield anticipates completing the special distribution in the first half of 2021.<\/p>\n

\n \n <\/p>\n

\n CONSOLIDATED BALANCE SHEETS<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Unaudited<\/em>
\n
\n (US$ millions) <\/em>\n <\/td>\n		\u00a0<\/td>\n\n
\n
\n
\n September 30<\/em>
\n <\/strong>
\n
\n <\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n December 31<\/em>
\n
\n <\/em>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 2020<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2019<\/em>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 8,723<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,778<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other financial assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 15,997<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,468<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable and other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 22,015<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,971<\/td>\n\u00a0<\/td>\n<\/tr>\n
Inventory<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 10,374<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,272<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity accounted investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 40,911<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40,698<\/td>\n\u00a0<\/td>\n<\/tr>\n
Investment properties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 96,495<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n96,686<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 89,895<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n89,264<\/td>\n\u00a0<\/td>\n<\/tr>\n
Intangible assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 25,245<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,710<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 13,872<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,550<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,556<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,572<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 327,083<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n323,969<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities and Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Corporate borrowings<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 8,587<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n7,083<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable and other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 46,656<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n44,767<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-recourse borrowings in entities that we manage<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 140,230<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n136,292<\/td>\n\u00a0<\/td>\n<\/tr>\n
Subsidiary equity obligations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 3,989<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,132<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 14,314<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,849<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred equity<\/td>\n\n $<\/strong>\n <\/td>\n\n 4,145<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,145<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-controlling interests in net assets<\/td>\n\u00a0<\/td>\n\n 80,156<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n81,833<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common equity<\/td>\n\u00a0<\/td>\n\n 29,006<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 113,307<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30,868<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n116,846<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Liabilities and Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 327,083<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n323,969<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n \n <\/p>\n

\n CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Unaudited<\/em>
\n
\n For the periods ended September 30<\/em>
\n
\n (US$ millions, except per share amounts)<\/em>\n <\/td>\n		\n Three Months Ended<\/em>\n <\/td>\n\u00a0<\/td>\n\n Nine Months Ended<\/em>\n <\/td>\n<\/tr>\n
\n 2020<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenues<\/td>\n\n $<\/strong>\n <\/td>\n\n 16,249<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n17,875<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 45,664<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n50,007<\/td>\n\u00a0<\/td>\n<\/tr>\n
Direct costs<\/td>\n\n (12,372<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(13,910<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (34,527<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(38,880<\/td>\n)<\/td>\n<\/tr>\n
Other income and gains<\/td>\n\n 34<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 304<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n972<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity accounted income (loss)<\/td>\n\n 139<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n414<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (704<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n1,761<\/td>\n\u00a0<\/td>\n<\/tr>\n
Expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest<\/td>\n\n (1,757<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(1,926<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (5,324<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(5,375<\/td>\n)<\/td>\n<\/tr>\n
Corporate costs<\/td>\n\n (25<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(23<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (74<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(72<\/td>\n)<\/td>\n<\/tr>\n
Fair value changes<\/td>\n\n (31<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n394<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1,598<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(835<\/td>\n)<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\n (1,470<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(1,299<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (4,255<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(3,567<\/td>\n)<\/td>\n<\/tr>\n
Income tax<\/td>\n\n (225<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n180<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (594<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(295<\/td>\n)<\/td>\n<\/tr>\n
\n Net income (loss)<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 542<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,756<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (1,108<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n3,716<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss) attributable to:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Brookfield shareholders<\/td>\n\n $<\/strong>\n <\/td>\n\n 172<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n947<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (777<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n1,961<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-controlling interests<\/td>\n\n 370<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n809<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (331<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n1,755<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 542<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,756<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (1,108<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n3,716<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss) per share1<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.10<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.61<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (0.53<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n1.24<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\n 0.10<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.62<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (0.53<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n1.26<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

1. Adjusted to reflect the three-for-two stock split effective April 1, 2020.<\/p>\n

\n \n <\/p>\n

\n SUMMARIZED FINANCIAL RESULTS<\/strong>\n <\/p>\n

\n RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Unaudited
For the periods ended September 30
(US$ millions)<\/em>\n <\/td>\n		\n Three Months Ended<\/em>\n <\/td>\n\u00a0<\/td>\n\n Last Twelve Months Ended<\/em>\n <\/td>\n<\/tr>\n
\n 2020<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\n $<\/strong>\n <\/td>\n\n 542<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,756<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 530<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,744<\/td>\n\u00a0<\/td>\n<\/tr>\n
Financial statement components not included in FFO<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity accounted fair value changes and other non-FFO items<\/td>\n\n 602<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n180<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2,884<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n274<\/td>\n\u00a0<\/td>\n<\/tr>\n
Fair value changes<\/td>\n\n 31<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(394<\/td>\n)<\/td>\n\u00a0<\/td>\n\n 1,594<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n578<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\n 1,470<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,299<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 5,564<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,494<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\n 21<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(464<\/td>\n)<\/td>\n\u00a0<\/td>\n\n 26<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,671<\/td>\n)<\/td>\n<\/tr>\n
Realized disposition gains in fair value changes or prior periods<\/td>\n\n 161<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n190<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 915<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n972<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-controlling interests<\/td>\n\n (1,788<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(1,741<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (7,225<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(7,050<\/td>\n)<\/td>\n<\/tr>\n
Funds from operations1,2<\/sup><\/td>\n\n $<\/strong>\n <\/td>\n\n 1,039<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n826<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4,288<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,341<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n SEGMENT FUNDS FROM OPERATIONS<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Unaudited<\/em>
\n
\n For the periods ended September 30<\/em>
\n
\n (US$ millions, except per share amounts)<\/em>\n <\/td>\n		\n Three Months Ended<\/em>\n <\/td>\n\u00a0<\/td>\n\n Last Twelve Months Ended<\/em>\n <\/td>\n<\/tr>\n
\n 2020<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n<\/tr>\n
Asset management<\/td>\n\n $<\/strong>\n <\/td>\n\n 399<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n345<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,663<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,461<\/td>\n\u00a0<\/td>\n<\/tr>\n
Real estate<\/td>\n\n 90<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n271<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 746<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,514<\/td>\n\u00a0<\/td>\n<\/tr>\n
Renewable power<\/td>\n\n 64<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n44<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 762<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n381<\/td>\n\u00a0<\/td>\n<\/tr>\n
Infrastructure<\/td>\n\n 244<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n103<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 570<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n454<\/td>\n\u00a0<\/td>\n<\/tr>\n
Private equity<\/td>\n\n 249<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n154<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 740<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n867<\/td>\n\u00a0<\/td>\n<\/tr>\n
Residential<\/td>\n\n 37<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 104<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n90<\/td>\n\u00a0<\/td>\n<\/tr>\n
Corporate<\/td>\n\n (44<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(133<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (297<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(426<\/td>\n)<\/td>\n<\/tr>\n
Funds from operations1,2<\/sup><\/td>\n\n $<\/strong>\n <\/td>\n\n 1,039<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n826<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 4,288<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,341<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Per share3,4<\/sup><\/td>\n\n $<\/strong>\n <\/td>\n\n 0.65<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.54<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2.70<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2.86<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n
    \n
  1. Non-IFRS measure \u2013 see Basis of Presentation on page 9.<\/li>\n
  2. Excludes amounts attributable to non-controlling interests.<\/li>\n
  3. Adjusted to reflect the three-for-two stock split effective April 1, 2020.<\/li>\n
  4. Per share amounts are inclusive of dilutive effect of mandatorily redeemable preferred shares held in a consolidated subsidiary.<\/li>\n<\/ol>\n

    \n
    \n
    \n <\/strong>\n <\/p>\n

    \n EARNINGS PER SHARE<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \n Unaudited<\/em>
    \n
    \n For the periods ended September 30<\/em>
    \n
    \n (US$ millions, except per share amounts)<\/em>\n <\/td>\n    		\n Three Months Ended<\/em>\n <\/td>\n\u00a0<\/td>\n\n Last Twelve Months Ended<\/em>\n <\/td>\n<\/tr>\n
    \n 2020<\/strong>
    \n
    \n
    \n <\/strong>\n <\/td>\n    		\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>
    \n
    \n
    \n <\/strong>\n <\/td>\n    		\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Net income<\/td>\n\n $<\/strong>\n <\/td>\n\n 542<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,756<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 530<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,744<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Non-controlling interests<\/td>\n\n (370<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(809<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (461<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(2,899<\/td>\n)<\/td>\n<\/tr>\n
    Net income attributable to shareholders<\/td>\n\n 172<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n947<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 69<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,845<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Preferred share dividends<\/td>\n\n (34<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(38<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (144<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(150<\/td>\n)<\/td>\n<\/tr>\n
    Dilutive effect of conversion of subsidiary preferred shares<\/td>\n\n 9<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17<\/td>\n)<\/td>\n\u00a0<\/td>\n\n 38<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(53<\/td>\n)<\/td>\n<\/tr>\n
    Net income (loss) available to common shareholders<\/td>\n\n $<\/strong>\n <\/td>\n\n 147<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n892<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (37<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n3,642<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Weighted average shares1<\/sup><\/td>\n\n 1,511.7<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,434.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,505.7<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,434.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Dilutive effect of the conversion of options and escrowed shares using treasury stock method1,2<\/sup><\/td>\n\n 24.7<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Shares and share equivalents1<\/sup><\/td>\n\n 1,536.4<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,470.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,505.7<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,466.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Diluted earnings per share1,3<\/sup><\/td>\n\n $<\/strong>\n <\/td>\n\n 0.10<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.61<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (0.02<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n2.48<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n
      \n
    1. Adjusted to reflect the three-for-two stock split effective April 1, 2020.<\/li>\n
    2. Includes management share option plan and escrowed stock plan.<\/li>\n
    3. Per share amounts are inclusive of dilutive effect of mandatorily redeemable preferred shares held in a consolidated subsidiary.<\/li>\n<\/ol>\n

      \n
      \n
      \n <\/strong>\n <\/p>\n

      \n CASH AVAILABLE FOR DISTRIBUTION AND\/OR REINVESTMENT<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n Unaudited
      For the periods ended September 30
      (US$ millions)<\/em>\n <\/td>\n      		\n Three Months Ended<\/em>\n <\/td>\n\u00a0<\/td>\n\n Last Twelve Months Ended<\/em>\n <\/td>\n<\/tr>\n
      \n 2020<\/strong>
      \n
      \n
      \n <\/strong>\n <\/td>\n      		\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>
      \n
      \n
      \n <\/strong>\n <\/td>\n      		\u00a0<\/td>\n\u00a0<\/td>\n2019<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Fee-related earnings1<\/sup>, excluding performance fees<\/td>\n\n $<\/strong>\n <\/td>\n\n 323<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n306<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,250<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,034<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Our share of Oaktree\u2019s distributable earnings<\/td>\n\n 41<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 196<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Distributions from investments<\/td>\n\n 459<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n333<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,706<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,539<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Other wholly owned investments<\/td>\n\n 46<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (3<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(14<\/td>\n)<\/td>\n<\/tr>\n
      Corporate interest expense<\/td>\n\n (98<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(87<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (370<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(342<\/td>\n)<\/td>\n<\/tr>\n
      Corporate costs and taxes<\/td>\n\n (37<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(9<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (166<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(139<\/td>\n)<\/td>\n<\/tr>\n
      Preferred share dividends<\/td>\n\n (34<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(38<\/td>\n)<\/td>\n\u00a0<\/td>\n\n (144<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(150<\/td>\n)<\/td>\n<\/tr>\n
      Add back: equity-based compensation<\/td>\n\n 23<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 93<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n84<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Cash available for distribution and\/or reinvestment before carried interest<\/td>\n\n 723<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n526<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2,562<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,012<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Realized carried interest, net, excluding Oaktree1,2<\/sup><\/td>\n\n 24<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 188<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n427<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Cash available for distribution and\/or reinvestment<\/td>\n\n $<\/strong>\n <\/td>\n\n 747<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n565<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,750<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,439<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      1.\u00a0\u00a0\u00a0\u00a0 Excludes our share of Oaktree\u2019s fee-related earnings and carried interest.
      2.\u00a0\u00a0\u00a0\u00a0 Non-IFRS measure \u2013 see Basis of Presentation on page 9.<\/p>\n

      \n \n <\/p>\n

      \n Additional Information<\/strong>\n <\/p>\n

      The Letter to Shareholders and the company\u2019s Supplemental Information for the three months ended September 30, 2020, contain further information on the company\u2019s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company\u2019s website.<\/p>\n

      The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter ended September 30, 2020, which have been prepared using IFRS, as issued by the IASB. The amounts have not been audited by Brookfield\u2019s external auditor.<\/p>\n

      Brookfield\u2019s Board of Directors have reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.<\/p>\n

      Information on our dividends can be found on our website under Stock & Distributions\/Distribution History.<\/p>\n

      \n Quarterly Earnings Call Details <\/strong>\n <\/p>\n

      Investors, analysts and other interested parties can access Brookfield Asset Management\u2019s 2020 Third Quarter Results as well as the Shareholders\u2019 Letter and Supplemental Information on Brookfield\u2019s website under the Reports & Filings section at www.brookfield.com<\/a><\/u>.<\/p>\n

      To participate in the Conference Call today, please dial 1-866-688-9425 toll free in North America, or for overseas calls please dial 1-409-216-0815 (Conference ID: 2235277) at approximately 10:50 a.m. EST. The Conference Call will also be Webcast live at https:\/\/edge.media-server.com\/mmc\/go\/bamQ3-2020<\/u><\/a>. For those unable to participate in the Conference Call, the telephone replay will be archived and available until midnight November\u00a019, 2020. To access this rebroadcast, please call 1-855-859-2056 or 1-404-537-3406 (Conference ID: 2235277).\u00a0<\/p>\n

      \n Brookfield Asset Management Inc. <\/strong>is a leading global alternative asset manager with approximately $575\u00a0billion of assets under management across real estate, infrastructure, renewable power, private equity and credit.\u00a0Brookfield\u00a0owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world\u2014including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. Brookfield Asset Management is listed on the New York and Toronto stock exchanges under the symbol BAM and BAM.A respectively.<\/p>\n

      Please note that Brookfield\u2019s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR and can also be found in the investor section of its website at www.brookfield.com<\/a><\/u>. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.<\/p>\n

      For more information, please visit our website at www.brookfield.com<\/a><\/u> or contact:<\/p>\n\n\n
      \n Communications & Media:<\/strong>
      \n
      Claire Holland
      Tel: (416) 369-8236
      Email: claire.holland@brookfield.com<\/u><\/a><\/td>\n      		\u00a0<\/td>\n\n Investor Relations:\u00a0 <\/strong>
      \n
      Linda Northwood
      Tel: (416) 359-8647
      Email: linda.northwood@brookfield.com<\/u><\/a><\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n

      \n Basis of Presentation<\/strong>\n <\/p>\n

      This news release and accompanying financial statements are based on International Financial Reporting Standards (\u201cIFRS\u201d), as issued by the International Accounting Standards Board (\u201cIASB\u201d), unless otherwise noted.<\/p>\n

      We make reference to Funds from Operations (\u201cFFO\u201d)<\/em>. We define FFO as net income attributable to shareholders prior to fair value changes, depreciation and amortization, and deferred income taxes, and include realized disposition gains that are not recorded in net income as determined under IFRS. FFO also includes the company\u2019s share of equity accounted investments\u2019 FFO on a fully diluted basis. FFO consists of the following components:<\/p>\n