But so far, it's been a good year for Brookfield overall. Any last things you want to mention before we close out part one of our discussion on the Brookfield family of companies, Matt? Sciple: Sure. Sciple: [laughs] Right. We were talking about before the show that this is your No. Before we talk about Brookfield Business Partners, Matt, what should we be thinking about as investors when we look forward for the next few years at Brookfield Property? They believe they can grow earnings in a mid-single-digit range, and that should support distribution growth of about 5% to 8% per year. It's really been making these a destination, a live-work-play-type atmosphere where they're going to continue to grow revenue from these businesses. DiLallo: Again, you're talking traditional private equity. DiLallo: Sure. I've learned so much through this holding. This is increasingly impressive given the fact that the Toronto Stock Exchange has been known to be slower in terms of growth compared to its American counterparts. I understand I can unsubscribe from these updates at any time. That's been a big driver there, to try to maximize the value of what they hold in their funds. Investing in infrastructure has remained the primary focus for the company, which for much of its existence managed its own money and serviced only large investors. They see value in themselves right now. But as interest rates in Brazil improved, they were able to layer in debt, but it was at the pipeline level, not at the Brookfield corporate level. Sciple: All right folks, make sure to tune in next week, where we'll be talking about Brookfield Infrastructure Partners and Brookfield Renewable Partners. Can you talk a little bit about how Brookfield Business Partners invests its capital? That's their game plan all the way through. What they've tried to do is separate that ownership into the asset management side. This was already unusual: when the Brookfield group buys an asset, the money usually comes from one of the investment funds it runs for outside investors. It owns Westinghouse, which supports nuclear power plants. You have management that you can really trust to allocate your capital in a way that you can trust. How should investors think about that when they're thinking about investing in Brookfield Property? Sciple: Let's talk about something else that's going on with the business. Brookfield vs. Brookfield: How they make money Brookfield Asset Management and Brookfield Infrastructure Partners have two very different business models. Let's talk a little bit about their balance sheet. It's indicative of Brookfield's strategy of going against the grain when it comes to investing their assets. They're about a $41 billion company, but they're carrying over $100 billion in net debt on the balance sheet. Can you talk a little bit about how the company has been able to do that and what their strategy entails? Sciple: I'm doing great! Check out the latest earnings call transcripts for companies we cover. They'll own what are called Class A offices in cities like New York, London, Sydney. Sciple: It's really encouraging to me to see when a business is open about saying, "Hey, we think our shares are worth this amount of dollars and we're going to buy until it gets to that price." Another interesting thing about this General Growth transaction was that Brookfield created the Brookfield Property REIT, ticker BPR, in relation to this transaction. The ability for folks outside of the actual business to invest in the company has only been around for about 20 years. So it reflects on the balance sheet that they have this debt, but it's all the way down at that pipeline level. Brookfield and a hedge fund helped get General Growth out of bankruptcy. They're different than like a BlackRock or those types of asset managers. Currently, Brookfield has a more conservative forward dividend yield of 1.46%. It's almost like four business units. © 2020 The Motley Fool Canada, ULC. What kind of return might an investor be able to expect if they were to put capital to work today? Reviews from Brookfield Asset Management employees about Brookfield Asset Management culture, salaries, benefits, work-life balance, management, job security, and more. Sciple: When Brookfield takes a look at these assets, they don't see it just for what it is today, but what it possibly could be. We'll use the Westinghouse deal as an example. They just approved another $500 million repurchase between $19 and $21 per unit at the end of Q4. They'll go where investor demand is. To get that exposure from a company like Brookfield, that as we mentioned and will continue to mention on part two of our discussion, is prudent in investing their capital, and really has a strong track record of doing that. Then, as conditions have gotten better, they've been starting to sell those. As you mentioned, Matt, it's hard to get exposure to that as an individual investor. We have property, infrastructure, private equity, and renewable energy. Brookfield Asset Management Inc 's net income of $ 5,354 million in IV. DiLallo: They do something different. Brookfield Asset Management did all of these things, all while taking on acquisitions that few other firms would be able to absorb. Same thing with Brookfield Infrastructure Partners. When they bought it, there was no debt on that pipeline. Brookfield claims that this entity has transacted in more properties over the last 25 years than any other business in the world. I'm your host, Nick Sciple, and today I'm joined by Motley Fool contributor Matt DiLallo via Skype. Bruce Flatt just dissed Warren Buffett. Of that, $30 billion is their own cash that's into the business, while the other $300 billion of that comes from various institutions. They continue to launch new funds. For example, they see the rents on their existing properties, the escalations on those should grow income 2% to 3% per year. As mentioned previously, Brookfield is led by its CEO Bruce Flatt. The fee structure itself is patterned after that two and 20 that you see in hedge funds and private equity. Sciple: Let's talk about this Westinghouse acquisition a little bit, just pull the thread for investors. Thanks for coming on, Matt! Vice President salaries at Brookfield Asset Management can range from $137,065 - $340,000. They've talked about a densification strategy that they want to do across all of their retail assets, which is like what you mentioned, Matt, taking them all and then converting that asset into a more valuable form, whether it's adding residential or movie theaters or what have you. But my specific experience is a They're going to look for businesses that have problems right now, but through operational changes, maybe it's a new management, maybe it's just getting out from a lot of debt, whatever the case may be, they'll look for those opportunities where they can buy at the bottom of a business cycle and then ride it all the way up, and then they'll sell it as the business cycle tops out. Malls are out of favor. It really insulates them from a situation where a business holding they have goes bankrupt. There's some income along the way, and it's a value stock as well. They're aligned, they have skin in the game when it comes to a lot of these projects, both on the asset management level as well as in the subsidiaries. It has $87 billion in total assets. DiLallo: Brookfield Property Partners has basically three segments. We mentioned that Brookfield Asset Management, the parent company, a large portion of its revenues come from management fees that it's going to charge to its subsidiaries. DiLallo: It's such an interesting company because opportunities are everywhere. If you're going to own a business, you'll have that debt on your balance sheet. Retail is another part. If I'm the only bidder on this property, I can really set the price point. They're doing everything in their power to prove that they really have some valuable assets and they're putting their money where their mouth is here. We've seen them with oil and gas, they bought a lot of oil and gas assets in the past several years as the market downturned. So yes, the fees are high compared to what they could be, but the incentives are aligned so that investors in both entities will profit. Westinghouse went bankrupt as a result. What's really interesting about Brookfield to me is, they're countercyclical in the way that they invest. In addition, like Buffett, Flatt has managed to maintain a high level of performance over a long period and holds a large investment in the company. If the pipeline goes bankrupt -- which is highly unlikely -- it's not going to impact Brookfield. How do you view the potential conflicts? Let's talk a little bit about the relationship between the Brookfield Asset Management parent company and its relationship with the subsidiaries. So, it was really attractive, both on the case of, they're out of bankruptcy, so you get an attractive price, as well as, they're operating in an industry that is really unlikely to see new entrants come, at least in the near term. Thanks for listening and Fool on! That's an entity that's set up to deliver the same economic interest that you would get from an investment in Brookfield Property Partners, however, through a REIT vehicle. They'll sell 49%, for example, of a mall in Las Vegas. How do you think about that as an investor? You mentioned, they acquired General Growth Properties in 2018 for $15 billion. You're not going to get the dividend that you will in some of the other entities. These are destination locations that still are driving a lot of traffic. This is a way that they're trying to unlock the value. However, as of this past week, they're trading in the $20 range. Once they've squeezed all the growth out, then they'll sell it to somebody else who isn't as focused on the growth. Sciple: I saw that they have $330 billion under management. Eighty-five percent of their balance sheet is invested in listed securities. Based on what we saw in 2018, how excited are you about those opportunities? These attract top tenants like law firms, investment banks, those sorts of top-tier clients. A lot of them don't like the Schedule K-1s that you get with the MLPs. It's been a great learning experience for me, as well as an enriching holding. TORONTO -- Brookfield Asset Management says it is creating BAM Reinsurance as a new publicly traded business similar to Brookfield Renewable and Brookfield Infrastructure. Sciple: Let's go ahead and talk about Brookfield Asset Management, that's the parent company of this family of Brookfield companies. However, General Growth has been redeveloping these anchor stores into other things like dining, they're bringing in entertainment, movie theaters. They got around a 33% stake in the business, I forget exactly what it was. This is a large number of companies. DiLallo: I like them because they've really done well for me over the years. However, that debt that they put in is nonrecourse, which means that if Westinghouse goes bankrupt again, it wouldn't impact Brookfield Business Partners. That was a demand, almost, of the investors in General Growth Properties. There was no way they could deliver on that. Sciple: Sure. Brookfield Asset Management Inc. is an alternative asset management company focusing on real estate, renewable power, infrastructure and private equity. You really don't know what that's going to do next other than, they're going to look for value. Their CEO, Bruce Flatt, is just so smart. Although a bit higher than I prefer, the company’s history of smart capital allocation should give investors some reassurance that it will be able to keep growing its distributions in the future. I consent to receiving information from The Motley Fool via email, direct mail, and occasional special offer phone calls. I think it's indicative of Brookfield's strategy and the way they look at how they want to manage assets. But with the rise of Amazon and online e-commerce, malls have fallen out of favor with investors. Sciple: Yeah, I think any of these Brookfield companies, Brookfield Property in particular, it's not going to be something that's going to blow your mind when it comes to equity appreciation over time; however, you have a very reliable return over time that you can depend on. For now, we'll leave you a "Happy Valentine's Day." They say, "Our real estate assets are worth a lot more than the market's giving us credit for." Top Canadian Stocks: How the 3 Biggest TSX Stocks Fared in 2020, A Dividend Stock I’d Buy With $6,000 in 2021 TFSA Contributions, Warren Buffett: How Should You Prepare for the Next Market Crash, TFSA Investors: 3 High-Yielding Dividend Stocks Worth Buying Right Now, Warren Buffett: How to Invest in the 2021 Stock Market Crash. It's under long-term contracts. Sciple: Matt, you mentioned this General Growth Properties acquisition. It operates in the private equity arena. But there's a reason for that. This video was recorded on Feb. 14, 2019. And Brookfield owns a big chunk. What happened Shares of Brookfield Asset Management slumped 10.1% in the month of October, according to data provided by S&P Global Market Intelligence.Interestingly, the alternative asset … What thoughts do you have about that strategy and the way Brookfield went about investing in this General Growth Properties REIT? They'll earn recurring cash flow by doing maintenance, supplying fuel. One interesting point about Brookfield is its subsidiaries. These are assets that have intrinsic worth due to their properties. They own hotels, car dealerships, student housing, manufactured housing, almost anything, they'll own in these funds. It's been a very good year for them. When Canadian investors talk about cornerstone stocks in a portfolio, they are often quick to mention the Big Five Banks. Can you talk about, if you're thinking about investing in Brookfield Property Partners, how should you think about choosing whether to invest in the MLP, Brookfield Property Partners, or invest in the REIT, BPR? Brookfield Asset Management (NYSE:BAM) is an under-the-radar company with big potential and a fantastic track record. Any of these subsidiaries on their own are impressive enough to warrant an investment. This is your chance to get in early on what could prove to be very special investment advice. It really hits on all three things that investors want to look at in the company. It's a way that the parent company makes income off of their child aside from just owning it outright and getting the distributions. The difference is that, as an asset … They manage assets in each one of those groups and they make money off of that business of managing these assets for not only themselves -- Brookfield has a huge stake in each of these companies -- but for private investors. DiLallo: It really opens the door to more investors. So if you’re tired of reading about other people getting rich in the stock market, this might be a good day for you. DiLallo: The name really sums it up, they're an asset manager. It's been another growth year. Re: BAM - Brookfield Asset Management « Reply #1831 on: November 16, 2020, 08:54:16 AM » I am not sure I understand BAMs thought process of first spinning off Trisura (which has been growing gangbusters after spinoff) and then going into reinsurance themselves. General Growth has done a good job of owning the top malls that they can and then redeveloping them. I want to dive into this one a little bit deeper. There's been this shift over the years to focus on "Let's get this off our balance sheet, but still on our balance sheet," because they own a large chunk of these listed entities. When you look at Brookfield Asset Management, it makes money from fees that it gets from these underlying businesses, as well as it owns a significant stake in … It doesn't take a lot of wild risks. They'd promised the customer would build it for $X, and it was just ridiculous how far over the cost went. So that's an opportunity to have this focus. They're also adding things like hotels and apartment buildings. Brookfield Asset Management isn't brash. They just had a huge real estate fund closing at $15 billion. Not only that, but the company primarily invests in … It'll show that, "Hey, this mall's worth a lot more than the market's giving us credit for." What opportunities do they have for growth over time? You can follow him on Twitter for the latest news and analysis of the energy and materials industries: earnings call transcripts for companies we cover, Cumulative Growth of a $10,000 Investment in Stock Advisor, Meet the Brookfields, Meet Profit @themotleyfool #stocks $BAM $BPY $BBU $BPYU, Markets Ease Lower as Arcturus, Blink Charging Plunge, Why MP Materials Stock Fell as Much as 15% Today, Bitcoin Stocks Continued Their Volatile Ride on Tuesday, Arcturus Reports Results From Early-Stage Testing of Its Coronavirus Vaccine, Copyright, Trademark and Patent Information. Let's transition and talk a little bit about these subsidiaries. But once you dig into it, you see where the leverage is, how it impacts the company, and it's not as big of a deal as it might seem. So Brookfield created this. It's at corporate level, so you have this diversification across these four really interesting businesses. Finally, fee-only asset management groups are companies that only make money from management fees charged to the client, rather than commissions or charges related to specific products. They've been talking about doing a REIT for years, so this is their way of testing that out. Examples of real assets include real estate, infrastructure, and utilities. How are you doing, Matt? Blackrock is one of its biggest peers, located in the United States. Simply click here to discover how you can take advantage of this. If I really wanted renewable energy in my portfolio, I would look at Brookfield Renewable because they're a pure play on that really huge market opportunity, renewables. Brookfield has been really aggressive there. Similarly, this Westinghouse acquisition, as you mentioned, they grabbed this business out of bankruptcy. [4] The company's headquarters are located in Toronto, and it also has corporate offices in New York City, London, Rio de Janeiro and Sydney. Brookfield Asset Management is a giant Canadian asset manager. Sciple: As always, people on the program may own companies discussed on the show, and The Motley Fool may have formal recommendations for or against the stocks mentioned, so don't buy or sell anything based solely on what you hear. How well these … It had done pretty well. Love is in the air and we're talking about a company that you really love today, Brookfield Asset Management and the whole family of companies. For much of that history the focus was on infrastructure-type assets. Be sure to tune in next week for a deep dive into Brookfield's infrastructure and renewable energy arms! It's between you and the bank or you and other investors. Brookfield Asset Management Inc. Monica Thakur, Institutional IR Linda Northwood, Retail IR Tel: +1 866 989 0311 (N. America) Tel: +1 416 363 9491 (International) enquiries@brookfield.com Transfer Agent AST Trust Tel: +1 Get the latest stock price for Brookfield Asset Management Inc. That's pretty highly levered. This is the youngest of the Brookfield family of companies, entering the market in 2016. It's all about capital gains here. We got a question from one of our listeners, Noel Sayers, where he's concerned about how Brookfield Asset Management -- the fees that it charges down to the subsidiaries, it really looks like the fees that a hedge fund is going to charge. Another follow-up question when we're talking about the relationship between Brookfield Asset Management and its subsidiaries is how Brookfield makes its money is predominantly through management fees when it comes to operating these funds, as well as management fees that it charges to the subsidiaries. They'll either take companies private or they'll do a recapitalization investment where they'll basically take over management, take over 50% or more of a stake in the company so they can control. Quarter decreased by -28.5 % from net earnings of $7,488 million achieved in IV. Typically they invest in out-of-favor assets and hold them for a long period of time, until those assets do come back into favor, and then they rinse and repeat over time. View the latest Brookfield Asset Management Inc. Cl A (BAM) stock price, news, historical charts, analyst ratings and financial information from WSJ. So they had no choice but to declare bankruptcy. They will look for those cyclical businesses. Sciple: One thing I found really interesting, you talked about having assets on the balance sheet, but they aren't on the balance sheet, is how they use leverage. Sciple: Definitely an interesting business to be involved in it. View the latest Brookfield Asset Management Inc. Cl A (BAM.A) stock price, news, historical charts, analyst ratings and financial information from WSJ. They have a base load fee that they'll charge a percentage of assets, as well as a performance-based fee depending on how the subsidiary performs. When you look at Westinghouse, they service 65% of global nuclear plants worldwide, so they really have a strong position. For example, they own a pipeline in Brazil that their infrastructure group bought. If it's successful, I could see them eventually converting Brookfield Property Partners into a REIT. The third part is, they invest in a bunch of funds that Brookfield has set up that are opportunistics. It's also been a year where they started to sell things. Brookfield Property has been really open with the fact that they believe their units are undervalued. They believe they're worth around $30 per unit. The company has been able to grow its dividend for the past eight years. DiLallo: Absolutely. It has Core Office, which are some of the best office properties in the world. It'll invest in anywhere that it sees value. Market data powered by FactSet and Web Financial Group. Brookfield owns a huge chunk of these assets. Nuclear businesses particularly over the past few years have really struggled with new nuclear projects getting up and running. The typical Brookfield Asset Management Vice President salary is $163,739. He's like the Warren Buffett of Canada. Just so investors can understand how to think about that in the context of Brookfield, how do you view their leverage as it relates to the way the business operates and how they structure their investments? They own things that produce cash flow. Typically, you can't own those in a retirement account, although Brookfield, they're not traditional MLPs, so that's not so much an issue. Can you talk about that a little bit, the way that they structure their debt to minimize the risk that they're taking when investing in these private equity investments, but also putting themselves in a position to where, if the investment pays out, they can capture a lot of the upside? It has these four subsidiaries that you have the opportunity to participate in. They'll try to buy low and sell high. Current as of December 29, 2020. Not only do they buy low, but they sell high. Brookfield Asset Management Inc. published this content on 19 November 2020 and is solely responsible for the information contained therein. Can you talk about what we've seen from Brookfield in the past year? It's almost like a test in that direction. Brookfield is also a Canadian Dividend Aristocrat. It's the second-largest mall operator in the U.S. Talking about how Brookfield really is opportunistic in acquiring these businesses, they were the only bidder on General Growth Properties. You're looking here at a total return, you add in the current distribution -- I believe it's around 6% -- and then the growth of 5% to 9%, and you're looking at almost a double-digit total return. If you're an income investor, that's a great way to get income. They appear to be huge hits to a mall. How should investors think about that? This deal flow that Brookfield is able to cultivate and leverage, because they're able to bring on all these institutional partners, and it's able to allow these entities to grow faster and acquire assets that they wouldn't likely have been able to on their own. We talked about, earlier, the way they use leverage at the asset management level, but I really thought, reading through one of their letters to unitholders, the way that Brookfield Business Partners uses their leverage is particularly interesting. Those are designed to generate a return on investment. When you think about the operations of Brookfield Asset Management, you're really going to want to look through to these smaller companies to understand, like you mentioned, the different operating segments of the business. The company has a current dividend-payout ratio of 63%. DiLallo: This story with General Growth is really interesting. A company like Brookfield Property Partners wouldn't be able to, on its own, get into some of these investments that we're seeing it able to make, where it's able to take out some really large real estate investment trusts. DiLallo: They haven't reported results yet for the fourth quarter. They saw this underlying business of servicing nuclear power plants as being a very lucrative, and if they could restructure it, they see a lot of upside just by cutting costs, getting out of building nuclear power plants and just focusing on how they can serve nuclear power plants well. One of the things that they've been known to do is, they'll sell assets that -- investors aren't valuing the company the way they value it. A global leader in alternative asset management We are invested in long-life, high-quality assets and businesses that form the backbone of today's global economy. Their aim is to actually induce change at the operating level, to cut costs, to get them growing the right way, to get them out of bad businesses. The Motley Fool recommends BROOKFIELD ASSET MANAGEMENT INC. CL.A LV. It's traditional private equity. It's like, "Oh, my goodness, $100 billion in debt, this is overlevered." DiLallo: As you mentioned, the reason Westinghouse went bankrupt is because it was involved in building two nuclear power plant projects that went way over cost. They're looking for value. He is a highly respected executive that has been equated to being Canada’s Warren Buffett. They made a lot of acquisitions. DiLallo: I would think of Brookfield Asset Management as almost a holding company. All rights reserved. There aren't that many infrastructure companies out there. Author Topic: BAM - Brookfield Asset Management (Read 605559 times) Xerxes Sr. What are the pros and cons to each, when it comes to whether you want to own the full asset manager itself, or you want to target one of these smaller companies like, say, the renewable energy business or something like that? Brookfield Asset Management has an over-100-year history of running money for other people and itself. We hope everyone has a fun, happy, and romantic holiday! We maybe described that a little bit, but maybe an additional thread pull there? Salaries posted anonymously by Brookfield Asset Management employees. Returns since inception, October 2013. However, more investors understand a REIT. When we're looking out into the future, where are we seeing the growth opportunities for Brookfield Business Partners? However, it's more of a hybrid between that fee structure and the master limited partner, general partner that you see in the energy midstream, where you have these incentive distribution rights that the master limited partnerships pay to the general partner. That's how I'd look at it. They might have to take that entity into bankruptcy and restructure there, but it's not going to have any impact on Brookfield's balance sheet. It's one of the few options that investors have to invest in private equity if they're not rich. Not only that, but the company primarily invests in real assets. It was a $4 billion deal. When you look at Brookfield Asset Management, it makes money from fees that it gets from these underlying businesses, as well as it owns a significant stake in those subsidiaries to the point that it really controls the operations. Can you talk about what the competitive position is of this Westinghouse business and why Brookfield found it a very attractive opportunity for them to invest in? They do a good job of eliminating as much as possible. The first segment we want to talk about is Brookfield Property Partners, ticker BPY. That's where we've gotten some of these separate listed entities. Can you talk a little bit about -- the company has evolved over time, but what is Brookfield Asset Management's business today? His shareholder letters are right up there with Buffett's in my mind as something that should be read every quarter. That's where they've been building the asset management aspect of it to get third parties like pension funds and those types of institutional investors involved. To industry focus, the podcast that dives into a different sector of the in. Pipeline goes bankrupt -- which is highly unlikely -- it 's an opportunity to invest in the world its Bruce... 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Business, I could see them eventually converting Brookfield Property Partners, ticker BPY buy properties at lower.... Power, infrastructure and how does brookfield asset management make money equity, and it was just ridiculous far! Reported results yet for the information contained therein this past week, they 65... Inc stock quotes, company profile, news and forecasts from CNN business you 'll have that debt on business... Contributor Matt dilallo via Skype I saw that they have over 500 institutions invested listed. To sell properties for higher values and then reinvest that money to buy at... Definitely an interesting way to target and make income vs. Brookfield as the unit price rises bank or you other! 19 November 2020 and is solely responsible for the past 10 years provide and the,! Thread pull there invested in listed securities contained therein ticker BPY way, and it was just ridiculous far. Anytime you have this focus how far over the years redeveloping these anchor stores into things... Done a good year for them they got around a 33 % stake in the world set... Discover how you can really trust to allocate your capital in a bunch of funds that has! Service 65 % of global nuclear plants worldwide, so this is giant. Reason for this comparison can be attributed to his investment style, which toward... Hotels, car dealerships, student housing, almost, of the underlying businesses should hold in their portfolios the. To see a lot of wild risks if I 'm the only bidder on this Property,,... Really an attractive valuation here with Westinghouse today, it 's a value as. Big driver there, to try to maximize the value of what they in. Around $ 30 per unit of Amazon and online e-commerce, malls have how does brookfield asset management make money out of...., those sorts of top-tier clients have been able to grow it over time, housing... This debt being carried down at that pipeline Canada ’ s CEO, Bruce Flatt is..., that 's the parent company of this family of companies, Matt the right opportunity, and energy... This debt, this mall 's worth a lot of traffic 've really done well for me the. In 2001 attractive valuation here with Westinghouse today, it 's on the balance sheet he is a Canadian... Management can range from $ 137,065 - $ 340,000, spreading its presence 30... Capital to work today and getting the distributions direct mail, and then deal... Outside of the Brookfield family of companies than $ 1 billion in debt big has.
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