TORONTO, May 17, 2024 (GLOBE NEWSWIRE) — Partners Value Investments LP (the “Partnership”, TSX: PVF.UN TSX:PVF.PR.U) announced today that it has completed three Announced financial results for the month. All amounts are shown in US dollars.
The Partnership recorded net income of $26.3 million for the three months ended March 31, 2024. This compares to net income of $7.3 million in the year-ago period. The increase in profits was primarily due to increased dividend income, foreign exchange gains, and tax collections. Proceeds of $24.7 million were attributable to Equity Limited Partners and $1.6 million were attributable to Preferred Limited Partners.
As of March 31, 2024, the market price of Brookfield Corporation (NYSE/TSX: BN) and Brookfield Asset Management Limited (the “Manager”, NYSE/TSX: BAM) stock was $41.87 and $42.02, respectively. . As of May 16, 2024, the market prices of BN and BAM shares were $44.64 and $39.97, respectively.
Consolidated income statement
| (Unaudited) for Three months Ends March 31st (Thousands of US dollars) |
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| 2024 | 2023 | ||||||||
| investment income | |||||||||
| dividend | $ | 24,027 | $ | 19,607 | |||||
| Other investment income | 4,035 | 3,216 | |||||||
| 28,062 | 22,823 | ||||||||
| expenses | |||||||||
| Operating expenses | (2,437) | (584) | |||||||
| financing costs | (2,481) | (2,300) | |||||||
| revocable preferred stock dividends | (9,736) | (10,316) | |||||||
| (14,654) | (13,200) | ||||||||
| Other items | |||||||||
| Investment valuation gain | 924 | 2,242 | |||||||
| Amortization of deferred financing costs | (884) | (842) | |||||||
| Foreign exchange gain (loss) | 8,899 | (2,004) | |||||||
| Collection of ordinary taxes (expenses) | 8,069 | (407) | |||||||
| deferred tax expense | (4,158) | (1,358) | |||||||
| Net income | $ | 26,258 | $ | 7,254 | |||||
The information in the following table shows the changes in net book value.
| (Unaudited) 3 months until March 31st (excluding 1,000 items, per unit) |
2024 | 2023 | |||||||||||
| total | per unit | total | per unit | ||||||||||
| Net book value at the beginning of the period1 | $ | 5,783,620 | $ | 70.74 | $ | 4,656,824 | $ | 57.60 | |||||
| Net income2 | 24,714 | 5,532 | |||||||||||
| Other comprehensive income2 | 290,050 | 288,125 | |||||||||||
| Adjustment regarding the impact of stock acquisition rights1, 3 | (6,120) | 753 | |||||||||||
| Stock LP buyback | (3,617) | (2,046) | |||||||||||
| Ending net book valueFour | $ | 6,088,647 | $ | 80.18 | $ | 4,949,188 | $ | 61.25 | |||||
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Financial overview
The Partnership’s principal investments are approximately 121 million Class A restricted voting shares of the Company and an interest in approximately 31 million Class A restricted voting shares of the Manager. This corresponds to an interest of approximately 8% for the Company and an interest of 8% for the Manager as of March 31, 2024. Additionally, the Partnership owns a diversified investment portfolio consisting of marketable securities and private fund interests.
The information in the following table has been extracted from the Partnership’s consolidated statement of financial position.
Consolidated statement of financial position
| (Unaudited) like (Thousands of US dollars) |
March 31, 2024 |
December 31, 2023 | |||||
| assets | |||||||
| cash and cash equivalents | $ | 159,211 | $ | 199,856 | |||
| Accounts receivable and other assets | 31,868 | 31,416 | |||||
| Deferred tax asset | — | 4,309 | |||||
| Investment in Brookfield Corporation1 | 5,064,951 | 4,853,261 | |||||
| Investment in Brookfield Asset Management Ltd.2 | 1,294,551 | 1,237,554 | |||||
| Other investments are carried at fair value. | 673,492 | 612,009 | |||||
| $ | 7,224,073 | $ | 6,938,405 | ||||
| debt and equity | |||||||
| Accounts payable and other liabilities | $ | 26,504 | $ | 34,150 | |||
| Deferred tax liability | 911 | — | |||||
| corporate borrowings | 220,977 | 225,789 | |||||
| preferred stock3 | 979,335 | 993,267 | |||||
| 1,227,727 | 1,253,206 | ||||||
| capital | |||||||
| Limited partnership member | 5,832,214 | 5,521,067 | |||||
| general partnerFour | — | — | |||||
| Preferred limited partner | 152,152 | 152,152 | |||||
| non-controlling interest | 11,980 | 11,980 | |||||
| 5,996,346 | 5,685,199 | ||||||
| $ | 7,224,073 | $ | 6,938,405 | ||||
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For more information, please contact Investor Relations at ir@pvii.ca.
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions that predict or indicate future events, trends or prospects, and do not relate to historical matters, identify forward-looking information. .
Although the Partnership believes that the expected future results, performance and achievements expressed or implied by forward-looking statements and information are based on reasonable assumptions and expectations, forward-looking statements and Readers should not place undue reliance on forward-looking statements and information because the information contains known information. and unknown risks, uncertainties and other factors. Many of these are beyond our control and may cause the actual results, performance or achievements of the Partnership to differ materially from any anticipated future results, performance or achievements expressed or implied by such forward-looking statements. There is a possibility that And information.
Factors that could cause actual results to differ materially from those intended or implied by forward-looking statements and information include Brookfield Corporation’s financial performance, general economic, political and including, but not limited to, the effects of market factors or unforeseen consequences; movements in financial markets, including changes in interest rates and foreign exchange rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions, including disposition; changes in the accounting policies and methods used to report financial condition, including uncertainties related to critical accounting assumptions and estimates; the impact of adopting future accounting changes; business competition. operational and reputational risks; technological change. changes in government regulations and laws; Changes in tax laws. risks associated with the use of financial leverage; Catastrophic events such as earthquakes and hurricanes. the potential impact of other developments, including international conflicts and acts of terrorism; and other risks and factors detailed from time to time in the Partnership’s documents filed with Canadian securities regulators.
The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership’s forward-looking statements and information, investors and others should carefully consider the foregoing factors, other uncertainties and potential events. Except as required by law, the Partnership will not publicly update or revise any forward-looking statements or information, whether written or oral, whether as a result of new information, future events or otherwise. We are not obligated to do so.
