BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Brookfield Asset Management 2020 First Quarter Results Call and Webcast. (Operator Instructions)

女士們先生們，感謝你們的支持，並歡迎參加布魯克菲爾德資產管理公司 2020 年第一季度業績電話會議和網絡廣播。 （操作員說明）

I would now like to introduce your host for today's conference call, Ms. Suzanne Fleming, Managing Partner, Brookfield. You may begin.

現在我想介紹一下今天電話會議的主持人，布魯克菲爾德管理合夥人蘇珊娜·弗萊明女士。你可以開始了。

Thank you, operator, and good morning, everyone. Welcome to Brookfield's First Quarter 2020 Conference Call. On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, our Chief Financial Officer; as well as Brian Kingston, CEO of our Real Estate business. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. And finally, Brian will give an update on our retail business. After our formal comments, we'll turn the call over to the operator and take analyst questions.

謝謝接線員，大家早上好。歡迎參加 Brookfield 2020 年第一季度電話會議。今天參加電話會議的是我們的首席執行官 Bruce Flatt；尼克·古德曼，我們的首席財務官；以及我們房地產業務的首席執行官布萊恩·金斯頓 (Brian Kingston)。布魯斯將首先介紹業務最新情況，然後尼克將討論我們本季度的財務和運營業績。最後，布萊恩將介紹我們零售業務的最新情況。在我們提出正式意見後，我們會將電話轉給接線員並回答分析師的問題。

I'd like to remind you that in today's comments, including in responding to questions and in discussing new initiatives and our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and U.S. Securities law. These statements reflect the predictions of future events and trends and do not relate to historic events. They're subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and the U.S. and the information available on our website.

我想提醒您，在今天的評論中，包括在回答問題和討論新舉措以及我們的財務和運營業績時，我們可能會做出前瞻性陳述，包括適用的加拿大和美國法律含義內的前瞻性陳述。證券法。這些陳述反映了對未來事件和趨勢的預測，與歷史事件無關。它們面臨已知和未知的風險，未來的事件和結果可能與此類陳述存在重大差異。有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們向加拿大和美國證券監管機構提交的文件以及我們網站上提供的信息。

And with that, I'll turn the call over to Bruce.

這樣，我就把電話轉給布魯斯。

Thank you, Suzanne, and good morning to everyone on the call. I will start today by expressing on behalf of myself and all of my partners at Brookfield that we hope you, your families and your colleagues are all staying safe and healthy.

謝謝你，蘇珊娜，祝所有參加電話會議的人早上好。今天開始，我謹代表我自己和布魯克菲爾德的所有合作夥伴表示，我們希望您、您的家人和同事都保持安全和健康。

The world looks very different today than when we last updated you 3 months ago. Many of our businesses have remained open and operational throughout this environment, and we are proud of the countless employees and stakeholders across our business and portfolio companies who remain working every day, providing essential services and products around the world to aid those in need. In addition to the relief efforts that we're supporting financially across our organization, our people are contributing in many ways, which have included our hospitals being provided as beds -- providing beds to the governments, requiring them -- hotels that were providing rooms to frontline medical staff and some of our real estate properties being used as relief centers.

今天的世界與我們 3 個月前上次更新您的信息時相比，看起來非常不同。我們的許多業務在這種環境下仍然保持開放和運營，我們為我們業務和投資組合公司中無數的員工和利益相關者感到自豪，他們每天都在工作，在世界各地提供基本的服務和產品來幫助有需要的人。除了我們在整個組織中提供財政支持的救援工作外，我們的人民還以多種方式做出貢獻，其中包括我們的醫院提供床位 - 向政府提供床位，要求他們 - 酒店提供房間為一線醫務人員和我們的一些房地產提供救濟中心。

Before I get into the quarter, I thought I would just give a quick update on what we are seeing across our business in terms of reopening and how we are approaching it. Across our global operations, we are very encouraged by the accounts from our regions such as Asia that have begun reopening their economies and places of business. And we are leveraging their experiences today as we plan for our broader workforce to return to work. For regions that have already opened up, we are seeing trends of cautious but steadily increasing consumer confidence.

在進入本季度之前，我想我只想快速介紹一下我們整個業務在重新開業方面的情況以及我們如何應對這一情況。在我們的全球業務中，亞洲等地區的客戶已經開始重新開放經濟和營業場所，這讓我們深受鼓舞。今天，我們正在利用他們的經驗來計劃讓更廣泛的員工重返工作崗位。對於已經開放的地區，我們看到消費者信心呈謹慎但穩步增強的趨勢。

Right now, our plans for reopening are guided by our ongoing discussions with local governments and in accordance with each region's plans for reopening. For example, within our real estate business as of today, and Brian may touch on this later, about 1/3 of our retail centers in the U.S. have reopened and significant more coming in the short while.

目前，我們的重新開放計劃是以我們與地方政府正在進行的討論為指導的，並符合每個地區的重新開放計劃。例如，在我們今天的房地產業務中，布萊恩可能會在稍後談到這一點，我們在美國的零售中心大約有1/3 已經重新開業，並且很快就會有更多的零售中心重新開業。

Within our actual offices for Brookfield Asset Management, we've opened numerous of them, including our Shanghai office, and our Dubai office recently reopened. And starting a few weeks ago, most of our senior leadership have now returned to our offices, and we're preparing our spaces for the return of our people to it but with the respecting social distancing protocols. And so the rest of the people can return to the office when the governments give the go ahead.

在布魯克菲爾德資產管理公司的實際辦事處中，我們開設了許多辦事處，包括上海辦事處和最近重新開業的迪拜辦事處。從幾週前開始，我們的大多數高級領導層現已返回辦公室，我們正在為員工返回辦公室準備空間，但要遵守社交距離協議。這樣，當政府批准時，其他人就可以返回辦公室。

Our long history of owning and operating assets including the changes we went through after 9/11, have prepared us well to successfully handle business continuity planning and the adoption of new normals for our tenants, employees and all other stakeholders. While no one could have predicted the catalyst for the environment that we currently find ourselves in, if you have been following us for the past few years, you know that we had been expecting and preparing for some kind of market turn for quite some time now. That preparation has meant that our business performed well in the quarter, and we believe the outlook for our businesses and our asset management franchise is very strong. The critical nature of many of our assets has ensured that they stayed open, providing essential services to the communities, which -- within which they operate, and they continue to earn strong cash flows with most of it being contractual in nature.

我們擁有和運營資產的悠久歷史，包括 9/11 後經歷的變化，為我們成功處理業務連續性規劃以及為租戶、員工和所有其他利益相關者採用新常態做好了充分準備。雖然沒有人能夠預測我們目前所處環境的催化劑，但如果您在過去幾年中一直關注我們，您就會知道我們已經期待並為某種市場轉變做好了相當長的一段時間了。這種準備意味著我們的業務在本季度表現良好，我們相信我們的業務和資產管理業務的前景非常強勁。我們許多資產的關鍵性質確保了它們保持開放，為它們運營的社區提供基本服務，並且它們繼續賺取強勁的現金流，其中大部分是合同性質的。

Our financial assets were and continue to be largely protected as we had indexed hedged those assets in the first quarter, and our asset management fee income, which has grown significantly because of very strong fundraising over the last 12 months is perpetual or long-term in nature, and largely not impacted by the market volatility.

我們的金融資產過去和現在都受到很大程度的保護，因為我們在第一季度對這些資產進行了指數對沖，而且我們的資產管理費收入由於過去12 個月非常強勁的融資而大幅增長，並且是永久或長期的。性質，基本上不受市場波動的影響。

Our fundraising outlook for the remainder of 2020 is stronger than we would have initially inspected, having just wrapped up the fundraising for our latest flagship funds in January. Already today, our Oaktree business is in the market to raise its next flagship distressed debt fund, which we previously had planned would not be raised until 2021 at the earliest. We also anticipate that our special investment activities, which are focused on noncontrolling equity investments and not bound by asset class or geography restrictions will attract greater amounts of interest, both from clients and from the greater needs that businesses will have with their recapitalization efforts which we expect to come in the second half of 2020.

我們對 2020 年剩餘時間的籌款前景比我們最初檢查的要強，因為我們在一月份剛剛完成了最新旗艦基金的籌款工作。今天，我們的橡樹業務部門已經在市場上籌集其下一個旗艦不良債務基金，我們之前計劃最早要到 2021 年才會籌集該基金。我們還預計，我們的特殊投資活動側重於非控股股權投資，不受資產類別或地域限制的約束，將吸引更多客戶和企業對其資本重組工作的更大需求的興趣。預計在2020 年下半年到來。

We also believe that many of our other fund offerings will also see increasing demand coming out of this current environment, such as our funds focused around contracted infrastructure-like assets that are proving to provide stability of return across these market cycles. Lost in much of the news of the last few months, it seems to have been forgotten that interest rates virtually everywhere in the world are 0. That is a simplification, but they are essentially 0. As a result, real assets are therefore, highly attractive in this environment.

我們還相信，我們的許多其他基金產品也將在當前環境下看到不斷增長的需求，例如我們專注於合同基礎設施類資產的基金，這些資產被證明可以在這些市場週期中提供穩定的回報。人們在過去幾個月的大部分新聞中迷失了，似乎忘記了世界上幾乎所有地方的利率都是 0。這是一個簡化，但它們本質上是 0。因此，實際資產非常高。在這種環境下具有吸引力。

While ensuring our business was prepared for an inevitable market downturn, we remained disciplined in our underwriting and investing over the last number of years. As you might have seen in some more publicized transactions, and I can assure you that there were many not publicized, this resulted in us losing out on a number of transactions over that period, despite that discipline we stuck to then is now paying off today.

在確保我們的業務為不可避免的市場低迷做好準備的同時，我們在過去幾年中保持了承保和投資的紀律。正如您可能在一些公開的交易中看到的那樣，我可以向您保證，有很多交易沒有公開，這導致我們在那段時期損失了許多交易，儘管我們當時堅持的紀律現在已經得到回報。

We have approximately $60 billion of capital available currently to deploy across our business. And from our experience over the past month, the capital markets continue to remain open for companies with strong balance sheet such as ours. We have been receiving both fund commitments for equity capital, but also debt markets since April -- in the debt market since April, and Nick will talk about this a little bit. We added over $3 billion of liquidity by accessing the investment-grade debt markets increasing -- and increasing the size of our bank lines to bolster our liquidity.

目前，我們有大約 600 億美元的可用資金可用於整個業務的部署。從我們過去一個月的經驗來看，資本市場繼續對像我們這樣擁有強大資產負債表的公司保持開放。自四月份以來，我們一直收到股權資本的資金承諾，而且還收到債務市場的資金承諾——自四月份以來的債務市場，尼克將稍微討論一下這一點。我們通過不斷進入投資級債務市場並增加銀行額度規模來增強流動性，從而增加了超過 30 億美元的流動性。

As I mentioned in the update we sent out in March, our immediate focus for deployment was in the listed stock markets. Since the market turned in late February, we have deployed $2 billion of capital into these markets. A large portion of this deployment was into high-quality businesses that are trading at a significant discount to our view of intrinsic value. Over time, these positions could lead to privatizations or controlling positions. But today, at the very least, we expect they will provide excellent returns with large margins of safety as markets normalize. We also repurchased approximately $300 million of our own securities across the business within the parameters of our share repurchase programs, and we will continue to buy back shares as we see appropriate while also balancing liquidity requirements of all of our companies.

正如我在三月份發布的更新中提到的，我們立即部署的重點是上市股票市場。自2月底市場轉向以來，我們已向這些市場部署了20億美元的資金。此次部署的很大一部分投資於高質量企業，這些企業的交易價格比我們對內在價值的看法大幅折扣。隨著時間的推移，這些職位可能會導致私有化或控制職位。但今天，至少我們預計，隨著市場正常化，它們將提供出色的回報和巨大的安全邊際。我們還在股票回購計劃的範圍內回購了大約 3 億美元的整個業務證券，我們將繼續在我們認為合適的情況下回購股票，同時平衡我們所有公司的流動性需求。

And lastly, to be expected in the current environment, the team at Oaktree accelerated its pace of deployment in the public markets. During the quarter, they invested -- during the quarter and since then, they've invested approximately $8.5 billion across their funds. Today, their flagship distressed debt fund is over 80% invested, and they have already started to line up capital, as mentioned, for their successor fund. We expect that fund will have hold its first close within the next few months, and we anticipate that it will be larger than its predecessor upon close.

最後，在當前環境下，橡樹團隊加快了在公開市場的部署步伐，這是可以預料的。在本季度，他們進行了投資——從本季度開始，他們的基金投資額約為 85 億美元。如今，他們的旗艦不良債務基金已完成 80% 以上的投資，並且如前所述，他們已經開始為其後續基金籌集資金。我們預計該基金將在未來幾個月內首次收盤，並且預計收盤後其規模將大於其前身。

So while there has been lots of opportunity in the public market, on the private side, for the most part, we have been just getting ready for more active times. One of these places we're already seeing opportunity to use our knowledge of the operating businesses is our retail business. And Brian Kingston is on the call with us today, and he'll provide some background on our plans for the revitalization program that we announced last week.

因此，雖然公開市場上有很多機會，但在大多數情況下，在私人市場上，我們才剛剛為更活躍的時期做好準備。我們已經看到有機會利用我們對運營業務的了解，其中之一就是我們的零售業務。布萊恩·金斯頓今天與我們通話，他將提供我們上周宣布的振興計劃的一些背景信息。

Lastly, before I turn the call over to Nick to speak about financial results, included in our circular filed last night, as always, is a description of the partnership of ours as individuals and its ownership of our 20% stake in Brookfield and the Class B shares. You may have noticed some new details about these arrangements, and I thought I'd make a few comments about those.

最後，在我把電話轉給尼克談論財務業績之前，我們昨晚提交的通函中一如既往地描述了我們作為個人的合夥關係及其對我們在 Brookfield 和 Class 的 20% 股份的所有權的描述B股。您可能已經註意到有關這些安排的一些新細節，我想我應該對此發表一些評論。

First, nothing has changed for Brookfield. These were changes to refine how the partnership manages its ownership of the Class B shares. They are included in the Brookfield circular as part of the disclosure around the ownership of the company's voting securities. Second, there has been no fundamental change in the control of the shares. It is the same group as before. What we merely did is simplify and clarify the ownership structure. Third, while the partnership is very important to ensuring the long-term stability of Brookfield, in our view, it does not play an active role in the day-to-day operations of the business. It does, however, allow us to operate in an -- Brookfield to operate in an environment that facilitates long-term decision making, and we believe is very helpful in maintaining our culture, and none of that has changed.

首先，布魯克菲爾德沒有任何改變。這些變化旨在完善合夥企業管理其 B 類股票所有權的方式。它們被包含在布魯克菲爾德通函中，作為有關公司投票證券所有權披露的一部分。二是股權控制權未發生根本性變化。和以前是同一組。我們所做的只是簡化和明確了股權結構。第三，雖然合作夥伴關係對於確保布魯克菲爾德的長期穩定非常重要，但我們認為，它在業務的日常運營中並未發揮積極作用。然而，它確實讓我們能夠在布魯克菲爾德的一個有利於長期決策的環境中運作，我們相信這對於維護我們的文化非常有幫助，而且這一切都沒有改變。

With those comments, I will turn the call over to Nick Goodman.

有了這些評論，我會將電話轉給尼克·古德曼。

Thank you, Bruce, and good morning, everyone. Our business performed very well in the first quarter, even as the economy and markets faltered towards the end of March. Our asset management franchise and invested capital continue to generate significant amounts of free cash flow, highlighting the resiliency of our business. We generated $751 million of cash available for distribution and/or reinvestment or what we call CAFDAR during the first quarter, a 43% increase from the first quarter of 2019. And we consider CAFDAR to be the best indicator of the long-term earnings power of our business as it combines our stable fee-related earnings with the long-term sustainable distributions from our listed affiliates, which largely own contracted income streams.

謝謝你，布魯斯，大家早上好。儘管經濟和市場在 3 月底出現下滑，但我們的業務在第一季度表現非常出色。我們的資產管理特許經營權和投資資本繼續產生大量自由現金流，凸顯了我們業務的彈性。第一季度，我們產生了7.51 億美元可用於分配和/或再投資的現金，即我們所說的CAFDAR，比2019 年第一季度增長了43%。我們認為CAFDAR 是衡量長期盈利能力的最佳指標我們的業務，因為它結合了我們穩定的費用相關收入與我們的上市附屬公司的長期可持續分配，這些附屬公司主要擁有合同收入流。

Notwithstanding the strong cash performance, the market turbulence at the end of March resulted in unrealized noncash adjustments, including mark-to-market movements on liquid securities, which had a negative impact on net income. This resulted in a net loss for the first quarter of $157 million or $0.20 per share on a post-split basis. It's worth noting that we expect these unrealized marks to recover over time as markets stabilize. Our funds from operations or FFO, was $884 million for the quarter or $0.55 per share on a post-split basis.

儘管現金表現強勁，但 3 月底的市場動盪導致未實現的非現金調整，包括流動證券的按市值計價變動，這對淨利潤產生了負面影響。這導致第一季度淨虧損 1.57 億美元，即分拆後每股淨虧損 0.20 美元。值得注意的是，隨著市場穩定，我們預計這些未實現的標記將隨著時間的推移而恢復。本季度我們來自運營或 FFO 的資金為 8.84 億美元，按拆分後計算每股為 0.55 美元。

Starting with our asset management results. Fee-related earnings before performance fees increased by 35% to $321 million for the 3-month period and totaled $1.3 billion over the last 12 months, an increase of 44% from the same period in 2019. The majority of our fee revenues are not impacted by market volatility, as evidenced in the stability and growth of our FRE period-over-period and the growth in our fee-related earnings as a reflection of the significant step change in business over the past year, including the successful round of flagship fundraising that we completed in January, the growth in our distribution channels and our expanding private fund offerings along with our partnership with Oaktree. To date, our fee-bearing capital totals $264 billion, and our annual fee revenue stand at $2.8 billion.

從我們的資產管理業績開始。 3 個月期間，不計績效費用的費用相關收入增長了 35%，達到 3.21 億美元，過去 12 個月總計 13 億美元，比 2019 年同期增長 44%。受到市場波動的影響，我們的FRE 同比穩定和增長以及與費用相關的收入的增長就證明了這一點，這反映了過去一年業務的重大變化，包括旗艦產品的成功一輪我們在一月份完成的籌款活動、我們分銷渠道的增長、我們不斷擴大的私募基金產品以及我們與橡樹資本的合作夥伴關係。迄今為止，我們的收費資本總額為 2640 億美元，年收費收入為 28 億美元。

Our unrealized carried interest balance stands at $3.2 billion as the investments in our funds are largely critical assets or assets that have long-term contracted cash flows and have largely not been impacted by recent events. We also benefit from having minimal exposure to public securities or energy investments.

我們的未實現附帶權益餘額為 32 億美元，因為我們基金的投資主要是關鍵資產或具有長期合同現金流且基本上未受到近期事件影響的資產。我們還受益於對公共證券或能源投資的敞口最小化。

During the quarter, our unrealized carried interest decreased by $298 million before costs and the impact of foreign exchange. We realized $132 million of carried interest during the quarter and $613 million over the last 12 months as we continue to sell mature assets. We have realized approximately $1 billion of proceeds from asset sales during the quarter and $12 billion over the last 12 months. Looking forward, while the pace of asset realizations during 2020 is likely to be slower than we thought when we last spoke at the end of Q4, the long-term nature of our funds ensure that we can be patient when seeking to excise -- exit investments in order to maximize the value creation.

本季度，扣除成本和外匯影響之前，我們的未實現附帶權益減少了 2.98 億美元。隨著我們繼續出售成熟資產，本季度我們實現了 1.32 億美元的附帶權益，過去 12 個月實現了 6.13 億美元的附帶權益。我們在本季度通過資產出售實現了約 10 億美元的收益，在過去 12 個月內實現了 120 億美元的收益。展望未來，雖然 2020 年資產變現的速度可能會慢於我們上次在第四季度末發言時的預期，但我們基金的長期性質確保我們在尋求退出時可以保持耐心投資，以實現價值創造最大化。

Turning to our balance sheet investments. Excluding disposition gains, FFO for the quarter was $397 million. The decrease compared to the prior year was a result of lower mark-to-market gains on our financial asset portfolio, lower earnings on our energy contracts and the impacts on portfolio companies of the recent measures taken to combat COVID-19. We expect these impacts to continue into the second quarter, but we believe earnings will return to normalized levels as the economy gradually opens up and begins in the path to recovery.

轉向我們的資產負債表投資。不包括處置收益，本季度的 FFO 為 3.97 億美元。與上一年相比下降的原因是我們的金融資產組合按市值計算的收益較低、能源合同收益較低以及最近採取的抗擊 COVID-19 措施對投資組合公司的影響。我們預計這些影響將持續到第二季度，但我們相信，隨著經濟逐步開放並開始復蘇，盈利將恢復到正常水平。

Finally, we sold several investments within our private equity, infrastructure and real estate groups during the first quarter. These monetizations contributed towards approximately $107 million of realized disposition gains recorded in FFO.

最後，我們在第一季度出售了私募股權、基礎設施和房地產集團內的多項投資。這些貨幣化為 FFO 記錄的已實現處置收益貢獻了約 1.07 億美元。

Today, our liquidity and capitalization remain very strong. In addition to $45 billion of uncalled fund commitments, we have $15 billion of core liquidity across the group, including $6 billion directly at BAM. Our balance sheet remains conservatively capitalized, with an implied corporate debt to market capitalization ratio of 14% at the end of the quarter, and an average remaining term on our corporate debt of 11 years and no individual piece of debt maturing before 2023. And we're seeing the credit markets continue to remain open today to credit where the companies with strong balance sheets. In April, we completed the issuance of $750 million of medium-term notes and increased the size of both the BAM and BIP credit facilities bolstering liquidity by a further $2 billion. Finally, I am pleased to confirm that our Board of Directors has declared a $0.12 per share dividend payable at the end of June. On a post-split basis, the dividend is consistent with the previous quarter.

今天，我們的流動性和資本規模仍然非常強勁。除了 450 億美元的未兌現資金承諾外，我們整個集團還有 150 億美元的核心流動資金，其中 60 億美元直接存在於 BAM。我們的資產負債表資本保持保守，截至本季度末，隱含的公司債務與市值之比為 14%，公司債務的平均剩餘期限為 11 年，沒有個別債務在 2023 年之前到期。我們看到信貸市場今天繼續保持開放，向資產負債表強勁的公司提供信貸。 4 月份，我們完成了 7.5 億美元中期票據的發行，並增加了 BAM 和 BIP 信貸安排的規模，進一步增加了 20 億美元的流動性。最後，我很高興地確認，我們的董事會已宣佈在 6 月底派發每股 0.12 美元的股息。分拆後，股息與上一季度一致。

With that, I will turn the call over to Brian Kingston, the CEO of our Real Estate group, who will be providing us with an update on our retail operations as well as our recently-announced Retail Revitalization Program. Brian?

接下來，我將把電話轉給我們房地產集團的首席執行官布萊恩·金斯頓 (Brian Kingston)，他將為我們提供零售業務的最新信息以及我們最近宣布的零售振興計劃。布萊恩？

Thank you, Nick, and good morning, everyone. Today, I'm going to talk about our retail real estate portfolio as well as offering some observations on what we're seeing on the ground and our outlook for the future.

謝謝你，尼克，大家早上好。今天，我將討論我們的零售房地產投資組合，並對我們的實際情況和未來展望提供一些觀察。

Retail makes up about 1/3 of our real estate assets under management. And while our business is global, the vast majority of our retail holdings are here in the United States. We currently have 170 properties, comprising almost 150 million square feet of high-quality retail real estate located in 43 states, making us 1 of the largest owner operators of enclosed shopping centers in the United States.

零售業約占我們管理的房地產資產的 1/3。雖然我們的業務是全球性的，但我們的絕大多數零售資產都在美國。我們目前擁有 170 處房產，包括分佈在 43 個州的近 1.5 億平方英尺的優質零售房地產，使我們成為美國最大的封閉式購物中心業主運營商之一。

Our properties are some of the most highly trafficked retail properties in the world, centers like Ala Moana shopping center in Honolulu, that welcomes more than 50 million guests each year and Fashion Show in Las Vegas located in the heart of the Las Vegas Strip. This unique portfolio of properties would be impossible to replicate and provides us with a unique ability to leverage our scale and market presence. While today, these properties are 100% owned by Brookfield Property Partners, they were acquired through a series of transactions, starting with the recapitalization of General Growth Properties back in 2011. By taking advantage of past market dislocations, we've managed to acquire this unique portfolio at a substantial discount to the value of the underlying assets.

我們的物業是世界上人流量最大的零售物業之一，例如檀香山的阿拉莫阿納購物中心，每年接待超過 5000 萬客人，以及位於拉斯維加斯大道中心的拉斯維加斯時裝秀。這種獨特的物業組合是無法複製的，並為我們提供了利用我們的規模和市場影響力的獨特能力。如今，這些房產由 Brookfield Property Partners 100% 擁有，但它們是通過一系列交易獲得的，從 2011 年 General Growth Properties 的資本重組開始。通過利用過去的市場混亂，我們成功地收購了這些房產獨特的投資組合，其價格比基礎資產的價值大幅折扣。

Over the past 5 years, we've witnessed tremendous change in the retail operating environment. Retailers with weak balance sheets and/or business models that haven't kept pace with changes in customer taste and buying patterns are seeing their businesses steadily decline. At the same time, exciting, new, digitally native businesses have emerged and some old line retailers have reinvented their businesses to meet these new realities. And they've seen their sales and market share expanding dramatically as a result.

過去5年，我們見證了零售經營環境發生的巨大變化。資產負債表和/或商業模式薄弱、未能跟上客戶品味和購買模式變化的零售商的業務正在穩步下滑。與此同時，令人興奮的新數字原生業務已經出現，一些老牌零售商已經重塑了自己的業務，以滿足這些新的現實。他們的銷售額和市場份額因此急劇擴大。

While they come from a wide range of retail sectors, and have managed to be successful for a variety of reasons, these retailers of the future all have 1 thing in common. They've been expanding their physical store count to help them interact with customers directly, and is a way to fulfill online orders more efficiently by locating their inventory closer to where customers live and work. When deciding on the location for their physical storefront, these retailers want to be in densely populated high-growth markets. For owners of the best retail properties in the United States like Brookfield, this has meant there was a waiting line of new tenants to take the place of old line retailers when they vacate our malls. We had initially expected this process to play out over an extended number of years, however, the sudden impact of the COVID-19 crisis has accelerated the demise of the weaker balance sheets and poor business models.

雖然他們來自不同的零售行業，並因各種原因取得了成功，但這些未來的零售商都有一個共同點。他們一直在擴大實體店數量，以幫助他們直接與客戶互動，並且通過將庫存放置在更靠近客戶生活和工作的地方來更有效地履行在線訂單。在決定實體店面的位置時，這些零售商希望位於人口稠密的高增長市場。對於像布魯克菲爾德這樣的美國最好的零售物業的業主來說，這意味著當老牌零售商騰出我們的購物中心時，新租戶會排隊等待取代他們。我們最初預計這一過程將持續數年，然而，COVID-19 危機的突然影響加速了資產負債表疲弱和商業模式不佳的消亡。

We've also been investing in repositioning and densifying these high-quality locations into mixed-use entertainment destinations by adding residential, hotel and entertainment uses to our 40-plus acre urban sites. These retail shopping centers often serve as the commercial hub for trade areas that they serve. And by adding these additional uses on site, we're turning them into mini cities, offering residents and tenants a dynamic live-work-play environment across the country. Much of the excess density to complete these redevelopments has come through the recapture and redevelopment of anchor department store boxes, attached to or adjacent to our malls. And we expect our ability to recapture those boxes at good value will only accelerate in the future.

我們還一直在投資，通過在 40 多英畝的城市用地中增加住宅、酒店和娛樂用途，將這些高質量地點重新定位和密集化，打造為多功能娛樂目的地。這些零售購物中心通常充當其所服務的貿易區域的商業中心。通過在現場添加這些額外用途，我們將它們變成迷你城市，為全國各地的居民和租戶提供充滿活力的生活、工作和娛樂環境。完成這些重建的大部分過剩密度都是通過重新奪回和重建附屬於或毗鄰我們購物中心的主力百貨商店包廂而實現的。我們預計，我們以高價值重新奪回這些盒子的能力在未來只會加速。

While the impact of the COVID lockdown has been felt acutely in our retail portfolio due to the government-mandated closure of all of our malls last month, our places have always provided a safe and clean environment for people to shop and entertain themselves. We're now in the midst of reopening our centers with new measures that will enable them to be the safest place for people to send their families and meet their friends.

雖然由於上個月政府強制關閉我們所有的購物中心，我們的零售投資組合受到了新冠疫情封鎖的嚴重影響，但我們的場所始終為人們購物和娛樂提供了安全、清潔的環境。我們現在正在採取新措施重新開放我們的中心，使它們成為人們送家人和朋友會面的最安全的地方。

As of today, around 75 of our retail centers have reopened under restricted capacity, and we expect the balance of them to open in the coming weeks. We're supporting these reopenings by concurrently launching curbside pickup programs at our properties, designed to seamlessly integrate online shopping with the inventory held in stores in our malls, effectively turning those stores into fulfillment centers located where our tenants' customers live and work.

截至今天，我們約 75 個零售中心已在容量有限的情況下重新開業，我們預計其餘零售中心將在未來幾週內開業。我們通過在我們的酒店同時推出路邊提貨計劃來支持這些重新開業，該計劃旨在將在線購物與我們購物中心商店中的庫存無縫集成，從而有效地將這些商店轉變為位於我們租戶的客戶生活和工作的地方的履行中心。

The feedback so far from our tenants has been very positive, with many of them reporting a significant proportion of their online sales being fulfilled through this channel. We believe this is more than a short-term stopgap measure during the retail shutdown and expect this to become a permanent feature in our tenant supply chain in the future. And this will further underpin the value of our premium assets, which are located in these densely populated urban areas throughout the country. Our 170 retail properties are located within a 1-hour drive of 60% of the U.S. population.

到目前為止，我們租戶的反饋非常積極，其中許多人表示，很大一部分在線銷售是通過此渠道完成的。我們相信，這不僅僅是零售業關閉期間的短期權宜之計，並預計這將成為未來我們租戶供應鏈中的永久特徵。這將進一步支撐我們位於全國人口稠密城市地區的優質資產的價值。我們的 170 家零售物業均位於 60% 的美國人口 1 小時車程範圍內。

In the coming months, as our tenants continue the process of restarting their businesses, we will work closely with them to assist them getting back up and running as quickly as possible. At our properties, we are implementing comprehensive health and safety mitigation measures, including: PPE worn by all employees and available for guests upon request; hand sanitizing stations at high-touch locations; sanitizing wipes available in food courts; frequent signage with health and hygiene reminders; and strict enforcement of social distancing and density protocols.

在接下來的幾個月裡，隨著我們的租戶繼續重啟業務，我們將與他們密切合作，幫助他們盡快恢復正常運營。在我們的酒店，我們正在實施全面的健康和安全緩解措施，包括： 所有員工均佩戴個人防護裝備，並可根據要求向客人提供；在高接觸地點設置手部消毒站；美食廣場提供消毒濕巾；頻繁設置帶有健康和衛生提醒的標牌；嚴格執行社交距離和密度協議。

We're also working with our smaller regional tenants to provide them with financial accommodation, recognizing their ability to fund short-term operating losses is not the same as the larger national and international brands. We expect this will have some impact on our earnings over the balance of the year, however, it's expected to rebound quickly as the industry recovers. In addition to assistance to smaller retailers, we plan to utilize the position we have to make investments in retail companies as this industry consolidates.

我們還與較小的區域租戶合作，為他們提供財務便利，認識到他們為短期運營虧損提供資金的能力與較大的國內和國際品牌不同。我們預計這將對我們今年餘下的盈利產生一些影響，但隨著行業的複蘇，預計會迅速反彈。除了向小型零售商提供幫助外，我們還計劃利用我們所擁有的地位，隨著該行業的整合對零售公司進行投資。

As we announced last week, Brookfield has established a $5 billion Retail Revitalization Program to bring much needed capital and operational assistance to support the stabilization and growth of retail businesses in all of the markets in which we operate. The program aligns with our approach as value-oriented investors, investing in high-quality businesses at favorable valuations at a time when capital is scarce, in sectors that we know well, and the program will enable us to both support retail companies and deliver attractive returns to our investors. As you can imagine, since announcing this last week, our phone has been ringing off the hook with investment opportunities.

正如我們上周宣布的那樣，布魯克菲爾德已經制定了 50 億美元的零售振興計劃，以帶來急需的資本和運營援助，以支持我們經營所在的所有市場的零售業務的穩定和增長。該計劃符合我們作為價值導向型投資者的做法，在資本稀缺的情況下以有利的估值投資於我們熟悉的行業的優質企業，該計劃將使我們能夠支持零售公司並提供有吸引力的回報我們的投資者。正如您可以想像的那樣，自從上周宣布這一消息以來，我們的電話一直在響起投資機會的聲音。

We've also been active participants in supporting the industry's efforts to work with the U.S. Federal government on its economic stimulus packages, specifically the Cares Act. We are taking a proactive role in working with our retail tenants to ensure that those who qualify for stimulus receive the subsidies that they're entitled to. Our dedicated tenant resource page and webinar devoted to the Cares Act has attracted over 23,000 visitors, providing valuable information on how to understand and determine the potential options available for our tenants. These subsidies, if applied and distributed correctly, could play an important role in easing the financial burden that retailers and restaurant operators are faced with. The hundreds of billions of dollars earmarked for small businesses to pay for their employees' wages, as well as cover operating expenses including rent, should mitigate some of the financial and emotional hardship that they're facing.

我們還積極參與支持該行業與美國聯邦政府就經濟刺激計劃（特別是《關懷法案》）進行合作的努力。我們正在積極與零售租戶合作，確保那些有資格獲得刺激的人獲得他們應得的補貼。我們專門針對《關愛法案》的租戶資源頁面和網絡研討會吸引了超過 23,000 名訪客，提供了有關如何理解和確定租戶可用的潛在選擇的寶貴信息。這些補貼如果應用和分配得當，可以在減輕零售商和餐館經營者面臨的財務負擔方面發揮重要作用。專門用於小企業支付員工工資以及包括租金在內的運營費用的數千億美元應該會減輕他們面臨的一些財務和情感困難。

So in conclusion, while the retail operating environment was already highly dynamic prior to the onset of the COVID-19 crisis, the impact of the lockdown will be to accelerate many of the super trends that we already saw underway. While this may cause us some short-term pain, we own the highest quality portfolio of retail assets in the world, and will ultimately be the beneficiaries of consolidation when this is finished. Physical retail real estate will change and evolve over the next decade as it has for many years prior. However, the highest quality, best located real estate always increases in value over time. And we have no reason to believe otherwise in this case.

總而言之，雖然在 COVID-19 危機爆發之前零售運營環境已經高度活躍，但封鎖的影響將加速我們已經看到的許多超級趨勢。雖然這可能會給我們帶來一些短期的痛苦，但我們擁有世界上最高質量的零售資產組合，並且在整合完成後最終將成為整合的受益者。實體零售房地產將在未來十年內發生變化和發展，就像多年來一樣。然而，質量最高、位置最好的房地產總是會隨著時間的推移而增值。在這種情況下，我們沒有理由不相信。

So with that as my comment, I'll turn the call back over to the operator to see if there are any questions. Operator?

因此，作為我的評論，我會將電話轉回給接線員，看看是否有任何問題。操作員？

(Operator Instructions) Our first question comes from Cherilyn Radbourne with TD Securities.

（操作員說明）我們的第一個問題來自道明證券的 Cherilyn Radbourne。

Starting with a question on the fundraising environment. I appreciate the comments that you made in a holistic sense. Was wondering if you could drill down and talk about how that looks for real estate more specifically?

首先問一個關於籌款環境的問題。我很欣賞您從整體意義上提出的評論。想知道您是否可以深入討論如何更具體地尋找房地產？

So it's Bruce. And I'll make a high level comment, and Brian may wish to add something afterwards. I'd just say, first, is that the fundraising environment, if you hadn't -- it's kind of like everything that's going on in business today. If you had an action -- if something wasn't in action before all of this occurred, not very many people have been doing a lot of new things over the past 2 months. There have been some and selectively, there are some. But if you don't know your manager or if you didn't already have a relationship, you probably didn't start one. So I'd say that's a good news and bad news story. The bad news is, if we were looking to close things or get new things, they're -- not much has started over the last couple of months. The good news is we have many things in the pipeline, and our relationships are very deep. So people will put money with managers they know. And I would just say, in general though, I think there's still money coming into all of the businesses we have, including real estate.

所以是布魯斯。我將發表高水平的評論，布萊恩可能希望隨後添加一些內容。我只想說，首先是籌款環境，如果你沒有的話——它有點像當今商業上發生的一切。如果你採取了行動——如果在這一切發生之前沒有採取行動，那麼在過去的兩個月裡，沒有多少人做了很多新的事情。已經有一些，並且有選擇性地有一些。但如果你不認識你的經理，或者你還沒有建立關係，那麼你可能還沒有開始建立關係。所以我想說這是一個好消息和壞消息。壞消息是，如果我們想要關閉一些東西或獲得新的東西，那麼在過去的幾個月裡並沒有太多的事情開始。好消息是我們有很多事情正在醞釀之中，而且我們的關係也非常深厚。因此人們會把錢投給他們認識的經理。我只想說，總的來說，我認為仍然有資金進入我們擁有的所有業務，包括房地產。

And Brian, I don't know if you want to specifically take that, go further on that.

布萊恩，我不知道你是否想具體說明這一點，進一步探討。

Yes. No, I don't think there's any difference for real estate versus the other asset classes where we're typically raising money. I think we spent a lot of time and have spent a lot of time in the last couple of months speaking to LPs. A lot of them have capital that they're seeing, as Bruce mentioned earlier, earning 0% in their fixed income portfolios and are looking at this as an opportunity to potentially put some of that money to work in high-quality cash flow generating assets and real estate is part of that. So I think there's a lot of appetite out there. And when things do free up, I do think you'll see a lot of capital coming into real estate, but it's the same as all the asset classes.

是的。不，我認為房地產與我們通常籌集資金的其他資產類別沒有任何區別。我認為我們花了很多時間，在過去的幾個月里花了很多時間與有限合夥人交談。正如布魯斯之前提到的，他們中的許多人都擁有資本，他們的固定收益投資組合的收益為 0%，並認為這是一個機會，可以將其中一些資金投入到高質量的現金流生成資產中房地產是其中的一部分。所以我認為人們的胃口很大。當事情真正自由化時，我確實認為你會看到大量資本進入房地產，但這與所有資產類別相同。

Okay. In terms of your investment posture, do you think that the amount of dry powder that's been raised by BAM and others diminishes the opportunity set versus prior downturns? Or would you see that as proportionate relative to the scale of opportunities that may emerge here as other shoes start to drop?

好的。就您的投資態度而言，您認為與之前的經濟低迷時期相比，BAM 和其他公司籌集的干粉數量是否會減少機會集？或者你認為這與其他鞋子開始下降時可能出現的機會規模成正比嗎？

Look, I'd just make the comment that our general view -- and no one knows what the future brings, but our general view is that the economic ramifications on businesses that don't have substantial liquidity once this fully plays out, meaning the second quarter and the third quarter come, and we may not open up exactly as fast as one might have hoped, will bring up -- bring to us significant opportunities. And when I say, us, just those with capital. So I think there are going to be lots of opportunities for us to put money to work, would be the short answer.

看，我只是發表評論，我們的總體觀點- 沒有人知道未來會帶來什麼，但我們的總體觀點是，一旦這種情況完全發揮出來，對沒有大量流動性的企業會產生經濟影響，這意味著第二季度和第三季度即將到來，我們的開放速度可能不會像人們希望的那麼快，但會給我們帶來重大機遇。當我說，我們，只是那些有資本的人。所以我認為我們將有很多機會把錢投入到工作中，這是簡短的答案。

Our next question comes from Bill Katz with Citigroup.

我們的下一個問題來自花旗集團的比爾·卡茨。

Okay. Thank you very much for the extra discussion today as well. So maybe I could start there on the real estate side, Brian. So you mentioned the strategy of sort of being within an hour's drive and the densification and multiuse, et cetera. Does anything change post COVID-19, just given the potential for any kind of structural shifts in commutation or work from home type patterns that might otherwise dilute that strategy?

好的。也非常感謝您今天的額外討論。所以也許我可以從房地產方面開始，布萊恩。所以你提到了在一小時車程內的策略、緻密化和多用途等等。考慮到通勤或在家工作模式可能會發生任何結構性變化（否則可能會削弱這一策略），COVID-19 後是否會發生任何變化？

No. I think in the short term, clearly, the way we operate in our office buildings and in our shopping centers is going to be altered until we really get to a place where we have a vaccine and people are feeling more comfortable. But those trends that I was talking about have been playing out over 20 years, right, which is increasing urbanization, businesses, large businesses using their office premises as a way to build and grow and expand their culture and the importance of having that collaboration and people close by. And so I think it's interrupted at the moment because of the shutdown, and people are finding ways to use Zoom calls and some other things to get by. But the reality is, on a long-term basis, these office premises are an important part of business strategies, and we don't really see that changing.

不。我認為，從短期來看，我們在辦公樓和購物中心的運營方式顯然將會改變，直到我們真正擁有疫苗並且人們感覺更舒服為止。但我所說的這些趨勢已經持續了20 多年，對吧，城市化正在加速，企業、大型企業利用其辦公場所作為建立、發展和擴展其文化的一種方式，以及這種合作和發展的重要性。附近的人。因此，我認為目前由於關閉而中斷，人們正在尋找使用 Zoom 通話和其他一些方式來度過難關。但現實是，從長遠來看，這些辦公場所是業務戰略的重要組成部分，我們並沒有真正看到這種變化。

So I think operationally, like with many things, you're going to see hand sanitizer and those sorts of things becoming a permanent fixture in the buildings. But I don't think the use of the more -- or frankly, the demand changes over the long term.

所以我認為，從操作上來說，就像許多事情一樣，你會看到洗手液和諸如此類的東西成為建築物中的永久固定裝置。但我認為，從長遠來看，更多的使用——或者坦率地說，需求不會發生變化。

Okay. And then maybe just a 2-part for Nick, a little unrelated. Nick, just in terms of thinking about the FRE margin from here, how should we think about that? Was there anything sort of unique in this particular quarter that we need to be aware of? And as you think about hedging some of the invested capital exposure where I think you had a nice benefit this -- in the first quarter, how do we think about that for the markets rebounding in any way?

好的。然後也許只是尼克的兩部分，有點無關。 Nick，就從這裡考慮 FRE 利潤而言，我們應該如何考慮？這個特定季度有什麼獨特之處需要我們注意嗎？當你考慮對沖一些投資資本風險時，我認為你在第一季度獲得了很好的好處，我們如何看待市場反彈的情況？

Yes. Bill, listen, I don't think there was anything unique this quarter in terms of margins. The fee-related earnings continue to grow. They continue to be stable, and they're reflecting kind of the resiliency of our business model and the free cash flow generation of BAM. And we retain a positive outlook as we look forward. So we're going to continue to invest in the business so we can service our clients over the long-term as the business grows. So I don't think you should read anything into like the margins were fairly consistent this quarter, and they'll continue to be in those ranges. As we diversify our product offering, as we do more of the core products, as we maybe raise more of the market-based strategies in Oaktree and the product mix growth, then maybe the margins change a bit. But I think overall, you shouldn't -- the results were fairly consistent this quarter with prior and what you should expect going forward.

是的。比爾，聽著，我認為本季度的利潤率沒有什麼獨特之處。與費用相關的收入繼續增長。它們繼續保持穩定，反映了我們商業模式的彈性和 BAM 的自由現金流生成。我們對未來保持積極的展望。因此，我們將繼續投資於該業務，以便隨著業務的增長，我們可以長期為客戶提供服務。因此，我認為您不應該解讀任何諸如本季度利潤率相當穩定的內容，並且它們將繼續保持在這些範圍內。隨著我們產品供應的多樣化，隨著我們生產更多的核心產品，隨著我們可能在橡樹資本中提出更多基於市場的戰略以及產品組合的增長，那麼利潤率可能會發生一些變化。但我認為總的來說，你不應該——本季度的結果與之前的結果以及你對未來的預期相當一致。

And on the hedges, I think this is more about protecting BAM's liquidity. We have a large balance sheet. We have assets that we own that are in the public markets, and we have a large portfolio, which is a huge benefit and allows us a lot of flexibility. And we just took the opportunity to hedge some of that and lay off some of the risk and effectively lock in values and hedge against volatility. So you might find as things recover, we don't benefit in the full recovery, but we locked in attractive values in prior quarters. So it might just remove some of the volatility from earnings going forward.

在對沖方面，我認為這更多的是為了保護 BAM 的流動性。我們有龐大的資產負債表。我們擁有公開市場上的資產，並且擁有龐大的投資組合，這是一個巨大的好處，並為我們提供了很大的靈活性。我們只是藉此機會對沖其中一些風險，並有效鎖定價值並對沖波動性。因此，您可能會發現，隨著情況的複蘇，我們並沒有從全面復甦中受益，但我們在前幾個季度鎖定了有吸引力的價值。因此，這可能會消除未來收益的一些波動性。

Our next question comes from Mark Rothschild with Canaccord.

我們的下一個問題來自 Canaccord 的馬克·羅斯柴爾德 (Mark Rothschild)。

Bruce, when you completed the Oaktree transaction acquisition, you spoke about how this acquisition would really shine during some times of distress, when they can take advantage of that. And it appears that we're getting some of that at the very least right now. How do you see it playing out as far as the cash flow that you get from Oaktree over the next year? And is this something that, while it's a good opportunity for Oaktree to make money, it will just take a number of years for it to actually show in your results?

布魯斯，當您完成橡樹資本交易收購時，您談到了這次收購將如何在一些困難時期真正發揮作用，當他們可以利用這一點時。看來我們現在至少已經得到了其中的一些。您如何看待明年從橡樹資本獲得的現金流？雖然這對橡樹資本來說是一個賺錢的好機會，但它是否需要幾年的時間才能真正體現在您的業績中？

Look, I think the -- all businesses are created over many, many years and nothing ever plays out tomorrow morning. So the short answer is, our earnings will not be affected by anything that Oaktree does immediately. Having said that, the outlook for the Oaktree franchise for the next 3 to 5 years -- 2, 3, 4, 5 years is much better today than it looked 18 months ago than when we acquired the business. And that's why, as you know, and you stated it, that's why we acquired the business and partnered with the team there. And I think their -- they will be able to put very -- they'll be able to raise lots of money, and they'll be able to put very significant amounts of money to work through this period, and it is a very exciting time for them and us.

聽著，我認為——所有的企業都是經過很多很多年才創建的，明天早上什麼也不會發生。所以簡短的回答是，我們的收入不會受到橡樹資本立即採取的任何行動的影響。話雖如此，橡樹特許經營權未來 3 到 5 年（2 年、3 年、4 年、5 年）的前景比 18 個月前我們收購該業務時的前景要好得多。正如您所知，這就是為什麼我們收購了該業務並與那裡的團隊合作的原因。我認為他們將能夠投入大量資金，他們將能夠投入大量資金來度過這一時期，這是一個非常重要的時期。對他們和我們來說都是激動人心的時刻。

Okay. And in regards to the transactions you're doing now, it's -- there might be some distress. But as far as doing big acquisitions in the near term, this probably -- it's going to take some time whereas in the public markets, as you've stated and shown, there's opportunities you could take advantage of quicker. To what extent do the funds you raise, whether it's in the private equity side or the property side, are you able to use those private funds to invest in public securities in a material way where there might be more dislocation today there than in the larger transactions?

好的。至於你現在正在進行的交易，可能會遇到一些麻煩。但就短期內進行大型收購而言，這可能需要一些時間，而在公開市場上，正如您所陳述和表明的那樣，您可以更快地利用機會。你籌集的資金在多大程度上，無論是在私募股權方面還是在房地產方面，你是否能夠利用這些私募基金以實質性方式投資於公共證券，而今天那裡可能會比更大的市場出現更多的混亂。交易？

So just to be clear, all of our opportunistic funds are in -- we have entire discretion-- total discretion to invest in public securities as long as they're a means to an end. And so most of the positions that we purchased are within the funds we have with clients, private funds we have with clients.

因此，需要明確的是，我們所有的機會主義基金都可以完全自由裁量權投資公共證券，只要它們是達到目的的手段。因此，我們購買的大部分頭寸都是在我們與客戶的資金、我們與客戶的私人資金範圍內。

Our next question comes from Andrew Kuske with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的安德魯·庫斯克。

Question is either for Bruce for Nick, and it just relates to the USD 2 billion of capital that you've invested. I think from the public disclosures that we've gotten was, BBU is around $500 million, BIP around $450 million, Brookfield Renewable bought back some TransAlta, the $300 million of buybacks across the group. Is there any more granularity you can provide on really what's left of that $2 billion, on what buckets it was allocated towards?

問題要么是布魯斯，要么是尼克，它只與你投資的 20 億美元資本有關。我認為從我們得到的公開披露來看，BBU 約為 5 億美元，BIP 約為 4.5 億美元，Brookfield Renewable 回購了一些 TransAlta，整個集團回購了 3 億美元。您是否可以提供更多詳細信息來說明這 20 億美元的剩餘資金以及其分配到哪些方面？

Yes. It's really just, Andrew, across the other groups. I think all of the groups in our business have been active. So it's -- you'd referenced, it's in infrastructure, it's in private equity disclosure, renewable and in real estate. We have just been executing the same strategy, which is identifying high-quality businesses that we've seen traded at a discount to intrinsic value where we think over the long term, it could potentially be a catalyst for a broader transaction. So it's fairly broad-based across the groups.

是的。安德魯，與其他群體相比，這真的很公平。我認為我們業務中的所有團體都非常活躍。所以它是——你提到的，它在基礎設施、私募股權披露、可再生能源和房地產領域。我們剛剛執行了相同的策略，即識別我們看到的以低於內在價值的折扣進行交易的優質企業，我們認為從長遠來看，它可能會成為更廣泛交易的催化劑。因此，它在各個群體中具有相當廣泛的基礎。

Okay. That's helpful. And then just I think this comes from Page 12 in the supplemental on the expiry profile. So I think the number is about $6.5 billion of funds is really skewed out of real estate and infrastructure as being the biggest areas for uncalled commitments expiring. So is the natural conclusion to draw, we're going to see greater activity for value in the current market environment from those business groups?

好的。這很有幫助。然後我認為這來自於到期資料補充部分的第 12 頁。因此，我認為大約 65 億美元的資金確實偏離了房地產和基礎設施領域，成為未兌現承諾到期的最大領域。那麼，我們會在當前的市場環境中看到這些業務集團開展更多的價值活動，這是自然而然的結論嗎？

Well, I think the dry powder you're referencing would be on the funds and we're onto the next vintage of the fund. So new transactions would come from the latest vintage, that dry powder that has been left in those funds would be made available because we believe we would have follow-on opportunities, deployment opportunities in those funds where we have businesses with development pipeline or tuck-in and roll up strategies. So their dry powder is really there, that's being left available for follow-on transactions.

好吧，我認為你提到的干粉將在基金上，我們正在進入基金的下一個年份。因此，新的交易將來自最新的年份，這些基金中留下的干粉將可供使用，因為我們相信我們將有後續機會，在那些我們擁有開發管道或折疊業務的基金中擁有部署機會。並彙總策略。所以他們的干粉確實存在，可供後續交易使用。

Our next question comes from Brian Bedell with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Bedell。

Just 1, maybe back on the retail side for Brian, on the real estate side. Just maybe -- more of a short-term question here, but if there is, I guess, a more problematic second wave in the pandemic, especially in the dense populations in the U.S., just what your thought would be on potential impact to FFO at BPY, say, if that happened over the next, say, 2 to 3 quarters into 2021? I don't know if there's any way to frame the risk of that or not?

只是 1，也許回到布萊恩的零售方面，在房地產方面。只是也許——這裡更多的是一個短期問題，但我猜，如果大流行中出現問題更大的第二波，特別是在人口稠密的美國，您對 FFO 的潛在影響有何看法比如說，在BPY，如果這種情況發生在接下來的情況下，比如2021 年的2 到3 個季度？不知道有沒有什麼辦法可以規避這個風險？

Well, the -- look, the primary risk from all of this really is with respect to bankruptcies. In the absence of a tenant going bankrupt, we have leases, long-term leases in place with them and rents are due, and we continue to collect the -- collect their rent as part of that. So I think to the extent that shopping centers remain closed or close again or the potential office building usage is lower, neither of those on their own actually impact our FFO in the short term. It really is just sort of on the -- in the scenario where you have tenants going bankrupt and not being able to pay. So to answer your question, I think we have a second wave. Obviously, that's going to have further reaching economic impacts for the economy and putting us maybe deeper into a recession, but it's not a direct impact on FFO. And I don't think you're going to see a huge impact on our FFO over the course of this year anyway as a result.

好吧，看，所有這一切帶來的主要風險確實是破產。在沒有租戶破產的情況下，我們與他們簽訂了租約，長期租約，並且租金到期，我們將繼續收取租金，作為其中的一部分。因此，我認為，就購物中心保持關閉或再次關閉或潛在辦公樓使用率降低而言，這些因素本身都不會在短期內真正影響我們的 FFO。這實際上只是在租戶破產而無法付款的情況下發生的。因此，為了回答你的問題，我認為我們有第二波。顯然，這將對經濟產生進一步的影響，並可能使我們陷入更深的衰退，但這不會對 FFO 產生直接影響。我認為無論如何，今年我們的 FFO 不會受到巨大影響。

Okay. That's great color. And then back to the deployment. Maybe just if you guys can sort of frame -- and again, this may be difficult to answer, but with the lens, if there are more opportunities over the next 6 to 12 months, given valuations prove even more attractive, maybe if you could sort of frame the pace of that $60 billion deployment in a time frame sort of a range? And then if I can throw in the question on Oaktree. It sounds like their -- a lot of their waste to the – that is ups [$11 billion] -- or up [$10 billion], rather. And the -- any sense of the size of the next distressed fund? I know it's early, but could that actually be larger than the prior 1 at Oaktree?

好的。那顏色真棒。然後回到部署。也許只是如果你們能有點框架 - 再說一次，這可能很難回答，但通過鏡頭，如果未來 6 到 12 個月有更多機會，考慮到估值證明更具吸引力，也許如果您可以在某個時間範圍內確定600 億美元部署的步伐？然後我是否可以提出關於橡樹資本的問題。聽起來他們的——他們的很多浪費——增加了[110億美元]——或者更確切地說，增加了[100億美元]。還有——對下一個陷入困境的基金的規模有什麼感覺嗎？我知道現在還早，但實際上會比橡樹資本之前的 1 個更大嗎？

So it's Bruce. I'll answer the last question first. Because of fundraising constraints, we can't talk about fundraising. So they're in the markets today, and I -- we can't get into details on that so I apologize for that. But look, I can -- what I can say is this is one of the great environments possibly to buy distressed debt that's ever -- that may have ever been in existence. And I think clients understand that. And I think, therefore, there will be a lot -- there is and there will be a lot of interest in the Oaktree strategy. So we hope it will be a very significant fund.

所以是布魯斯。我先回答最後一個問題。由於籌款限制，我們不能談論籌款。所以它們今天就在市場上，而我——我們無法詳細說明這一點，所以我對此表示歉意。但是你看，我可以——我可以說的是，這是有史以來可能存在的購買不良債務的絕佳環境之一。我認為客戶明白這一點。因此，我認為，將會有很多人對橡樹資本的戰略感興趣。所以我們希望這將是一個非常重要的基金。

With respect to deployment of actual capital within all our other funds, it always depends. We never know what happens. Our general view, though, is there'll be more opportunities in 3 months from now, and there'll be a greater number in 6 months from now. And that's merely because our expectation is that the economic recovery will be slightly less than everyone hopes, because everyone hopes it goes back to exactly what it was. And it will take just a little more time. And therefore, there will be more -- as time goes on, the capital needs of companies will be greater, and we will be able to assist companies during those situations. So I think it will happen, but you never know what the total numbers are.

至於我們所有其他基金中實際資本的部署，這始終取決於情況。我們永遠不知道會發生什麼。不過，我們的總體看法是，3 個月後將會有更多機會，6 個月後將會有更多機會。這僅僅是因為我們的預期是經濟復甦將略低於每個人的希望，因為每個人都希望它回到原來的樣子。這還需要一點時間。因此，隨著時間的推移，公司的資本需求將會更大，我們將能夠在這些情況下為公司提供幫助。所以我認為這會發生，但你永遠不知道總數是多少。

Our next question comes from Zachary McDermott with KBW.

我們的下一個問題來自 KBW 的 Zachary McDermott。

So if I could just ask a more capital management based question. I saw that, about like a year ago or so, you had mentioned that as cash available for distribution rises, you may look to repurchase stock. So given the current environment and like how the stock has performed recently, do you feel differently about that sort of viewpoint?

所以我是否可以問一個更多基於資本管理的問題。我看到，大約一年前，您曾提到，隨著可用於分配的現金增加，您可能會考慮回購股票。因此，考慮到當前的環境以及該股最近的表現，您對這種觀點有不同的看法嗎？

It's Nick. Listen, I don't think it's changed at all. I think we said over the long term, our view of cash coming into the business, our priority is to look to reinvest that into the business for internal growth opportunities, to be able to see that cash continuing to compound and deliver long-term compounded returns. And we invest that by supporting the asset management business, taking, participating in equity issuances and listed issuers and other forms. And then when we work through those and we think about returning capital to shareholders, buybacks would be the best. And I don't think that's changed today. Obviously, share price, where it's trading now is more attractive than where it was a few months ago, and we have been buying under NCIB, but we balance that with wanting to make sure we retain liquidity and to be able to be opportunistic in this environment and just to be conservative through this period of time and have liquidity to support the franchise. So I think it's still a balanced approach. It's still a long-term strategy. So nothing in that regard has really changed.

是尼克。聽著，我認為它根本沒有改變。我認為我們說過，從長遠來看，我們對現金進入業務的看法，我們的首要任務是尋求將其再投資到業務中以獲得內部增長機會，以便能夠看到現金繼續複合並實現長期復合返回。我們通過支持資產管理業務、採取、參與股權發行和上市發行等形式進行投資。然後，當我們解決這些問題並考慮向股東返還資本時，回購將是最好的選擇。我認為今天這一點沒有改變。顯然，現在的股價比幾個月前更具吸引力，我們一直在 NCIB 下買入，但我們希望確保保留流動性並能夠在這方面抓住機會，在這一點上取得平衡環境，只是在這段時間保持保守，並有流動性來支持特許經營。所以我認為這仍然是一個平衡的方法。這仍然是一個長期戰略。所以這方面沒有任何真正改變。

Our next question comes from Sohrab Movahedi with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Sohrab Movahedi。

Bruce, maybe a bit of a strategic or philosophical type question. Obviously, this being an unparalleled type scenario the world is faced with, is it fair to say the only thing -- well, maybe it's not -- I don't know about the only thing, but is 1 thing that you're doing differently, philosophically, is looking at the public markets for investment opportunities? Or what else are you doing differently, I guess, as a by-product of this in the first instance? And then secondarily, can you just talk a little bit about what's the philosophy -- what's the decision-making framework, basically, pursuing the public investment opportunities?

布魯斯，也許是一個戰略或哲學類型的問題。顯然，這是世界面臨的一個無與倫比的場景，可以公平地說唯一的一件事嗎——好吧，也許不是——我不知道唯一的一件事，但這是你正在做的一件事不同的是，從哲學角度來看，是在公共市場尋找投資機會嗎？或者我想，作為這種做法的副產品，你還做了什麼不同的事情？其次，您能否簡單談談追求公共投資機會的理念是什麼？基本上，決策框架是什麼？

Yes. Look, I would just say during other periods of time, when environments like this existed, during the first 3 months of what -- when that occurred, there were many opportunities privately to assist corporations deal with assets or buy businesses from them or provide capital to them. The difference today is that those opportunities aren't really in existence because no one can do diligence. And -- but the 1 opportunity that has been available is that if you knew a business well and because -- remember, the things that we're buying in our funds for our clients and for ourselves are only things that we have extreme confidence in, that we know very well, and that we have a big margin of safety in doing it because we're buying public securities and large, large parts of -- these are very concentrated positions in the companies. So that is available. And there's nothing else been available over the last while -- that's a simplistic statement, but there's been nothing else available to do over the last while. So that's where we have been investing our money, and we think it's been an excellent place. Those will either be sold if the markets come back or they will lead to stage 2 of this financial situation that we're in -- or economic or health situation that we're in. But stage 2 is going to be corporations reorganizing their balance sheets and other things being done. And some of those may lead to transactions with the companies to be able to assist them, in addition to other things that we do out there.

是的。聽著，我只想說，在其他時期，當這樣的環境存在時，在發生這種情況的前三個月，有很多機會私下協助公司​​處理資產或從他們那裡購買業務或提供資本給他們。今天的不同之處在於，這些機會實際上並不存在，因為沒有人能夠勤奮。而且 - 但可用的第一個機會是，如果你很了解一家企業，並且因為 - 請記住，我們為我們的客戶和我們自己在基金中購買的東西只是我們非常有信心的東西，我們非常清楚，而且我們這樣做有很大的安全邊際，因為我們購買的是公共證券以及很大一部分——這些是公司中非常集中的頭寸。所以這是可用的。在過去的一段時間裡，沒有其他任何事情可以做——這是一個簡單的說法，但在過去的一段時間裡，沒有任何其他事情可以做。這就是我們一直投資的地方，我們認為這是一個很棒的地方。如果市場回升，這些資產要么會被出售，要么會導致我們所處的財務狀況的第二階段，或者我們所處的經濟或健康狀況。但第二階段將是企業重組其平衡床單和其他正在做的事情。除了我們在那裡做的其他事情之外，其中一些可能會導致與公司進行交易，以便能夠為他們提供幫助。

So I would just say, it's not a strategy in itself. It's just an adaptation of how we do our business.

所以我想說，這本身並不是一種策略。這只是我們開展業務方式的調整。

Okay. That's very helpful. And so that adaptation doesn't necessarily mean you are thinking about returns differently. You're still pursuing the same sorts of hurdle returns and target returns that you were pursuing?

好的。這非常有幫助。因此，適應並不一定意味著你對回報的思考有所不同。您仍在追求與您追求的相同類型的障礙回報和目標回報嗎？

Yes. Correct, correct. I would hope -- I would be -- we would be unhappy if the returns weren't at the very high end of our return numbers because we're taking greater risk today than you might take in other periods of time.

是的。正確，正確。我希望——我會——如果回報率不是我們回報率的最高值，我們會感到不高興，因為我們今天承擔的風險比其他時期可能承擔的風險更大。

Perfect. And if I can just sneak in 1 more. When you talk about -- and I'm not specifically talking about Oaktree here because I know you're in the fundraising boat. But when you think about the next round of fundraising, and in the -- against the backdrop of -- or in the context of the 0 rate world, do you think you will have to modify the promised returns or the targeted returns or the fee rates or anything like that, materially from where you have been targeting and operating at previously?

完美的。如果我能再偷偷溜進去1個就好了。當你談論——我在這裡並不是專門談論橡樹資本，因為我知道你在籌款船上。但是，當您考慮下一輪籌款時，在零利率世界的背景下，您是否認為必須修改承諾回報或目標回報或費用利率或類似的東西，主要來自您之前的目標和運營情況？

Look, on the target returns, I -- of our businesses. We haven't changed them for a long time, and I don't think this environment makes it change. And that sounds counter to what you would think but the type of things we do are not available to most investors. And therefore, the returns should be -- we target the same returns, and we don't think we're going to have to change those.

看，關於我們業務的目標回報。我們已經很長時間沒有改變它們了，我認為這個環境也不會讓它改變。這聽起來與您的想法相反，但我們所做的事情類型對大多數投資者來說並不適用。因此，回報應該是——我們的目標是相同的回報，而且我們認為我們不必改變這些。

Now if we earn a little bit less for our clients, if we don't earn 20%, and we are 19% or 18%, they're probably going to be happy. So -- but I would say we haven't really changed our returns. And with respect to what our clients pay us for what we're doing, they seem to be very happy with what we're doing, and I don't think we expect any changes in those arrangements.

現在，如果我們為客戶賺的錢少一點，如果我們賺的不是 20%，而是 19% 或 18%，他們可能會很高興。所以——但我想說我們並沒有真正改變我們的回報。就我們的客戶為我們所做的事情支付的費用而言，他們似乎對我們所做的事情非常滿意，我認為我們不希望這些安排發生任何變化。

Our next question comes from Mario Saric with Scotiabank.

我們的下一個問題來自豐業銀行的馬里奧·薩里奇。

Just on the fundraising side, it was noted in your prepared remarks that the outlook for 2020 remains pretty positive. Was that specifically referencing the earlier-than-anticipated launch of the next Oaktree distressed fund? And I guess, the follow-on question to that would be, is it too early in the crisis to be able to confidently reiterate your $100 billion flagship fundraising target you identified at your Investor Day last year?

僅在籌款方面，您在準備好的發言中指出，2020 年的前景仍然相當樂觀。這是專門指比預期更早推出下一個橡樹資本不良基金的情況嗎？我想，接下來的問題是，在危機中現在能夠自信地重申您在去年投資者日確定的 1000 億美元旗艦融資目標是否為時過早？

Yes. Look, I'll leave Nick to the second one because I'm not sure I have the specifics for you. But what I would say is the returns that we target within our funds, once we clear through the first part of these issues are highly attractive to our clients, and they're more attractive than they were before. And therefore, I guess, even on our open-ended strategies, which are fixed income supplements, I think they're going to be more attractive for our clients than they were before. And therefore, that plus our Oaktree franchise, plus the fact that we think money will go to work quicker than we might otherwise have expected, and we'll be back out fundraising quicker than we would have otherwise thought. All of those things taken in mean we have a much more positive backdrop to fundraising and deployment than we had 12 months ago.

是的。聽著，我將把尼克留給第二個，因為我不確定我是否有適合您的具體信息。但我想說的是，一旦我們解決了這些問題的第一部分，我們基金的目標回報對我們的客戶就非常有吸引力，而且比以前更具吸引力。因此，我想，即使是我們的開放式策略（即固定收益補充劑），我認為它們對我們的客戶也將比以前更具吸引力。因此，加上我們的橡樹資本特許經營權，再加上我們認為資金會比我們預期的更快地發揮作用，我們將比我們想像的更快地退出籌款。所有這些因素都意味著我們在籌款和部署方面擁有比 12 個月前更加積極的背景。

Yes. Mario, I think that's right. I think so -- I think to Bruce's point on the -- your question is right, the Oaktree fundraising is probably happening sooner than we would have expected. So that's just a timing shift in $100 billion we would have presented. And then for the balance, I think we remain very optimistic that it's achievable over the time line we laid out at Investor Day last year.

是的。馬里奧，我想是的。我認為是的——我認為布魯斯的觀點是——你的問題是正確的，橡樹資本的籌款可能比我們預期的要早。因此，這只是我們提出的 1000 億美元的時間轉變。然後就平衡而言，我認為我們仍然非常樂觀，認為它可以在我們去年投資者日制定的時間表內實現。

Perfect. Okay. And my second question, just in -- with respect to the recovery, there's been a lot of discussion in the media about BBU's socials and kind of characterizing the recovery. And there's also been some articles about a potential kind of inflationary environment coming out of this. So I'd just be interested to hear Brookfield's base case thoughts on what a recovery could look like coming out of here and kind of the structural implications for long-term global employment and inflation.

完美的。好的。我的第二個問題，關於復蘇，媒體上有很多關於 BBU 社交活動和復蘇特徵的討論。還有一些關於由此產生的潛在通脹環境的文章。因此，我只是有興趣聽聽布魯克菲爾德關於經濟復甦的基本情景想法，以及對全球長期就業和通脹的結構性影響。

Look, it's Bruce. And I'd just say, we don't -- as you know, we don't profess to have any great insights on economic developments globally. What we do is buy assets which are contracted in nature or will be -- can be turned into contracted-in-nature assets and earn cash flow returns over the long term. We try to buy them with a margin of safety, as simple as I can state it. And we think those are highly attractive in whatever environment we're in. There's no doubt the environment, we're going to be in it for a while, and we've been saying this for a long time, but it is more evident today is we're going to be in a low interest rate environment for a while. It's possible at some point in time that in the future -- way out in the future, that interest rates go up because of inflationary things. And -- but I think our -- the type of assets we have for the next 5 to 10 years are a very attractive asset class to be in.

看，這是布魯斯。我只想說，正如你所知，我們並不聲稱對全球經濟發展有任何深刻的見解。我們所做的是購買本質上是契約性的或將要轉化為契約性資產的資產，並在長期內賺取現金流回報。我們嘗試以安全邊際購買它們，就像我可以說的那樣簡單。我們認為無論我們身處什麼環境，這些都非常有吸引力。毫無疑問，環境，我們將在其中呆一段時間，我們已經這麼說了很長時間，但它更明顯今天我們將處於低利率環境一段時間。在未來的某個時間點，利率可能會因為通貨膨脹而上升。而且，但我認為，我們在未來 5 到 10 年擁有的資產類型是非常有吸引力的資產類別。

(Operator Instructions) Our next question comes from Bill Katz Citigroup.

（操作員說明）我們的下一個問題來自比爾·卡茨（Bill Katz）花旗集團。

Okay. Just for the follow up. Just big picture, Bruce, perhaps for yourself, going back to your Investor Day as well. The other interesting data point you sort of offered was allocations rising to about 60-some-odd percent in certain cases. Perhaps too fluid, just given the immediacy of what's been happening with the COVID-19, but how do you sort of see that -- the slope of that? Is that something that gets pushed out a little bit? Is that something that gets accelerated somewhat? I appreciate that the asset rotation from fixed income to real assets makes a lot of sense. But more structurally, would you be a net beneficiary of these changes? Or is it a push?

好的。只是為了後續。布魯斯，只是大局觀，也許是為了你自己，也回到你的投資者日。您提供的另一個有趣的數據點是，在某些情況下，分配率上升到大約 60% 左右。考慮到 COVID-19 所發生的事情的即時性，也許太不穩定了，但您如何看待這一情況——其斜率？那是不是有點被推出了？這是不是有些加速了？我認為從固定收益到實物資產的資產輪換很有意義。但從結構上來說，您會成為這些變化的淨受益者嗎？還是說是推？

Look, I would -- I think what the question is -- and if I don't answer it correctly, please ask again. But I think that our view has been -- and based off of our discussions with clients and our interactions with them, is that institutions have been and will be pushing towards alternatives very significantly. They have been doing it for 10, 15 years, and they will be doing it for the next 10 years. And allocations push from 0 to 5 to 10 to 15 to 20. They were originally, we said going to 40, and then we said they'd eventually get to 60. I think today, where interest rates are, it's possible they're -- they get to that 60 quicker. It's possible that some institutions take them far higher than 60. Remember, you can't -- if you're trying to earn 8%, you can't do it owning a Treasury bill at 0. And all Treasury bills in the United States out to 20 or 30 years are 0 in every country in the world other than a few emerging economies. So it's not it's not possible to earn your returns that you need without these type of products within the fund. And therefore, increasingly, that will be happening. And I -- what I would say is, leave aside the short-term effects of what's going on right now, if we stay in this low interest rate environment, which I think we will, the allocations are going higher.

聽著，我想——我想問題是什麼——如果我沒有正確回答，請再問一次。但我認為，基於我們與客戶的討論以及與他們的互動，我們的觀點是，機構已經並將非常大力地推動替代方案。他們已經這樣做了10年、15年，而且他們還將在未來10年這樣做。分配從 0 推到 5 到 10 到 15 到 20。最初我們說要達到 40，然後我們說最終會達到 60。我認為今天，利率在哪裡，有可能是——他們更快地到達 60。有些機構可能會將其視為遠高於 60 的匯率。請記住，您不能——如果您想賺取 8%，則無法以 0 的價格持有國庫券。以及美國的所有國庫券除了少數新興經濟體之外，世界上每個國家的20年或30年的國家都是0。因此，如果基金內沒有這些類型的產品，並不是不可能獲得您所需的回報。因此，這種情況將會越來越多地發生。我想說的是，撇開目前正在發生的事情的短期影響不談，如果我們保持這種低利率環境（我認為我們會這樣做），那麼配置將會更高。

(Operator Instructions) And I'm not showing any further questions at this time. I'd like to turn the call back over to Suzanne.

（操作員說明）我目前不會提出任何進一步的問題。我想把電話轉回蘇珊娜。

Thank you, operator. And with that, we will end today's call. Thank you, everyone, for joining.

謝謝你，接線員。我們就這樣結束今天的通話。謝謝大家的加入。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。