Brookfield Corp (BN) 2023 Q1 法說會逐字稿

Hello, and welcome to the Brookfield Corporation First Quarter 2023 Conference Call and Webcast. (Operator Instructions)

您好，歡迎來到 Brookfield Corporation 2023 年第一季度電話會議和網絡廣播。 （操作員說明）

I would now like to hand the conference over to our first speaker, Ms. Angela Yulo, Vice President. Please go ahead.

我現在想把會議交給我們的第一位發言人，副主席 Angela Yulo 女士。請繼續。

Thank you, operator, and good morning. Welcome to Brookfield Corporation's First Quarter 2023 Conference Call. On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, President of Brookfield Corporation; and Brian Kingston, Chief Executive Officer 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 real estate business. After our formal comments, we'll turn the call over to the operator and take analyst questions. In order to accommodate all those who want to ask questions, we ask that you refrain from asking more than two questions.

謝謝接線員，早上好。歡迎來到 Brookfield Corporation 2023 年第一季度電話會議。今天接聽電話的是我們的首席執行官 Bruce Flatt； Brookfield Corporation 總裁 Nick Goodman；以及我們房地產業務的首席執行官 Brian Kingston。 Bruce 將首先介紹業務更新，然後 Nick 將討論我們本季度的財務和運營結果。最後，Brian 將介紹我們房地產業務的最新情況。在我們正式發表評論後，我們會將電話轉給接線員並回答分析師的問題。為了容納所有想提問的人，我們要求您不要問兩個以上的問題。

I would 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 laws. These statements reflect predictions of future events and trends and do not relate to historic events. They are 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經營業績時，我們可能會做出前瞻性陳述，包括適用的加拿大和美國證券含義內的前瞻性陳述法律。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.

有了這個，我會把電話轉給布魯斯。

Thank you, Angela, and welcome to everyone on the call. Results for the quarter were very strong. Distributable earnings before realizations were $945 million in the quarter and $4.3 billion for the last 12 months, up 15% and 24%, respectively. On a comparable basis year-over-year when you take into account the distribution of 25% of the manager back in December. We continue to see strong performance in our asset management business and our insurance business continues to build scale with earnings benefiting from an attractive investment backdrop.

謝謝你，安吉拉，歡迎來電的每一個人。該季度的業績非常強勁。本季度實現前的可分配收益為 9.45 億美元，過去 12 個月為 43 億美元，分別增長 15% 和 24%。考慮到去年 12 月 25% 的經理人的分配情況，同比可比。我們繼續看到我們的資產管理業務表現強勁，我們的保險業務繼續擴大規模，收益受益於有吸引力的投資背景。

Earnings from our operating businesses are also strong, underlining the quality of our assets and companies, growing nearly 25% on a comparable basis over the last 12 months across our renewal power and transition, infrastructure and private equity businesses. And in contrast to what you may be reading in the headlines, our real estate business continues to demonstrate its quality and resilience. Brian Kingston will spend more time on this in his remarks.

我們運營業務的收益也很強勁，突顯了我們的資產和公司的質量，在過去 12 個月中，我們的更新電力和轉型、基礎設施和私募股權業務的可比增長近 25%。與您在頭條新聞中閱讀的內容相反，我們的房地產業務繼續展示其質量和彈性。 Brian Kingston 將在他的發言中花更多時間討論這個問題。

Focusing first on the market environment. One of the fastest rate hiking cycles in history appears to have achieved its primary objective with inflation currently in the process of abating. While for much of the world, it remains above where many central banks want it. It is tracking lower, reducing the risk of rates going much higher than today's levels. Despite overall borrowing rates being low-ish in a historical context, rates rising so quickly has had some unintended consequences, as we are all seeing in the U.S. regional banking sector.

首先關注市場環境。歷史上最快的加息週期之一似乎已經實現了其主要目標，目前通脹正在減弱。儘管在世界大部分地區，它仍然高於許多中央銀行想要的水平。它正在走低，降低了利率遠高於今天水平的風險。儘管在歷史背景下總體借貸利率處於低位，但利率上升如此之快產生了一些意想不到的後果，正如我們在美國地區銀行業所看到的那樣。

While the immediate actions taken by governments and central banks appear to have isolated these issues and prevented a broader crisis of confidence. Recent events have led to a further tightening of financial conditions, making capital scarcer and more expensive for many. The strength of our franchise is and always will be underpinned by a significant capital base that is conservatively capitalized with high levels of liquidity, and access to many different sources of capital. That has always been the great differentiator of our business, and in the current market, this advantage is even more pronounced.

雖然政府和中央銀行立即採取的行動似乎已經孤立了這些問題並防止了更廣泛的信任危機。最近發生的事件導致金融狀況進一步收緊，使許多人的資本變得更加稀缺和昂貴。我們特許經營權的實力一直以來都將得到強大的資本基礎的支持，該資本基礎保守地資本化，具有高水平的流動性，並且可以獲得許多不同的資本來源。這一直是我們業務的巨大差異化因素，而在當前市場中，這種優勢更加明顯。

We have the scale and flexibility to navigate our existing portfolio through tougher, tighter credit conditions and liquidity and access to capital to focus on growth, when many others cannot. Bottom line, this will allow us to emerge from all of this once again much stronger.

我們擁有規模和靈活性，可以通過更嚴格、更緊縮的信貸條件和流動性來駕馭我們現有的投資組合，並獲得資本以專注於增長，而其他許多人則做不到。最重要的是，這將使我們能夠再次從這一切中脫穎而出，變得更加強大。

As we look ahead, we see a number of opportunities to put our vast resources to work. On our call yesterday for Brookfield Asset Management, we talked about the opportunities to accelerate growth for our asset management franchise. Highlighting the great opportunities we see in distressed debt, private credit more broadly, and an opportunity to acquire great businesses at fair prices in the public markets today. While those opportunities help our manager to accelerate its growth and we at Brookfield Corporation have committed large sums of our balance sheet capital to each. I'll focus my remarks today, on a couple of opportunities we are seeing in the rest of our business.

展望未來，我們看到了很多機會，可以將我們豐富的資源發揮作用。在我們昨天與 Brookfield Asset Management 的電話會議上，我們談到了加速我們資產管理業務增長的機會。強調我們在不良債務、更廣泛的私人信貸中看到的巨大機遇，以及在當今公開市場上以公平價格收購優秀企業的機會。雖然這些機會幫助我們的經理加速增長，但我們在布魯克菲爾德公司已經為每個機會投入了大量的資產負債表資本。今天我將重點關注我們在其他業務中看到的幾個機會。

First, insurance growth. Our insurance business is benefiting from the same tailwinds, we are seeing in private credit. And we continue to invest our existing assets at yields well in excess of the cost of our liabilities. On a strategic level, we are also seeing opportunities on the M&A front to meaningfully add to the size and scope of the business. Today, our insurance business oversees $45 billion of assets and generates approximately $700 million net of annualized distributable earnings.

一是保險增長。我們的保險業務也受益於同樣的順風，我們在私人信貸中看到了這一點。我們繼續以遠遠超過負債成本的收益率投資現有資產。在戰略層面上，我們也在併購方面看到了顯著擴大業務規模和範圍的機會。今天，我們的保險業務管理著 450 億美元的資產，產生了約 7 億美元的年化可分配收益淨額。

We have excess capital that we plan to use to further drive transactions, such as the recently announced acquisition of Argo Group. We expect to close that transaction by the end of the year, adding a further $4 billion of insurance assets to the portfolio. We're excited by the prospects of continuing to grow this business, while staying disciplined to earn excellent returns on capital while doing so.

我們有多餘的資金，計劃用於進一步推動交易，例如最近宣布的對 Argo Group 的收購。我們預計在今年年底前完成該交易，為投資組合再增加 40 億美元的保險資產。我們對繼續發展這項業務的前景感到興奮，同時保持紀律以在這樣做的同時獲得豐厚的資本回報。

Second, we expect to find opportunity not just in the debt markets related to real estate, but also selectively acquiring portfolios of assets. Brian will provide a more detailed update on our real estate business. But I'll say just that it is worth emphasizing that the real estate business that we have built, over the last 40 years is focused on owning the highest quality assets in all categories.

其次，我們預計不僅會在與房地產相關的債務市場中找到機會，而且還會有選擇地收購資產組合。 Brian 將更詳細地介紹我們的房地產業務。但我要說的是，值得強調的是，我們在過去 40 年中建立的房地產業務專注於擁有所有類別中最優質的資產。

On top of this, and maybe most importantly, our vast capital resources and highly diversified global business always allows us to emerge from a downturn in a more dominant and powerful position. Sudbury, specifically, single industry participants just do not have the resources that we have, and therefore, the opportunities come to us. So, while others in this environment possibly are having to be more defensive, we are looking ahead to what could be a significant opportunity to acquire great real estate at fractions of long-term intrinsic value where some do not have the staying power.

最重要的是，也許最重要的是，我們龐大的資本資源和高度多元化的全球業務始終使我們能夠以更具優勢和更強大的地位走出低迷。薩德伯里，具體來說，單一行業參與者只是沒有我們擁有的資源，因此，機會來了。因此，雖然處於這種環境中的其他人可能不得不更具防禦性，但我們期待著一個重要的機會，即以長期內在價值的一小部分收購大型房地產，而有些人則沒有持久力。

We are currently raising our fifth real estate flagship fund. And when combined with our large capital resources at Brookfield Corporation, we have significant firepower to potentially acquire some exceptional real estate.

我們目前正在募集第五隻房地產旗艦基金。當結合我們在 Brookfield Corporation 的大量資本資源時，我們擁有強大的火力來潛在地收購一些特殊的房地產。

Third, and not least, buybacks. Given the trading levels of our shares, which we believe represents a significant discount to the intrinsic value of the business, we are continuing to allocate capital to buybacks of our Class A shares in the open market. We acquired close to $300 million in the first quarter, and we'll continue to opportunistically do so, when we see such a large discount to intrinsic value.

第三，同樣重要的是，回購。鑑於我們股票的交易水平，我們認為這代表了對業務內在價值的重大折讓，我們將繼續分配資金以在公開市場上回購我們的 A 類股票。我們將在第一季度收購近 3 億美元，並且當我們看到內在價值有如此大的折扣時，我們會繼續機會主義地這樣做。

It may also interest you that we and me as individuals continue to buy more Brookfield Corporation's shares and have acquired over $100 million of Brookfield Corporation shares in the open market since the distribution of our manager. This should tell you something.

您可能還感興趣的是，我們和我作為個人繼續購買更多 Brookfield Corporation 的股票，並且自從我們的經理分配以來已經在公開市場上獲得了超過 1 億美元的 Brookfield Corporation 股票。這應該告訴你一些事情。

All opportunities that I highlight have the potential to accelerate the growth of each of our businesses. They could also lead to new investment verticals for Brookfield that will further diversify and globalize the business, but also provide innovative ways for our clients and partners to invest with us. We have a long history of successfully, investing through many cycles and our deep resources mean that we should be able to capitalize on the investment opportunities, that may inevitably present themselves during this period of time.

我強調的所有機會都有可能加速我們每項業務的增長。它們還可能為 Brookfield 帶來新的投資垂直領域，這將進一步實現業務多元化和全球化，同時也為我們的客戶和合作夥伴提供創新的方式來與我們一起投資。我們有著悠久的成功歷史，經歷過許多周期的投資，我們深厚的資源意味著我們應該能夠利用這段時間可能不可避免地出現的投資機會。

As always, thank you for your continued support and interest in overall Brookfield. I will now, turn the call over to Nick.

一如既往，感謝您對整個 Brookfield 的持續支持和興趣。我現在將把電話轉給尼克。

Thank you, Bruce, and good morning, everyone. Financial results were strong in the first quarter, supported by the growth and resilience of our franchise, with each of our businesses performing well, generating stable and growing cash flows, in line with our objective of creating long-term wealth for all of our stakeholders. As Bruce mentioned, distributable earnings, or DE, before realizations were $945 million for the quarter and $4.3 billion over the last 12 months, up 15% and 24%, respectively, after adjusting for the special distribution of 25% of our asset management business that we completed in December last year. Total DE was $1.2 billion for the quarter and $5.2 billion over the last 12 months, respectively, with net income of $424 million and $2.7 billion, over those respective periods.

謝謝你，布魯斯，大家早上好。第一季度的財務業績在我們特許經營業務的增長和彈性的支持下表現強勁，我們的每項業務都表現良好，產生穩定且不斷增長的現金流，這符合我們為所有利益相關者創造長期財富的目標.正如 Bruce 提到的那樣，在對我們資產管理業務 25% 的特別分配進行調整後，本季度實現前的可分配收益或 DE 為 9.45 億美元，過去 12 個月為 43 億美元，分別增長 15% 和 24%我們在去年 12 月完成的。本季度總 DE 為 12 億美元，過去 12 個月為 52 億美元，淨收入分別為 4.24 億美元和 27 億美元。

Now turning to the operating results. Our asset management business continues to perform well, delivering another quarter of strong results. Distributions from our asset management business were $678 million in the quarter, up 15% year-over-year, benefiting from continued strong fundraising, which led to inflows of $19 billion year-to-date and almost $100 billion over the past 12 months. The outlook for 2023 and beyond remains very strong with each of our flagship funds, either currently in the market or expected to be so later this year and our complementary offerings, raising and deploying capital.

現在轉向經營業績。我們的資產管理業務繼續表現良好，再創四分之一的強勁業績。我們資產管理業務的分配在本季度為 6.78 億美元，同比增長 15%，這得益於持續強勁的籌資活動，導致今年迄今流入 190 億美元，過去 12 個月流入近 1000 億美元。 2023 年及以後的前景仍然非常強勁，我們的每隻旗艦基金（無論是目前在市場上還是預計在今年晚些時候上市）以及我們的補充產品、籌集和部署資本。

Our insurance solutions business had a very strong quarter and contributed meaningfully to our earnings, generating distributable operating earnings of $145 million in the quarter and $520 million over the last 12 months, significantly higher than the comparative periods. The business continues to benefit from the redeployment of its liquid short duration investment portfolio into assets earning higher risk-adjusted returns.

我們的保險解決方案業務有一個非常強勁的季度，對我們的收益做出了有意義的貢獻，本季度產生了 1.45 億美元的可分配營業收入，過去 12 個月產生了 5.2 億美元，顯著高於同期。該業務繼續受益於將其流動性短期投資組合重新部署到風險調整後收益更高的資產中。

During the first quarter alone, our insurance business redeployed an additional nearly $2 billion across our portfolio, an average yield of almost 9%, with the average investment book yield now approximately 5%, supporting liabilities with an average cost of 3%. This business now generates annualized earnings of $700 million. And looking forward with the significant investment opportunities we see, we remain on track to grow annualized earnings to $800 million by the end of the year.

僅在第一季度，我們的保險業務就在我們的投資組合中額外重新部署了近 20 億美元，平均收益率接近 9%，平均投資賬面收益率現在約為 5%，支持平均成本為 3% 的負債。該業務現在的年收益為 7 億美元。展望我們看到的重大投資機會，我們仍有望在年底前將年化收益增長到 8 億美元。

Distributions from our operating businesses were $304 million in the quarter and $1.5 billion over the last 12 months. The growth in cash distributions received from our renewable power and transition, infrastructure and private equity businesses were supported by strong underlying earnings growth. In aggregate, over the past 12 months, these businesses have increased their operating earnings by 25%, and we expect to see continued strong growth from these businesses given the essential services they provide, the inflation linkage in the revenues and the high cash margins they generate.

我們運營業務的分配在本季度為 3.04 億美元，在過去 12 個月中為 15 億美元。我們的可再生能源和轉型、基礎設施和私募股權業務收到的現金分配增長受到強勁的基礎收益增長的支持。總的來說，在過去的 12 個月裡，這些企業的營業收入增加了 25%，我們預計這些企業將繼續強勁增長，因為它們提供的基本服務、收入與通脹的聯繫以及它們的高現金利潤率產生。

Distributions from our real estate business were stable with strong net operating income performance across the portfolio being offset by higher interest rates on floating rate financings. Brian will speak to our real estate portfolio in more detail, but it is important to remember that as rates plateau and eventually come down, the continued compounding growth of our operating cash flows will more than offset the sharp onetime rise in rates.

我們房地產業務的分配穩定，整個投資組合的強勁淨營業收入表現被浮動利率融資的較高利率所抵消。布賴恩將更詳細地談論我們的房地產投資組合，但重要的是要記住，隨著利率趨於平穩並最終下降，我們經營現金流的持續複合增長將足以抵消利率的急劇上升。

Performance was particularly strong in our prime retail and office assets with same-store NOI growing by 5% over the last 12 months, which reflects the strong underlying fundamentals for our best-in-class assets. This is good for our results and great for our values. Remember that rates rise once but our cash flows keep compounding.

我們的主要零售和辦公資產表現尤為強勁，同店 NOI 在過去 12 個月中增長了 5%，這反映了我們同類最佳資產的強勁基本面。這有利於我們的結果，也有利於我們的價值觀。請記住，利率上升一次，但我們的現金流量會不斷增加。

Moving on to monetization activity more broadly. We continue to see a strong appetite for the cash generating real assets and businesses that we own. For instance, during the quarter, we closed the sale of a hospitality investment in the U.S. for over $800 million, returning a 2x multiple of capital. Total accumulated unrealized carried interest now stands at $9.4 billion, with $8.3 billion of that directly owned by Brookfield Corporation, and we expect to realize over $500 million of realized carried interest into income this year.

繼續更廣泛地進行貨幣化活動。我們繼續看到對我們擁有的產生現金的實物資產和業務的強烈需求。例如，在本季度，我們以超過 8 億美元的價格出售了美國的一項酒店投資，返還了 2 倍的資本。累計未實現附帶權益總額目前為 94 億美元，其中 83 億美元由 Brookfield Corporation 直接擁有，我們預計今年將實現超過 5 億美元的已實現附帶權益計入收入。

During the quarter and over the last 12 months, we have been allocating our retained cash flow to enhance the value of our business. In the quarter, we have reinvested over $1 billion back into the business predominantly into our private funds, which have a strong track record of earning excellent returns over the long term. On top of that, we returned $404 million to shareholders through regular dividends and share repurchases. Our share buybacks totaled nearly $300 million in the quarter and $746 million, over the last 12 months. We will continue to opportunistically repurchase shares when they are undervalued. Weighing that use of capital against the investment opportunities that we see ahead, as highlighted by Bruce. In summary, the overall earnings power of our business remains incredibly strong and well-positioned to deliver growth and compound value, over the long term.

在本季度和過去 12 個月中，我們一直在分配留存現金流以提升我們的業務價值。在本季度，我們已將超過 10 億美元的資金重新投資到業務中，主要是我們的私募基金，這些基金在長期賺取豐厚回報方面有著良好的記錄。除此之外，我們還通過定期派息和股票回購向股東返還了 4.04 億美元。本季度我們的股票回購總額接近 3 億美元，過去 12 個月回購總額為 7.46 億美元。當股票被低估時，我們將繼續機會主義地回購股票。正如 Bruce 強調的那樣，將資本的使用與我們看到的未來投資機會進行權衡。總而言之，從長遠來看，我們業務的整體盈利能力仍然非常強勁，並且有能力實現增長和復合價值。

Outside of our financial results, I also want to briefly speak to the strength of our balance sheet, liquidity and access to capital and how our funding model that we have developed over the past 25 years is serving us a significant competitive advantage in this environment. At the end of the first quarter, we had group-wide liquidity of $113 billion, which includes $5.3 billion of corporate liquidity at BN made up of $2.8 billion of cash and financial assets and $2.5 billion of undrawn credit lines. In addition, we have one of the world's largest pools of discretionary capital, with an approximately $135 billion balance sheet, comprised mostly of liquid assets against which we borrow only a modest amount of corporate debt of $12 billion.

除了我們的財務業績，我還想簡要談談我們資產負債表的實力、流動性和獲得資本的渠道，以及我們在過去 25 年中開發的融資模式如何在這種環境下為我們提供顯著的競爭優勢。第一季度末，我們整個集團的流動資金為 1130 億美元，其中包括 BN 的 53 億美元企業流動資金，包括 28 億美元的現金和金融資產以及 25 億美元的未提取信貸額度。此外，我們擁有世界上最大的可自由支配資本池之一，資產負債表約為 1350 億美元，主要由流動資產組成，我們僅借入少量公司債務 120 億美元。

This conservatively capitalized balance sheet gives us tremendous flexibility to execute on opportunities that inevitably arise. In conjunction with our strong liquidity and conservative balance sheet, we also take a very disciplined approach to financing. Each of our assets and businesses, setting them up to be resilient through cycles. As Brian will discuss, we inevitably have certain circumstances that will require extra attention but in those circumstances, we are committed to acting responsibly and preserving our strong reputation in the capital markets, that we have developed over many years. This allows us to maintain strong access to capital which is crucial to the success of our business and our ability to grow.

這種保守資本化的資產負債表為我們提供了巨大的靈活性來執行不可避免出現的機會。結合我們強大的流動性和保守的資產負債表，我們還採取非常嚴格的融資方式。我們的每項資產和業務都設置為在周期中具有彈性。正如 Brian 將討論的那樣，我們不可避免地會遇到某些需要特別注意的情況，但在這些情況下，我們致力於負責任地行事並維護我們多年來在資本市場上建立起來的良好聲譽。這使我們能夠保持強大的資本獲取渠道，這對我們的業務成功和增長能力至關重要。

In just the last few weeks, during the market volatility and tighter financial conditions, we've transacted in over $20 billion of financings across our business, whether it be refinancing a hospitality asset in the U.K. that was 3x oversubscribed at a lower rate than the previous financing. A large refinancing at our advanced energy storage business, we were able to reduce pricing and add duration to the debt or the significant issuances we recently did associated with the origin and tried in transactions. These financings are examples of how our continued -- our continued access to capital, which is not the case for everyone right now, and is a key differentiator of our franchise. Time and time again, our funding model with layers of returning capital has ensured that in periods of less robust liquidity, we not only survive, we thrive, emerging from each period in better shape than we entered it. We are confident that this period of volatility will be no different.

就在過去幾週，在市場動盪和金融條件趨緊的情況下，我們在整個業務範圍內進行了超過 200 億美元的融資交易，無論是對英國的酒店資產進行再融資，該資產的超額認購率低於美國的 3 倍之前的融資。通過對我們先進的儲能業務進行大量再融資，我們能夠降低定價並增加債務期限或我們最近進行的與起源相關的重大發行並在交易中進行了嘗試。這些融資是我們如何繼續——我們繼續獲得資本的例子，現在並不是每個人都這樣，這是我們特許經營權的一個關鍵區別。一次又一次，我們具有多層回報資本的融資模式確保了在流動性不那麼強勁的時期，我們不僅生存下來，而且蓬勃發展，從每個時期都比我們進入時更好。我們相信，這段波動時期不會有什麼不同。

Before finishing my remarks, I also want to mention, that this represents the first full reporting quarter for the corporation, subsequent to the special distribution of 25% of our manager. Now that the manager is trading and reporting separately, we've taken this as an opportunity to evolve our public materials with a specific focus on enhancing disclosure on each of our businesses. By setting out the key performance metrics, value drivers and valuation methodology of each business, we believe that our disclosure will help in assisting you better assess the current and future performance potential of the corporation.

在結束我的發言之前，我還想提一下，這是繼我們經理 25% 的特別分配之後，公司的第一個完整報告季度。既然經理是分開交易和報告的，我們就以此為契機來改進我們的公共材料，特別側重於加強對我們每項業務的披露。通過列出每項業務的關鍵績效指標、價值驅動因素和估值方法，我們相信我們的披露將有助於幫助您更好地評估公司當前和未來的績效潛力。

Finally, I'm pleased to confirm that our Board of Directors has declared a quarterly dividend of $0.07 per share, payable at the end of June to shareholders of record at the close of business on May 31, 2023. Thank you for your time, and I'll now pass over to Brian.

最後，我很高興地確認，我們的董事會已宣布派發每股 0.07 美元的季度股息，該股息將於 6 月底支付給 2023 年 5 月 31 日營業時間結束時登記在冊的股東。感謝您的寶貴時間，我現在將交給布賴恩。

Thank you, Nick, and good morning, everyone. Given the volatility in markets and headlines around real estate, we thought it was worthwhile to provide you with our latest perspectives on real estate markets and what we're seeing on the ground. Hopefully, this will clear up some misconceptions that you may be reading in the news.

謝謝你，尼克，大家早上好。鑑於市場波動和房地產頭條新聞，我們認為有必要向您提供我們對房地產市場的最新觀點以及我們在實地看到的情況。希望這會消除您可能在新聞中讀到的一些誤解。

As a company, we've been successfully investing in real estate around the world for many, many decades. Our perspective comes from our team of almost 30,000 operating personnel in 30 countries. Operating over 7,000 properties in every sector of real estate. And this gives us unique insights in which most don't have access to.

作為一家公司，幾十年來，我們一直在世界各地成功地投資房地產。我們的觀點來自我們在 30 個國家/地區擁有近 30,000 名運營人員的團隊。在房地產的各個領域經營超過 7,000 處房產。這為我們提供了大多數人無法獲得的獨特見解。

By leveraging our underground data collected from our global operations, we're able to make unbiased assessments of individual properties in the broader real estate markets. This data is increasingly showing us, that real estate fundamentals are a tale of two cities. Fundamentals for high-quality real estate remains strong with many parts of the real estate market doing very well, including hotels, industrial properties, high-quality retail, premier office and multifamily residential.

通過利用我們從全球運營中收集的地下數據，我們能夠對更廣泛的房地產市場中的個別房產進行公正的評估。這些數據越來越多地向我們表明，房地產基本面是兩個城市的故事。優質房地產的基本面依然強勁，房地產市場的許多部分都表現良好，包括酒店、工業地產、優質零售、高級寫字樓和多戶住宅。

For example, our U.S. multifamily portfolio recorded 22% growth in cash flows last year. Our retail properties recorded their highest tenant sales ever, up 17% over 2019 levels, and rents in our logistics portfolio were up 22% on average, over the past 12 months. And contrary to what you may have read, high-quality office properties also continue to perform very well. Same-store net operating income for our core office properties were up 5% last year.

例如，我們的美國多戶家庭投資組合去年的現金流量增長了 22%。在過去的 12 個月裡，我們的零售物業租戶銷售額創下歷史新高，比 2019 年增長 17%，我們物流組合的租金平均上漲 22%。與您可能已經讀到的相反，高質量的辦公物業也繼續表現出色。我們核心辦公物業的同店淨營業收入去年增長了 5%。

On the other hand, certain segments of the property market, particularly commodity office buildings in weaker locations or secondary markets have underperformed. This is not a recent phenomenon. Even prior to the onset of the COVID pandemic, we saw office tenants increasingly gravitate toward newer, more modern office buildings and away from poorly located older products. Today, companies are seeking offices that foster collaboration, creativity and community among their workers. And to that end, modern office buildings have never been in higher demand. However, properties that don't provide these modern amenities are quickly becoming functionally obsolete, which has widened the gap in performance between premier and commodity real estate.

另一方面，房地產市場的某些部分，尤其是較弱地段或二級市場的商品寫字樓表現不佳。這不是最近才出現的現象。甚至在 COVID 大流行爆發之前，我們就看到寫字樓租戶越來越傾向於更新、更現代的辦公樓，而遠離位置不佳的舊產品。如今，公司正在尋找能夠促進員工協作、創造力和社區的辦公室。為此，現代辦公樓的需求從未如此高漲。然而，不提供這些現代化便利設施的房產在功能上很快就會過時，這擴大了優質房地產和商品房地產之間的性能差距。

Fortunately, the vast majority of our commercial portfolio is premier and as a result, continues to perform well. For example, despite a sluggish leasing market in New York City, we completed over 1 million square feet of leasing in the past 12 months, as the soon to be completed to Manhattan West. At rents there's 35% higher than those at one Manhattan West, which was leased just prior to the onset of the pandemic.

幸運的是，我們的絕大多數商業產品組合都是一流的，因此繼續表現良好。例如，儘管紐約市的租賃市場低迷，但我們在過去 12 個月內完成了超過 100 萬平方英尺的租賃，其中曼哈頓西區即將完成。租金比曼哈頓西區的租金高出 35%，後者是在大流行病爆發前出租的。

At another of our prime office buildings in Manhattan, we are actively seeking leases -- signing leases at over $200 per square foot to high-quality tenants. In fact, New York City's trophy building saw more leases signed at rents starting above $200 a square foot in 2022 than they have in the prior 5 years combined. In London, we're completing leases at over GBP 90 per square foot in a new soon-to-be opened office tower, which is a new high watermark for that submarket. And Brookfield Place Dubai is now 100% leased with rents that are almost double what we underwrote when we started the project.

在我們位於曼哈頓的另一座優質辦公樓中，我們正在積極尋求租約——以每平方英尺 200 美元以上的價格與優質租戶簽訂租約。事實上，紐約市的獎杯建築在 2022 年簽訂的租金起價超過每平方英尺 200 美元的租約比過去 5 年的總和還多。在倫敦，我們以每平方英尺 90 英鎊以上的價格完成了一座即將開業的新辦公樓的租賃，這是該子市場的新高水位線。 Brookfield Place Dubai 現在已 100% 出租，租金幾乎是我們啟動該項目時的兩倍。

In our view, premier properties are in a category of their own now, and should no longer be compared to traditional commodity office properties. Of course, not every property in our portfolio has been unaffected by recent volatility. When you own 7,000 properties, it's impossible not to make a few mistakes. To protect against these inevitable errors, and ensure that they always remain small mistakes, we've always financed each asset on a stand-alone nonrecourse basis. This means any problems with a particular property we do not affect other properties or businesses. We've had a few issues recently in our Los Angeles and Washington, D.C. portfolios due to market stress in those areas, but they're isolated incidents and discrete to those assets that do not -- and this does not impact our overall real estate business let alone Brookfield as a whole.

我們認為，優質物業現在屬於自己的類別，不應再與傳統的商品辦公物業相提並論。當然，並非我們投資組合中的所有房產都沒有受到近期波動的影響。當您擁有 7,000 處房產時，不可能不犯一些錯誤。為了防止這些不可避免的錯誤，並確保它們始終是小錯誤，我們始終在獨立無追索權的基礎上為每項資產提供資金。這意味著我們不會影響其他財產或業務的特定財產的任何問題。由於這些地區的市場壓力，我們最近在洛杉磯和華盛頓特區的投資組合中遇到了一些問題，但它們是孤立的事件，並且與那些沒有發生的資產無關——這不會影響我們的整體房地產業務更不用說整個布魯克菲爾德了。

We take pride in being a responsible borrower, and our track record in the capital market speaks to that. Our team was works closely with lenders to address issues that come up and they're typically from smaller assets that were acquired as part of larger portfolios. We've also been very diligent in staggering our debt maturities to ensure that we never have a large amount of debt coming due at any one time. We capitalized on strong debt capital markets over the past 2 years and have completed more than $12 billion of financing on our U.S. office portfolio alone, since March of 2020. As a result, we have minimal debt maturing this year, allowing us to focus on the long-term success of the real estate business.

我們以成為負責任的借款人而自豪，我們在資本市場上的往績證明了這一點。我們的團隊與貸方密切合作以解決出現的問題，這些問題通常來自作為較大投資組合的一部分而收購的較小資產。我們也一直非常努力地錯開我們的債務到期日，以確保我們永遠不會在任何時候有大量債務到期。我們利用過去 2 年強勁的債務資本市場，自 2020 年 3 月以來，僅美國辦公室投資組合就完成了超過 120 億美元的融資。因此，我們今年到期的債務很少，這使我們能夠專注於房地產業務的長期成功。

Another area of discussion in the press today is interest rates and their impact on real estate values. There are three basic inputs that go into a real estate value. The discount rate or unlevered return that an investor expects to earn. The terminal cap rate, which determines the exit value of the asset. And the cash flows that the investor expects to earn during their period of ownership. These -- the cash flows and the expected exit price are discounted back to a present value today to determine the value. When rates rise or fall, investors typically demand a higher or lower unlevered return, and this is reflected as a higher or lower discount rate. However, this relationship is not linear.

今天媒體討論的另一個領域是利率及其對房地產價值的影響。進入房地產價值的三個基本輸入。投資者期望獲得的貼現率或無槓桿回報。終端資本化率，決定資產的退出價值。以及投資者期望在其所有權期間獲得的現金流量。這些 - 現金流量和預期的退出價格被折現為今天的現值以確定價值。當利率上升或下降時，投資者通常要求更高或更低的無槓桿回報，這反映為更高或更低的貼現率。然而，這種關係不是線性的。

For example, in 2021, when we saw interest rates declined by almost 300 basis points, discount rates probably only moved by 50 or 60 basis points. This is because investors did not expect rates to remain at close to 0 for a long period of time, and it turns out they were right.

例如，在 2021 年，當我們看到利率下降了近 300 個基點時，貼現率可能只會移動 50 或 60 個基點。這是因為投資者並未預期利率會長期保持在接近 0 的水平，事實證明他們是對的。

Similarly, over the past year, as long-term interest rates rose by 300 basis points, discount rates moved up, but not more than 50 to 75 basis points, essentially to settle back to where they were prior to the pandemic. But that's not the full story. The reason that interest rates rose so dramatically over the past 12 months was due to the Federal Reserve's response to a dramatic spike in inflation.

同樣，在過去一年中，隨著長期利率上升 300 個基點，貼現率也上升，但不超過 50 至 75 個基點，基本上回到了大流行之前的水平。但這還不是全部。過去 12 個月利率上升如此之快的原因是美聯儲對通貨膨脹急劇上升的反應。

High-quality real estate is considered a good hedge against inflation, as it's typically able to increase its income in line with or sometimes in excess of inflation. Our valuations are now discounting higher cash flows than they were a year ago, which offset the impacts of higher discount rates and supports our real estate values. For example, the value of our LP investments increased by $600 million this quarter, due to increases in their operating cash flow. This $600 million was offset by a $300 million negative impact due to increases in discount rates and cap rates to reflect the current interest rate environment.

優質房地產被認為是抵禦通貨膨脹的良好對沖工具，因為它通常能夠增加與通貨膨脹一致或有時超過通貨膨脹的收入。我們的估值現在折現的現金流量高於一年前，這抵消了較高折現率的影響並支持我們的房地產價值。例如，本季度我們 LP 投資的價值增加了 6 億美元，這是由於其經營現金流的增加。這 6 億美元被 3 億美元的負面影響所抵消，這是由於為反映當前利率環境而提高貼現率和上限利率所致。

The net impact, however, is that our properties went up in value because the impact of higher cash flows more than offset the impact of higher interest rates. Higher inflation also means the cost to build new competing real estate has gone up significantly, making our existing properties even more valuable. So in summary, we're confident the property market will continue to offer compelling investment returns over the next several years across multiple sectors. In fact, we believe there is an opportunity to earn outsized returns, given the disconnect between what we are seeing on the ground and broad generalized statements in the press, as well as the scarcity of capital across financial markets.

然而，淨影響是我們的財產價值上升，因為現金流量增加的影響抵消了利率上升的影響。更高的通貨膨脹率也意味著建造新的競爭性房地產的成本大幅上升，使我們現有的房產更有價值。因此，總而言之，我們相信房地產市場將在未來幾年內在多個行業繼續提供令人信服的投資回報。事實上，鑑於我們在實地看到的情況與媒體廣泛概括的說法之間存在脫節，以及金融市場資金稀缺，我們相信有機會獲得超額回報。

Importantly, we have plenty of liquidity on our balance sheet to enable us to navigate any and all of these challenges on your behalf and take advantage of stress or distress, that we may see to generate the kind of returns that you've come to expect from Brookfield.

重要的是，我們的資產負債表上有充足的流動性，使我們能夠代表您應對所有這些挑戰，並利用壓力或困境，我們可能會看到產生您所期望的那種回報來自布魯克菲爾德。

As always, thank you for your continued support. And I will now pass the call over to the operator for questions.

一如既往，感謝您一直以來的支持。我現在將把電話轉給接線員提問。

(Operator Instructions) Our first question comes from the line of Sohrab Movahedi with BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO Capital Markets 的 Sohrab Movahedi。

Nick, thank you for the enhanced disclosure you've started to provide this quarter. I wanted to start off by just asking, maybe a bit more of a detailed question specific to the real estate portfolio. I think, the property value -- or property level loan to value, sorry, for the -- basically for the aggregated portfolio, I think you're reporting around 51%. But you have a footnote that says you're excluding about $7 billion or so of debt. What would the LTV be, if you included that $7 billion?

尼克，感謝您在本季度開始提供的增強型披露。我想先問，也許是針對房地產投資組合的更詳細的問題。我認為，財產價值——或財產級別的貸款價值，抱歉，對於——基本上是對於總投資組合，我認為你報告的是 51% 左右。但是你有一個腳註說你排除了大約 70 億美元左右的債務。如果包括那 70 億美元，LTV 會是多少？

Obviously, it takes the LTV higher probably from 50%, you can do the math probably up to the high 50s. But the point of that, Sohrab, is we're showing you the property level debt, so you can understand what the leverage looks like in the portfolio, the value and the quality of financings that were done -- and then if you remember in [BTY], we have corporate debts. We allocate it across the portfolio based on the duration of the investment. But it's a modest amount of additional leverage that we add, complementary to returns and is consistent with prior keeping, which you have to carve it up for the separate reporting.

顯然，LTV 可能會從 50% 提高到 50% 以上。但重點是，Sohrab，我們向您展示了財產層面的債務，這樣您就可以了解投資組合中的槓桿情況、已完成融資的價值和質量——然後如果您還記得[BTY]，我們有公司債務。我們根據投資期限將其分配到整個投資組合中。但這是我們添加的少量額外槓桿，與回報相輔相成，並且與之前的保持一致，你必須將其分割用於單獨的報告。

Okay. I appreciate that color. And then I guess -- my second question maybe for you and Bruce. I mean, ultimately, Brookfield Corporation, I think, is a capital allocator, and you talk about looking for opportunities to invest for long-term growth, but also, where there's this mispriced, I guess value. You've also talked about the disconnect between management's perception of intrinsic value and a market's valuation of your business. So I guess what I would like to know how much -- is how much wider would that discount have to be for you to view it as a meaningful capital deployment opportunity?

好的。我很欣賞那種顏色。然後我想——我的第二個問題可能是針對你和 Bruce 的。我的意思是，我認為最終，Brookfield Corporation 是一個資本配置者，你談論尋找投資機會以實現長期增長，而且，在定價錯誤的地方，我猜價值。您還談到了管理層對內在價值的看法與市場對您企業的估值之間的脫節。所以我想我想知道多少 - 折扣必須有多大才能讓您將其視為有意義的資本部署機會？

So I just -- if we take a step back and think about the business today, we're generating about $4 billion annualized cash flow at the corporation. And as we think about, how to allocate that cash flow, I guess what you're getting at -- is we have a couple of things in mind. One, we want to invest that capital to earn good returns and invest in areas that can enhance the overall broader franchise. And if you think, over the last couple of years, we've grown an insurance business, which is earning excellent returns on our capital is also facilitating the growth of our credit franchise in the business and benefiting the broader asset management and giving us tremendous flexibility in the organization. So we look at opportunities like that, and we see opportunity beyond just the return. Now obviously, where the share price is trading. It's a very attractive point today, and we're at the level, where we're already allocating a significant amount of capital over the last 12 months, getting closer to about 25% of free cash flow.

所以我只是 - 如果我們退後一步並考慮今天的業務，我們正在為公司產生約 40 億美元的年化現金流。當我們考慮如何分配現金流量時，我想你的意思是——我們有幾件事要考慮。第一，我們希望投資該資本以獲得良好的回報，並投資於可以增強整體更廣泛特許經營權的領域。如果你認為，在過去的幾年裡，我們發展了一項保險業務，它為我們的資本帶來了豐厚的回報，也促進了我們在該業務中信貸特許經營權的增長，並使更廣泛的資產管理受益，並給我們帶來了巨大的收益組織的靈活性。所以我們看這樣的機會，我們看到的不僅僅是回報。現在很明顯，股價在哪裡交易。今天這是一個非常有吸引力的點，我們處於這樣的水平，在過去的 12 個月裡我們已經配置了大量的資本，接近自由現金流的 25%。

So I'd say we're already allocating capital. And as the discount persists, we're obviously conscious that we have other areas in the portfolio where we could raise capital to think about doing something more significant. But it's very front of mind right now, and it's an important component of how we allocate on an ongoing basis.

所以我想說我們已經在分配資金了。隨著折扣的持續存在，我們顯然意識到我們在投資組合中還有其他領域可以籌集資金來考慮做一些更重要的事情。但它現在非常重要，它是我們如何持續分配的重要組成部分。

But, it would have to be wider discounts than this before you would take action?

但是，在您採取行動之前，必須要有比這更大的折扣？

Potentially, not necessarily. It's already trading at a big discount. It just depends on what's in front of us, and the capital available to us at that time.

可能，不一定。它已經以很大的折扣交易。這只是取決於我們面前的情況，以及當時我們可以使用的資金。

Our next question comes from the line of Geoffrey Kwan with RBC Capital Markets.

我們的下一個問題來自 Geoffrey Kwan 與 RBC Capital Markets 的對話。

Maybe just a follow-up on the -- just clarify, Nick, your comments on the capital allocation and the buyback. So would that mean something along the lines of it, there's an asset in the portfolio that might be monetized that could be a trigger to get you to be more active on the buyback. Is that the right way to think about it?

也許只是對 - 只是澄清一下，尼克，你對資本配置和回購的評論。那麼這是否意味著沿著它的路線，投資組合中有一種資產可能會被貨幣化，這可能會觸發讓你更積極地回購。這是正確的思考方式嗎？

Yes. Yes, that's right, Jeff.

是的。是的，沒錯，傑夫。

Okay. And just my second question, I just want to clarify, the number that was being talked about in terms of that 5% same-store NOI growth in office, is that all office? Or was that just trophy, or was it trophy and Class A -- because I'm just trying to understand, if it was just in the trophy what would that same store NOI be across the entire portfolio? Or if it was for just the entire portfolio, then I'm assuming it would probably bit higher for just the trophy assets.

好的。我的第二個問題，我只想澄清一下，關於辦公室同店 NOI 增長 5% 的數字，是所有辦公室嗎？或者那隻是獎杯，還是獎杯和 A 級——因為我只是想了解，如果它只是在獎杯中，整個投資組合中同一家商店的 NOI 是什麼？或者，如果它僅適用於整個投資組合，那麼我假設它可能僅適用於獎杯資產。

Yes, that 5%, Jeff, was for the core portfolio. So we had 5% growth in an LTM across course that would also include its core office, core retail at similar growth. The transitional and development business to NOI was largely flat year-over-year, which is also important because it also shows you that we have good quality asset portfolio in T&D. We just didn't have as much leasing activity because there was higher occupancy coming into that period.

是的，那 5%，Jeff，用於核心投資組合。因此，我們在整個過程中的 LTM 增長了 5%，其中還包括其核心辦公室、核心零售，增長速度相似。 NOI 的過渡和開發業務同比基本持平，這也很重要，因為它也表明我們在 T&D 擁有優質的資產組合。我們只是沒有那麼多的租賃活動，因為那個時期的入住率更高。

Our next question comes from the line of Cherilyn Radbourne with TD Securities.

我們的下一個問題來自道明證券的 Cherilyn Radbourne。

Just given the way the alternative manager space is consolidating, which you think would be accelerated by a more difficult fundraising environment. How likely, do you think it is that you'll be assisting the asset manager with a large transaction over the next 5 years to add to that franchise?

鑑於替代經理空間正在整合的方式，你認為更困難的籌款環境會加速整合。您認為在未來 5 年內您將協助資產經理進行大筆交易以增加該特許經營權的可能性有多大？

Cherilyn, listen, I think the asset manager, as you heard on the call, yesterday, the outlook for the organic growth of the manager is incredibly strong, still targeting to grow their business 15% to 20% a year. So I think, they have plenty of levers organically in that business to still deliver excellent returns. But your observation is right, there will be consolidation, maybe more constrained access to capital will be a catalyst for consolidation opportunities. I think, as we think about the manager, it would have to be something that's additive to the franchise.

Cherilyn，聽著，我認為資產經理，正如你昨天在電話中聽到的那樣，經理的有機增長前景非常強勁，仍然目標是每年將業務增長 15% 到 20%。所以我認為，他們在該業務中有機地擁有大量槓桿，仍然可以提供豐厚的回報。但你的觀察是正確的，會有整合，也許更受限制的資本獲取將成為整合機會的催化劑。我認為，當我們考慮經理時，它必須是對特許經營權的補充。

We have a global franchise market-leading in many areas. And so, it has to be something that is additive, like when we added Oaktree, where we had a gap for credit, we don't have many gaps today. But should something come along that's interesting, and it's a good cultural fit, then we could consider it, and the corporation would support the manager, if it needs that support.

我們在許多領域擁有全球領先的特許經營市場。因此，它必須是附加的東西，比如當我們添加 Oaktree 時，我們在信貸方面存在差距，而今天我們沒有太多差距。但是，如果出現了一些有趣的事情，並且很適合文化，那麼我們可以考慮，如果需要這種支持，公司會支持經理。

Okay. And then, I'd actually -- what's been said about the enhanced disclosure on real estate and insurance this quarter. That's very much appreciated. On insurance specifically, most of the liabilities currently relates to annuities, which you do have a bit of P&C exposure. So I was hoping you could just remind us and elaborate on the types of liabilities that you're comfortable underwriting? And how comfortable you would be going out a little further on the risk spectrum?

好的。然後，我實際上 - 關於本季度加強房地產和保險披露的說法。非常感謝。特別是在保險方面，目前大部分負債都與年金有關，你確實有一些財產和意外險風險。所以我希望你能提醒我們並詳細說明你願意承保的負債類型？在風險範圍內走得更遠一點，你會有多舒服？

Yes. Your observations are right. To date, it has been a largely life and annuity business, which is focusing on those stable, long-dated liabilities, with effectively no liquidity risk within them, that allows us to take those assets and invest in, would comfort over a long period of time and earn the kind of returns we're now earning. But as we broaden out the business and diversify it, we have through (inaudible) small P&C exposure. And with Argo, we will be adding another $4 billion, still small in the context of the overall portfolio. But it will introduce some flexibility into our investment options with lot shorter dated assets that maybe lend themselves to investment outside of credit.

是的。你的觀察是對的。迄今為止，它主要是人壽和年金業務，專注於那些穩定的長期負債，實際上沒有流動性風險，這使我們能夠獲得這些資產並進行投資，這將在很長一段時間內得到安慰的時間，賺取我們現在賺取的那種回報。但隨著我們擴大業務並使其多樣化，我們通過（聽不清）小的 P&C 敞口。而對於 Argo，我們將再增加 40 億美元，這在整個投資組合的背景下仍然很小。但它會給我們的投資選擇帶來一些靈活性，因為很多較短的資產可能適合信貸以外的投資。

It just gives us a bit more flexibility -- so I'd say, our risk tolerance is still low. We're still focused on buying businesses, even if it's in P&C, where we are comfortable with the risk. We're not taking undue insurance risk and introducing too much risk or volatility to the business. But we're enhancing our flexibility for investment. So we will look to stay low on the risk profile, but we will look to grow where we can enhance the franchise.

它只是給了我們更多的靈活性——所以我想說，我們的風險承受能力仍然很低。我們仍然專注於收購業務，即使是在我們對風險感到滿意的 P&C 領域。我們沒有承擔不當的保險風險，也沒有給企業帶來太多風險或波動。但我們正在提高投資的靈活性。因此，我們將尋求保持低風險，但我們將尋求在可以增強特許經營權的地方實現增長。

Our next question comes from the line of Mario Saric with Scotiabank.

我們的下一個問題來自 Mario Saric 與 Scotiabank 的對話。

So maybe a question for either Bruce or Brian. Bruce, you touched on the opportunity to acquire portfolios of real estate assets like good valuations, and you've also touched on kind of the bifurcation between premier quality and commodity. Given that bifurcation, is there a similar opportunity to dispose off assets that may be are about the assets -- but good assets, good returns? Or do you envision kind of real estate allocations rising on a net basis in the near term, given the (inaudible) market discount?

所以也許是 Bruce 或 Brian 的問題。布魯斯，你談到了收購房地產資產組合的機會，比如良好的估值，你也談到了一流品質和商品之間的分歧。鑑於這種分歧，是否有類似的機會來處置可能與資產有關的資產——但良好的資產，良好的回報？或者，鑑於（聽不清）市場折扣，您是否預計短期內房地產配置會以淨額增長？

Mario, it's Brian. Look, I think the way we think about the real estate exposure overall, obviously, as we're in, as I mentioned earlier, we're in 30 countries. And so -- not all of them are moving at exactly the same pace. A lot of our comments were sort of focused on what's happening here in the U.S., and I think that's the most topical right now. But we are seeing opportunities in some of our other markets around the world to continue to monetize assets at good value, right? And as you know, in our -- particularly in the opportunity business, the opportunity fund business, it's a lot about buying good assets substantially improving, making them great assets and then selling them at attractive returns.

馬里奧，是布萊恩。看，我認為我們考慮整體房地產風險的方式，顯然，就像我之前提到的那樣，我們在 30 個國家/地區。所以——並不是所有的人都以完全相同的速度前進。我們的很多評論都集中在美國這裡發生的事情上，我認為這是目前最熱門的話題。但我們在全球其他一些市場看到了繼續以良好價值將資產貨幣化的機會，對吧？正如你所知，在我們——尤其是在機會業務、機會基金業務中，很多都是關於購買大幅改善的優質資產，使它們成為優質資產，然後以有吸引力的回報出售它們。

So for example, we're in the process of monetizing a large office portfolio in India, right now that will be a very attractive cap rates relative to what we can see. So I think, the answer is we think there's going to be markets where there's more volatility and capital will be more scarce, and that's a great market to be buying in and allocating capital to, and some of our markets, there will be opportunities to take money off the table as well.

因此，例如，我們正在將印度的大型辦公室投資組合貨幣化，目前，相對於我們所看到的，這將是一個非常有吸引力的資本化率。所以我認為，答案是我們認為會有更多的市場波動，資本將更加稀缺，這是一個買入和配置資本的好市場，我們的一些市場將有機會也把錢從桌子上拿走。

Got it. And just as a follow-on, how should we think about the planned BN co-investment in (inaudible) versus traditional Brookfield investments, as a percentage of the fund?

知道了。作為後續行動，我們應該如何考慮計劃中的 BN 共同投資（聽不清）與傳統的布魯克菲爾德投資，作為基金的百分比？

We've historically been between 25% and 1/3 of all of those funds, and I would expect that would continue.

從歷史上看，我們佔所有這些資金的 25% 到 1/3，我希望這種情況會繼續下去。

Okay. And if I may, just one more clarification question for Nick. Just with respect to the realized carry this year, the target of $500 million, is that inclusive or exclusive of the $200 million generated this quarter?

好的。如果可以的話，再問尼克一個問題。就今年實現的收益而言，5 億美元的目標是包括還是不包括本季度產生的 2 億美元？

Realizing this quarter, that would be an inclusive number of this year, so a bit more sales activity. And remember, that carry is not necessarily reflective of sales activity because it has to be for assets or properties in funds that are through their preferred return to actually realize the carry, but that's our net projection number for this year, inclusive of Q1.

意識到本季度，這將是今年的包容性數字，因此銷售活動會更多一些。請記住，利差不一定反映銷售活動，因為它必須是基金中的資產或財產通過其優先回報才能實際實現利差，但這是我們今年的淨預測數字，包括第一季度。

Our next question comes from the line of Mike Brown with KBW.

我們的下一個問題來自 Mike Brown 與 KBW 的對話。

Okay. Great. So understanding you've got 7,000 properties, but I just wanted to hear a little bit more, about on the real estate business here, and just hear some additional thoughts there. And is there any way to think about, what's the potential risk to some of the carrying values there? What could trigger any write-downs? And then, as you look across the portfolio, are there any upcoming debt maturities that could be a challenge in this market? And how could you navigate some of the challenges in the financing markets right now?

好的。偉大的。所以我知道你有 7,000 處房產，但我只是想多聽聽一些關於這裡的房地產業務的信息，以及那裡的一些額外想法。有什麼方法可以考慮，其中一些賬面價值的潛在風險是什麼？什麼會觸發減記？然後，當您查看整個投資組合時，是否有任何即將到期的債務可能對這個市場構成挑戰？您如何應對目前融資市場的一些挑戰？

Yes. So I'll maybe do them in reverse order. On financing, as I mentioned in my comments, we -- all of our properties are financed on a nonrecourse asset-level basis. And we pay a lot of attention to maturity profiles and making sure that we've staggered those maturities. So, over the balance of this year, there really is nothing major that is coming due. It's a more challenging than normal environment. I think for groups like ourselves are large -- have relationships really across capital markets with banks, with insurance companies, with other institutional lenders, we have a lot of relationships that we can lean on to get those financings done, where others who are more concentrated in, let's just say, borrowing from regional banks or in particular markets, it may be a harder lift for them.

是的。所以我可能會以相反的順序進行。在融資方面，正如我在評論中提到的，我們所有的財產都是在無追索權資產水平的基礎上融資的。我們非常關注成熟度概況，並確保我們已經錯開這些成熟度。因此，在今年餘下的時間裡，確實沒有什麼大事要到期。這是一個比正常環境更具挑戰性的環境。我認為對於像我們這樣的大型集團來說——在資本市場上與銀行、保險公司、其他機構貸款機構建立了真正的關係，我們有很多關係可以依靠這些關係來完成這些融資，而其他人則更多集中在，讓我們說，從區域銀行或特定市場借款，這對他們來說可能更難提升。

So I think, it will be challenging for everyone, but we're not overly concerned over any maturities that we've got coming up this year, both as a result of the profile of them, but also just the depth of the relationships. And look, on valuations, again, as I mentioned, we are -- the biggest impact, obviously, from rising rates is the discount rates and cap rates that are being applied in valuations. We have been, like everyone else, adjusting those upwards. So our cap rates are higher today than our valuations higher today than they were a year ago. Discount rates are higher. But at the same time, we're seeing good growth in many of the real estate values and it somewhat offsets that.

所以我認為，這對每個人來說都將是一個挑戰，但我們並不過分擔心我們今年即將到來的任何到期日，這既是因為它們的概況，也是因為關係的深度。再看看估值，正如我提到的，我們 - 顯然，利率上升的最大影響是估值中應用的貼現率和資本化率。和其他人一樣，我們一直在向上調整這些。因此，我們今天的資本化率高於我們今天的估值高於一年前的估值。折扣率更高。但與此同時，我們看到許多房地產價值的良好增長，這在一定程度上抵消了這一點。

So look, I think the area where you always have risk on valuations is when you get into a no-growth environment with rates rising, and I don't think that's the situation we see ourselves in. As Nick mentioned, rates have risen pretty dramatically over the last year, but so have cash flows that have largely offset that. We think, we're nearing the end of rates going higher. They may not come lower for a while. But as long as they sit stable, the cash flow growth that we've had stays and continues to comp out.

所以看，我認為你總是面臨估值風險的領域是當你進入利率上升的無增長環境時，我認為這不是我們所處的情況。正如尼克提到的那樣，利率已經上升得很好去年大幅增長，但現金流量也大大抵消了這一點。我們認為，我們正接近利率走高的盡頭。他們可能暫時不會走低。但只要它們保持穩定，我們所擁有的現金流量增長就會保持並繼續計算。

So I think a long-winded way of saying, on valuations, we don't think there's major, major write-downs across the real estate sector more broadly. I think within certain sectors, certain markets, if you see performance falling off. So, vacancy is going up or rents coming down, then those types of assets or those types of owners of assets may see a larger impact on valuations. But I think when you have portfolios like ours that are largely fully occupied but continue to grow their cash flows each year. We don't see a big move in valuations.

因此，我認為一種冗長的說法是，在估值方面，我們認為整個房地產行業沒有更廣泛的重大減記。我認為在某些行業，某些市場，如果你看到業績下滑。因此，空置率上升或租金下降，那麼這些類型的資產或這些類型的資產所有者可能會對估值產生更大的影響。但我認為，當你擁有像我們這樣的投資組合時，這些投資組合基本上已被完全佔用，但每年的現金流量仍在繼續增長。我們沒有看到估值有大的變動。

Okay. Great. And then, if you could change gears and maybe another follow-up on the buyback commentary that you made, Nick. So you kind of talked about there might be some opportunities to monetize things in the portfolio and perhaps that could help the share buyback. One thought is could be -- that I've gotten as the -- given the asset manager trades at a very attractive valuation, is -- obviously, Brookfield Corp. continues to trade at a discount. Would there be a scenario where you would consider floating more of the manager, and then redeploy those proceeds into share buybacks at the Brookfield Corp. level to help close the gap to intrinsic value?

好的。偉大的。然後，尼克，如果你可以換檔，也許可以對你所做的回購評論進行另一次跟進。所以你談到可能有一些機會將投資組合中的東西貨幣化，也許這有助於股票回購。一個想法可能是 - 我已經得到 - 鑑於資產管理公司以非常有吸引力的估值進行交易，很明顯，布魯克菲爾德公司繼續以折扣價交易。是否會出現這樣一種情況，您會考慮讓更多的經理人浮動，然後將這些收益重新部署到布魯克菲爾德公司層面的股票回購中，以幫助縮小與內在價值的差距？

Look, I think the first objective of separately listing the manager was to create another strong access to capital optionality for the franchise. It's trading well. It's got really good access to capital that creates options for the manager, as it looks to grow. So we bear that in mind, as we think about our interest. But yes, it's trading well. We have many other things in the organization are also trading well. As Brian mentioned, core real estate, trading at great values. Infrastructure renewable. We have other things in the organization trading well. So, as we assess the portfolio, we have many different levers we could pull to surface capital to think about allocating that into buybacks for BN.

看，我認為單獨列出經理的第一個目標是為特許經營創造另一個強大的資本選擇權。它的交易很好。它有很好的資金渠道，可以為經理創造選擇，因為它看起來會增長。因此，當我們考慮我們的利益時，我們會牢記這一點。但是，是的，它的交易情況很好。我們在組織中還有很多其他事情也交易得很好。正如布賴恩所說，核心房地產的交易價值很高。基礎設施可再生。我們在組織中還有其他事情交易得很好。因此，當我們評估投資組合時，我們可以利用許多不同的槓桿來浮出水面資本，以考慮將其分配給國陣回購。

Is there any contractual restriction there to pursuing that?

追求這一點是否有任何合同限制？

There's none.

沒有。

Our next question comes from the line of Dean Wilkinson with CIBC.

我們的下一個問題來自 CIBC 的 Dean Wilkinson。

Hello. Real estate question from a different angle. Never want to waste the crisis, maybe that's too strong of a term. Are there opportunities out there to maybe acquire debt given what we're seeing with some of the regional bank issues and sort of looking at debt portfolios and opportunities to come at it from another way?

你好。另一個角度的房地產問題。永遠不想浪費危機，也許這個詞太過強烈了。考慮到我們在一些區域性銀行問題上看到的情況，以及從某種程度上審視債務組合和從另一種方式獲得的機會，是否有機會獲得債務？

The short answer, Dean, is yes. We do think that some of the things that are happening in the U.S. banking market generally are going to mean that many of these institutions will look to reduce their exposure. Obviously, one way for them to do that is wait for loans to mature, and then not renew them or have them refinanced the way, but another is for them to look to sell. And so, we do think there are a number of potentially force situations like with, say, a Signature Bank or some of the others that really got into trouble. But, I think more broadly across all of the banks, there may be opportunities to buy debt attractively from them.

Dean，簡短的回答是肯定的。我們確實認為，美國銀行市場正在發生的一些事情通常意味著這些機構中的許多人將尋求減少風險敞口。顯然，他們這樣做的一種方法是等待貸款到期，然後不再續籤或讓他們再融資，但另一種方法是他們尋求出售。因此，我們確實認為存在許多潛在的強制情況，例如簽名銀行或其他一些真正陷入困境的情況。但是，我認為更廣泛地說，所有銀行都可能有機會從他們那裡購買具有吸引力的債務。

Now, that may result in situations where you end up owning the asset. But in a lot of cases, it may just be acquiring debt and earning a good risk-adjusted return. And what's really interesting about, it is these are performing loans. There's nothing wrong with the underlying collateral, and you're still collecting it. The distress is with the current owner of that loan, and that's what's creating the pricing opportunity.

現在，這可能會導致您最終擁有該資產的情況。但在很多情況下，它可能只是獲得債務並獲得良好的風險調整後回報。真正有趣的是，這些是正在執行的貸款。底層抵押物沒有問題，你還在收集它。麻煩在於該貸款的當前所有者，這就是創造定價機會的原因。

Right. And would that be something that happened through Oaktree -- or would that go through sort of the BN balance sheet?

正確的。那會是通過橡樹資本發生的事情——還是會通過某種 BN 資產負債表發生？

All of the above. I think obviously, Oaktree is very active in that market and has a number of funds with capital to deploy as does Brookfield.

上述所有的。我認為顯然，Oaktree 在該市場非常活躍，並且擁有許多資金可以部署的基金，Brookfield 也是如此。

Our next question comes from the line of Andrew Kuske with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Andrew Kuske。

Given the group's success and just fundraising for third-party capital. Historically, you've had quite an evolution. And I'm not trying to be patronizing about it -- just the fundraising cycles. But you've always offered these co-investments to your larger clients. Given the fundraising success that you've had, does that still wind up being a key feature and a key value proposition for some of your clients?

鑑於集團的成功，剛好為第三方資本募資。從歷史上看，您已經取得了很大的進步。而且我並不是想對此表示光顧 - 只是籌款週期。但你一直向你的大客戶提供這些共同投資。鑑於您已經取得的籌款成功，這是否仍然是您的一些客戶的關鍵特徵和關鍵價值主張？

Absolutely, Andrew. Like I think, if you look at the recent transactions we've done of scale and quite a few of them, we have had significant co-invest. And, it is something that's very attractive to the clients. It's also something that's highly positive for our franchise because it allows us to pursue transactions of significant size with strong partners, who are investing long-dated capital. So; it's a benefit to our partners and the benefit to our franchise and our ability to continue to pursue scale growth.

當然，安德魯。就像我認為的那樣，如果你看看我們最近完成的規模交易，其中相當多的交易，我們進行了大量的共同投資。而且，這對客戶非常有吸引力。這對我們的特許經營權也是非常有利的，因為它使我們能夠與投資長期資本的強大合作夥伴進行大規模交易。所以;這對我們的合作夥伴和我們的特許經營權以及我們繼續追求規模增長的能力都有好處。

Okay. I appreciate the color. And then, maybe just continuing on our longer-term views on things and with the enhanced disclosure and the segregation between core and the transitional development categories in the real estate side. Maybe direct it to Brian, given he's on the call.

好的。我很欣賞這種顏色。然後，也許只是繼續我們對事物的長期看法，並加強披露以及房地產方面核心和過渡開發類別之間的隔離。也許直接給 Brian，因為他正在接聽電話。

Just maybe it's a philosophical question. Given we saw the negative FFO and the transitional development, is that somewhat expected just in the context of most of those assets, you've invested for turnaround potential and value enhancement. And so generally speaking, on a quarter-to-quarter basis, you may have weaker performance, but you're really playing for the redevelopment and the amplification of returns on a longer-term basis.

只是也許這是一個哲學問題。鑑於我們看到了負面的 FFO 和過渡性發展，在大多數這些資產的背景下，這在某種程度上是意料之中的，你已經投資於周轉潛力和價值提升。所以一般來說，按季度計算，你的表現可能較弱，但你確實在為重建和長期回報的放大而努力。

Yes. I think that's fair. I think, within that transitional and development portfolio, we are focused on total return. And the components of that total return often times are more heavily weighted toward the back end, what the building is -- so if it's a development, it's obviously not earning any FFO right now. In some cases, we're buying buildings deliberately with vacancy and spending a year or two enhancing them, and leasing them back up. So again, they're not generating a lot of FFO there but the value creations on the back end versus the core portfolio, which is very highly occupied, and is really just about cash flow growth year-on-year.

是的。我認為這很公平。我認為，在過渡和發展投資組合中，我們專注於總回報。而且總回報的組成部分通常更傾向於後端，即建築物是什麼——所以如果它是一個開發項目，它現在顯然不會賺取任何 FFO。在某些情況下，我們會故意購買空置的建築物，並花一兩年時間對其進行改善，然後再出租。因此，他們並沒有在那裡產生大量的 FFO，而是在後端相對於核心投資組合的價值創造，核心投資組合的佔用率非常高，實際上只是現金流量同比增長。

Our next question comes from the line of Alexander Bernstein with JPMorgan.

我們的下一個問題來自摩根大通的亞歷山大伯恩斯坦。

Maybe to start at a higher level, we definitely noticed that you highlighted some of the larger transactions, you were able to complete alongside the asset manager recently tried in Origin Energy, et cetera. It definitely struck us as well that there seems to be a pretty unique competitive advantage you have, just having the various platforms, different access to capital, publicly traded securities in various places to do some of the larger deals, when others cannot.

也許從更高的層次開始，我們確實注意到你強調了一些較大的交易，你能夠與最近在 Origin Energy 嘗試過的資產經理一起完成，等等。令我們震驚的是，您似乎擁有非常獨特的競爭優勢，只需擁有各種平台、不同的資本渠道、不同地方的公開交易證券來進行一些較大的交易，而其他人則不能。

On a similar note, we recall that in some of your prior presentations, I think, it was last year, you talked about potentially looking at something transformative that would be, say, in the tens of billions of dollars. I think you mentioned, maybe green economy or something on the new infrastructure type point. We noticed that didn't seem to be a topic that got right up or noted more recently. Is that still something you look at? Or -- is it just that the opportunity set with some of the dislocations in your normal businesses, now are so attractive? Or am I trading into that?

同樣，我們記得在您之前的一些演講中，我認為是在去年，您談到了可能會考慮一些變革性的東西，比如說，價值數百億美元的東西。我想你提到過，也許是綠色經濟或關於新基礎設施類型的東西。我們注意到這似乎不是最近出現或註意到的話題。那還是你看的東西嗎？或者 - 僅僅是因為您正常業務中的一些錯位所帶來的機會現在如此有吸引力嗎？還是我在交易？

It's Nick. Look, I think, a little bit of everything. But listen, when we think of a large transactions that offer good returns, as you know, we have many pools of capital that they can fit into. So, in many circumstances, in most circumstances, they would be transactions for the asset management business in one of the private funds, likely at scale with our partners who can comment alongside us and maybe BN comes into the transaction as a co-investor as well, and we consolidate many pools of capital to do things at scale, but predominantly through the asset management business.

是尼克。看，我想，一切都有一點。但是聽著，當我們想到提供良好回報的大型交易時，如您所知，我們有許多資金池可以容納它們。因此，在許多情況下，在大多數情況下，它們將是其中一個私人基金中資產管理業務的交易，可能與我們的合作夥伴進行大規模交易，他們可以與我們一起發表評論，也許 BN 作為共同投資者參與交易好吧，我們整合了許多資金池來大規模地做事，但主要是通過資產管理業務。

As we think about the allocation of capital at BN, if we are looking at that sort of new vertical or new growth, it would be something that is strategic and additive to the overall franchise most likely. And we weigh that up, as you said, against the opportunity to allocate capital back into the business and buy back stock. And obviously, at this point in time, the stock looks increasingly attractive. Although, we do also expect that in this environment, there could be other very attractive opportunities. But to your point, it will be where the right pool of capital is in the franchise.

當我們考慮 BN 的資本分配時，如果我們正在尋找那種新的垂直或新增長，那將是最有可能對整個特許經營權具有戰略意義和附加作用的東西。正如你所說，我們會權衡將資本重新分配到業務和回購股票的機會。顯然，在這個時間點，股票看起來越來越有吸引力。雖然，我們也確實希望在這種環境下，可能會有其他非常有吸引力的機會。但就你的觀點而言，這將是特許經營權中合適的資金池所在的地方。

Got it. And maybe to ask one that's a bit more in the (inaudible). We saw a recent filing from BPY, around acquiring some of the LP foreign investments from BSREP. Just to better understand kind of what's actually happening there and the right way for us to think about that and some of the accounting implications. Is that just really moving around assets from some of these different pools of capital? And are the implications, things like various periods and perhaps what's the motivation, behind a transaction like that?

知道了。也許會問一個（聽不清）更多的人。我們看到了 BPY 最近提交的一份文件，內容涉及從 BSREP 收購一些 LP 外國投資。只是為了更好地了解那裡實際發生的事情，以及我們思考這個問題的正確方式以及一些會計影響。這真的只是從這些不同的資本池中轉移資產嗎？像這樣的交易背後的含義，比如不同的時期，也許是什麼動機？

It's Nick, I think of a transaction for BSREP, BPY buying assets from BSREP, I'm not sure what you're referring to as part of the spin-off of the asset manager, we did do some restructuring in the organization, but we didn't move around BSREP Holdings to BPY. But, I can follow up with you afterwards to work through that.

我是尼克，我想到了 BSREP 的交易，BPY 從 BSREP 購買資產，我不確定你指的是資產管理公司分拆的一部分，我們確實在組織中進行了一些重組，但是我們沒有將 BSREP Holdings 轉移到 BPY。但是，之後我可以跟進您以解決這個問題。

Thank you. I would now like to turn the call back over to Angela Yulo for closing remarks.

謝謝。我現在想將電話轉回給 Angela Yulo 以作結束語。

Thank you, everybody, for joining us today. And with that, we'll end the call.

謝謝大家今天加入我們。就這樣，我們將結束通話。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。