Brookfield Reports Record Earnings, Raises Dividend
Brookfield Corporation reported record distributable earnings before realizations of $5.4 billion. As a result, the company is raising its quarterly dividend by 17% and has repurchased over $1 billion in shares, affirming strength in its real assets and alternative investments portfolio.
- The record earnings were driven by a 12% per share increase in distributable earnings before realizations, which reached $4.2 billion for the year. This growth was supported by strong momentum in their asset management and insurance businesses. - Brookfield's asset management arm was a significant contributor, raising $93 billion in capital in 2023, with an anticipated additional $50 billion upon the closing of the American Equity Life acquisition. The firm's total assets under management now exceed $1 trillion. - The insurance solutions business has scaled significantly, with annualized earnings reaching over $900 million and total insurance assets growing to approximately $60 billion. - In their real estate portfolio, core holdings saw same-store net operating income grow by 7% compared to the previous year. The company executed over 15 million square feet of leases during the year. - The dividend increase to $0.08 per share marks a 14% rise from the previous quarter. - Alongside the dividend raise, Brookfield has been actively buying back its own stock. Under a renewed normal course issuer bid, the company is authorized to repurchase up to nearly 143 million of its Class A Shares.
