Annual Report

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Letter to Shareholders

01Overview (as of February 11, 2021)

We ended the year with the best quarter on record. 考虑到环境和非凡的一年,这对十博体育网的业务来说意义重大. Despite the turmoil and disruption, 十博体育网的投资策略和资本结构的实力充分体现了出来. Results in our asset management business were very strong, with FFO up close to 20% over the previous year. Total FFO for the year of $5.20亿美元也创下了纪录,第四季度的变现增加了业绩. 从未来来看,包括利差在内的资产管理年化收入目前为6美元.5 billion, 十博体育网的私人旗舰基金的下一轮融资刚刚开始, the franchise is poised for growth.

We have also launched four new strategies, 虽然这些都不会在短期内对十博体育网的结果有重大贡献, they should all be meaningful in the longer term. These include investing in LP secondaries, the energy transition to net-zero carbon, technology and reinsurance.

With respect to reinsurance, as recently announced, 十博体育网计划向你分配一份布鲁克菲尔德再保险的新股份作为特别股息. 该股将与BAM股份配对,使十博体育网能够有效地运营该业务, and it should be attractive to some of you to hold.

年底后,十博体育网发起了一项收购要约,将十博体育网的房地产公司私有化. We did this as most property securities trade poorly in the market, despite the underlying real estate being valuable. 私有化将使十博体育网在管理资产方面拥有更大的灵活性, and by paying our co-owners of BPY an attractive price, which they can elect to receive in a combination of cash, preferred shares with a coupon commensurate with current yields, or BAM shares for continued upside in the stock market, we believe it is best for all concerned.

02Bam Stock Market Performance Was Good, All Things Considered

As an indication of returns that can be generated for investors, 下面是十博体育网最新的过去30年年化复合投资回报表. 作为参考,30年前投资于布鲁克菲尔德资产管理公司(Brookfield Asset Management)的1,000美元如今价值8.6万美元. Some years have been fantastic, some were like 2020; but as demonstrated in this table, 在很长一段时间内获得合理的回报是一个难以置信的金融奇迹.


The returns earned by a company are the reflection of many factors, but over the longer term they are the result of the combination of a good strategic plan and relentless execution of that plan. 只有从长远来看,十博体育网才有可能同时回顾战略和执行, which if done well, tends to also compound over time. Furthermore, we believe the intrinsic value of a Brookfield share today is greater than the share price; this gives us a large margin of safety in our efforts to record reasonable returns over the longer term.

03The Market Environment Was Unforgettable

关于2020年有很多说法,它肯定是记忆中最不寻常的一年之一. GDP in every country dropped precipitously, stock markets plummeted then recovered, central banks collapsed interest rates to zero, and money with little risk became virtually free. Many businesses were shut down, most worked from home, people were afraid, plane travel declined 98%, Brexit happened, and a new U.S. president was elected.

As the year turns over to 2021, markets are strong, borrowing costs are low, money is available to well capitalized borrowers, stock price multiples for many businesses are extremely high, 制药公司以惊人的速度完成了疫苗的分发工作. 十博体育网的预期是,随着高危人群接种疫苗,经济将正常化, and as the death and hospitalization numbers decline. This is starting to happen now—albeit unevenly—and as governments and people get comfortable enough to resume a more normal life, 十博体育网预计,从现在开始到2022年,经济数据将出现强劲复苏.

没有明显的通货膨胀,失业率居高不下, there is an expectation that interest rates will stay low and that stocks that were not bolstered by the pandemic trade will recover. 其他市盈率提高的好公司,将被证明是值得的, or their securities may trade sideways for a time, until their results catch up with their share prices.

Our operations are highly geared to the economic recovery. As a result, we should be able to grow the value of our businesses coming out of this recession while hopefully narrowing the gap between the intrinsic value and the trading price of a Brookfield share. 和大多数企业一样,十博体育网很高兴看到2020年已经过去,十博体育网期待2021/2022年.

04Our Business Was Strong, Despite Headwinds

During the fourth quarter, we generated a record $2.1 billion of FFO, an increase of 75% over the same period in 2019. Full year FFO was $5.2 billion, showcasing the resiliency of our underlying businesses. This is even more remarkable, 在这一年中,十博体育网有20%的业务关闭了几个月,有些业务仍在恢复中. 这应该意味着,随着全球经济复苏站稳脚跟,十博体育网的业绩将更加强劲. 所有这些导致股东可分配和/或再投资(CAFDR)的现金总额达到创纪录的3美元.1 billion or $2.01 per share in 2020.


Asset Management Performance was Good and is Getting Better

Our asset management franchise had a strong year in 2020. 十博体育网管理的总资产增至6,000亿元,收费资本增至3,120亿元. 与费用相关的年化收益和目标附带权益现在是6美元.5 billion on an annualized basis.

通过十博体育网的私募基金策略,十博体育网总共筹集了大约420亿美元. This included capital for some of our flagship funds, 此外,十博体育网在为永久核心私募基金募集资金方面也取得了很大进展.

We now have approximately 20 different return strategies across our five main investment verticals that span senior debt to opportunistic equity. 其中包括为十博体育网最新的不良债务基金提供130亿美元的承诺,以及为永久核心战略提供90亿美元. 十博体育网还完成了第二笔2美元的基础设施债务基金的最后交割.7 billion.

Despite the challenges of 2020, we generated approximately $1.2 billion of carried interest during the year and now have $4.70亿元已投资资本的应计未实现附带权益. 十博体育网的基金专注于合同中的关键服务资产的好处, leased or regulated cash flows were also highlighted in 2020, with valuations holding, 在某些情况下,甚至会增加,因为他们的收入持久性. 十博体育网重新启动了在2020年早些时候被推迟的资产出售, and demand for these assets has been strong. We recently announced a number of sales that we expect to close in the coming months; if they close as expected, 2021 should be another strong year.

At our Investor Day, we laid out our plans for the next round of flagship fundraising, with a target of $100 billion. Our flagship credit fund is off to a great start. 十博体育网最近推出了十博体育网的第四个旗舰房地产基金和新的全球过渡基金, which is focused on decarbonizing the global energy grid.

Operations Were Resilient

十博体育网的可再生能源业务在2020年继续取得强劲业绩, supported by a globally diversified asset base and long-dated, take-or-pay power contracts. During the year, BEP completed the privatization of TerraForm Power, 十博体育网最近宣布收购美国的一个分布式发电平台.S. Combined, these scale operations in solar, wind, hydro, 储存和分布式发电使十博体育网能够很好地参与世界能源供应的脱碳.

Our infrastructure businesses were extremely durable during the year. 95%的现金流由监管或合同收入流支持,这些收入来自关键的基础设施资产, earnings were largely unimpacted by the economic shutdown. 十博体育网继续扩大对数据的投资,这是一个多年的增长趋势. We acquired a portfolio of 137,000 communication towers in India, 哪些公司将利用5G和其他未来技术的推出. We are also well positioned to participate in the global infrastructure investment and privatizations that are likely to follow as a result of both the sizeable debt that governments have taken on in recent months and their need to stimulate their economies.

在十博体育网的房地产业务中,十博体育网的大部分资产在2020年表现良好. 十博体育网的办公室投资组合主要是长期租赁给优质租户, and rent collection was only marginally impacted. While our retail and hospitality assets faced challenges, 在那些政府开始慢慢解除限制的市场, we have seen a steady rebound in performance. 在美国,客流量和每名客户的销售额都有了显著的增长.S. 十博体育网的购物中心组合和酒店资产的预订量正在缓慢回升. 在这一年里,十博体育网成功地出售了伦敦的一处写字楼,出售了十博体育网的美国公司.S. self-storage business, 并处置了一个生命科学办公室投资组合——每一个都远高于其收购成本和国际财务报告准则的价值.

Our private equity operations continued to grow, and we made a number of acquisitions, 包括一家在印度专门从事商业工具贷款的领先非银行金融公司, 以及专注于客户管理服务的亚洲技术服务平台. 十博体育网还宣布了加拿大领先的抵押贷款保险公司的私有化, and the merger of Norbord into West Fraser. We now own approximately 20% of this combined entity, which is the pre-eminent forest products business in North America.

Our credit platform delivered strong results in 2021. We were able to deploy $22 billion during the year, capitalizing on the March/April market dislocation, and other opportunities. 十博体育网预计,随着政府刺激计划逐步结束,企业需要进行资本重组,还会出现更多的机会. The final close of our distressed debt fund is likely to take place in the first half of this year; it already is the largest distressed debt fund we have raised.


1月初,十博体育网宣布了一项收购十博体育网尚未拥有的BPY余额的提议. 一个简单的故事是,虽然资产是特殊的,有形价值高于股价, 房地产证券没有显示出接近其内在价值的交易迹象. As a result, 十博体育网相信十博体育网的BPY合作伙伴将通过十博体育网提供的交易更快地实现价值.

Over the years, we have worked hard to execute our property business plans, with great success, 但不幸的是,公开市场一直难以对其资产进行适当估值. This is not unique to BPY; many property company securities have struggled to trade at NAV for years. In fact, 正是因为这个原因,十博体育网的私募基金已经将许多房地产公司私有化.

It has been evident to us for some time now that this portfolio and our approach to creating value are not well suited to the current public markets. To be clear, our view of the value of the portfolio has not changed. 这只是一个典型的例子,说明资产不是公开市场投资者目前希望投资的.

Privatizing the company will give us flexibility to realize the true value of the portfolio in the longer term by redeveloping some assets, constructing new ones, selling some assets outright, and using various assets to create or grow perpetual, private, core real estate funds. The conviction we have in the latter has been enhanced by our recent success with our series of perpetual private real estate funds that we now have in North America, Europe and Australia.

虽然这次交易的直接影响是增加十博体育网资产负债表的规模, this will quickly reverse, and we expect that over the next five years we will end up with fewer real estate assets than we have today—because of this transaction and the flexibility it will offer us. In time, we will also re-create the fee streams in the private markets, 使十博体育网的客户有欲望拥有这个最高质量的房地产.

06The Next Beginning Has Already Begun

We are onto the next beginning for Brookfield. With all our funds performing well during last year, our balance sheets in extremely good financial shape, 十博体育网的另类投资管理特许经营现在是世界上最杰出的企业之一, we are onto the next phase of growth for Brookfield. 十博体育网拓宽了全球业务的护城河,并不断为客户添加新产品. With interest rates low, 另类投资是为十博体育网的客户提供有吸引力的回报的投资类别, and we are innovating to provide them with new products.

We are also scaling up the size of our large flagship funds. Their size differentiates us and therefore enhances our returns. In addition, our clients are looking for income replacement with less volatility, 十博体育网还在继续为十博体育网的平台添加永久的核心产品.

New areas of focus for us are investing in the transition of the economy to net-zero carbon emissions; reinsurance; technology investing, where we are moving from venture into full-scale technology private equity investing; and LP secondaries, where our clients are increasingly looking for scale managers. 这些领域都有潜力为十博体育网的客户和业务提供有意义的机会.

07Climate Transition to Net Zero Is Real and Accelerating

As we have noted for many years, overall, Brookfield is already net negative on scope 1 and 2 across our entire $600 billion of assets under management on an avoided emissions basis. We believe we are similarly net-zero carbon on a scope 3 basis and are now measuring the scope 3 emissions of our portfolio companies in detail. 将十博体育网自己的业务从几十年前的碳排放密集型企业转变为今天的净零碳企业, we believe we are well positioned to assist others with this change.

With decades of expertise and the access to capital that we possess, 十博体育网计划从客户那里筹集资金,以帮助其他公司实现净零碳排放. We are committing over $2 billion of our own capital to our Global Transition Fund and will be investing that alongside institutional clients who are like-minded in their goals. We believe this represents a unique opportunity to create a new asset class while addressing one of society’s current greatest needs.

十博体育网相信,世界正处于迈向净零碳的30年运动的开端. 这种转变将影响到每个国家的每一个企业. China, currently one of the largest generators of electricity from coal, 最近是否承诺在2060年之前实现整个经济的净零碳排放. The new U.S. 美国政府已经承诺在2035年之前实现清洁能源的发展,而欧盟、美国和欧盟则承诺在2035年之前实现清洁能源的发展.K. and Canada are all accelerating their energy transitions. 毫无疑问,整个世界正在从化石燃料转向低碳能源——可再生能源, nuclear energy and potentially hydrogen.

Within the envelope of net-zero carbon, 十博体育网将继续在全球拥有和运营某些重要的运输燃料的基础设施资产. 十博体育网相信,天然气将在能源转型中发挥重要作用, particularly in Asia, and potentially serve as a bridge to hydrogen. Rest assured, when we acquire these assets, we will be laser focused on the duration of cash flows, and we will operate them with their contributions to the transition to net-zero carbon in mind and with plans to ensure they continuously do better. We believe the operating experience we have gained in transitioning from carbon-intensive to net-zero carbon ourselves will make us better owners of many of these assets.

十博体育网的全球过渡基金专注于在全球建设新的可再生能源, 以及围绕企业投资的运营,以加速向净零碳过渡. 有许多公司将拥有资本和技能来自己做这件事. Equally, 将有许多公司需要十博体育网的运营专业知识和资金渠道来实现他们的目标. 这是十博体育网新基金的目标,十博体育网对它能实现的目标感到兴奋.

08A Few Themes Are Driving Our Investing in 2021/2022

We invest in all of our businesses to maintain and grow them, but we seek to deploy the most capital in businesses or regions at opportunistic points in time when the opportunity to create greater incremental value exists. This changes constantly, but simply stated, 十博体育网尽量避开估值合理的市场,投资于资金短缺的市场.

十博体育网的投资也受到主题的推动,这些主题通常涵盖十博体育网所有的基金,而且是长期的. 十博体育网认为与今天的业务相关的主题如下:

  • 低利率将继续推动对另类投资的需求. 利率似乎将在未来几年保持在一个较低的区间. As a result, alternatives are very attractive to investors. This provides an exceptional backdrop for our overall business.
  • Renewable energy is growing. 目前,全球25%的电力来自可再生能源, and this is set to grow to 50% or more over the next 30 years. 实现这一目标需要数万亿美元的投资.
  • Technology is affecting all business, as it always has. 今天的不同之处在于变化的速度,它带来了巨大的机遇,但也带来了风险. We are embracing this.
  • Alternative credit is here to stay. 来自机构和再保险商的资本将越来越多地推动信贷市场. 另类基金经理有机会扩大信贷规模,作为机构投资者的固定收益替代品.
  • Most real estate withstood the dramatic shutdowns in 2020, and while some property will be used in new ways in the future, there will be no major paradigm shift. Great real estate in great cities will continue to be just that. This will become evident once the global economy recovers.
  • Many businesses and governments require capital. 尽管迄今为止,企业通过大量借贷生存下来,但它们现在需要股本. As a result, there will be attractive opportunities to invest in businesses, and to acquire infrastructure from governments.

09Our Partnership Approach

最后,十博体育网鼓励你关注十博体育网的业务,而不是股价. If there was ever a year to emphasize this point, it was 2020. 考虑到BAM在分割调整基础上以美元计算的价格,今年年初为38美元.58 and ended the year at $41.27. With a dividend of 1.25%,根据股票价格,你的投资赚了可观的8%. Except, given the extremes in the market seen in 2020, and depending on when you looked at the Price, 如果你在2月份观察,你可能会得出结论,你的股价上涨了18%, 或者一个月后,当十博体育网的股价为21美元时,你下跌了44%.57 in March. This is the behavior of Price; but not Value.

In the short run, Price is a function of supply and demand at any point in time, which is often influenced by the news of the day, short-term results, 投资者对宏观事件的看法往往与公司无关. This has always been true, and is even more so today with the emergence of ETFs, indexing, social media, the 24‑hour news cycle and all the information bombarding investors. Value, on the other hand, 未来现金流的净现值是否基于对增长的假设, discounted back to the present at an appropriate interest rate. The Price of a publicly traded security is very often not the Value of it; sometimes it is higher, and sometimes lower. From time to time they can converge—but not that often.

根据十博体育网公布的计划价值指标,Brookfield的价值在2020年初为57美元,在2020年底为66美元. 扣除股息后,你的价值同比增长了17%. This was very respectable, especially given the environment, 它还包括一些因关门而在短期内受到打击的企业的资产减记.

如果十博体育网是一家私人公司,十博体育网会简单地报告十博体育网的价值计算和背后的指标. You would likely have been thrilled with 2020. We actually were. On the other hand, 价格的变动往往会分散投资者对企业价值的关注. 十博体育网鼓励您关注价值,不要被价格分心.


We remain committed to being a world-class asset manager, and to investing capital for you and the rest of our investment partners in high-quality assets that earn solid cash returns on equity, while emphasizing downside protection for the capital employed. 公司的主要目标仍然是在每股基础上产生不断增加的现金流, and as a result, higher intrinsic value per share over the longer term.

如果您有任何建议,请随时十博体育网, questions, comments or ideas you wish to share.



Bruce Flatt
Chief Executive Officer

注:除了本报告其他地方所载的警告性声明所列的披露之外, 还有其他重要的披露信息必须与之结合阅读, and that have been incorporated in, this letter as posted on our website at

Brookfield at a Glance

01Our Business

十博体育网是全球领先的另类资产管理公司,管理着6000亿美元的资产, and a focus on investing in long-life, 有助于形成全球经济支柱的优质资产和企业. Our goal is to enable the companies and assets we invest in, as well as the communities in which we operate, to thrive over the long term.

We serve a broad range of institutional investors, sovereign wealth funds and individuals around the world. As stewards of the capital our investors entrust to us, 十博体育网利用十博体育网的经验和深厚的运营专业知识为他们创造长期价值, helping them meet their goals and protect their financial futures.

Our capital structure is built to allow us to finance investments by drawing from various sources—including our own balance sheet, 上市子公司资本和机构投资者资本. This access to flexible, 大规模的资本使十博体育网能够为十博体育网的投资者寻求规模巨大的交易, generate attractive financial returns and cash flows, and support the growth of our asset management activities. Importantly, 这也意味着十博体育网的资本与投资者的资本一起投资, ensuring that our interests are always aligned with theirs.

At Brookfield, sound Environmental, Social and Governance (ESG) practices are integral to building resilient businesses and creating long-term value for our investors and stakeholders. These practices are routed in our philosophy of conducting business with a long-term perspective in a sustainable and ethical manner. 这意味着要有健全的治理和其他ESG原则和实践, 并将重点放在将这些原则嵌入十博体育网所有的活动上.

Our people remain the most important element of our business, and our culture is based on integrity, collaboration and discipline. We place a strong emphasis on diversity across all our businesses, 因为十博体育网认识到,十博体育网的成功取决于培养广泛的视角, experiences and world views.

Investment focus


Diverse product offering

We offer core, core-plus, value-add, opportunistic/growth equity and credit strategies through closed-end and perpetual vehicles in both the public and private markets.

Focused investment strategies

We invest where we can bring our competitive advantages to bear, leveraging our global reach, access to large-scale capital and operational expertise.

Disciplined financing approach

We take a conservative approach to the use of leverage, ensuring we can preserve capital across all business cycles.


十博体育网致力于确保十博体育网所投资的资产和业务能够获得长期的成功, 十博体育网努力对环境和十博体育网工作的社区产生积极的影响.

02Global Reach

global presence map key Global Reach map

“Brookfield”、“the company”、“we”、“us”或“our”指的是Brookfield资产管理公司. and its consolidated subsidiaries. The “Corporation” refers to our asset management business which is comprised of our asset management and corporate business segments. 十博体育网的“投资资本”包括十博体育网的“上市子公司”Brookfield Property Partners L.P., Brookfield Property REIT Inc., Brookfield Renewable Partners L.P.布鲁克菲尔德再生能源公司,布鲁克菲尔德基础设施合作伙伴L.P.布鲁克菲尔德基础设施公司和布鲁克菲尔德商业伙伴L.P., which are separate public issuers included within our Real Estate, Renewable Power, Infrastructure and Private Equity segments, respectively. We use “private funds” to refer to our real estate funds, infrastructure funds and private equity funds. Please refer to the Glossary of Terms beginning on page 115 which defines our key performance measures that we use to measure our business.

03Quick Facts


Assets Under Management


Fee Bearing Capital


Investment Professionals




Operating Employees

Exchanges      NYSE: BAM     TSX: BAM.A

Investment Principles

十博体育网的投资方式是经过严格训练和验证的——这反映了十博体育网作为业主-经营者的100多年历史. We focus on value creation and capital preservation, 在十博体育网的专业领域内,有机会地投资高质量的资产和业务, 主动地管理它们,保守地为它们提供资金——以产生稳定的目标, predictable and growing cash flows for all our investors. We recognize that generating attractive risk-adjusted returns often requires taking a contrarian approach to evaluating assets, businesses, markets or sectors.

Our business is anchored by a set of core investment principles that guide our decision-making and determine how we measure success:

Business Philosophy

  • Operate our business and conduct our relationships with integrity
  • 吸引和留住高素质的人才,与十博体育网共同成长
  • Ensure our people think and act like owners in all their decisions
  • Treat our investor and shareholder money like it’s our own
  • 在十博体育网的运营中嵌入强有力的ESG原则,以帮助十博体育网确保十博体育网的商业模式是可持续的

Investment Approach

  • Acquire high-quality assets and businesses
  • 以价值为基础,以资本回报最大化为目标进行投资
  • Enhance the value of investments through our operating expertise
  • 建立可持续的现金流,以提供确定性、降低风险和降低资金成本

Measurement of our Corporate Success

  • Evaluate total return on capital over the long term
  • Encourage calculated risks, but compare returns with risk
  • 如有必要,牺牲短期利润以实现长期资本增值
  • 寻求盈利而不是增长,因为规模不一定会增加价值

Value Creation

We create value for our shareholders by increasing both the value of our Asset Management franchise and of our Invested Capital, as follows:

Asset Management

1. 增加收费资本,增加十博体育网与收费相关的收益. 十博体育网通过将倍数应用于当前与费用相关的收益来跟踪由此创造的价值.

2. Achieving attractive investment returns, which enables us to earn performance income (carried interest). 十博体育网通过对目标附带权益施加倍数来衡量所创造的价值, net of costs.1

Invested Capital

3. 增加投资产生的现金收入以及资本增值, 通过运营改进和基础资产的有序回收. 十博体育网使用国际财务报告准则下确定的市场价值和公允价值的组合来衡量由此创造的价值.

value creation table

1. See definition in the Notice to Readers on page 15.
2. Quoted based on December 31, 2020 public pricing.
3. Total IFRS invested capital excludes $4.9 billion of common equity in our Asset Management segment.
4. For business planning purposes, 十博体育网认为投资资本的价值是上市投资的报价价值和未上市投资的国际财务报告准则价值, subject to two adjustments. First, 十博体育网按照国际财务报告准则的价值反映BPY,因为十博体育网相信这最好地反映了基础资产的公允价值. Second, 十博体育网使用行业比较来调整布鲁克菲尔德住宅价值以接近公开定价.
5. Includes $4.5 billion of corporate cash and financial assets.
6. For the purposes of value creation, “current” carried interest, net represents target carried interest, net. 目标附带权益净值的定义见第15页的读者通知.