Brookfield Property REIT Inc.
05/07/2021 | Press release | Archived content
Results of Operations and Financial Condition
| Results of Operations and Financial Condition. |
On May 7, 2021, Brookfield Property REIT Inc. (the 'Company') disclosed the following financial information:
The following is the Company's balance sheet as at March 31, 2021 and December 31, 2020.
Brookfield Property REIT Inc.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
March 31, 2021 |
December 31, 2020 |
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|
(Dollars in thousands, except share and per share amounts) |
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| Assets: | ||||||||
| Investment in real estate: | ||||||||
| Land | $ | 3,601,549 | $ | 3,620,513 | ||||
| Buildings and equipment | 13,778,850 | 13,968,906 | ||||||
| Less accumulated depreciation | (2,978,657 | ) | (2,967,879 | ) | ||||
| Construction in progress | 270,992 | 256,510 | ||||||
| Net property and equipment | 14,672,734 | 14,878,050 | ||||||
| Investment in Unconsolidated Real Estate Affiliates | 4,256,378 | 4,342,995 | ||||||
| Net investment in real estate | 18,929,112 | 19,221,045 | ||||||
| Cash and cash equivalents | 189,183 | 204,541 | ||||||
| Accounts receivable, net | 406,241 | 524,982 | ||||||
| Notes receivable | 38,244 | 45,553 | ||||||
| Deferred expenses, net | 156,751 | 158,633 | ||||||
| Prepaid expenses and other assets | 866,199 | 827,746 | ||||||
| Deferred tax assets, net | 652,053 | 655,060 | ||||||
| Assets held for disposition | - | 242,404 | ||||||
| Total assets | $ | 21,237,783 | $ | 21,879,964 | ||||
| Liabilities: | ||||||||
| Mortgages, notes and loans payable | $ | 16,049,687 | $ | 16,114,586 | ||||
| Investment in Unconsolidated Real Estate Affiliates | 153,247 | 151,095 | ||||||
| Accounts payable and accrued expenses | 935,544 | 993,617 | ||||||
| Dividend payable | 68 | 903 | ||||||
| Junior subordinated notes | 206,200 | 206,200 | ||||||
| Liabilities held for disposition | - | 263,141 | ||||||
| Total liabilities | 17,344,746 | 17,729,542 | ||||||
| Redeemable equity interests | 823,477 | 839,143 | ||||||
| Redeemable noncontrolling interests | 60,453 | 60,826 | ||||||
| Total redeemable interests | 883,930 | 899,969 | ||||||
| Equity: | ||||||||
| Total stockholders' equity | 1,629,366 | 1,843,286 | ||||||
| Noncontrolling interests | 1,379,741 | 1,407,167 | ||||||
| Total equity | 3,009,107 | 3,250,453 | ||||||
| Total liabilities, redeemable interests and equity | $ | 21,237,783 | $ | 21,879,964 |
The following is the Company's income statement for the three months ended ended March 31, 2021 and March 31, 2020.
Brookfield Property REIT Inc.
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(UNAUDITED)
| Three Months Ended March 31, | ||||||||
| 2021 | 2020 | |||||||
|
(Dollars in thousands, except per share amounts) |
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| Revenues: | ||||||||
| Rental revenues, net | $ | 326,923 | $ | 351,829 | ||||
| Management fees and other corporate revenues | 31,501 | 35,338 | ||||||
| Other | 9,974 | 16,463 | ||||||
| Total revenues | 368,398 | 403,630 | ||||||
| Operating Expenses: | ||||||||
| Real estate taxes | 51,093 | 47,807 | ||||||
| Property maintenance costs | 9,803 | 9,146 | ||||||
| Marketing | 808 | 764 | ||||||
| Other property operating costs | 48,877 | 49,821 | ||||||
| Property management and other costs | 49,283 | 60,975 | ||||||
| General and administrative | 5,237 | 4,890 | ||||||
| Provision for note receivable loss | 7,911 | - | ||||||
| Provision for impairment | 106,991 | - | ||||||
| Depreciation and amortization | 151,537 | 157,346 | ||||||
| Total operating expenses | 431,540 | 330,749 | ||||||
| Interest and dividend income | 1,374 | 3,096 | ||||||
| Interest expense | (169,194 | ) | (178,802 | ) | ||||
| Gain from changes in control of investment properties and other, net | 1,824 | - | ||||||
| Gain on extinguishment of debt | 13,123 | - | ||||||
| Loss before income taxes, equity in (loss) income of Unconsolidated Real Estate Affiliates and related gain on investment, and allocation to noncontrolling interests | (216,015 | ) | (102,825 | ) | ||||
| Provision for income taxes | (2,943 | ) | (5,428 | ) | ||||
| Equity in loss of Unconsolidated Real Estate Affiliates | (34,453 | ) | (4,843 | ) | ||||
| Unconsolidated Real Estate Affiliates - (loss) gain on investment, net | (2,140 | ) | 12,647 | |||||
| Net loss | (255,551 | ) | (100,449 | ) | ||||
| Allocation to noncontrolling interests | 26,430 | 18,622 | ||||||
| Net loss attributable to Brookfield Property REIT Inc. | $ | (229,121 | ) | $ | (81,827 | ) |