TORONTO — Brookfield Property Partners says it swung to a net loss in the first quarter as it adjusted asset values across its portfolio.
The company, a subsidiary of Brookfield Asset Management Inc., says it had a net loss of US$373 million, or 49 cents per unit, in the quarter ending March 31, compared with net earnings of US$713 million or 32 cents for the same quarter last year.
Brookfield says rent collections across its global retail portfolio were about 20 per cent starting in April, though it says it is working with tenants on payment plans.
The firm also notes that it is in the process of opening up 50 of its U.S. retail centres as parts of the country begin to relax restrictions.
It says its office and multi-family portfolios saw payments average above 90 per cent.
The company says it has refinanced several properties and arranged several short-term financing extensions to increase liquidity.
This report by The Canadian Press was first published May 8, 2020.
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The Canadian Press