Brookfield Asset Management Inc. (BAM, BAM_A.TO) said that its fourth-quarter of 2013 significantly increased to $1.030 billion from last year's $459 million, with FFO per share increased to $1.59 from the prior year's $0.67, predominantly due to carried interests on Private Funds received during the quarter. The FFO excluded amounts attributable to non-controlling interests.
The latest-quarter results included $563 million of carried interest on the realization of private fund investments for clients.
Continued business expansion and operating activities positively impacted FFO for both the fourth quarter and the full year. Fee related earnings increased due to the growth in fee bearing capital. The compamy also benefitted from higher lease rates in both its office and retail portfolios, expansion in its transportation and utility businesses and increased power generation as a result of improved water flows and the contribution from acquired and completed facilities.
Net income attributable to shareholders for the quarter increased to $717 million from $492 million, with net income per share improving $1.08 from $0.72 in the year ago quarter.
Net income for the quarter was $850 million, up from $779 million last year. Net income for the fourth quarter, which includes amounts attributable to non-controlling interests, increased by 9% as the improvement in FFO was largely offset by a decline in the level of fair value changes compared to the 2012 quarter, which included a large number of property appraisal gains that did not recur in 2013.
Total revenues and other gains for the quarter declined to $5.537 billion from last year's $5.641 billion.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share and revenues of $4.66 billion for the quarter. Analysts' estimates typically exclude special items.
Total assets under management increased to $187 billion, and fee bearing capital increased 32% to nearly $80 billion.
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