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Brookfield Asset Management Q3 FFO Rises - Quick Facts

Brookfield Asset Management Inc. (BAM, BAM-A.TO) on Thursday reported a decline in profit for the third quarter, while its funds from operations or FFO increased.

The company's net income for the third quarter attributable to shareholders declined to $163 million or $0.11 per share from $228 million or $0.20 per share in the year-ago period. The decrease in net income reflects lower appraisal gains compared to the prior year quarter.

However, funds from operations or FFO for the quarter rose to $1.09 billion or $1.07 per share, from $809 million or $0.79 per share in the year-ago quarter.

Fee related earnings surged 72 percent to $320 million as a result of the growth in fee bearing capital from the company's private funds, and higher performance fee income. FFO from invested capital declined slightly to $364 million.

FFO for the quarter included $401 million of disposition gains within the company's private equity and real estate businesses.

Revenues for the quarter grew to $14.86 billion from $12.28 billion in the same period last year.

Bruce Flatt, CEO of Brookfield said, "We had another strong quarter. We ended the quarter with liquidity of $32 billion, which we expect to deploy into opportunities across our listed and private funds. Fundraising continues to be strong, including $18.5 billion of capital to date into two of our most recent flagship funds."

The company's board declared a quarterly dividend of $0.15 per share, representing US$0.60 per annum, payable on December 31, 2018 to shareholders of record as at the close of business on November 30, 2018. The Board also declared the regular monthly and quarterly dividends on its preferred shares.

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