Brookfield Property Partners LP reported a loss in its latest quarter compared with a profit a year earlier when it benefited from higher valuation gains, as well as strong performance in several of its investments.
The real estate company, which keeps its books in U.S. dollars, says it lost US$38-million or 40 US cents per unit for the quarter ended Dec. 31, compared with a profit of US$1.55-billion or US$1.00 per unit in the same quarter a year earlier.
Company funds from operations and realized gains totalled US$287-million or 30 US cents per unit, down from US$459-million or 48 US cents per unit in the same quarter a year earlier.
Brookfield Asset Management Inc. offered US$5.9-billion last month to buy the stake in Brookfield Property Partners that it does not already own.
Brookfield Property Partners says a special committee of independent directors has hired external legal and financial advisers and they are considering the proposal worth US$16.50 per unit.
The company holds a diverse real estate portfolio of properties around the world.
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