An anonymous director reports
PARTNERS VALUE INVESTMENTS L.P. ANNOUNCES 2022 ANNUAL RESULTS
Partners Value Investments LP has released its financial results for the year ended Dec. 31, 2022. All amounts are stated in U.S. dollars.
Net income for the year ended Dec. 31, 2022, was $1.1-billion compared with net income of $31-million in the prior year. Net income was higher in the current period primarily due to a special non-cash distribution received from Brookfield Corp. (formerly Brookfield Asset Management Inc.). On Dec. 9, 2022, the corporation completed the distribution of a 25-per-cent interest in its asset management business through Brookfield Asset Management Ltd., which was incorporated and publicly listed for the purpose of holding an interest in this business. As part of this distribution, the partnership received one share of the manager for every four shares held of the corporation. As a result, the partnership recognized non-cash dividend income of $1.0-billion from the corporation in its consolidated statements of operations.
Income of $1.1-billion was attributable to the equity limited partners ($13.78 per equity limited partnership unit), and income of $6.9-million was attributable to preferred limited partners. Excluding the impact of special distributions received in 2022 and 2021 (Dec. 31, 2021: $46-million related to the spinoff of Brookfield Reinsurance Ltd.), net income increased by approximately $93-million compared with 2021 due to higher foreign currency gains related to the partnership's preferred shares and corporate borrowings and tax recoveries in the current year.
As at Dec. 31, 2022, the market prices of a corporation (New York Stock Exchange/Toronto Stock Exchange: BN) and manager (NYSE/TSX: BAM) share were $31.46 and $28.67, respectively. As at March 29, 2023, the market prices of a BN and BAM share were $31.19 and $31.39, respectively.
Effective March 31, 2023, Rachel Powell will be replaced by Jason Weckwerth as chief financial officer of the partnership.
About Partners Value Investments LP
The partnership's principal investments are an ownership interest in approximately 132 million Class A limited voting shares of the corporation and approximately 33 million Class A voting shares of the manager. These holdings represent an 8-per-cent interest as at Dec. 31, 2022, in both entities. In addition, the partnership owns a diversified investment portfolio of marketable securities.
We seek Safe Harbor.
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