BROOKFIELD, NEWS,
“2021 was a remarkable year for Brookfield Infrastructure, highlighted by our strong organic growth, capital recycling accomplishments, and the deployment of significant capital into new investments and other growth initiatives,” said
| For the three months ended |
For the twelve months ended |
||||||||||
| US$ millions (except per unit amounts), unaudited1 | 2021 | 2020 | 2021 | 2020 | |||||||
| Net income attributable to the partnership2 | $ | 138 | $ | 331 | $ | 1,093 | $ | 394 | |||
| – per unit3 | 0.14 | 0.58 | 1.74 | 0.35 | |||||||
| FFO4 | 486 | 398 | 1,733 | 1,454 | |||||||
| – per unit (split-adjusted)5 | 0.97 | 0.86 | 3.64 | 3.13 | |||||||
For the year ended
Funds From Operations (or FFO) of
Segment Performance
The utilities segment generated FFO of
FFO for the transport segment was
FFO for the midstream segment totaled
The data segment generated FFO of
The following table presents FFO by segment:
| For the three months ended |
For the twelve months ended |
||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| FFO by segment | |||||||||||||||
| Utilities | $ | 167 | $ | 168 | $ | 705 | $ | 659 | |||||||
| Transport | 185 | 170 | 701 | 590 | |||||||||||
| Midstream | 183 | 86 | 492 | 289 | |||||||||||
| Data | 60 | 61 | 238 | 196 | |||||||||||
| Corporate | (109 | ) | (87 | ) | (403 | ) | (280 | ) | |||||||
| FFO | $ | 486 | $ | 398 | $ | 1,733 | $ | 1,454 | |||||||
Update on Strategic Initiatives
We completed or advanced several important initiatives in, and subsequent to, the fourth quarter of 2021:
- Australian Regulated Utility – The closing of our investment in AusNet Services Ltd. is ahead of schedule and expected to occur mid-February, after having received shareholder approval in late January. This portfolio of high-quality utility businesses in
Victoria, Australia , provides electricity and gas transmission and distribution services across its critical networks. We are excited to own a highly coveted perpetual regulated utility franchise that is well-positioned to participate in the decarbonization of Victoria’s economy to meet its legislated 2050 net zero target. BIP expects to invest approximately$500 million . - Australian Smart Meters – In December, we agreed to acquire a 50% interest in
Intellihub , the leading provider of electricity smart meters inAustralia and New Zealand . Total equity required for the investment is approximately$870 million (BIP’s share –$215 million ). The business has 1.2 million meters leased and contractual relationships with energy retailers that cover 99% of the consumer market. We believe that point-of-consumption metering will continue to be an essential component of the electricity network with digitalization and decarbonization goals accelerating the deployment of smart meters in the region. The transaction is expected to close in late Q1 2022.
Distribution and Dividend Increase
The Board of Directors has declared a quarterly distribution in the amount of
Additional Information
The Board has reviewed and approved this news release, including the summarized unaudited financial information contained herein.
Brookfield Infrastructure’s Letter to Unitholders and Supplemental Information are available at www.brookfield.com/infrastructure.
Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across
Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with approximately
Please note that Brookfield Infrastructure Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR and Edgar, and can also be found in the shareholders section of its website at www.brookfield.com/infrastructure. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
For more information, please contact:
| Media: | Investors: |
| Vice President, Communications | Manager, Investor Relations |
| Tel: (416) 943-7937 | Tel: (416) 956-5183 |
| Email: [email protected] | Email: [email protected] |
Conference Call and Quarterly Earnings Details
Investors, analysts and other interested parties can access Brookfield Infrastructure’s 2021 Year-End Results as well as the Letter to Unitholders and Supplemental Information on Brookfield Infrastructure’s website under the Investor Relations section at www.brookfield.com/infrastructure.
The conference call can be accessed via webcast on
Note: This news release may contain forward-looking information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the
References to Brookfield Infrastructure are to the Partnership together with its subsidiaries and operating entities. Brookfield Infrastructure’s results include limited partnership units held by public unitholders, redeemable partnership units, general partnership units,
References to the Partnership are to
- Please refer to page 11 for results of
Brookfield Infrastructure Corporation . - Includes net income attributable to limited partners, the general partner, and non-controlling interests ‒ Redeemable Partnership Units held by Brookfield,
Exchange LP units, BIPC exchangeable LP units and BIPC exchangeable shares. - Average number of limited partnership units outstanding on a time weighted average basis for the three and twelve-month periods ended
December 31, 2021 were 300.2 million and 296.7 million, respectively (2020 – 295.4 million and 294.7 million). Earnings per limited partnership unit for the twelve-month period endedDecember 31, 2020 has been adjusted to reflect the dilutive impact of the special distribution. - We define FFO as net income excluding the impact of depreciation and amortization, deferred income taxes, mark-to-market on hedging items and other income (expenses) that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. FFO includes balances attributable to the Partnership generated by investments in associates and joint ventures accounted for using the equity method and excludes amounts attributable to non-controlling interests based on the economic interests held by non-controlling interests in consolidated subsidiaries. We believe that FFO, when viewed in conjunction with our IFRS results, provides a more complete understanding of factors and trends affecting our underlying operations. FFO is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by IFRS as issued by the
International Accounting Standards Board . FFO is therefore unlikely to be comparable to similar measures presented by other issuers. A reconciliation of net income to FFO is available on page 8 of this release. Readers are encouraged to consider both measures in assessing our company’s results. - Average number of partnership units outstanding on a fully diluted time weighted average basis for the three and twelve-month periods ended
December 31, 2021 were 501.7 million and 476.5 million, respectively (2020: 465.0 million and 464.9 million, adjusted for the BIPC special distribution).
Consolidated Statements of Financial Position
| As of | |||||
| US$ millions, unaudited | 2021 |
2020 |
|||
| Assets | |||||
| Cash and cash equivalents | $ | 1,406 | $ | 867 | |
| Financial assets | 477 | 425 | |||
| Property, plant and equipment and investment properties | 39,310 | 32,102 | |||
| Intangible assets and goodwill | 23,193 | 18,401 | |||
| Investments in associates and joint ventures | 4,725 | 5,528 | |||
| Deferred income taxes and other | 4,850 | 4,008 | |||
| Total assets | $ | 73,961 | $ | 61,331 | |
| Liabilities and partnership capital | |||||
| Corporate borrowings | $ | 2,719 | $ | 3,158 | |
| Non-recourse borrowings | 26,534 | 20,020 | |||
| Financial liabilities | 3,240 | 3,374 | |||
| Deferred income taxes and other | 15,077 | 13,106 | |||
| Partnership capital | |||||
| Limited partners | 5,702 | 4,233 | |||
| General partner | 31 | 19 | |||
| Non-controlling interest attributable to: | |||||
| Redeemable partnership units held by Brookfield | 2,408 | 1,687 | |||
| Exchangeable units/shares1 | 1,454 | 650 | |||
| Interest of others in operating subsidiaries | 15,658 | 13,954 | |||
| Preferred unitholders | 1,138 | 1,130 | |||
| Total partnership capital | 26,391 | 21,673 | |||
| Total liabilities and partnership capital | $ | 73,961 | $ | 61,331 | |
- Includes non-controlling interest attributable to BIPC exchangeable shares, BIPC exchangeable LP units and
Exchange LP units
Consolidated Statements of Operating Results
| For the three months ended |
For the twelve months ended |
||||||||||||||
| US$ millions, except per unit information, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Revenues | $ | 3,252 | $ | 2,534 | $ | 11,537 | $ | 8,885 | |||||||
| Direct operating costs | (2,375 | ) | (1,875 | ) | (8,247 | ) | (6,548 | ) | |||||||
| General and administrative expense | (113 | ) | (93 | ) | (406 | ) | (312 | ) | |||||||
| 764 | 566 | 2,884 | 2,025 | ||||||||||||
| Interest expense | (383 | ) | (372 | ) | (1,468 | ) | (1,179 | ) | |||||||
| Share of (losses) earnings from associates and joint ventures | (13 | ) | 55 | 88 | 131 | ||||||||||
| Mark-to-market on hedging items | 84 | (73 | ) | 80 | (16 | ) | |||||||||
| Other income | 91 | 452 | 1,749 | 234 | |||||||||||
| Income before income tax | 543 | 628 | 3,333 | 1,195 | |||||||||||
| Income tax (expense) recovery | |||||||||||||||
| Current | (115 | ) | (54 | ) | (374 | ) | (237 | ) | |||||||
| Deferred | 36 | — | (240 | ) | (54 | ) | |||||||||
| Net income | 464 | 574 | 2,719 | 904 | |||||||||||
| Non-controlling interest of others in operating subsidiaries | (326 | ) | (243 | ) | (1,626 | ) | (510 | ) | |||||||
| Net income attributable to partnership | $ | 138 | $ | 331 | $ | 1,093 | $ | 394 | |||||||
| Attributable to: | |||||||||||||||
| Limited partners | $ | 50 | $ | 182 | $ | 556 | $ | 141 | |||||||
| General partner | 56 | 46 | 210 | 183 | |||||||||||
| Non-controlling interest | |||||||||||||||
| Redeemable partnership units held by Brookfield | 20 | 74 | 229 | 55 | |||||||||||
| Exchangeable units/shares1 | 12 | 29 | 98 | 15 | |||||||||||
| Basic and diluted earnings per unit attributable to: | |||||||||||||||
| Limited partners2 | $ | 0.14 | $ | 0.58 | $ | 1.74 | $ | 0.35 | |||||||
- Includes non-controlling interest attributable to BIPC exchangeable shares, BIPC exchangeable LP units and
Exchange LP units - Average number of limited partnership units outstanding on a time weighted average basis for the three and twelve-month periods ended
December 31, 2021 were 300.2 million and 296.7 million, respectively (2020 – 295.4 million and 294.7 million). Earnings per limited partnership unit for the twelve-month period endedDecember 31, 2020 has been adjusted to reflect the dilutive impact of the special distribution
Consolidated Statements of Cash Flows
| For the three months ended |
For the twelve months ended |
||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Operating Activities | |||||||||||||||
| Net income | $ | 464 | $ | 574 | $ | 2,719 | $ | 904 | |||||||
| Adjusted for the following items: | |||||||||||||||
| Earnings from investments in associates and joint ventures, net of distributions received | 84 | (39 | ) | 69 | 36 | ||||||||||
| Depreciation and amortization expense | 550 | 519 | 2,036 | 1,705 | |||||||||||
| Mark-to-market on hedging items, provisions and other | (168 | ) | (344 | ) | (1,768 | ) | 51 | ||||||||
| Deferred income tax (recovery) expense | (36 | ) | — | 240 | 54 | ||||||||||
| Change in non-cash working capital, net | (329 | ) | (293 | ) | (524 | ) | (220 | ) | |||||||
| Cash from operating activities | 565 | 417 | 2,772 | 2,530 | |||||||||||
| Investing Activities | |||||||||||||||
| Net (investments in) proceeds from: | |||||||||||||||
| Operating and held for sale assets | (53 | ) | (37 | ) | 361 | (2,660 | ) | ||||||||
| Associates | — | — | 412 | (369 | ) | ||||||||||
| Long-lived assets | (680 | ) | (456 | ) | (1,982 | ) | (1,426 | ) | |||||||
| Financial assets | 229 | 71 | 17 | (237 | ) | ||||||||||
| Net settlements of foreign exchange contracts | 28 | — | 19 | 83 | |||||||||||
| Cash used by investing activities | (476 | ) | (422 | ) | (1,173 | ) | (4,609 | ) | |||||||
| Financing Activities | |||||||||||||||
| Distributions to limited and general partners | (331 | ) | (286 | ) | (1,257 | ) | (1,134 | ) | |||||||
| Net (repayments) borrowings: | |||||||||||||||
| Corporate | (713 | ) | 185 | (456 | ) | 629 | |||||||||
| Subsidiary | (64 | ) | 736 | 2,011 | 1,119 | ||||||||||
| Deposit (repaid to) received from parent | — | — | (545 | ) | 545 | ||||||||||
| Net preferred shares issued | — | — | (12 | ) | 195 | ||||||||||
| Partnership units issued | 1,064 | 2 | 1,073 | 9 | |||||||||||
| Net capital provided (to) by non-controlling interest and other | (637 | ) | (824 | ) | (1,809 | ) | 763 | ||||||||
| Cash (used by) from financing activities | (681 | ) | (187 | ) | (995 | ) | 2,126 | ||||||||
| Cash and cash equivalents | |||||||||||||||
| Change during the period | $ | (592 | ) | $ | (192 | ) | $ | 604 | $ | 47 | |||||
| Cash reclassified as held for sale | 161 | — | — | — | |||||||||||
| Impact of foreign exchange on cash | (3 | ) | 47 | (65 | ) | (7 | ) | ||||||||
| Balance, beginning of period | 1,840 | 1,012 | 867 | 827 | |||||||||||
| Balance, end of period | $ | 1,406 | $ | 867 | $ | 1,406 | $ | 867 | |||||||
Reconciliation of Net Income to Funds from Operations
| For the three months ended |
For the twelve months ended |
||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Net income | $ | 464 | $ | 574 | $ | 2,719 | $ | 904 | |||||||
| Add back or deduct the following: | |||||||||||||||
| Depreciation and amortization | 550 | 519 | 2,036 | 1,705 | |||||||||||
| Share of losses (earnings) from investments in associates and joint ventures | 13 | (55 | ) | (88 | ) | (131 | ) | ||||||||
| FFO contribution from investments in associates and joint ventures1 | 202 | 171 | 745 | 585 | |||||||||||
| Deferred tax expense | (36 | ) | — | 240 | 54 | ||||||||||
| Mark-to-market on hedging items | (84 | ) | 73 | (80 | ) | 16 | |||||||||
| Other income2 | (44 | ) | (458 | ) | (1,585 | ) | (84 | ) | |||||||
| Consolidated Funds from Operations | 1,065 | 824 | 3,987 | 3,049 | |||||||||||
| FFO attributable to non-controlling interests3 | (579 | ) | (426 | ) | (2,254 | ) | (1,595 | ) | |||||||
| FFO | $ | 486 | $ | 398 | $ | 1,733 | $ | 1,454 | |||||||
- FFO contribution from investments in associates and joint ventures correspond to the FFO attributable to the partnership that are generated by its investments in associates and joint ventures accounted for using the equity method.
- Other income corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring items necessary for business operations.
- Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by non-controlling interests in consolidated subsidiaries. By adjusting FFO attributable to non-controlling interests, our partnership is able to remove the portion of FFO earned at non-wholly owned subsidiaries that are not attributable to our partnership
Statements of Funds from Operations per Unit
| For the three months ended |
For the twelve months ended |
||||||||||||
| US$, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||
| Earnings per limited partnership unit1 | $ | 0.14 | $ | 0.58 | $ | 1.74 | $ | 0.35 | |||||
| Add back or deduct the following: | |||||||||||||
| Depreciation and amortization | 0.64 | 0.70 | 2.40 | 2.22 | |||||||||
| Deferred taxes and other items | 0.19 | (0.42 | ) | (0.50 | ) | 0.56 | |||||||
| FFO per unit2 | $ | 0.97 | $ | 0.86 | $ | 3.64 | $ | 3.13 | |||||
- Average number of limited partnership units outstanding on a time weighted average basis for the three and twelve-month periods ended
December 31, 2021 were 300.2 million million and 296.7 million, respectively (2020 – 295.4 million and 294.7 million). Earnings per limited partnership unit for the twelve-month period endedDecember 31, 2020 has been adjusted to reflect the dilutive impact of the special distribution - Average number of partnership units outstanding on a fully diluted time weighted average basis for the three and twelve-month periods ended
December 31, 2021 were 501.7 million and 476.5 million, respectively (2020: 465.0 million and 464.9 million, adjusted for the BIPC special distribution)
Notes:
The Statements of Funds from Operations per unit above are prepared on a basis that is consistent with the Partnership’s Supplemental Information and differs from net income per limited partnership unit as presented in Brookfield Infrastructure’s Consolidated Statements of Operating Results on page 6 of this release, which is prepared in accordance with IFRS. Management uses funds from operations per unit (FFO per unit) as a key measure to evaluate operating performance. Readers are encouraged to consider both measures in assessing Brookfield Infrastructure’s results.
Brookfield Infrastructure Corporation Reports
Fourth Quarter 2021 Results
The Board of Directors of
The Shares of BIPC are structured with the intention of being economically equivalent to the non-voting limited partnership units of
Results
The net income and Funds from Operations1 (FFO) of BIPC are captured in the Partnership’s financial statements and results.
BIPC reported a net loss attributable to the partnership of
Our business generated FFO of $436 million for the year, representing a 9% increase compared to the prior year. FFO benefited from inflationary-indexation and additions to rate base, as well as the acquisition of an additional interest in our Brazilian regulated gas transmission business completed during the year. Last year’s results included our
Note: This news release may contain forward-looking information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the
- We define FFO as net income excluding the impact of depreciation and amortization, deferred income taxes, mark-to-market on hedging items and other income (expenses) that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. We also exclude from FFO dividends paid on the exchangeable shares of our company that are presented as interest expense, as well as the interest expense on loans payable to the partnership which represent the partnership’s investment in our company. FFO excludes amounts attributable to non-controlling interests based on the economic interests held by non-controlling interests in consolidated subsidiaries. We believe that FFO, when viewed in conjunction with our IFRS results, provides a more complete understanding of factors and trends affecting our underlying operations. FFO is a measure of operating performance that is not calculated in accordance with, and does not have any standardized meaning prescribed by IFRS as issued by the
International Accounting Standards Board . FFO is therefore unlikely to be comparable to similar measures presented by other issuers. A reconciliation of net income to FFO is available on page 15 of this release. Readers are encouraged to consider both measures in assessing our company’s results.
Consolidated Statements of Financial Position
| As of |
|||||||
| US$ millions, unaudited | 2021 | 2020 | |||||
| Assets | |||||||
| Cash and cash equivalents | $ | 469 | $ | 192 | |||
| Accounts receivable and other | 448 | 394 | |||||
| Due from Brookfield Infrastructure | 1,093 | — | |||||
| Property, plant and equipment | 4,803 | 5,111 | |||||
| Intangible assets | 2,687 | 2,948 | |||||
| 489 | 528 | ||||||
| Deferred tax asset and other | 97 | 171 | |||||
| Total assets | $ | 10,086 | $ | 9,344 | |||
| Liabilities and Equity | |||||||
| Accounts payable and other | $ | 605 | $ | 505 | |||
| Loans payable to Brookfield Infrastructure | 131 | 1,143 | |||||
| Exchangeable and class B shares | 4,466 | 2,221 | |||||
| Non-recourse borrowings | 3,556 | 3,477 | |||||
| Financial liabilities | 995 | 1,031 | |||||
| Deferred tax liabilities and other | 1,757 | 1,539 | |||||
| Equity | |||||||
| Equity in net assets attributable to the Partnership | (2,127 | ) | (1,722 | ) | |||
| Non-controlling interest | 703 | 1,150 | |||||
| Total equity | (1,424 | ) | (572 | ) | |||
| Total liabilities and equity | $ | 10,086 | $ | 9,344 | |||
Consolidated Statements of Operating Results
| For the three months ended |
For the twelve months ended |
||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Revenues | $ | 414 | $ | 375 | $ | 1,643 | $ | 1,430 | |||||||
| Direct operating costs | (104 | ) | (139 | ) | (526 | ) | (527 | ) | |||||||
| General and administrative expense | (17 | ) | (10 | ) | (49 | ) | (33 | ) | |||||||
| 293 | 226 | 1,068 | 870 | ||||||||||||
| Interest expense | (86 | ) | (61 | ) | (294 | ) | (214 | ) | |||||||
| Remeasurement of exchangeable and class B shares | (279 | ) | (79 | ) | (447 | ) | (511 | ) | |||||||
| Mark-to-market and other (expense) income | (9 | ) | (40 | ) | 105 | (108 | ) | ||||||||
| (Loss) income before tax | (81 | ) | 46 | 432 | 37 | ||||||||||
| Income tax expense | |||||||||||||||
| Current | (70 | ) | (44 | ) | (234 | ) | (167 | ) | |||||||
| Deferred | (14 | ) | (19 | ) | (171 | ) | (102 | ) | |||||||
| Net (loss) income | $ | (165 | ) | $ | (17 | ) | $ | 27 | $ | (232 | ) | ||||
| Attributable to: | |||||||||||||||
| Partnership | $ | (269 | ) | $ | (102 | ) | $ | (368 | ) | $ | (552 | ) | |||
| Non-controlling interest | 104 | 85 | 395 | 320 | |||||||||||
Consolidated Statements of Cash Flows
| For the three months ended |
For the twelve months ended |
||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Operating Activities | |||||||||||||||
| Net (loss) income | $ | (165 | ) | $ | (17 | ) | $ | 27 | $ | (232 | ) | ||||
| Adjusted for the following items: | |||||||||||||||
| Depreciation and amortization expense | 26 | 71 | 236 | 283 | |||||||||||
| Mark-to-market on hedging items and other | 22 | 37 | (77 | ) | 110 | ||||||||||
| Remeasurement of exchangeable and class B shares | 279 | 79 | 447 | 511 | |||||||||||
| Deferred income tax expense | 14 | 19 | 171 | 102 | |||||||||||
| Change in non-cash working capital, net | 44 | (44 | ) | 35 | (44 | ) | |||||||||
| Cash from operating activities | 220 | 145 | 839 | 730 | |||||||||||
| Investing Activities | |||||||||||||||
| Disposal of subsidiaries, net of cash disposed | — | — | 817 | — | |||||||||||
| Purchase of long-lived assets, net of disposals | (110 | ) | (108 | ) | (415 | ) | (399 | ) | |||||||
| Settlement of foreign exchange hedging items | — | — | (76 | ) | — | ||||||||||
| Cash (used by) from investing activities | (110 | ) | (108 | ) | 326 | (399 | ) | ||||||||
| Financing Activities | |||||||||||||||
| Exchangeable shares issued | 128 | — | 128 | — | |||||||||||
| Capital provided to non-controlling interest | (52 | ) | (173 | ) | (708 | ) | (436 | ) | |||||||
| Distributions to the Partnership | — | — | — | (33 | ) | ||||||||||
| Proceeds from borrowings, net of repayments | (114 | ) | 50 | (288 | ) | 152 | |||||||||
| Cash used by financing activities | (38 | ) | (123 | ) | (868 | ) | (317 | ) | |||||||
| Cash and cash equivalents | |||||||||||||||
| Change during the period | $ | 72 | $ | (86 | ) | $ | 297 | $ | 14 | ||||||
| Impact of foreign exchange on cash | (9 | ) | 28 | (20 | ) | (26 | ) | ||||||||
| Balance, beginning of period | 406 | 250 | 192 | 204 | |||||||||||
| Balance, end of period | $ | 469 | $ | 192 | $ | 469 | $ | 192 | |||||||
Reconciliation of Net Income to Funds from Operations
| For the three months ended |
For the twelve months ended |
||||||||||||||
| US$ millions, unaudited | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Net (loss) income | $ | (165 | ) | $ | (17 | ) | $ | 27 | $ | (232 | ) | ||||
| Add back or deduct the following: | |||||||||||||||
| Depreciation and amortization | 26 | 71 | 236 | 283 | |||||||||||
| Deferred income tax expense | 14 | 19 | 171 | 102 | |||||||||||
| Mark-to-market on hedging items and foreign currency revaluation | 9 | 25 | 11 | 61 | |||||||||||
| Gain on disposition of subsidiaries1 | — | — | (175 | ) | — | ||||||||||
| Other expenses2 | 11 | 17 | 74 | 56 | |||||||||||
| Remeasurement of exchangeable and class B shares | 279 | 79 | 447 | 511 | |||||||||||
| Dividends classified as interest expense and interest expense on intercompany loans | 37 | 35 | 147 | 105 | |||||||||||
| Consolidated Funds from Operations | 211 | 229 | 938 | 886 | |||||||||||
| FFO attributable to non-controlling interests3 | (109 | ) | (124 | ) | (502 | ) | (485 | ) | |||||||
| FFO | $ | 102 | $ | 105 | $ | 436 | $ | 401 | |||||||
- Gains on disposition of subsidiaries are presented net of gains/losses relating to foreign currency translation reclassified from accumulated comprehensive income to other income (expense) on the Consolidated Statement of Operating Results
- Other expenses correspond to amounts that are not related to the revenue earnings activities and are not normal, recurring cash operating expenses necessary for business operations. Other expenses excluded from FFO primarily include fair value remeasurement gains/losses and accretion expense on deferred consideration
- Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by non-controlling interests in consolidated subsidiaries. By adjusting FFO attributable to non-controlling interests, our company is able to remove the portion of FFO earned at non-wholly owned subsidiaries that are not attributable to the partnership
Source:
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