Brookfield Corporation Stock Price, News & Analysis

Brookfield (TSX: BN, NYSE: BN) has announced its upcoming third quarter 2024 conference call and webcast, scheduled for Thursday, November 14, 2024, at 10:00 a.m. (ET). The company will release its financial results earlier that morning, before 7:00 a.m. (ET), which will be available on their website. Participants can join the event via conference call or webcast, with pre-registration required for the conference call. A replay of the webcast will be accessible for 90 days following the event.

Brookfield (NYSE: BN, TSX: BN) has announced the results of the conversion of its Cumulative Class A Preference Shares, Series 40 (TSX: BN.PF.F) into Cumulative Class A Preference Shares, Series 41. The company reported that 29,920 Series 40 Shares were tendered for conversion, which is below the one million share threshold required to proceed with the conversion into Series 41 Shares. As a result, no conversion will take place, and holders of Series 40 Shares will retain their current shares.

American Tower (NYSE: AMT) has closed the sale of its India operations to Data Infrastructure Trust (DIT), sponsored by Brookfield Asset Management. The transaction yielded total cash proceeds of approximately $2.5 billion, including $320 million from monetizing Vodafone Idea debentures and receivables, and $2.2 billion in final closing proceeds. American Tower plans to use these funds to repay existing debts, including the India term loan.

As a result of this sale, ATC India's results will now be reported as discontinued operations. The company has provided updated 2024 outlook estimates, adjusting for the transaction's impact on property revenue, Adjusted EBITDA, and AFFO per share. American Tower has also released proforma estimates for continuing operations, factoring in interest expense savings from the sale proceeds.

Brookfield Asset Management (NYSE: BAM, TSX: BAM) and Brookfield (NYSE: BN, TSX: BN) have announced their upcoming Investor Day on September 10, 2024. The event will be split into two sessions:

1. Brookfield Asset Management's session from 10:00 a.m. to 1:00 p.m. (ET)
2. Brookfield 's session from 2:00 p.m. to 4:00 p.m. (ET)

Interested parties can access the live webcast and presentation materials through https://brookfieldinvestorday.cventevents.com/9N3ezn. Attendees are advised to register at least 15 minutes before the event starts. For those unable to attend live, a replay will be available on the website shortly after the event concludes.

Brookfield (NYSE: BN, TSX: BN) has announced the reset dividend rate for its Series 40 Preference Shares (TSX: BN.PF.F) for the period from October 1, 2024, to September 30, 2029. The fixed quarterly dividends will be paid at an annual rate of 5.833% ($0.3645625 per share per quarter). Shareholders have the option to convert their Series 40 Shares to Series 41 Shares by September 16, 2024. The Series 41 Shares will have a quarterly floating rate dividend calculated at 2.86% over the yield on three-month Government of Canada treasury bills. For the initial period (October 1 to December 31, 2024), the Series 41 dividend rate will be 7.065% annually. Currently, there are 11,841,025 Series 40 Shares outstanding.

Brookfield (TSX: BN, NYSE: BN) has received approval from the Toronto Stock Exchange (TSX) to renew its normal course issuer bid for preferred shares. The company is authorized to repurchase up to 10% of the public float of each series of its outstanding Class A Preference Shares listed on the TSX. The bid will run from August 22, 2024, to August 21, 2025, with purchases made on the open market through TSX and alternative Canadian trading systems.

Brookfield will pay the market price for acquired shares, which will be cancelled upon purchase. The company plans to enter an automatic share purchase plan around September 23, 2024, allowing for purchases during blackout periods. This renewal aims to provide flexibility in using available funds to purchase preferred shares if they trade at prices that don't fully reflect their value.

Brookfield (NYSE: BN, TSX: BN) reported strong Q2 2024 financial results, with distributable earnings increasing 80% to $2.1 billion. Key highlights include:

- Cash and liquid assets increased to $62 billion
- Deployable capital increased to $150 billion
- $800 million of share buybacks completed in 2024
- Assets under management grew to ~$1 trillion
- Fee-bearing capital increased to $514 billion
- Insurance assets grew to over $110 billion

The company expects transaction activity to increase in coming quarters, setting up well for monetizations and further earnings growth. Brookfield maintains a strong balance sheet with conservative capitalization and access to global capital markets.

Intrepid Fiber Networks has secured $290 million in debt financing to fund its nationwide wholesale open access fiber broadband service. The company, supported by Brookfield, will use the proceeds for inaugural deployments in Colorado and Minnesota, covering over 250,000 premises. Société Générale acted as the Structuring and Coordinating Advisor for the financing.

CEO Jack Waters emphasized that this funding accelerates their growth and build plan. Intrepid aims to deliver future-proof fiber networks with symmetrical gigabit speeds, providing end users with more options in choosing their preferred Internet Service Provider. The company is also evaluating new market deployments to expand its open access network across the nation.

Brookfield (TSX: BN, NYSE: BN) announced it will host a conference call and webcast for its second quarter 2024 results on August 8, 2024, at 10:00 a.m. (ET). The results will be released earlier that morning before 7:00 a.m. (ET) and will be available on Brookfield's official website. Interested participants can join via a pre-registered conference call or through a webcast. Replay of the event will be available for 90 days on the provided webcast link.