Partners Value Investments L.P. Announces Q1 2023 Interim Results.
TORONTO: Partners Value Investments L.P. (the "Partnership", TSX: PVF.UN TSX:PVF.PR.U) announced today its financial results for the three months ended March 31, 2023. All amounts are stated in US dollars.
The Partnership generated net income of $7 million for the quarter ended March 31, 2023, compared to $10 million in the prior year quarter. The decrease in income was primarily driven by lower investment valuation gains on the trading portfolio offset by higher other investment income as a result of higher interest income and lower tax expenses during the period. Income of $5.5 million was attributable to the Equity Limited Partners and income of $1.7 million was attributable to Preferred Limited Partners.
As at March 31, 2023, the market prices of a Brookfield Corporation (the "Corporation", NYSE/TSX: BN) and Brookfield Asset Management Ltd. (the "Manager", NYSE/TSX: BAM) share were $32.59 and $32.72, respectively. As at May 23, 2023, the market prices of a BN and BAM share were $31.41 and $31.63, respectively.
Consolidated Statements of Operations
For the three months ended March 31, Unaudited
(Thousands, US dollars, except per share amounts)
2023
2022
Investment income
Dividends
$
19,607
$
19,144
Other investment income
3,216
896
22,823
20,040
Expenses
Operating expenses
(584
)
(865
)
Financing costs
(2,300
)
(2,467
)
Retractable preferred share dividends
(10,316
)
(8,413
)
(13,200
)
(11,745
)
Other items
Investment valuation gains
2,242
16,683
Amortization of deferred financing costs
(842
)
(766
)
Current tax expense
(407
)
(20,290
)
Deferred tax (expense) recovery
(1,358
)
11,544
Foreign currency losses
(2,004
)
(5,487
)
Net income
$
7,254
$
9,979
The information in the following table shows the changes in net book value:
For the three months ended March 31
(Thousands, except per unit amounts)
2023
2022
Total
Per Unit
Total
Per Unit
Net book value, beginning of period1
$
4,656,824
$
57.60
$
7,482,738
$
92.47
Net income2
5,532
8,257
Other comprehensive (loss) income2
288,125
(492,897
)
Adjustment for impact of warrant3
753
3,901
Equity LP repurchases
(2,046
)
(1,449
)
Net book value, end of period1,4
$
4,949,188
$
61.25
$
7,000,550
$
86.54
Calculated on a fully diluted basis. Net book value is a non-IFRS measure used by management to measure the value of an Equity LP unit on a fully diluted basis. It is equal to total equity less General Partner equity and Preferred Limited Partners' equity, plus the value of consideration to be...
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