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Brookfield Property Partners reports loss

Brookfield Place (Credit: Brookfield)

Brookfield Property Partners reported a net loss of $373 million from January through March, compared with $713 million in net income over the same period last year. Credit rating agencies are considering downgrading its retail real estate investment trust, which has $1.7 billion in debt coming due this year, the Real Deal noted.

  • Worth Noting: Brookfield is looking to invest $5 billion in retail companies hit hard by the pandemic, the Wall Street Journal reported. The company will target brands whose revenues exceeded $250 million before the virus took full effect. Being a tenant of Brookfield won’t be a requirement for investment; however, providing rescue financing for retailers could be a roundabout way for the REIT to inject capital into its malls whose rent rolls have been battered during the pandemic, WSJ noted.

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