Brookfield Asset Management Doubles Net Income in 3Q

Brookfield Asset Management, the Canadian investment firm with around $150 billion in real estate, infrastructure and energy holdings, reported net income of $716 million in the third quarter, more than doubling its income of $342 million in the same period of 2010.

The company had net income attributable to shareholders of $253 million, or 36 cents per share in the third quarter, up from $112 million and 16 cents per share last year. It will issue a quarterly dividend of 13 cents per share.

Brookfield said its gains were led by office leasing and power utilities, particularly in hydroelectric power.

Our businesses continue to generate strong cash flow, reflecting the quality of our assets, and we are moving forward with many growth initiatives across our global operations, said Bruce Flatt, CEO of Brookfield, in a statement. Economic uncertainty and market volatility present both opportunities and challenges; however, these conditions favour our style of investing.

Last week, its office subsidiary, Brookfield Office Properties, reported record leasing activity during 2011. In total, Brookfield has signed 4 million square feet in new leases in the third quarter, bringing its 2011 total to 8 million square feet, with another 6 million square feet in serious discussions.

We're making tremendous progress on that front, said Brian Lawson, Brookfield's CFO, during an earnings call on Friday.

Brookfield Asset Management also has a stake in mall operator General Growth Properties, which reported some quarterly gains on Wednesday.

The company has announced a partnership with the Investment Corporation of Dubai to invest in real estate, with plans to raise $5 billion in capital for eight funds. It also plans to list its renewable power assets as a new $6 billion entity, Brookfield Renewable Energy Partners, on the New York and Toronto stock exchanges.

Brookfield raised $6.1 billion in capital in the third quarter, bringing its 2011 total to $22 billion.

Shares of Brookfield Asset Management were trading around $28.82, up 2.71 percent, mid-Friday.