Mall closures and investments in hotels dragged down earnings this spring for Brookfield Property, which on Thursday said it lost money in the second quarter.
Brookfield Property, which reports in U.S. dollars, reported a net loss of $1.512 billion, or $1.26 per unit, for the three months ending June 30.
During the same period a year ago, the company earned $23 million, or 12 cents per unit, when the company had a $38 million windfall from mergers and acquisitions.
Funds from operations were $178 million during the quarter, down from $362 million in the year-ago period.
While rent collection for offices was “largely uninterrupted” during the second quarter, rent collections among retailers were just 34 per cent after malls closed due to the COVID-19 pandemic, the company said.
The company said it lost $78 million from property closures in the hospitality space during the quarter, with chief executive Brian Kingston noting that hotels, unlike offices and retailers, do not usually have long-term leases.
This report by The Canadian Press was first published Aug. 6, 2020.
The Canadian Press