Brookfield Corp Q1 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Geoffrey Kwan - RBC Capital Markets, Research Division - Analyst : Maybe just a follow-up on the -- just clarify, Nick, your comments on the capital allocation and the buyback. So would that mean something along the lines of it, there's an asset in the portfolio that might be monetized that could be a trigger to get you to be more active on the buyback. Is that the right way to think about it? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 11, 2023 / 2:00PM, BN.N - Q1 2023 Brookfield Corp Earnings Call

Question: Geoffrey Kwan - RBC Capital Markets, Research Division - Analyst : Okay. And just my second question, I just want to clarify, the number that was being talked about in terms of that 5% same-store NOI growth in office, is that all office? Or was that just trophy, or was it trophy and Class A -- because I'm just trying to understand, if it was just in the trophy what would that same store NOI be across the entire portfolio? Or if it was for just the entire portfolio, then I'm assuming it would probably bit higher for just the trophy assets.

Question: Cherilyn Radbourne - TD Securities Equity Research - Analyst : Just given the way the alternative manager space is consolidating, which you think would be accelerated by a more difficult fundraising environment. How likely, do you think it is that you'll be assisting the asset manager with a large transaction over the next 5 years to add to that franchise?

Question: Cherilyn Radbourne - TD Securities Equity Research - Analyst : Okay. And then, I'd actually -- what's been said about the enhanced disclosure on real estate and insurance this quarter. That's very much appreciated. On insurance specifically, most of the liabilities currently relates to annuities, which you do have a bit of P&C exposure. So I was hoping you could just remind us and elaborate on the types of liabilities that you're comfortable underwriting? And how comfortable you would be going out a little further on the risk spectrum? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 11, 2023 / 2:00PM, BN.N - Q1 2023 Brookfield Corp Earnings Call

Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst : So maybe a question for either Bruce or Brian. Bruce, you touched on the opportunity to acquire portfolios of real estate assets like good valuations, and you've also touched on kind of the bifurcation between premier quality and commodity. Given that bifurcation, is there a similar opportunity to dispose off assets that may be are about the assets -- but good assets, good returns? Or do you envision kind of real estate allocations rising on a net basis in the near term, given the (inaudible) market discount?

Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst : Got it. And just as a follow-on, how should we think about the planned BN co-investment in (inaudible) versus traditional Brookfield investments, as a percentage of the fund?

Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst : Okay. And if I may, just one more clarification question for Nick. Just with respect to the realized carry this year, the target of $500 million, is that inclusive or exclusive of the $200 million generated this quarter?

Question: Alexander Bernstein - JPMorgan Chase & Co, Research Division - Analyst : Maybe to start at a higher level, we definitely noticed that you highlighted some of the larger transactions, you were able to complete alongside the asset manager recently tried in Origin Energy, et cetera. It definitely struck us as well that there seems to be a pretty unique competitive advantage you have, just having the various platforms, different access to capital, publicly traded securities in various places to do some of the larger deals, when others cannot. On a similar note, we recall that in some of your prior presentations, I think, it was last year, you talked about potentially looking at something transformative that would be, say, in the tens of billions of dollars. I think you mentioned, maybe green economy or something on the new infrastructure type point. We noticed that didn't seem to be a topic that got right up or noted more recently. Is that still something you look at? Or -- is it just that the opportunity set with some of the dislocations in your normal businesses, now are so attractive? Or am I trading into that?

Question: Alexander Bernstein - JPMorgan Chase & Co, Research Division - Analyst : Got it. And maybe to ask one that's a bit more in the (inaudible). We saw a recent filing from BPY, around acquiring some of the LP foreign investments from BSREP. Just to better understand kind of what's actually happening there and the right way for us to think about that and some of the accounting implications. Is that just really moving around assets from some of these different pools of capital? And are the implications, things like various periods and perhaps what's the motivation, behind a transaction like that?