Brookfield Investments Corporation Announces First Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - May 30, 2012) - Brookfield Investments Corporation (TSX VENTURE:BRN.PR.A) reported net loss of $3 million or $0.05 per common share for the three months ended March 31, 2012 compared with net income of $47 million or $1.02 per common share for the same period in 2011. The net loss in the current period is the result of the company's share of an impairment of a loan held within Brookfield Europe L.P., whereas the prior year included a higher amount of mark-to-market gains recorded on Brookfield Europe's investment in Canary Wharf.

Brookfield Investments Corporation holds investments in the property and forest products sectors, as well as a portfolio of preferred shares issued by companies within the Brookfield group. The common shares of Brookfield Investments Corporation are wholly owned by Brookfield Asset Management Inc., a global alternative asset manager with approximately $150 billion in assets under management, with a focus on property, renewable power, infrastructure and private equity assets.

Derek Gorgi, Vice President and Chief Financial Officer, will be available at 416-363-9491 to answer any questions on the company's financial results.

CONSOLIDATED BALANCE SHEETS

				(unaudited) March 31		December 31
(US$ millions)				2012		2011
Assets
	Current assets
		Deposits receivable		$	260	$	243
		Securities			225		217
	Non-current assets
		Investments - Securities
			Brookfield Office Properties Inc.		966		866
			Brookfield Residential Properties Inc.		59		44
		Investments - Associates
			Brookfield Europe L.P.		472		465
			Western Forest Products Inc.		169		165
			Norbord Inc.		70		70
				$	2,221	$	2,070
Liabilities
	Current liabilities
		Accounts payable		$	2	$	2
		Retractable preferred shares			1,139		1,125
	Deferred taxes				55		55
Equity					1,025		888
				$	2,221	$	2,070

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)		Three months ended March 31
(US$ millions, except per share amounts)		2012			2011
Investment Income
	Equity accounted (loss) income from Brookfield Europe L.P.	$	(7	)	$	49
	Dividend and interest income		11			10
			4			59
Expenses
	Interest		7			7
Net (loss) income before income taxes			(3	)		52
	Income tax expense		ΓÇÆ			5
Net (loss) income		$	(3	)	$	47
Net (loss) income per common share		$	(0.05	)	$	1.02

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)		Three months ended March 31
(US$ millions)		2012			2011
Net (loss) income		$	(3	)	$	47
Other comprehensive income
	Foreign currency translation		17			10
	Available-for-sale securities - fair value changes		123			19
	Equity accounted other comprehensive income		ΓÇÆ			6
	Deferred income tax		ΓÇÆ			(4	)
			140			31
Comprehensive income		$	137		$	78