We announced or completed acquisitions and capital expansions during the quarter, deploying $1 billion of capital on behalf of clients and Brookfield shareholders. We expect these businesses will make a significant contribution to our future cash flows and value increases.
In our property business, we acquired a European warehouse company with significant growth potential, broke ground on an office tower in Perth, Australia and moved forward with plans to acquire a portfolio of office buildings in downtown Los Angeles. Subsequent to quarter end, we launched construction of a flagship 2.4 million square foot office project in Calgary, with a leading energy company as our lead tenant. Our retail property business is investing $900 million on renovations at 24 properties, including flagship malls in Hawaii, Nevada and Arizona.
Our infrastructure group expects to complete construction of an $830 million electrical transmission system in Texas this quarter. Our renewable power business continues to advance new hydroelectric and wind projects in North and South America. In our private equity business, we continue to harvest capital from housing related businesses, while we acquired a Canadian cold storage company, made a loan to a mining company and invested in a number of businesses with exposure to the U.S. natural gas market.
The Board of Directors declared a quarterly dividend of US$0.15 per share (representing US$0.60 per annum), payable on November 30, 2013, to shareholders of record as at the close of business on November 1, 2013. The Board also declared all of the regular monthly and quarterly dividends on its preferred shares.
Information on our dividends can be found on our website under Investors/Stock and Dividend Information.
Basis of Presentation
This news release and accompanying financial statements are based on International Financial Reporting Standards ("IFRS") unless otherwise noted and make reference to funds from operations, which is a non-IFRS measure.
Funds from operations is defined as net income prior to fair value changes, depreciation and amortization, and deferred income taxes, and includes certain disposition gains that are not otherwise included in net income as determined under IFRS. Funds from operations also include the company's proportionate share of equity accounted investments' funds from operations. Brookfield uses funds from operations to assess its operating results and the value of its business and believes that many of its shareholders and analysts also find this measure of value to them.
Funds from operations and its per share equivalent are non-IFRS measures which do not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. The company provides additional information on the determination of funds from operations and a reconciliation between funds from operations and net income attributable to Brookfield shareholders, in the Supplemental Information available at www.brookfield.com.
The Letter to Shareholders and the company's Supplemental Information for the three months ended June 30, 2013 contain further information on the company's strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company's website.
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