A Brookfield Asset Management Ltd. property fund for wealthy individuals recorded its second consecutive annual loss, but ended the year on a stronger note.
Brookfield Real Estate Income Trust Inc. lost 0.45% in 2024 after positive returns from September onward weren’t enough to erase earlier losses, according to disclosures on the company’s website. In 2023, the fund fell 6.7%.
“We have seen our performance improve markedly since the end of the first quarter, with a trend of positive monthly returns, and believe we have turned the corner on real estate valuations,” the firm said in a letter to investors that covered results up to the end of the third quarter. A spokesperson for Brookfield declined to comment.
The REIT, which has a total asset value of $2.1 billion, holds 92% of its assets in multifamily housing, student housing and other properties. The rest is in real estate debt.