$Brookfield资管(BAM)$ 从历年#博枫股东信#中，随手摘选一些时效性不强的文字。
The Advantage of Asset-Level Non-Recourse Financing
【资产级无追索权融资的优势】
Like many other investors, we utilize debt to optimize our capital structure and fund our business. However, unlike many others, as both an asset manager and investor, how we report the debt in our financial statements is different from most other businesses. For that reason, we think it important to devote a few paragraphs to this.
与许多其他投资者一样，我们利用债务来优化我们的资本结构，为我们的业务提供资金。然而，与其他许多企业不同的是，我们既是资产管理公司又是投资者，我们在财务报表中报告债务的方式与大多数其他企业不同。基于这个原因，我们认为有必要对此进行几段论述。
We take a bottom-up approach to financing the investments we manage. That means that the vast majority of our debt is at the individual asset (or portfolio company) level. Each loan has recourse to only the specific asset that it finances – and importantly, gives lenders no recourse to BAM or our listed partnerships.
我们采取一种自下而上的方法来为我们管理的投资融资。这意味着我们绝大多数的债务是在单独资产(或投资组合公司)的层面上。每一笔贷款只对其融资的特定资产有追索权——重要的是，贷款人对BAM或我们其他上市公司没有追索权。
As a result, the risk of anything going wrong with any financing is limited solely to the equity invested in that particular asset. No single loan can ever create a forced liquidity event for the broader franchise or even parts of the franchise.
因此，任何融资出错的风险仅局限于投资于该特定资产的股权。单笔贷款永远不可能对更广泛的平台甚或平台的部分造成强制性的流动性事件。
Despite the foregoing, we structure our financings to stand the test of time and withstand adverse circumstances, and we have a strong track record that proves this out: we fared well in 2008/2009, which demonstrated the strength of our prudent approach to financing. We take pride in being one of the highest-quality borrowers in the capital markets.
尽管如此，我们的融资结构能够经受住时间和不利环境的考验，我们的良好记录证明了这一点: 我们在2008/2009年的表现很好，这证明了我们审慎的融资方式的力量。我们为自己是资本市场上质量最高的借款人之一而感到自豪。
As a Canadian firm, international accounting principles require us to consolidate many of these investments, including their borrowings, in our consolidated financial statements for reporting purposes – even though our proportionate economic ownership of the investment is in most cases well below 50%.
作为一家加拿大公司，国际会计准则要求我们在合并财务报表中合并许多此类投资，包括它们的借款，以备报告之用——尽管在大多数情况下，我们对这些投资的经济所有权比例远低于50%。
The requirement to consolidate is due to the combination of (1) the control over these activities that we exert; (2) compensation we receive as the manager; and (3) our economic interest in the assets. This results in the appearance that Brookfield has more debt outstanding than it actually has.
要求巩固的原因在于: (1)我们对这些活动的实施控制; (2) 我们作为管理者收取报酬; (3)我们在资产上的经济利益。这导致博枫的未偿债务看起来比实际情况要多。
The debt that is most relevant to Brookfield shareholders is the debt issued directly by the Corporation. This debt currently totals $7 billion – a significant sum to be sure, but it is all very long-term in nature and modest relative to Brookfield’s $72 billion capitalization of common and preferred equity.
与博枫股东最相关的债务是公司直接发行的债务。这笔债务目前总计70亿美元——可以肯定的是，这是一个很大的数字，但从本质上讲，这都是非常长期的，与博枫720亿美元的股票市值和优先股资本相比并不算高。
In a similar vein, each of our listed partnerships utilizes modest amounts of corporate debt to manage its capital resources for its unitholders. We manage these entities to have investment grade characteristics which enables them to finance their activities on a standalone basis, without any recourse to BAM. Currently our four listed partnerships combined have $6 billion of corporate debt compared to an aggregate equity capitalization of $69 billion.
类似地，我们的每一家上市公司都利用少量的公司层面债务，为其股东管理其资本资源。我们对这些实体进行管理，使其具有投资级信用评级特征，使其能够独立地为其活动融资，而无需求助于BAM。目前，我们四家上市合伙企业的公司层面债务总额为60亿美元，而它们股票市值为690亿美元。
With this context in mind, we encourage you to look at the disclosures in our MD&A that present the corporate, listed partnership and asset level debt in a way that is more consistent with our approach to leverage, as described above.
考虑到这一背景，我们鼓励您查看我们的MD&A中的披露，这些披露以一种更符合我们杠杆方法的方式呈现了BAM层面、我们其他上市公司层面和资产层面的债务，如上所述。
The United Kingdom is Stronger Than it Seems
【英国比看起来更强大】
Our view is that the long-term effects of Brexit on the City of London will be negligible. Despite that, we were pleased that the Conservative Government in the U.K. received a clear mandate to leave the E.U., and can now proceed with the logistics of the process. While years ago we would not have wished for this, the only scenario that was truly negative for the U.K. was the ongoing indecision.
我们认为，英国退欧对伦敦金融城的长期影响将是微不足道的。尽管如此，我们很高兴英国保守党政府获得了脱欧的明确授权，现在可以继续进行脱欧进程的流程工作。虽然几年前我们不会希望这样，但唯一对英国真正不利的情况是持续的优柔寡断。
Overall, our businesses across the U.K. – which include office buildings, ports, utility businesses and student housing, among others – have performed well to date despite the headlines and politics. A great example of this is our 100 Bishopsgate development. We acquired 50% of the land at 100 Bishopsgate in 2010, then acquired the remaining interests from the partner in 2014, and planned a 950,000-square foot office tower with associated retail. We began construction in 2015, and our total acquisition and construction costs were approximately £850 million.
总的来说，我们在英国各地的业务——包括办公楼、港口、公用事业和学生住房等——迄今为止表现良好，尽管有头条新闻和政治。一个很好的例子就是我们的100 Bishop Gate开发项目。我们在2010年获得了100 Bishopsgate 50%的土地，然后在2014年从合作伙伴那里获得了剩余的权益，并规划了一个95万平方英尺的写字楼和相关的零售。我们于2015年开始建设，总收购和建设成本约为8.5亿英镑。
In June 2016, when the Brexit vote occurred, we were 50% complete on construction, with 38% of the space leased to tenants. Since Brexit (about 3½ years), we have completed the construction on budget and leased nearly all of the balance of the tower on a long-term basis. More importantly, that additional space was leased at or above the rental rate levels we expected when we started.
2016年6月，当英国脱欧公投发生时，我们的建筑完工了50%，其中38%的空间出租给租户。自英国脱欧以来(大约3年半)，我们已经在预算范围内完成了建筑，并长期租赁了几乎写字楼所有剩余的空间。更重要的是，这些额外空间的租金等于甚至高于我们开始时预期的水平。
As a result, we will soon have annual cash flows from 100 Bishopsgate, net of costs, of £70 million. We recently refinanced the property with a loan for £875 million, essentially our cost. The interest rate on the recourse-only mortgage is 3%, or £27 million annually.
因此，我们很快就能从100 Bishopsgate获得每年7000万英镑的现金流(扣除成本)。最近，我们用8.75亿英镑的贷款对这处房产进行了再融资，这基本上是我们的成本。只有追索权的抵押贷款的利率是3%，也就是每年2700万英镑。
We now have no remaining equity investment cost, and we enjoy cash flows net of interest of £40 million annually. Capitalization rates for this type of property would today be between 3% and 4%. At the low end of this range, the value created is £900 million over our cost. At the high end, it is £1.5 billion of profit over our cost.
我们现在没有剩余的股权投资成本，我们享有每年4000万英镑的净利息现金流。这类资产的资本化率在今天的3%到4%之间。在这个范围的低端，创造的价值比我们的成本高出9亿英镑。在最高端，我们的利润比成本高出15亿英镑。
This was a good outcome under any circumstance, but given the backdrop of Brexit, is exceptional. Most importantly, this gives an indication of what is occurring in the real economy in the United Kingdom.
在任何情况下，这都是一个好的结果，但考虑到英国退欧的背景，这更是卓越的。最重要的是，这表明了英国实体经济正在发生什么。
The Sun is Shining Even Brighter
【太阳更加耀眼】
We have been invested in renewable power in a significant way for 30 years, as a result of our original ownership of hydro facilities associated with industrial facilities we owned. We expanded the operations into wind, and more recently into solar, as technological advances and scale manufacturing enabled the costs of production to decrease below those of traditional forms of electricity in many parts of the world.
30年来，我们对可再生能源进行了大量投资；最初的水电站所有权来自于我们拥有的工业设施。随着技术的进步和规模化生产使得世界上许多地方的发电成本低于传统形式的电力，我们将业务扩展到风能，最近又扩展到太阳能。
While the renewables sector has had its share of turmoil over the years as it matured, our private clients and listed partnership investors have all done extremely well financially, as we continued to adhere to our investment principles. As an indicator of these returns, our stock exchange-listed partnership, Brookfield Renewable Partners (BEP), has generated a compound annual return of 18% over the past 20 years.
尽管可再生能源行业在成熟的过程中经历了多年的动荡，但我们的私人客户和上市公司在财务上表现得非常好，因为我们继续坚持我们的投资原则。作为这些回报的一个指标，我们在股票交易所上市的合伙企业$Brookfield再生能源(BEP)$ 在过去20年里创造了18%的年复合回报率。
Today we are a leading renewables investor globally with $50 billion of solar, wind and hydro facilities in 17 countries. As the global energy supply continues a slow shift to renewables, we are ideally positioned to capitalize on opportunities in the renewable market.
今天，我们是全球领先的可再生能源投资者，在17个国家拥有500亿美元的太阳能、风能和水电设施。随着全球能源供应继续缓慢转向可再生能源，我们处于理想的位置，以利用可再生能源市场的机会。
Since we wrote about this two years ago, the transformation has increased, and today everyone seems to be interested. We think we are still in the early stages of this transformation, and it will require very substantial capital investment over multiple decades.
自从我们两年前写了这篇文章以来，这种转变已经增加了，今天每个人似乎都对此感兴趣。我们认为，我们仍处于这种转变的早期阶段，这将需要几十年非常可观的资本投资。
Renewables still account for less than 30% of the global electricity production, of which wind and solar account for less than 25% of the current renewables in place. Accordingly, even if the world maintains its current $300‑$400 billion of annual investment into renewables, the level of penetration will remain modest for years.
可再生能源仍占全球发电量的不到30%，其中风能和太阳能占现有可再生能源发电量的不到25%。因此，即使世界保持目前每年对可再生能源的3000 - 4000亿美元投资，可再生能源的渗透水平也将在未来数年内保持适度。
Retail is Evolving
【零售正在进化】
There are many views around the world about how the retail landscape will shake out. Last year we took private our retail mall property business which had been listed in the public markets. In the process we acquired 125 incredible parcels of land in major cities across the U.S.
世界各地有很多关于零售格局将如何改变的观点。去年，我们将在公开市场上市的零售商场业务私有化。在这个过程中，我们在美国的主要城市获得了125块令人难以置信的土地。
We plan on developing these into many tens of thousands of residential apartments and condominiums, office properties, hotels, warehouses and self-storage locations. With these land parcels, we acquired a premier retail business that generates over $2 billion of EBITDA.
我们计划将这些土地开发成数以万计的住宅公寓和共管公寓、办公物业、酒店、仓库和自助仓库。通过这些地块，我们收购了一家一流的零售企业，产生了超过20亿美元的EBITDA。
While this is broadly seen as a contrarian investment, our views are very simple. First, the internet and physical retail will ultimately merge into one delivery network to customers, and as a result, great retail will get even better.
虽然这被广泛视为一种逆向投资，但我们的观点非常简单。首先，互联网和实体零售最终将合并为一个面向客户的配送网络，结果是，优秀的零售将变得更好。
Second, retail real estate presents redevelopment opportunities – and with our strong development capabilities, we will be able to add income to these sites for decades to come.
其次，零售地产提供了重新开发的机会——凭借我们强大的开发能力，我们将能够在未来几十年为这些地块增加收入。
It is very important to distinguish between the different types of retail. Our view is that good retail, focused on ‘experiences,’ will only get better – real estate is always about location and what can be done with that location. On the other hand, average-to-poor retail will continue to struggle.
区分不同类型的零售是非常重要的。我们的观点是，专注于“体验”的优秀零售只会变得更好——房地产总是与地段以及利用地段可以做什么有关。另一方面，中等偏差的零售将继续挣扎。
Our retail mall portfolio is one of the highest quality portfolios in America – and as a result, we are 96% leased on a long-term basis. Furthermore, retailers are consolidating stores into the best malls. In time, like almost all industries, consolidation will end and the survivors will be stronger for it.
我们的零售商场组合是美国质量最高的组合之一，因此，我们有96%的长期出租率。此外，零售商正在将门店整合到最好的购物中心中去。随着时间的推移，就像几乎所有行业一样，整合终将结束，幸存者将因此变得更强大。
Part of our confidence comes from the fact that we are dealing with a growing number of retail brands that started life online but are now opening stores at a record pace. Even Amazon is opening stores to attract customers. This is because the most inexpensive way to attract customers once sales achieve any scale is to open stores.
我们的信心部分来自于这样一个事实: 我们正在与越来越多的零售品牌打交道，这些品牌最初在网上起家，但现在正以创纪录的速度开设门店。就连亚马逊也在开设门店来吸引顾客。 这是因为，一旦销售达到任何规模，吸引顾客的最廉价方式就是开店。
In the last year, over one-third of our new leasing activity was completed with emerging retailers. Among these growing brands, 60% are retailers that started with online operations only – sometimes referred to as ‘clicks to bricks.’ As this plays out, good retail will only get stronger.
在去年，我们超过三分之一的新租赁活动是与新兴零售商完成的。在这些不断增长的品牌中，60%的零售商最初只在网上运营，有时也被称为“点击实体店”。随着事态的发展，良好的零售业只会变得更加强劲。
Lastly, these retail centers sit on 100+ acre land parcels which happen to be located in the most densely populated and wealthiest cities in the U.S. We are only starting to redevelop the land around them with offices, apartments, condominiums, hotels and other property uses.
最后，这些零售中心坐落在100多英亩的地块上，恰好位于美国人口最密集和最富裕的城市。我们才刚刚开始重新开发它们周围的土地，建设写字楼、公寓、公寓、酒店和其他物业用途。
The next 50 years will offer us significant upside in what we view as one of the highest-quality land redevelopment portfolios ever assembled in the United States.
在我们看来，这块美国有史以来质量最高的土地再开发投资组合之一，未来50年提供显著的上涨空间。
Our Partnership Approach
【我们的合伙集体模式】
As many of you know, our senior management team has operated as a partnership for over 25 years. This approach has, first and foremost, provided important stability and continuity to Brookfield over the years – and we believe is one of the reasons we have been able to generate compound returns of approximately 20% for ALL shareholders over that period.
正如你们许多人所知，我们的高级管理团队已经作为一个合伙集体经营了超过25年。最重要的是，这种模式多年来博枫提供了重要的稳定性和连续性——我们相信，这也是我们能够在此期间为所有股东创造约20%复合回报的原因之一。
We took great care in structuring the partnership, and it has been a driving force in how we run the business – and, in turn, has had a very positive impact on our culture. We have always managed Brookfield in a non-hierarchical and collaborative way, working to make the whole greater than the sum of the parts by operating as a team, sharing credit, methodically planning and managing succession, and promoting from within wherever possible.
我们在构建这个合伙集体时非常谨慎，这一直是我们经营业务的动力，反过来也对我们的文化产生了非常积极的影响。我们一直以一种无等级和协作的方式管理博枫，通过团队合作、共享荣誉、有条不紊地计划和管理继任，以及尽可能从内部提拔，来实现整体大于部分之和的目标。
Brookfield is a public corporation that has many important benefits for shareholders including stock market liquidity and high levels of governance standards and transparency. At the same time, the capital structure, which was established in 1995, facilitates maintaining our partnership approach and enables long-term decision-making.
博枫是一家为股东带来许多重要利益的上市公司，包括股票市场的流动性和高水平的治理标准和透明度。与此同时，1995年建立的资本结构有助于保持我们的合伙集体模式，并使长期决策成为可能。
Through this capital structure, a group of current and former executives of Brookfield have joint control, and are key stewards of the company. This control takes the form of ownership of the Class B shares of Brookfield, which entitle the partnership to elect half the Board of Directors. Owners of the Class A shares elect the other half of the Directors.
通过这种资本结构，博枫的一群现任和前任高管拥有共同控制权，是公司的关键管理者。这种控制采取的形式是博枫的B类股份所有权，该合伙集体有权选举一半的董事会。A类股票的所有者选举另一半董事。
Our partnership considers the Class B shares to be essentially held ‘in trust’ for the next generation of partners, which makes our focus on teamwork and succession even more important.
我们的合伙集体认为，B类股票实质上是为下一代合伙人“信托”持有的，这使得我们对团队合作和传承的关注更加重要。
The partners collectively also own or have beneficial interests in approximately 20% of the Class A shares of Brookfield. This substantial economic ownership interest, built up over the last 50 years, today amounts to an investment in Brookfield of over $10 billion. It ensures that our interests are strongly aligned with yours. We are also always working through the planning for the next generation in order to ensure continued and seamless succession in the partnership.
这些合伙人还共同拥有或拥有博枫约20%的A类股份的实益权益。这种在过去50年里积累起来的巨大的经济所有权权益，今天相当于对博枫的100多亿美元投资。它确保我们的利益与你们的利益紧密相连。我们也一直在为下一代制定计划，以确保我们的合伙集体持续和无缝的继承。
In summary, we are focused on ensuring that control of the company will always rest with partners whose interests are fully aligned with all Brookfield shareholders and investors. They are the leaders of our businesses and have very meaningful ownership interests in the firm.
总而言之，我们专注于确保公司的控制权将始终在与博枫所有股东和投资者利益完全一致的合伙人手里。他们是我们企业的领导者，在公司中拥有非常重要的所有权利益。
We think this has been – and will continue to be – critical to our business success. It provides important continuity and stability, and the meaningful equity ownership in turn fosters a long-term commitment to our business by our senior executives, and management of Brookfield.
我们认为，这一直是——并将继续是——我们业务成功的关键。它提供了重要的连续性和稳定性，而有意义的股权所有权反过来促进了我们的高级管理人员和博枫管理层对我们的业务的长期承诺。