$Brookfield资管(BAM)$ 从历年#博枫股东信#中，随手摘选一些时效性不强的文字。
【OVERVIEW 概述】
2008 was unquestionably one of the most challenging years ever to be involved in the investment business. While everyone was affected, we avoided most of the investment mishaps experienced by many others, largely due to the type of long-duration hard assets we own. We also thankfully avoided the liquidity issues experienced by many, owing to our long-term, asset-specific, investment grade capital structure.
对于投资行业来说，2008年无疑是最具挑战性的一年。
虽然每个人都受到了影响，但我们避免了其他许多人经历的大部分投资灾难，这主要是因为我们拥有的长期硬资产类型。
幸运的是，我们使用长期、单项目、投资级的融资结构，所以也避免了许多人经历的流动性问题。
As a result, we were able to record strong cash flow from operations of $1.4 billion or $2.33 per share in 2008. This was one of our highest ever, although less than the total cash flows of the last few years because of a number of one-time items in the recent past. More importantly, these results display the sustainability of our core operating cash flows at a time when stable long-term cash flows are highly valued. The cash flow growth was due to solid performances from most of our operations, an increased contribution from our asset management activities and some realization gains. Net income was approximately $649 million, and while not as relevant a measure for our business, was a solid result.
因此，2008年我们从运营中获得了14亿美元或每股2.33美元的强劲现金流。这是我们有史以来最高的现金流之一，尽管由于最近几年的一些一次性项目，这一数字低于过去几年的现金流总额。
更重要的是，在长期稳定现金流被高度重视的时候，这些结果显示了我们核心经营性现金流的可持续性。
现金流增长是由于我们大部分业务的稳定表现、资产管理业务的贡献增加以及一些变现收益。净收入约为6.49亿美元，是一个坚实的结果，虽然这个指标对我们的业务意义没那么大。
We believe many businesses are currently undervalued by the stock markets due to external factors, driven largely by liquidity concerns not necessarily relevant to the businesses. In fact, as we generate substantial free cash flow, the illiquidity of the markets is presenting us with investment opportunities, which over the longer term should enable us to earn returns far higher than we would normally expect.
我们认为，由于外部因素，许多企业目前被股市低估，主要是受流动性担忧的驱动，而流动性担忧不一定与企业相关。
事实上，当我们产生大量的自由现金流时，市场的非流动性为我们提供了投资机会，从长期来看，这应该使我们能够获得远高于我们通常预期的回报。
We believe we are well positioned to capitalize on these opportunities as a result of our current cash position, available credit lines, the type of assets we own, the institutional relationships we have, and the contractual nature of the free cash flows we generate each year. Short-term fluctuations in our share price therefore have little effect on our business, because over the past 15 years we have seldom utilized our common shares to raise capital. Instead, we have been repurchasing shares at well below what we believe to be long-term net asset value.
我们相信，由于我们目前的现金状况、可用的信贷额度、我们拥有的资产类型、我们拥有的机构关系以及我们每年产生的自由现金流的合同性质，我们已经做好了充分利用这些机会的准备。
因此，我们的股价短期波动对我们的业务几乎没有影响，因为在过去的15年里，我们很少利用我们的普通股筹集资金。相反，我们一直在以远低于我们认为的长期资产净值的价格回购股票。
And while some asset values in our operations have decreased from last year, we believe the declines in the stock market are far greater than the reductions in fundamental asset values. In this regard, it is important to note that none of our major operations has sustained irreparable harm to their businesses, no major dilutions have occurred in the ownership of the company or our investments (in fact the reverse occurred in some cases where we have been able to invest our free cash at exceptional values), our cash flows in our renewable power operations are at record highs, and our office property leases are stable and of very long duration.
虽然我们业务中的一些资产价值较去年有所下降，但我们认为，我们股价的跌幅远远大于基本资产价值的跌幅。
在这方面，需要注意的是，我们的主要业务没有遭受不可弥补的损害，公司或我们旗下投资项目的所有权没有发生重大稀释 (事实上，在某些情况下，我们反而能够以优秀的价格投出我们的自由现金)，我们的可再生能源业务的现金流处于历史最高水平，我们的办公物业租赁是稳定的，期限很长。
Despite this, we recognize the performance of our share price in the stock market was dismal, and as substantial shareholders ourselves, we empathize with you. Our share price ended the year down 56% which resulted in our worst share price performance in 20 years. This reduced the compound 20-year return, inclusive of dividends, to approximately 11% or approximately 3% higher than the compound 20-year returns of the principal North American stock indices.
尽管如此，我们认识到我们的股价在股票市场的表现是惨淡的，我们自己作为大股东，我们与您感同身受。去年我们的股价下跌了56%，这是20年来我们股价表现最差的一年。
这使得我们股票的20年复合回报率(包括股息) 下降到约11%，比北美主要股票指数的20年复合回报率高出约3%。
Focusing more specifically on our future, we currently have six operating priorities. These are similar to the priorities we have had in place for close to two years, and depending on how soon the world economic environment recovers, each may take on a different relative importance:
更具体地着眼于我们的未来，我们目前有六个运营重点。
这些与我们近两年来制定的优先事项类似，取决于世界经济环境恢复的速度，每一项的相对重要性可能有所不同:
• Protect our businesses and asset values by constantly working our assets to enhance their value;
•通过不断提升资产价值，保护我们的业务和资产价值;
• Generate liquidity from non-strategic assets, and extend debt maturities before they come due;
•从非战略资产中产生流动性，并在债务到期前延长到期期限;
• Maintain maximum financial and operating flexibility in order to be positioned for growth as markets turn;
•保持最大的财务和运营灵活性，以便在市场转向时为增长做好准备;
• Repurchase interests held by others in our assets for less than net asset value, as a result of others holding a different view of long-term value;
•因他人持有不同的长期价值观点，以低于资产净值的价格回购他人持有的资产权益;
• Position ourselves as a preferred sponsor of acquisition transactions, based on our operating abilities, reputation with institutional investors, and ability to commit capital; and
•根据我们的运营能力、在机构投资者中的声誉和投入资本的能力，将我们定位为收购交易的首选发起人;而且
• Build client relationships with shared investment objectives.
根据共同的投资目标建立客户关系。
【MARKET ENVIRONMENT 市场环境】
Housing markets peaked in the U.S. in late 2005, the global credit markets began to deteriorate in July 2007, and a severe liquidity crisis manifested itself in September 2008. The global stimulus packages injected into the monetary system since then have been unprecedented and in time will lay the foundation for a recovery. As a result, we believe that we have experienced most of the equity market correction likely to occur and that credit markets will continue to improve through 2009 and substantially recover in 2010. We also believe that while the recession will be deep, it will not get out of hand and that within another year or so, the necessary corrections will be behind us. Although our business plans are predicated on these expectations, we remain cautious having taken a number of actions and measures over the past 18 months to help strengthen our management of risk in this changing environment.
美国房地产市场在2005年底见顶，全球信贷市场在2007年7月开始恶化，2008年9月出现了严重的流动性危机。
此后，全球向货币体系注入的刺激方案是前所未有的，并将及时为经济复苏奠定基础。因此，我们认为，我们已经经历了大部分可能发生的股市调整，信贷市场将在2009年全年继续改善，并在2010年大幅复苏。我们还相信，尽管衰退将是严重的，但它不会失控，在一年左右的时间内，必要的调整将成为过去。尽管我们的商业计划基于这些预期，但我们在过去18个月采取了一系列行动和措施，以帮助我们在不断变化的环境中加强风险管理，因此我们仍然保持谨慎。
We are heartened to note that many of our institutional clients are now beginning to re-implement their investment strategies. The rush to the treasury market has reduced risk-free returns to negligible yields, and with most pension funds having earnings requirements of 7% or more on their portfolios, they are starting to put funds back to work. We believe that once they have fully reassessed their strategies, they will look to increase their investment in moderate risk, higher-yielding assets, such as the products we generally offer. This bodes well for our asset management business.
我们很高兴地注意到，我们的许多机构客户现在开始重新实施他们的投资策略。涌向国债市场的热潮已经将无风险收益降低到可以忽略不计的水平，而且由于大多数养老基金对其投资组合的收益要求为7%或更高，他们开始让资金重新投入使用。我们相信，一旦他们完全重新评估了自己的战略，他们将寻求增加对中等风险、高收益资产的投资，比如我们通常提供的产品。这对我们的资产管理业务是个好兆头。
Fortunately, we have entered 2009 in a strong financial position. Our balance sheet strength and long-term investment horizons should play to our advantage as some owners of assets in need of capital are required to accept substantially reduced prices. And, as we have typically financed our investments with significant equity, usually comprising 50% of the purchase price, and financed the balance with fixed-rate, long-term investment grade financing, we are not as affected as many of our competitors who have relied on the more volatile high-yield debt markets to finance their business.
幸运的是，我们以强劲的财务状况进入了2009年。我们的资产负债表实力和长期投资视野应该会发挥我们的优势，因为一些需要资金的资产所有者被要求接受大幅降价。
此外，由于我们通常用显著股权(通常占收购价格的50%)为投资提供资金，并通过固定利率、长期投资级融资为余额提供资金，因此我们不像许多依赖波动较大的高收益债券市场为业务融资的竞争对手那样受到影响。
As a result of all of these factors, we believe that our businesses are, with few exceptions, well positioned to generate favourable returns even during these difficult economic circumstances and that they will continue to achieve our long-term objectives over the coming years.
由于所有这些因素，我们相信，除了少数例外，我们的业务即使在经济困难的情况下，也能取得良好的回报，并将在未来数年继续实现我们的长期目标。
Furthermore, we believe the next 24 months will present us with a very favourable period to invest capital in opportunities that should generate long-term returns well in excess of those returns typically expected on the low-risk type of assets which we prefer to own.
此外，我们认为，未来24个月将为我们提供一个非常有利的时期，将资金投资于那些产生长期回报的机会，这些回报将远远超过我们更喜欢拥有的低风险类型资产的通常预期回报。
【OPERATING PLATFORM AND BUSINESS STRENGTHS 运营平台和业务优势】
We are fortunate that our businesses are, with only a few small exceptions, performing well, our operating cash flows are strong, and our capitalization and liquidity situation is good. It is in this regard that we review some key facts regarding our financial and operating situation.
我们很幸运，除了少数例外，我们的业务表现良好，我们的经营性现金流强劲，我们的资本金和流动性状况良好。在这方面，以下我们回顾有关我们的财务和经营状况的一些关键事实。
Permanent capital at our disposal – First and foremost, we have approximately $20 billion of permanent capital to support our overall operations. In today’s environment, where many companies are without access to financing, this is a tremendous advantage. This capital does not come due and its trading price in the market has little direct impact on our operations.
我们可动用的永久资本——首先，我们有大约200亿美元的永久资本来支持我们的整体运营。在今天的环境下，许多公司无法获得融资，这是一个巨大的优势。这笔资金没有到期日，其在市场上的交易价格对我们的运营没有什么直接影响。
Strong liquidity – Excluding institutional client funds, we currently have over $3 billion of cash, financial equivalents and undrawn committed lines of credit to pursue opportunities. In the past 24 months we have generated more cash than we have invested or utilized in our operations. As a result, our capital availability today is greater than it was two years ago when the credit turbulence started to unfold, even though we have invested capital in a number of attractive investments during this period.
强大的流动性——不包括机构客户资金，我们目前拥有超过30亿美元的现金、金融等价物和未动用的承诺信贷额度，可用于寻找机会。在过去的24个月里，我们产生的现金超过了我们在运营中投入或使用的现金。因此，我们今天的资金可用性比两年前信贷动荡开始出现时要大，尽管我们在这段时间内已经在一些有吸引力的投资项目上投资了资金。
Significant annual free cash flow and capital turn-over – We generate approximately $1.5 billion of free cash flow annually. This can be used largely in whatever fashion we choose. In addition, we traditionally turn over 10% of our invested capital annually, leading to a further $2 billion or so to deploy. During the last six months, we generated close to $1.5 billion of net cash from asset monetization alone, which shows the flexibility within our operations to generate cash should we desire it.
显著的年度自由现金流和资本周转 —— 我们每年产生约15亿美元的自由现金流。这在很大程度上可以用在我们选择的任何方式上。此外，我们传统上每年周转10%的投资资本，产生另外20亿美元左右用于部署。在过去的六个月里，我们仅通过资产变现就产生了近15亿美元的净现金，这显示了我们在业务中产生现金的灵活性。
Low parent company debt – We have only $2.3 billion of debt at the parent company and, with few exceptions, do not guarantee our subsidiaries’ debts. Our deconsolidated debt-to-capitalization ratio is 15%. As you also know, most of the debt within our businesses has recourse only to specific properties. If you proportionately consolidate all of our interests in assets, the debt to capitalization is 44%, well within investment grade. We would point out that sometimes these facts are not easily visible in our financial statements because of the requirement to consolidate debt within partially owned funds that is, in reality, attributable to our institutional partners. Please have a look at our supplemental disclosures and proportionate balance sheet should you wish to review this further.
母公司债务低 —— 我们在母公司只有23亿美元的债务，除了少数例外，我们不担保子公司的债务。我们的非并表负债率只有15%。你也知道，我们公司的大部分债务只能追索特定的资产。如果按比例合并我们所有的资产权益，债务占资本总额的比例是44%，在投资级别内。我们要指出的是，有时这些事实不容易在我们的财务报表中显示出来，因为需要在部分拥有的资金中合并债务，而这些债务实际上是由我们的机构合作伙伴承担的。如果您希望进一步审查，请查看我们的补充披露和相应的资产负债表。
Durable, long-term cash flows – The majority of our operations have durable cash flows and are long term in nature. To put this into perspective, please review the following points concerning our two largest operations:
持久的、长期的现金流——我们的大部分业务都有持久的现金流，而且是长期的。为了更全面地了解这一点，请就我们两项最大的业务回顾以下几点:
Renewable Power Generation 可再生发电
• Average life of contracts – 12 years
•合同平均寿命- 12年
• Average contract prices – nearly 90% are below the level required to support new capacity
•平均合同价格——近90%低于支持新产能所需的水平
• Average term of financing – 12 years
•平均融资期限- 12年
• Average financing ratio on asset values – 40%
•平均负债率- 40%
• Average emissions of CO2 – virtually nil
•二氧化碳的平均排放量——几乎为零
• Diversity of facilities – 162 hydroelectric generating plants on 64 river systems
•设施多样性——在64个流域有162个水电站
• Ability to store water – equivalent to 22% of average annual generation output
•蓄水能力——相当于年平均发电量的22%
Commercial Office Properties 商业写字楼
• Average occupancy today – 97%
•目前的平均入住率为97%
• Average annual lease rollover over next three years – 4%
•未来三年平均每年租赁展期- 4%
• Average lease duration – over 7 years
•平均租期-超过7年
• Average tenant quality – “A” rated
•平均租户质量-“A”级
• Average net rent – 30% below current market
•平均净租金-比当前市场低30%
• Average financing on asset values – 50%
•平均负债率- 50%
• Average duration of financing – 7 years
•平均融资期限- 7年
Institutional relationships – We also have access to substantial resources through our institutional relationships in the form of commitments to our current funds, funds we are raising, and with respect to co-investment opportunities. We feel fortunate to have this access on a global basis and as we continue to build these relationships, and demonstrate how our approach to investments has weathered the recent turmoil, the relationships should only get better.
机构关系——我们还可以通过我们的机构关系获得大量资源，包括对我们当前基金的承诺、我们正在筹集的基金以及关于共同投资机会的承诺。我们很幸运能够在全球范围内拥有这种渠道，随着我们继续建立这些关系，并展示我们的投资方式如何经受住了最近的动荡，这种关系只会变得更好。
Increasing number of opportunities to invest – We think there will be many opportunities to invest in areas where we have particular expertise. To date, we have chosen to be selective in the belief that better opportunities are still coming and that the best use of our cash in the meantime has been to repurchase interests in our own assets at discounts to their underlying values.
投资机会的增加——我们认为，在我们有专长的领域将会有很多投资机会。到目前为止，我们选择了有选择性的投资，因为我们相信更好的机会还在后头，同时我们现金的最佳使用方式是以低于潜在价值的价格回购我们自己资产的权益。
CAPITAL RAISING INITIATIVES IN 2008 AND FINANCING PROFILE
【2008年的融资计划和融资概况】
In furtherance of our strategy of recycling capital and pruning non-strategic assets, we completed a number of initiatives during 2008 which will generate net cash proceeds, over and above regular cash flows, of approximately $1.5 billion after repayment of associated debt. The most notable of these transactions are as follows:
为了推动我们的资本循环和削减非战略资产的战略，我们在2008年完成了多项举措，在偿还相关债务后，将产生超过正常现金流的净现金收入，约15亿美元。其中最引人注目的交易如下:
• In October 2008, we sold part of our 588,000 acres of freehold lands owned in the U.S. Northwest to an institutional investment partnership that is managed by us and where we retain an approximate 40% direct and indirect interest. Total proceeds were $1.2 billion, generating net cash to us of approximately $600 million.
•2008年10月，我们将在美国西北部拥有的58.8万英亩永久土地的一部分出售给了一家由我们管理的机构投资合伙企业，我们保留了约40%的直接和间接权益。总收益为12亿美元，为我们带来约6亿美元的净现金。
• In July, we sold our 50% interest in the Canada Trust office property in Toronto for C$425 million. The sale generated net cash proceeds of approximately $190 million, after repaying the mortgage.
•7月份，我们以4.25亿加元的价格出售了在多伦多的加拿大信托公司(Canada Trust)办公楼50%的股权。在偿还抵押贷款后，这笔交易产生了大约1.9亿美元的净现金收入。
• In September, we sold our transmission lines in Brazil for approximately $275 million of net cash proceeds. The transaction is expected to close in the first quarter of 2009.
•9月份，我们以2.75亿美元的净现金收益出售了在巴西的输电线路。该交易预计将于2009年第一季度完成。
• In September, we reached agreement to sell two non-core insurance operations for $350 million in cash. Approximately $200 million was received in the fourth quarter of 2008, and the balance expected shortly.
•9月份，我们达成协议，以3.5亿美元现金出售两项非核心保险业务。2008年第四季度收到了大约2亿美元，余额预计很快就会到位。
• In December, we sold a wind facility and our interest in a small hydro power plant to our 50% owned hydro income fund. Net proceeds, after we subscribed for additional units of the fund, were approximately $60 million.
•去年12月，我们向拥有50%股权的水电收入基金出售了一座风力设施和一家小型水电站的权益。在我们认购该基金的额外单位后，净收入约为6 000万美元。
In addition, we extended the terms of existing financings and raised new capital aggregating approximately $8.0 billion during the year, largely in the form of asset-specific mortgages.
此外，我们延长了现有融资的期限，并在年内筹集了总计约80亿元的新资本，主要以特定资产抵押贷款的形式筹集。
As noted earlier, we hold over $3 billion of cash, financial equivalents and undrawn committed lines of credit within Brookfield. This includes approximately $2 billion at the corporate level and approximately $1 billion in our principal operating subsidiaries. Our only debt maturity at the corporate level before 2012 is a $200 million bond which is due in late 2010, and our lines of credit extend into 2012. Our subsidiaries’ debt is spread out among many of our operating units with diversified maturities and we believe that most, if not all of the debt should be refinanceable at current levels, even in difficult markets.
如前所述，我们在博枫持有超过30亿美元的现金、金融等价物和未提取的承诺信用额度。这其中包括公司层面的约20亿美元和主要运营子公司的约10亿美元。我们唯一在2012年之前到期的公司债务是一笔2亿美元的债券，将于2010年底到期。我们的信用额度在2012年才到期。我们子公司的债务分散在我们的许多经营部门中，期限各异，我们相信，即使不是所有债务，也大部分应该在当前水平上具有再融资能力，即使是在困难的市场中。
Our financing profile is based on asset-specific mortgages which, on average, represent approximately 50% loan-to-value. These mortgages have recourse only to our power plants, office properties, transmission lines and timber stands. We believe, based on our experience of renewing mortgages, even over the past year, that we should require very little further equity investment to extend the terms of these mortgages and it is likely that some of the renewals will generate opportunities for us to withdraw capital, particularly in the case of financings put in place a number of years ago.
我们的融资配置基于特定资产抵押贷款，平均约占贷款价值比的50%。这些抵押贷款只对我们的发电厂、办公物业、输电线路和木材厂有追索权。根据我们在抵押贷款续期(甚至在过去一年)方面的经验，我们认为，要延长这些抵押贷款的期限，我们应该只需要很少的进一步股权投资，而其中一些续期很可能会给我们带来提取资金的机会，特别是在多年前落实的融资。
Lastly, we think it is important for investors in Brookfield to understand the quality and the type of debt which we have, and the reason why Brookfield finances its affairs the way it does. First, our assets have highly stable cash flows and therefore each asset, in general, can support substantial non-recourse leverage and remain investment grade. This capital structure allows us to maximize returns on equity without taking on too much risk.
最后，我们认为对博枫的投资者来说，了解我们所拥有的债务的质量和类型，以及博枫为何以这种方式融资是很重要的。
首先，我们的资产拥有高度稳定的现金流，因此，一般来说，每个资产都可以支持大量的无追索权杠杆，并保持投资级信用评级。这种资本结构允许我们在不承担太多风险的情况下实现股本回报率最大化。
Our view is that the optimal leverage level for an asset or company depends on the type of assets it is supported by, and that the duration and covenants of the loan are as important as the amount of leverage itself. Used appropriately, we believe leverage can be positive; but as with everything, if utilized excessively or in the wrong way, leverage can destabilize a financial structure and amplify bad outcomes. Thankfully, due to our experience in operating these types of assets over many years, we have a healthy respect for the cyclicality of markets and the level and type of leverage which is appropriate. As a result, while the past 18 months have been difficult for all investors, we have not had to face the major issues which a number of others have had to, mainly because we chose a different course as to the type and amount of leverage employed.
我们的观点是，一项资产或公司的最佳杠杆水平取决于其支撑资产的类型，贷款的期限和限制条款与杠杆本身的大小同样重要。
如果使用得当，我们相信杠杆可以是积极的;但与所有事物一样，如果过度使用或以错误的方式使用，杠杆会破坏金融结构的稳定，放大不良后果。
值得庆幸的是，由于我们多年来经营这类资产的经验，我们对市场的周期性以及适当的杠杆水平和类型有一种健康的尊重。
因此，尽管过去18个月对所有投资者来说都很艰难，但我们没有像其他一些投资者那样面临重大问题，这主要是因为我们在使用杠杆的类型和大小上选择了不同的路线。
INVESTMENTS MADE DURING 2008
【2008年的投资】
During 2008, we were cautious with the deployment of our capital. However, we did make a number of investments where we believe exceptional value will be earned in the long term. Most of these were internal opportunities where we were, in a number of different ways, increasing our interests in assets which we already own. The balance of our capital resources is sitting in cash and financial assets, or has been utilized to reduce debt, either to lower the leverage on some assets as we extended maturities or to repay bank lines which are now available to be drawn for investment in the future.
2008年，我们对资本的投放非常谨慎。然而，我们确实做了一些我们认为可以在长期内获得优秀价值的投资。其中大部分都是我们的内部机会，通过不同的方式，增加了我们对已经拥有的资产的股份。
我们剩下的资本资源存放在现金和金融资产上，或者被用来减少债务，或者在我们延长到期期限时降低一些资产的杠杆率，或者用来偿还银行贷款，这些释放的贷款额度现在又可以用于未来的投资。
During the year, we invested approximately $1.7 billion of cash in various ways. A good portion of this capital was invested in assets and shares of companies which we know well, and which we believe were made at very substantial discounts to long-term underlying values.
年内，我们以各种方式投资了约17亿元现金。这些资金的很大一部分投资于我们非常熟悉的公司资产和股票，我们认为这些资产和股票的价格大大低于长期潜在价值。
Brookfield and subsidiary common shares – We repurchased 14.2 million common shares of the company during the year at an average price of $20.17. While we have been a substantial buyer over the past 10 years, we had not repurchased significant amounts in the two years prior to 2008 because the shares were trading at a price closer to intrinsic value and we believed our cash was better invested elsewhere. The reduction in our share price during 2008 presented us with a great opportunity to repurchase shares. During the year, we also invested approximately $50 million to increase our interest in a number of our subsidiaries by repurchasing their shares in the open market.
博枫和子公司普通股 ——我们在这一年以平均20.17美元的价格回购了1420万股公司普通股。
尽管我们在过去10年里一直是大量买家，但在2008年之前的两年里，我们并没有大量回购股票，因为股票的交易价格更接近内在价值，而且我们认为我们的现金投资在其他地方更好。
2008年我们股价的下跌给我们提供了回购股票的大好机会。年内，我们亦投资约5,000万美元，透过在公开市场上回购多间子公司的股份，增加对它们的权益。
Hydroelectric power plants – We acquired additional power plants for $350 million, including a 156 megawatt high capacity facility in Brazil.
水力发电厂——我们以3.5亿美元又收购了一些发电厂，包括在巴西的一个156兆瓦的高容量设施。
Commercial office properties – We invested $300 million in commercial real estate, mostly through add-on acquisitions in our primary markets, by repurchasing interests held by partners in our properties, and through selective development.
商业写字楼物业——我们在商业地产上投资了3亿美元，主要是通过在我们的主要市场进行附加收购，通过回购合作伙伴在物业中持有的权益，以及通过选择性开发。
U.S. residential assets – We have committed to acquire the majority of a $250 million rights offering for convertible preferred of our U.S. residential operations. Our ultimate ownership interest, depending on minority shareholders’ subscriptions, will be between 56% and 80%, on a fully-diluted basis.
美国住宅资产——我们已承诺认购我们美国住宅业务2.5亿美元配股发行可转换优先股的大部分。我们的最终所有者权益，取决于小股东的认购，在完全稀释的基础上，将在56%到80%之间。
Brazilian residential assets – We own approximately 42% of one of the most profitable homebuilders in Brazil. We have underwritten a rights offering to support the growth of this business which continues to be robust. This should ensure these operations maintain their competitive position as one of the top three builders in Brazil.
巴西住宅资产——我们拥有巴西最赚钱的住宅建筑商之一约42%的股份。我们已认购配股以支持该业务的增长，该业务持续强劲。这将确保这些业务保持其作为巴西前三大建筑商之一的竞争地位。
Value investment opportunities – We invested approximately $200 million in a variety of value investment opportunities, both directly and through our restructuring funds. We also subscribed for approximately $200 million of shares in a Norbord rights offering to strengthen their balance sheet. This increased our interest from 36% to 80% on a fully-diluted basis.
价值投资机会——我们在各种价值投资机会上投资了约2亿美元，包括直接投资和通过我们的重组基金。我们还认购了约2亿美元的Norbord配股，以加强其资产负债表。这使我们的权益在完全稀释的基础上从36%增加到80%。
【GOALS AND STRATEGY 目标和策略】
While many investors are understandably focused on the events of the next week or month, it is important to reiterate that our primary long-term goal is to achieve a compound 12% annual growth in our cash flows from operations measured on a per share basis. This should lead to an overall return of in excess of the 12% growth in cash flows after including the appreciation in the value of assets. This increase will not occur consistently each year (and some years will decrease), but we believe we can achieve this objective over the longer term by continuing to focus on four key operating strategies:
虽然很多投资者都在关注下周或下个月发生的事情，但有必要重申的是，我们的主要长期目标是实现每股运营现金流12%的年复合增长。这将导致在包括资产价值的增值后，现金流的总体回报率超过12%的增长。
这种增长不会每年都持续出现(有些年还会减少)，但我们相信，通过继续关注以下四个关键的经营策略，我们可以在更长期内实现这一目标:
• Build a world-class asset management firm, offering a focused group of products on a global basis for our investment partners.
•打造世界级的资产管理公司，为我们的投资伙伴在全球范围内提供专注的产品群。
• Differentiate our product offerings by utilizing our operating experience and our extended investment horizons, to generate greater returns over the long term for our partners.
•通过利用我们的运营经验和扩展的投资期限，使我们的产品与众不同，为我们的合作伙伴创造更大的长期回报。
• Focus our products on simple to understand, high quality, long-life, cash-generating physical assets that require minimal sustaining capital expenditures and have some form of barrier to entry, characteristics which should lead to appreciation in the value of these assets over time.
•将我们的产品集中在简单易懂、高质量、长寿命、能产生现金的有形资产上，这些资产需要最少的持续资本支出，并具有某种形式的进入壁垒，这些特性应该会导致这些资产的价值随着时间的推移而升值。
• Maximize the value of our operations by actively managing our assets to create operating efficiencies, lower our cost of capital and enhance cash flows. Given that our assets generally require a large initial capital investment, have relatively low variable operating costs, and can be financed on a long-term, low-risk basis, even a small increase in the top-line performance typically results in a much more meaningful contribution to the bottom line.
•通过积极管理资产，实现运营价值最大化，提高运营效率，降低资本成本，提高现金流。考虑到我们的资产通常需要大量的初始资本投资，具有相对较低的可变运营成本，并可以在长期、低风险的基础上进行融资，即使是营收的微小增长通常也会对利润产生更有意义的贡献。
We believe we can continue to successfully grow our global asset management business, because underlying fundamentals for asset management, particularly within the infrastructure and real asset area, continue to be positive. In fact, in an uncertain world, we believe our lower-risk, lower-volatility assets should become even more appealing, especially as investors reprice risk in the marketplace.
我们相信，我们能够继续成功增长我们的全球资产管理业务，因为资产管理行业的基本面，特别是在基础设施和实物资产领域，继续保持积极。事实上，在一个不确定的世界里，我们认为我们的低风险、低波动率资产应该会变得更有吸引力，尤其是当投资者在市场上重新定价风险时。
【SUMMARY 总结】
We remain committed to building a world-class asset manager, and investing capital for you and our investment partners in high-quality, simple-to-understand assets which earn a solid cash-on-cash return on equity, while always emphasizing downside protection of the capital employed.
我们继续致力于打造世界级的资产管理公司，为您和我们的投资伙伴投资高质量、简单易懂的资产，获得稳定的现金对现金股本回报率，同时始终强调所使用资本的下行保护。
The primary objective of the company continues to be generating increased cash flows on a per share basis, and as a result, higher intrinsic value over the longer term.
公司的主要目标继续是在每股基础上产生更多的现金流，并因此产生更高的长期内在价值。
It is always important to remind ourselves that there may be occasional periods of time, maybe years, when stock market values, for various reasons, may not reflect the intrinsic value of the underlying business. This reality presents opportunities to acquire assets in the public market at less than intrinsic value, but can similarly affect your shareholdings in our company for periods of time. This is particularly acute today, and while we are not pleased with this, we hope to be able to capitalize on further opportunities should this environment persist and therefore at least turn these short-term market disruptions into long-term positives for you.
重要的是要提醒自己，可能会有一段时间，也许是几年，由于各种原因，股票市场的价值可能不能反映潜在业务的内在价值。
这一现实提供了以低于内在价值的价格在公开市场上收购资产的机会，但同样也会在一段时间内影响您在我们公司的持股。这种情况在今天尤其严重，虽然我们对此并不满意，但我们希望能够抓住进一步的机会，如果这种环境持续下去，至少能把这些短期的市场混乱转变为对你们的长期积极因素。