$布鲁克菲尔德(BN)$ 从历年 #博枫集团股东信# 中，随手摘选一些时效性不强的文字。#博枫股东信#
Opportunities are Coming for the Strong
【机会是为强者而来】
We have invested successfully through many cycles, and our deep resources mean that we will be able to capitalize on the investment opportunities that will inevitably present themselves during this cycle. We are readying ourselves for that.
我们已经在许多个周期中成功地进行投资。我们深厚的资源，意味着我们将能够利用在这个周期中不可避免会出现的投资机会。我们正在为此做好准备。
Infrastructure, Renewables, Transition and Private Credit are Providing Resilience and Growth
【基础设施、可再生能源、能源转型，和私市信贷提供了韧性和增长】
Over the past 20 years, we have methodically widened our investment strategies to diversify our business. Our original business of private equity is very important to us and still growing, but now it is actually our smallest business.
在过去的20年里，我们有条不紊地拓宽了我们的投资策略，使我们的业务多样化。我们最初的私市股权业务对我们非常重要，而且仍在增长，但现在它实际上是我们最小的业务。
Real estate, which once was originally most of our asset management business, is today just one of six backbones of our investment business. We have achieved this by adding market leading businesses in Infrastructure, Renewables, Transition and Private Credit over the years, and each of these businesses continue to grow larger while we look for our next areas of growth.
房地产曾经是我们资产管理业务的主要部分，如今它只是我们投资业务的六大支柱之一。多年来，我们通过在基础设施、可再生能源、能源转型和私市信贷领域增加市场领先的业务，实现了这一目标。在我们寻找下一个增长领域的同时，这些业务继续在不断扩大。$Brookfield资管(BAM)$
Our infrastructure business was born out of our roots in the commodities business, where we built vast roads, pipelines, and related infrastructure in order to be able to sell commodities.
我们的基础设施业务起源于博枫在大宗商品业务的历史根源；在大宗商品业务中，我们修建了大量的道路、管道和相关基础设施，以便能够销售大宗商品。
Twenty-five years later, we have a dominant franchise and have become the largest private investor in infrastructure globally. Our business today is broad and vast and at over $160 billion in scale is getting bigger, with approximately $20 billion of equity invested or committed to some incredible deals in the last twelve months.
25年后，我们拥有一个占行业支配地位的业务平台，并已成为全球最大的基础设施私人投资者。我们今天的业务范围广泛，规模超过1600亿美元，而且还在不断扩大，在过去的12个月里，我们在一些极好的项目上投资（或承诺出资）了大约200亿美元的权益。
Our multiple sources of capital make us different and combined with our operating platforms we have been able to earn excellent long-term returns for our investors, all the while diversifying into new forms of infrastructure with the large tailwinds of decarbonization, deglobalization and digitalization.
我们的多种资金来源使我们与众不同；结合我们的运营平台，我们能够为投资者获得优秀的长期回报；同时在脱碳、去全球化和数字化的大顺风下，我们一直在多元化发展新形式的基础设施。
Our over $75 billion renewables business started from our industrial business roots and for years we built and acquired hydro (water-powered) plants globally to become one of the largest private owners of water-powered power plants. This is a great business as we enjoy approximately 70% margins because there are no input costs.
我们超过750亿美元的可再生能源业务起源于博枫在重工业的历史根源；多年来，我们在全球建造和收购水力发电厂，成为水力发电厂最大的私人所有者之一。这是一项美妙的业务：因为没有投入成本，我们享有大约70%的利润率。$Brookfield再生能源(BEP)$
Fortunately, this also enabled us to be at the forefront of both the wind and solar businesses as each became economic without subsidies over the past 10 years. And now with a global push to remove carbon from electricity generation, we find ourselves at the heart of one of the most exciting transitions taking place in the world. As one of the largest owners of renewables globally and with vast operating and technical teams to build and operate all forms of renewables, we have room to grow for decades ahead.
幸运的是，这也使我们站在风能和太阳能行业的最前沿，因为在过去的10年里，这两个行业都在没有补贴的情况下实现了有利可图。现在，随着全球推动消除发电中的碳排放，我们发现自己正处于世界上最令人兴奋的转变之一的中心。作为全球最大的可再生能源所有者之一，我们拥有庞大的运营和技术团队来建设和运营各种形式的可再生能源，我们在未来几十年还有增长的空间。
Four years ago, given our renewables knowledge, we recognized that the world was also pivoting towards decarbonizing all industry, so we decided to aggressively push towards transition investing. This allowed us to create a global leading Transition fund business. This culminated two years ago in us raising a $15 billion inaugural Transition fund, and we have now invested most of that capital.
四年前，鉴于我们对可再生能源的了解，我们认识到世界也在向所有工业都脱碳的方向发展，因此我们决定积极推动能源转型投资。这使我们能够创建一个全球领先的能源转型基金业务。这项努力在两年前达到高潮，我们筹集了150亿美元的首期能源转型基金，现在已经投出了大部分资金。
We are now back in the market with our next fund, which should be larger. This business did not exist five years ago, and now it has the potential to be one of our largest businesses as the world continues to grasp how to fund the transition to less carbon.
我们现在回到市场募集下一期基金，这只基金的规模应该更大。这项业务在五年前还不存在，现在它有潜力成为我们最大的业务之一，因为全世界都在继续领会如何为向低碳转型提供资金。
Finally, we added private credit to our franchise over the past 15 years, including a major thrust via acquisition in 2019. This enabled us to diversify our franchise, make it more resilient, and allow us to be more countercyclical.
最后，我们在过去的15年里为我们的平台增加了私市信贷策略，包括在2019年通过收购进行的重大推动。这使我们能够使我们的平台更多样化，使其更具韧性，并使我们能够更加逆周期。
This pivot of our investment strategies to private credit has also been facilitated by the banks decreasing their corporate, real estate and buyout lending activities. We are increasingly providing loans into the buyout and new origination market. This is allowing us to take our franchise to the next level of growth, with the latest banking issues only increasing the needs of borrowers for capital from groups like us.
银行减少企业、房地产和并购贷款的活动，也促进了我们将投资策略转向私市信贷。我们越来越多地向并购和新发放市场提供贷款。这使我们能够将我们的平台提升到一个新的增长水平，而最近的银行问题只会增加借款人对像我们这样的集团的资金需求。
We continue to look for new investment verticals to add to Brookfield in order to diversify our resources, provide innovative ways for our clients and partners to invest, and make us a better company.
我们将继续为博枫寻找新的垂直投资领域，以使我们的资源更多样化，为我们的客户和合作伙伴提供创新的投资方式，并使我们成为一家更好的公司。
The Real, Real Estate Story – A Tale of Two Cities
【真实的地产故事——双城记】
Real estate is the largest business in the world. As a result, people spend a disproportionate amount of time trying to understand how it affects them and their investments. Its vast size and reach in turn leads to the belief or worry in each market downturn that real estate will bring significant stress to banks and investors.
地产业是世界上最大的产业。因此，人们花了大量的时间试图了解它如何影响他们和他们的投资。它的庞大规模和影响范围反过来又导致人们相信或担心，每次市场低迷时，房地产都会给银行和投资者带来巨大压力。
The first point to note is that many parts of the real estate market are doing very well today—including hotels, industrial properties, high-quality retail, premier office and multifamily residential. At the same time, vacancies are occurring in the traditional commodity office business, largely an issue only in the United States.
首先要注意的是，地产市场的许多领域目前都表现良好，包括酒店、工业地产、高品质零售、高级写字楼和多户住宅。与此同时，传统、同质化的写字楼也出现了空置，这在很大程度上只是美国的问题。
We have been investing successfully in real estate around the world for many decades. Our team of almost 30,000 operating people in 30 countries, operating over 7,000 properties in every sector of real estate, gives us a unique and powerful vantage point. We use the on-the-ground data from our operations around the world to form objective views on individual properties and the broader real estate markets.
几十年来，我们一直在世界各地成功地投资房地产。我们的团队在30个国家拥有近30,000名运营人员，在房地产的各个领域运营着7,000多座物业，这为我们提供了独特而强大的观察制高点。我们利用来自全球各地的实地数据，对个别物业和更广泛的房地产市场形成客观的看法。
The data we see increasingly show real estate fundamentals as a tale of two cities. As with nearly every cycle we have seen previously, the highest-quality properties continue to perform well while traditional commodity properties in secondary markets or locations underperform.
我们看到的数据越来越表明，房地产的基本面是一个“双城记”。正如我们之前看到的几乎每个周期一样，最高质量的物业继续表现良好，而二线市场或地区的传统、同质化的物业表现不佳。
Premier Office Leasing is Strong
【高级写字楼的租赁很强劲】
The types of office assets that are in demand from companies seeking the benefits of in-person collaboration are evolving. Companies want office premises that provide them with options to create spaces that foster collaboration, creativity, and community among workers. This means that new modern premier office locations have never been in higher demand, while commodity office buildings in secondary locations are increasingly becoming functionally obsolete.
寻求面对面协作好处的公司所需要的办公资产类型正在不断演化。公司希望办公场所能够为他们提供各种选择，以创建能够促进员工之间协作、创造力和社区的空间。这意味着新建的现代化高级写字楼的需求从未像现在这样高，而二线地点的同质化写字楼在功能上越来越过时。
This further drives the bifurcation in performance between premier office and commodity real estate and in our view, premier buildings are now in a category of their own and should no longer be compared to traditional commodity office properties.
这进一步推动了高级写字楼和同质化写字楼之间的表现分歧，在我们看来，高级写字楼现在是一个独立的类别，不应再与传统的同质化写字楼进行比较。
We have always focused on owning premier real estate in the best locations, which is why 95% of our office portfolio is either trophy or Class A office space that continues to vastly outperform the broader market. To illustrate, we had nearly 5% same-store NOI growth last year.
我们一直专注于在最佳地段拥有一流的物业，这就是为什么我们的写字楼投资组合中95%是地标或甲级办公空间，这些办公空间的表现一直远远超过市场整体。举例来说，去年我们核心资产的同店净经营收入增长了近5%。
We have many examples of this in our portfolio. At our soon-to-be-completed Two Manhattan West property in New York, we recently signed over one million square feet of leases at rents 35% above those at One Manhattan West, which was fully leased prior to the onset of the pandemic.
我们的投资组合中有很多这样的例子。在即将完工的纽约曼哈顿西二号(Two Manhattan West) 写字楼，我们最近签署了超过100万平方英尺的租约，租金比曼哈顿西一号(One Manhattan West) 高出35%，后者在疫情爆发前已全部租出。
At another of our prime office buildings in Manhattan, we are actively signing leases at over $200 per square foot to high-quality tenants—and in London, we recently signed leases at over £90 per square foot in a new office tower, which is a new high watermark for this submarket. Another example is our recently completed construction of the highest-quality building in Dubai that is now 100% leased, with rents almost double what we had projected.
在我们位于曼哈顿的另一座优质写字楼，我们正积极以每平方英尺200美元以上的价格与优质租户签订租约。在伦敦，我们最近在一座新写字楼以每平方英尺90英镑以上的价格签订了租约，这是这个细分市场的新高。另一个例子是我们最近在迪拜建成的最高质量的写字楼（迪拜国际金融中心），现在100%出租，租金几乎是我们预计的两倍。
Valuations are More Nuanced Than is Broadly Understood
【地产估值比人们普遍理解的更加微妙】
All property investments are fundamentally affected by interest rates. But the impact on values of an increase or decrease in interest rates is much more nuanced than a simple headline can explain.
所有地产投资都从根本上受到利率的影响。但利率上升或下降对价值的影响远比一个简单的标题所能解释的要微妙得多。
There are three basic inputs that go into a real estate valuation: the discount rate or unlevered return that an investor expects to earn, the terminal capitalization rate which determines the sale value of the asset and the cash flows that an investor expects to earn during their period of ownership.
地产估值有三个基本要素: 投资者期望获得的折现率或无杠杆回报率，决定资产出售价值的终值资本化率，以及投资者期望在其持有期间会获得的现金流。
These cash flows and the expected sale price are discounted back to arrive at today’s valuation and the “going in” capitalization rate is merely an outcome of this process, not a relevant number always, in itself.
这些现金流和预期出售价格被折现，得到今天的估值，而 “当前”资本化率 （Going-in Cap Rate) 只是这个计算过程的一个结果，本身并不总是一个有意义的数字。
When interest rates rise (or fall), investors typically demand a higher (or lower) unlevered return, which is reflected as a higher (or lower) discount rate. However, this relationship is not linear.
当利率上升(或下降)时，投资者通常要求更高(或更低)的无杠杆回报，这反映为更高(或更低)的折现率。然而，这种关系并不是线性的。
For example, in 2021 when we saw interest rates decline by 300 bps, discount rates probably only declined by 50 or 60 bps. This is due to investors expecting rates to not remain at close to zero for a long period of time. Similarly, over the past year, as long-term interest rates rose by 300 bps, discount rates likely moved up, but not more than maybe 50 to 75 bps, to settle back to where they were, not dissimilar to before the pandemic.
例如，在2021年，当我们看到利率下降300个基点时，折现率可能只下降了50或60个基点。这是因为投资者预计利率不会长期维持在接近于零的水平。同样，在过去的一年里，随着长期利率上升300个基点，折现率可能会上升，但不会超过50至75个基点，只是恢复到原来的水平，这与疫情之前相差不大。
But that’s not the full story—the rapid rise in interest rates over the past twelve months was due to the Federal Reserve’s response to a dramatic spike in inflation. High-quality real estate is considered a good hedge against inflation as it is typically able to increase its income in line with (or sometimes in excess of) inflation. This has happened a lot in premier office properties.
但这还不是事情的全部——过去12个月里利率的快速上升是由于美联储对通货膨胀急剧上升的反应。高质量的房地产被认为是一个很好的对冲通货膨胀的工具，因为它的收入增长通常能够与通货膨胀一致(有时甚至超过)。
As a result, valuations are now discounting higher cash flows than they were a year ago, which offset the impacts of higher discount rates and supports real estate values.
这种情况在顶级写字楼中屡见不鲜。其结果是，目前的估值会反映比一年前更高的现金流，这抵消了更高折现率的影响，并支撑了地产价值。
And with the cost of constructing a new building now up to 40% higher than it was just two years ago, the replacement cost of prime assets is materially higher and the pipeline for new buildings limited. This is very positive for the value of existing prime assets in the longer term.
而且，由于现在建造一栋新大楼的成本比两年前高出40%，优质资产的重置成本大幅上升，而新大楼的供应有限。从长期来看，这对现有优质资产的价值是非常有利的。
Interest Costs on Real Estate Have Not Increased as Much as it Appears
【房地产利息成本的增加并没有看上去那么多】
With respect to the cost of the financing of real estate, it is also worth remembering that much of the real estate in the United States is financed with fixed rate mortgages, and for those, the interest cost is largely the same today as it was a year ago.
关于地产的融资成本，同样值得记住的是，美国的大部分地产都是通过固定利率抵押贷款融资的，对于这些抵押贷款，今天的利息成本与一年前基本相同。
Further, not many mortgages were financed in the period when rates were extremely low—and therefore, despite rates that today are much higher than they were 18 months ago, the rates coming due on mortgages are in many cases similar to those that are expiring.
此外，在利率极低的那个时期，没有多少抵押贷款获得融资；因此，尽管今天的利率比18个月前高得多，但在许多情况下，新抵押贷款要支付的利率与到期的贷款相似。
Of course, not every property in our portfolio has been unaffected by recent market volatility. When you own 7,000 properties, it is impossible not to make a few mistakes. But we have always prided ourselves on being an extremely responsible borrower, and our reputation in the capital markets sets us apart.
当然，并非我们投资组合中的每一处物业都没有受到近期市场波动的影响。当你拥有7000处物业时，不可能不犯一些错误。但我们一直为自己是非常负责任的借款人而感到自豪，我们在资本市场上的声誉使我们与众不同。
We work closely with our lenders to resolve problems that occur, and these tend to come from smaller assets (relative to the size of our business), many of which were acquired as part of a larger portfolio.
我们与贷款人密切合作，去解决出现的问题，这些问题往往来自较小的资产(相对于我们的业务规模)，其中许多是作为更大投资组合的一部分获得的。
To protect against these inevitable errors and ensure they always remain small mistakes, we have always had a policy of financing each asset on a stand-alone, non-recourse basis, which means that any issues with a specific property do not affect any of our other properties or businesses.
为了防止这些不可避免的错误，并确保它们始终是小错误，我们一直有一项政策，即在独立、无追索权的基础上为每项资产融资，这意味着特定资产的任何问题都不会影响我们的任何其他资产或业务。
A few such issues have recently arisen in our portfolio in Los Angeles and Washington DC, given the specific market stress in those cities, but they are discrete to those assets and not material to our overall real estate business—let alone to Brookfield as a whole.
考虑到洛杉矶和华盛顿特区特定的市场压力，最近我们在这些城市的投资组合中出现了一些这样的问题，但这些问题独立于这些资产的，在我们的地产业务整体重并不显著，更不用说博枫作为一个整体了。
We have also been careful to ladder our debt maturities in our property business to ensure we never have a large amount of debt coming due at any one time. We took advantage of very strong debt capital markets over the past couple of years and executed over $12 billion of U.S. office financings since March 2020. As a result, we have minimal debt maturing this year.
我们还周密仔细地将地产业务的债务到期日错开，以确保我们在任何时候都不会同时有大量债务到期。过去几年，我们利用了非常强劲的债务资本市场，自2020年3月以来，我们执行了超过120亿美元的美国写字楼融资。因此，我们今年到期的债务极少。