Brookfield Sells Off Its Interest In Forever 21 As Retail Drags Down Q1

Brookfield Property Partners released one of its last statements as a publicly traded REIT Friday, reporting that first quarter funds from all operations fell nearly 60% year over year to $125 million. Overall the company was in the black in the quarter, reaching net income of $731 million, up from its $373 million loss a year ago. Its core retail business fed the decline, as funds from those operations fell 45% to $108 million, per a company press release. Brookfield trimmed the portfolio recently, handing over the keys to three malls (Florence Mall in Kentucky, Bayshore Mall in California and Pierre Bossier Mall in Louisiana), and walking away from what were delinquent commercial mortgage-backed securities loans, according to a KBRA Credit Profile report. The company also said it gained $63 million by selling off its interest in Forever 21, which it acquired last year at a bankruptcy auction, with Authentic Brand Group and rival REIT Simon Property Group, for $81 million. Read more at Retail Dive.