Core Viewpoint - Brookfield Infrastructure has underperformed compared to the S&P 500 over the past five years, despite strong financial results and a high-yielding dividend [1][2][5]. Performance Summary - Over the past five years, Brookfield Infrastructure's stock has returned -3.8%, while the S&P 500 has returned 88.9% [2]. - The one-year, three-year, and five-year performance of Brookfield Infrastructure compared to the S&P 500 shows significant underperformance in all periods [2][4]. Dividend Analysis - Brookfield Infrastructure offers a dividend yield of 3.8%, which is more than double that of the S&P 500 at 1.2% [3]. - The company has increased its dividend for 16 consecutive years, with a compound annual growth rate of 9% [3]. Financial Performance - In 2020, Brookfield generated $1.5 billion or $2.09 per share of funds from operations (FFO), and it expects to produce $2.6 billion or $3.32 per share of FFO this year, indicating compound annual growth rates of 13% and 10% respectively [5]. - The dividend payout ratio has decreased from 78% to 67% as earnings have grown faster than dividend payments [5]. Valuation Insights - Brookfield Infrastructure's valuation has become cheaper, currently trading at about 13.5 times its FFO, down from approximately 21.5 times five years ago [6]. - The company has faced headwinds such as a strong U.S. dollar and higher borrowing costs, which have impacted FFO growth [7]. Future Outlook - Positive trends are expected as the Federal Reserve cuts interest rates and the U.S. dollar may weaken, potentially leading to a reacceleration of FFO per share growth towards its long-term average of 14% annually [8]. - The organic project backlog has significantly increased from $2 billion in 2020 to $8 billion today, indicating growth potential [8]. Investment Considerations - Brookfield Infrastructure's stock has delivered underwhelming performance due to previous premium valuations and headwinds that slowed growth [9]. - With a much cheaper valuation and growth rate poised to reaccelerate, the company could deliver higher total returns for investors in the coming years [9].

Core Viewpoint - Brookfield Infrastructure Corporation has initiated an "at the market" equity issuance program allowing for the sale of up to $400 million of class A exchangeable subordinate voting shares to enhance financial flexibility and support corporate activities [1][2][4]. Group 1: ATM Program Details - The ATM Program allows Brookfield Infrastructure Corporation to sell shares directly from treasury at prevailing market prices through various exchanges [2][6]. - The program is designed to be non-dilutive, maintaining the overall number of LP Units and BIPC Shares outstanding [5]. - The net proceeds from the ATM Program will be used for repurchases of LP Units under the normal course issuer bid program and for general corporate purposes [4][5]. Group 2: Regulatory and Legal Framework - The ATM Program is supported by a Distribution Agreement with Canadian and U.S. agents, and it complies with applicable securities laws [6][7]. - The program will terminate upon the earlier of the sale of all BIPC Shares, termination of the Distribution Agreement, or on February 28, 2027 [6]. Group 3: Company Overview - Brookfield Infrastructure is a global infrastructure company focused on high-quality, long-life assets across various sectors, generating stable cash flows [11][12]. - The company is part of Brookfield Asset Management, which manages over $1 trillion in assets [12].

Market and Economic Risk - The risk level in the markets and economy has significantly increased since April, moving from an already elevated zone [1] - The introduction of massive and system-wide tariffs has triggered inflation risks and disrupted geopolitical stability [1] Analyst Background - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates in shaping financial strategies and executing large-scale financings [1] - He has contributed to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] - His policy-level work includes developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [1] - Berzins is a CFA Charterholder and holds an ESG investing certificate, with experience from an internship at the Chicago Board of Trade [1]

Core Insights - Income-seeking investors can find reliable dividend payers without sacrificing yield for quality, with some companies offering yields above 4% while the average in the S&P 500 is only 1.2% [1] Realty Income - Realty Income is a well-established REIT with 15,606 properties leased to 1,630 clients, known for its consistent dividend payouts [3] - The company has raised its monthly dividend for 111 consecutive quarters, totaling 131 increases since its IPO in 1994, currently offering a yield of 5.4% [4] - Despite challenges from rising interest rates, Realty Income has maintained a 3.54% annual dividend growth over the past five years [4] - The recent Federal Reserve interest rate cut of 0.25% is expected to enhance Realty Income's profits and dividend growth potential [5] - The company maintains a high occupancy rate of 98.6% by focusing on retail categories that drive foot traffic, such as convenience stores and grocery stores [5] - Realty Income's largest tenant, 7-Eleven, contributes only 3.4% to its annualized rental revenue, showcasing its diversification [6] - The REIT's strong credit rating (A3 from Moody's) allows it to borrow at favorable rates, such as $800 million at an average yield of 4.41% [7] Brookfield Infrastructure Corp - Brookfield Infrastructure has consistently increased its dividend payouts since its market debut 16 years ago, with an annual increase of 9% and a current yield of 4.2% [8] - The company's revenue is diversified, with 48% coming from transportation assets and the remainder from utilities, pipelines, and data centers, providing resilience against economic downturns [9] - As a subsidiary of Brookfield Corporation, Brookfield Infrastructure has access to significant resources, enabling it to acquire distressed assets [10] - In Q2, the company invested $1.3 billion in various infrastructure projects and raised $2.4 billion by trimming its asset portfolio [11] - Management anticipates a 5% to 9% annual increase in dividend payouts in the coming years, making it an attractive option for long-term investors [12]

Core Viewpoint - The article highlights three attractive high-yield dividend stocks: Brookfield Infrastructure, Enterprise Products Partners, and Realty Income, which are recommended for investors seeking a reliable income stream in September. Brookfield Infrastructure - Brookfield Infrastructure currently yields 4.3%, significantly higher than the S&P 500's 1.2% yield, and has consistently increased its dividend for 16 years at a 9% compound annual growth rate [2][4] - The company anticipates a long-term payout growth of 5% to 9% annually, supported by a robust infrastructure portfolio that generates stable cash flows linked to inflation [5][6] - Brookfield has a substantial backlog of organic expansion projects, including semiconductor fabrication facilities and data centers, which will contribute to future growth [6] Enterprise Products Partners - Enterprise Products Partners offers a yield of 6.8% and has raised its distribution for 27 consecutive years, with a 3.8% increase over the past year [8] - The company plans to launch $6 billion in organic growth capital projects in the latter half of the year, including new natural gas processing plants and pipeline expansions, which will enhance cash flow [9][10] - With a strong financial profile, Enterprise Products is well-positioned to invest in additional growth projects and maintain its high-yield distribution [10] Realty Income - Realty Income has a current dividend yield of 5.6% and has increased its monthly dividend 131 times since its public listing, achieving a 4.2% compound annual growth rate [11][12] - The REIT's growth is primarily driven by acquisitions, investing billions annually in income-producing real estate, and maintaining a strong balance sheet for financial flexibility [12] - Realty Income sees a $14 trillion opportunity in commercial real estate across the U.S. and Europe, expanding its investment platform into new property types and regions [13] Summary of Investment Opportunities - Brookfield Infrastructure, Enterprise Products Partners, and Realty Income are highlighted as strong candidates for high-yield dividend investments, backed by solid financials and growth potential, making them suitable for investors seeking stable and growing income streams [14]

Core Insights - The article discusses the importance of generating passive income through investments in high-yielding dividend stocks, highlighting three specific companies: Brookfield Infrastructure, Chevron, and W.P. Carey as attractive options for income generation [2][13]. Brookfield Infrastructure - Brookfield Infrastructure is a leading global infrastructure investor with a diversified portfolio that includes utilities, energy midstream, transportation, and data assets, generating stable cash flow and supporting a dividend yield of over 4% [4]. - The company derives 85% of its funds from operations (FFO) from contracted or regulated assets, which are indexed to inflation, potentially adding 3% to 4% to its FFO per share annually, alongside an expected 1% to 2% growth from global economic expansion [5]. - Brookfield pays out 60% to 70% of its stable cash flow in dividends, allowing for reinvestment in growth projects, which are anticipated to boost FFO per share by 2% to 3% annually, with an overall expectation of more than 10% annual FFO per share growth [6]. Chevron - Chevron's dividend yield is nearing 5%, supported by a strong foundation with the lowest breakeven levels in the sector at approximately $30 per barrel, significantly below recent price points [7]. - The company has maintained a robust balance sheet with a leverage level of 14%, well below its target range of 20%-25%, enabling consistent dividend increases for 38 consecutive years [8]. - Chevron expects its growth projects to contribute an additional $9 billion to free cash flow next year at a $60 oil price and is pursuing an acquisition of Hess to enhance its production and cash flow growth outlook [9]. W.P. Carey - W.P. Carey is a diversified real estate investment trust (REIT) that owns critical operational real estate, including warehouse and retail properties, with leases that feature rental escalations tied to inflation, supporting a dividend yield of 5.5% [10]. - The REIT pays out about 70% to 75% of its stable cash flow in dividends, allowing for reinvestment in additional income-generating properties, supported by a strong balance sheet [11]. - W.P. Carey has consistently raised its dividend every quarter since late 2023, following a strategic exit from the office sector, and had previously increased its dividend annually for 25 years [12].

Group 1 - The article discusses the recent developments in trade talks with China, indicating that while there have been successes, the outcome has primarily led to a reduction in high earnings expectations for the S&P 500 [1] - The term 'Liberation Day' is used to describe the impact of these trade talks, suggesting a shift in market sentiment rather than tangible economic benefits [1] Group 2 - The article does not provide specific company or industry insights, focusing instead on broader market implications related to trade discussions [2][3] - There are no stock positions or recommendations made regarding specific companies, emphasizing an objective analysis of the market situation [2][3]

Group 1: Brookfield Infrastructure - Brookfield Infrastructure is a leading infrastructure investor with a diverse portfolio including utilities, pipelines, data centers, and transportation assets globally [4] - The company has increased its dividend payout by 32.7% since 2020, currently offering a yield of 4.5% [5] - In the first quarter, funds from operations (FFO) rose 12% year over year, attributed to rate increases and acquisitions [6] - The company made growth capital expenditures of $730 million in the first quarter, maintaining $4.9 billion in liquidity for future investments [7] Group 2: Omega Healthcare Investors - Omega Healthcare Investors is a REIT focusing on skilled nursing and transitional healthcare facilities, with a portfolio of 978 operating facilities [9][10] - The company has maintained a steady dividend payout since 2019, despite challenges posed by the COVID-19 pandemic [11] - At recent prices, Omega offers a yield of 7.2%, with management expecting adjusted FFO to be between $2.95 and $3.01 per share in 2025 [12] Group 3: Realty Income - Realty Income is a net lease REIT known for its long track record of steady dividend increases, currently offering a yield of 5.7% [13] - The company has a diversified portfolio of 15,621 buildings, primarily in convenience stores and service-oriented retail [14] - Realty Income has leveraged its A3 credit rating to borrow $600 million at a low interest rate of 5.3% over the next 10 years, positioning itself well for future growth [16]

[Q1 2025 Financial and Operational Highlights](index=1&type=section&id=Brookfield%20Infrastructure%20Reports%20Solid%20First%20Quarter%202025%20Results) Brookfield Infrastructure reported solid Q1 2025 results with a 5% FFO increase to $646 million, despite a net income decrease [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Brookfield Infrastructure reported solid Q1 results with FFO up 5% to $646 million, but net income decreased Q1 2025 Key Financial Metrics | US$ millions (except per unit) | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Net Income** | $125 | $170 | -26.5% | | – per unit | $0.04 | $0.10 | -60.0% | | **FFO** | $646 | $615 | +5.0% | | – per unit | $0.82 | $0.78 | +5.1% | - FFO growth was driven by inflation indexation, higher revenues, commissioning of **$1.3 billion** in new capital, and contributions from recent acquisitions[3](index=3&type=chunk) - Net income was negatively impacted by higher borrowing costs and mark-to-market losses on corporate hedging, which contrasted with gains in the prior year[2](index=2&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) Segment performance was led by a 50% FFO increase from Data, with Utilities and Midstream showing resilient growth FFO by Segment (US$ millions) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Utilities | $192 | $190 | | Transport | $288 | $302 | | Midstream | $169 | $170 | | Data | $102 | $68 | | Corporate | ($105) | ($115) | | **Total FFO** | **$646** | **$615** | [Utilities](index=1&type=section&id=Utilities) The Utilities segment generated FFO of $192 million, with a 13% normalized increase from inflationary benefits - The Utilities segment generated FFO of **$192 million**. When normalized for currency impacts and capital recycling, FFO would have increased **13%** year-over-year[4](index=4&type=chunk) - Growth was supported by inflationary benefits and the contribution from **$450 million** of capital commissioned into the rate base[4](index=4&type=chunk) [Transport](index=2&type=section&id=Transport) Transport FFO was $288 million, stable year-over-year, with volume contractions offset by strong intermodal and toll road results - The Transport segment's FFO was **$288 million**. After normalizing for foreign exchange, results were in line with the prior year[5](index=5&type=chunk) - Volume contraction in rail and ports was offset by record utilization in the global intermodal logistics operation and higher volumes (**+6%**) and rates (**+4%**) at toll roads[5](index=5&type=chunk) [Midstream](index=2&type=section&id=Midstream) Midstream FFO increased 8% to $169 million on a comparable basis, driven by strong volumes and higher pricing - The Midstream segment generated FFO of **$169 million**, representing an **8%** increase over the prior year on a comparable basis (adjusting for capital recycling and FX)[6](index=6&type=chunk) - Growth was driven by strong volumes and higher pricing, particularly for marketed products at the Canadian diversified midstream operation[6](index=6&type=chunk) [Data](index=2&type=section&id=Data) Data segment FFO increased 50% to $102 million, fueled by strong organic growth and a strategic acquisition - The Data segment's FFO increased by **50%** to **$102 million**, driven by strong organic growth and the acquisition of a tower portfolio in India[7](index=7&type=chunk) [Strategic Initiatives](index=2&type=section&id=Update%20on%20Strategic%20Initiatives) Strategic initiatives included $1.6 billion in capital recycling proceeds and the acquisition of Colonial pipeline for $9 billion [Capital Recycling Program](index=2&type=section&id=Capital%20Recycling%20Program) The company secured $1.6 billion in capital recycling proceeds year-to-date, realizing strong returns from asset sales - Secured **$1.4 billion** of sale proceeds in the quarter, with total proceeds reaching approximately **$1.6 billion** year-to-date following an additional data center stake sale[8](index=8&type=chunk)[11](index=11&type=chunk) - Agreed to sell the Australian container terminal for **$1.2 billion** (**$0.5 billion** net to BIP), achieving an **18x** EBITDA multiple, **17%** IRR, and nearly **4x** multiple of capital[9](index=9&type=chunk) - Completed the sale of a minority stake in a container portfolio for **$440 million** (over **$120 million** net to BIP)[10](index=10&type=chunk) - Progressing on three other asset sales expected to close later in the year, including interests in a U.S. gas pipeline and European and U.S. data center assets[13](index=13&type=chunk) [New Investments](index=2&type=section&id=New%20Investments) BIP secured the $9 billion acquisition of Colonial, the largest U.S. refined products pipeline system - Secured the **$9 billion** acquisition of Colonial, the largest refined products pipeline system in the U.S[12](index=12&type=chunk) - BIP's equity investment is expected to be **$500 million**, with the transaction expected to close in the second half of the year[15](index=15&type=chunk) - The acquisition was made at a multiple of approximately **9x** EBITDA and is expected to have a mid-teen going-in cash yield with a seven-year payback period[22](index=22&type=chunk) [Distributions](index=3&type=section&id=Distribution%20and%20Dividend%20Declaration) The Board of Directors declared a quarterly distribution of $0.43 per unit, marking a 6% increase from the prior year [Distribution and Dividend Declaration](index=3&type=section&id=Distribution%20and%20Dividend%20Declaration) The Board declared a quarterly distribution of $0.43 per unit, a 6% increase, with an equivalent BIPC dividend - Declared a quarterly distribution of **$0.43** per unit, payable on June 30, 2025[16](index=16&type=chunk) - This distribution represents a **6%** increase compared to the prior year[16](index=16&type=chunk) - BIPC declared an equivalent quarterly dividend of **$0.43** per share[16](index=16&type=chunk) [Brookfield Infrastructure Partners L.P. (BIP) Financial Statements](index=5&type=section&id=Brookfield%20Infrastructure%20Partners%20L.P.%20(BIP)%20Financial%20Statements) BIP's Q1 2025 financials show $103.7 billion in assets, $5.39 billion revenue, and $646 million FFO [Consolidated Statements of Financial Position](index=5&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) As of March 31, 2025, total assets were $103.7 billion, a slight decrease from year-end 2024 Consolidated Balance Sheet Highlights (US$ millions) | | Mar 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$103,655** | **$104,590** | | Cash and cash equivalents | $1,463 | $2,071 | | Property, plant and equipment | $56,550 | $55,910 | | **Total Liabilities** | **$73,880** | **$74,737** | | Corporate borrowings | $4,727 | $4,542 | | Non-recourse borrowings | $46,027 | $46,552 | | **Total Partnership Capital** | **$29,775** | **$29,853** | [Consolidated Statements of Operating Results](index=6&type=section&id=Consolidated%20Statements%20of%20Operating%20Results) Q1 2025 revenues increased to $5.39 billion, but net income attributable to the partnership decreased Consolidated Income Statement Highlights (US$ millions) | For the three months ended March 31 | 2025 | 2024 | | :--- | :--- | :--- | | Revenues | $5,392 | $5,187 | | Direct operating costs | ($3,964) | ($3,913) | | Interest expense | ($899) | ($794) | | **Net income** | **$526** | **$814** | | Net income attributable to partnership | $125 | $170 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash from operating activities was $868 million, with a net cash decrease from investing and financing activities Consolidated Cash Flow Highlights (US$ millions) | For the three months ended March 31 | 2025 | 2024 | | :--- | :--- | :--- | | Cash from operating activities | $868 | $841 | | Cash used by investing activities | ($104) | ($2,159) | | Cash (used by) from financing activities | ($1,402) | $1,057 | | **Change in cash during the period** | **($638)** | **($261)** | [Reconciliation to Funds from Operations (FFO)](index=7&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Funds%20from%20Operations) Net income of $526 million was adjusted to arrive at $646 million FFO for Q1 2025 FFO Reconciliation (US$ millions) | For the three months ended March 31 | 2025 | 2024 | | :--- | :--- | :--- | | Net income | $526 | $814 | | Depreciation and amortization | $960 | $936 | | FFO contribution from investments | $234 | $225 | | FFO attributable to non-controlling interests | ($907) | ($856) | | Other adjustments | ($167) | ($464) | | **FFO** | **$646** | **$615** | FFO per Unit Reconciliation | For the three months ended March 31 | 2025 | 2024 | | :--- | :--- | :--- | | Earnings per limited partnership unit | $0.04 | $0.10 | | Depreciation and amortization | $0.54 | $0.54 | | Deferred taxes and other items | $0.24 | $0.14 | | **FFO per unit** | **$0.82** | **$0.78** | [Brookfield Infrastructure Corporation (BIPC) Results](index=8&type=section&id=Brookfield%20Infrastructure%20Corporation%20(BIPC)%20Results) BIPC reported significantly increased net income of $762 million in Q1 2025, driven by a revaluation gain [BIPC Financial Highlights](index=9&type=section&id=BIPC%20Financial%20Highlights) BIPC reported net income of $762 million for Q1 2025, primarily due to a revaluation gain on its shares - BIPC reported net income of **$762 million** for Q1 2025, compared to **$197 million** in Q1 2024[46](index=46&type=chunk) - The large increase in net income was primarily due to the impact of revaluation on BIPC's own shares, which are classified as liabilities under IFRS[46](index=46&type=chunk) - Underlying earnings were over **150%** higher than the prior year, benefiting from inflation-indexation and capital commissioned at the U.K. regulated distribution business[46](index=46&type=chunk) [BIPC Consolidated Statements of Financial Position](index=10&type=section&id=BIPC%20Consolidated%20Statements%20of%20Financial%20Position) BIPC's total assets were $22.6 billion, with total equity increasing to $2.8 billion as of March 31, 2025 BIPC Consolidated Balance Sheet Highlights (US$ millions) | | Mar 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$22,570** | **$23,587** | | Shares classified as financial liability | $4,337 | $4,644 | | Non-recourse borrowings | $12,056 | $12,178 | | **Total Liabilities** | **$19,748** | **$21,365** | | **Total Equity** | **$2,822** | **$2,222** | [BIPC Consolidated Statements of Operating Results](index=10&type=section&id=BIPC%20Consolidated%20Statements%20of%20Operating%20Results) Q1 2025 revenues were $929 million, with net income of $762 million impacted by a revaluation gain BIPC Consolidated Income Statement Highlights (US$ millions) | For the three months ended March 31 | 2025 | 2024 | | :--- | :--- | :--- | | Revenues | $929 | $902 | | Remeasurement of shares classified as financial liability | $307 | $37 | | **Net income** | **$762** | **$197** | [BIPC Consolidated Statements of Cash Flows](index=11&type=section&id=BIPC%20Consolidated%20Statements%20of%20Cash%20Flows) BIPC generated $243 million in cash from operating activities, resulting in a net cash decrease BIPC Consolidated Cash Flow Highlights (US$ millions) | For the three months ended March 31 | 2025 | 2024 | | :--- | :--- | :--- | | Cash from operating activities | $243 | $278 | | Cash used by investing activities | ($32) | ($66) | | Cash used by financing activities | ($657) | ($388) | | **Change in cash during the period** | **($446)** | **($176)** | [Additional Information](index=3&type=section&id=Additional%20Information) This section provides conference call details, contact information, and cautionary forward-looking statements [Conference Call and Contact Information](index=3&type=section&id=Conference%20Call%20and%20Contact%20Information) The report provides Q1 2025 conference call and webcast details, along with contact information - A conference call was scheduled for 9:00am EST on the day of the release to discuss the results[18](index=18&type=chunk) - Contact information for media and investor relations is provided[23](index=23&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-looking%20Statements) This section contains a cautionary statement regarding forward-looking statements and associated risks - The news release contains forward-looking statements regarding business expansion, transaction completions, and future performance[23](index=23&type=chunk) - Actual results may differ materially due to risks such as general economic conditions, ability to complete transactions, market demand, and other factors detailed in SEC and Canadian securities filings[23](index=23&type=chunk)

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Brookfield Infrastructure reported strong 2024 financial results with FFO up **8%** to **$2.5 billion**, despite a net income decrease to **$391 million** due to higher financing costs Full Year 2024 Key Financial Metrics (in US$ millions, except FFO per unit) | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income (attributable to partnership) | $391 | $432 | -9.5% | | FFO | $2,468 | $2,288 | +7.9% | | FFO per unit | $3.12 | $2.95 | +5.8% | - FFO growth of **8%** was supported by a **7%** organic growth rate, which was driven by elevated inflation, stronger volumes across infrastructure networks, and the commissioning of over **$1 billion** in new capital projects[3](index=3&type=chunk) - Results were positively impacted by recent acquisitions and mark-to-market gains on hedging, but partially offset by higher financing costs and one-time transaction fees[2](index=2&type=chunk)[3](index=3&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) Total FFO from segments reached **$2.468 billion**, with Transport and Data segments showing strong growth, while Utilities and Midstream saw declines due to asset sales FFO by Segment (in US$ millions) | Segment | 2024 FFO | 2023 FFO | YoY Change | | :--- | :--- | :--- | :--- | | Utilities | $760 | $879 | -13.5% | | Transport | $1,224 | $888 | +37.8% | | Midstream | $625 | $684 | -8.6% | | Data | $333 | $275 | +21.1% | | Corporate | ($474) | ($438) | -8.2% | | **Total FFO** | **$2,468** | **$2,288** | **+7.9%** | [Utilities Segment](index=1&type=section&id=Utilities%20Segment) Utilities segment FFO was **$760 million**, a decrease due to asset sales, but achieved **7%** comparable growth from inflation and new capital - On a comparable basis, the Utilities segment's FFO grew **7%** year-over-year[4](index=4&type=chunk) - The reported FFO reduction was primarily due to the sale of an Australian utility business and the recapitalization of a Brazilian gas transmission business[4](index=4&type=chunk) [Transport Segment](index=2&type=section&id=Transport%20Segment) Transport segment FFO surged nearly **40%** to **$1,224 million** due to acquisitions and strong tariff increases across rail and toll roads - FFO increased by nearly **40%** to **$1,224 million**, largely due to the acquisition of a global intermodal logistics company and an increased stake in a Brazilian rail operation[5](index=5&type=chunk) - The segment benefited from average tariff increases of **7%** across its rail networks and **6%** across its toll road portfolio[5](index=5&type=chunk) [Midstream Segment](index=2&type=section&id=Midstream%20Segment) Midstream segment FFO was **$625 million**, with **11%** comparable growth from higher volumes, despite a reported decrease due to capital recycling - On a comparable basis, the Midstream segment's FFO grew **11%** year-over-year, driven by robust customer activity and higher volumes[6](index=6&type=chunk) - The reported FFO decrease was primarily related to capital recycling activities at the U.S. gas pipeline[6](index=6&type=chunk) [Data Segment](index=2&type=section&id=Data%20Segment) Data segment FFO increased **21%** to **$333 million**, driven by strong organic growth and new investments in data centers and towers - FFO grew **21%** over the prior year to **$333 million**[7](index=7&type=chunk) - Growth was attributable to strong organic performance and contributions from new investments, including data centers and an Indian tower portfolio[7](index=7&type=chunk) [Update on Strategic Initiatives](index=2&type=section&id=Update%20on%20Strategic%20Initiatives) Brookfield Infrastructure met its **$2 billion** 2024 capital recycling target and expects to generate **$5-6 billion** more from asset sales by 2027 - Achieved the targeted **$2 billion** of capital recycling proceeds in 2024[8](index=8&type=chunk) - Secured approximately **$850 million** in asset sale proceeds in the first month of 2025[8](index=8&type=chunk) - Closed the sale of a French fiber platform for **~$100 million** (**17% IRR**) and is finalizing the sale of Mexican gas pipelines for **~$500 million** (**22% IRR**)[9](index=9&type=chunk) - The company is confident in its ability to deliver **$5-6 billion** in asset sale proceeds over the next two years[10](index=10&type=chunk) [Distribution and Dividend Increase](index=2&type=section&id=Distribution%20and%20Dividend%20Increase) The Board approved a **6%** increase in quarterly distribution to **$0.43 per unit**, marking the 16th consecutive year of increases - A quarterly distribution of **$0.43 per unit** has been declared, representing a **6%** increase compared to the prior year[11](index=11&type=chunk) - The distribution is payable on March 31, 2025, to unitholders of record as of February 28, 2025[11](index=11&type=chunk) [Brookfield Infrastructure Partners L.P. (BIP) Financial Statements](index=4&type=section&id=Brookfield%20Infrastructure%20Partners%20L.P.%20(BIP)%20Financial%20Statements) BIP's consolidated financials show total assets at **$104.6 billion**, revenues at **$21.0 billion**, and net income attributable to partnership at **$391 million** Consolidated Statement of Financial Position Highlights (in US$ millions) | Account | As of Dec 31, 2024 | As of Dec 31, 2023 | | :--- | :--- | :--- | | Total assets | $104,590 | $100,784 | | Total liabilities | $74,737 | $66,768 | | Total partnership capital | $29,853 | $34,016 | Consolidated Statement of Operating Results Highlights (in US$ millions) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Revenues | $21,039 | $17,931 | | Net income | $1,683 | $1,448 | | Net income attributable to partnership | $391 | $432 | Consolidated Statement of Cash Flows Highlights (in US$ millions) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Cash from operating activities | $4,653 | $4,078 | | Cash used by investing activities | ($6,901) | ($12,990) | | Cash from financing activities | $2,612 | $9,419 | [Brookfield Infrastructure Corporation (BIPC) Report](index=8&type=section&id=Brookfield%20Infrastructure%20Corporation%20(BIPC)%20Report) BIPC declared a **6%** dividend increase to **$0.43 per share**, with net income at **$72 million** due to re-measurement, but underlying earnings grew **20%** - BIPC declared a quarterly dividend of **$0.43 per share**, a **6%** increase, which is identical in amount and dates to the BIP distribution[39](index=39&type=chunk) - BIPC reported net income of **$72 million** for 2024, compared to **$606 million** in 2023. The decrease was mainly due to the revaluation of its own shares classified as liabilities under IFRS[42](index=42&type=chunk)[50](index=50&type=chunk) - Underlying earnings, excluding certain accounting impacts, were **20%** above the prior year, benefiting from the acquisition of a global intermodal logistics operation[42](index=42&type=chunk)