TORONTO, May 7 (Reuters) - Brookfield Asset Management said on Wednesday its cash flow slumped 29 percent in the first quarter due to a decline in realized gains from asset sales, but the result beat estimates and the company raised its dividend by 7 percent.
Funds from operation (FFO), a measure of cash flow for real estate management companies, fell to $492 million, or 72 cents per share, from $689 million, or C$1.03 per share, a year earlier, the Canadian property, power and infrastructure investor said.
Analysts had expected FFO of 55 cents a share, according to Thomson Reuters I/B/E/S.
Consolidated net income rose to $843 million from $697 million. Assets under management were $190 billion, while fee-bearing capital rose 5 percent to $84 billion.
Brookfield declared a quarterly dividend of 16 cents a share, replacing its previous four-month dividend of 20 cents a share, representing a 7 percent annualized gain.
Reporting by Cameron French; Editing by Bernadette Baum