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Brookfield OPE Letter to Unitholders Q3 2021 We had a strong third quarter generating increased Adjusted EBITDA of $ 443 million and Adjusted FFO of $ 276 million . Our operations continue to perform very well , and we made considerable progress in our business . We reached an agreement to acquire a global lottery services and technology business , closed two of our recently announced acquisitions and continue to progress the spin - out of our paired corporate entity . Our pipeline of investment opportunities continues to grow , and our balance sheet remains robust with ample liquidity to continue funding our growth activities . Growth in Intrinsic Value Our goal is to deliver long - term growth in intrinsic value per unit , primarily through capital appreciation . This was our objective when we launched our business five years ago and it remains so today . We do this by buying high quality businesses on a value basis and taking a hands - on approach to enhancing their operations and cash flows . At the appropriate time we will monetize businesses and recycle capital into new opportunities . Over the last five years , we sold nine mostly smaller operations , generating $ 3 billion in proceeds and an IRR of ~ 30 % on those monetizations . During that same period , we invested $ 6 billion to acquire 19 new businesses which are larger scale , more resilient operations and have meaningfully enhanced the overall profile of our business . Today our operations comprise global market - leading providers of essential products and services with stable operations and resilient cash flows . The exceptional quality of these businesses should continue to support stable financial performance across market cycles . We are also working to surface embedded value in our operations through the execution of targeted plans supported by our deep operational capabilities . The initiatives underway provide meaningful visibility to long - term value creation within our business , separate from any future capital recycling activities . All this activity has contributed to improved financial performance which is reflected in the growth of Adjusted FFO per unit . Adjusted FFO per Unit 2016 2017 2018 2019 2020 20211 CAGR Adjusted FFO per unit , including gains $ 2.15 $ 2.22 $ 5.67 $ 7.87 $ 5.80 $ 9.93 38 % Adjusted FFO per unit , excluding gains $ 1.97 $ 1.41 $ 4.61 $ 5.45 $ 5.28 $ 6.46 28 % 1. Trailing twelve months for the period ended September 30 , 2021 . Q3 2021 Letter to Unitholders Brookfield Business Partners L.P. 1