Brookfield Property Partners (BPY.UN.TO)

The recent move down bounced off a 200 day moving average. But we have to consider the trend of lower lows and lower highs in this one. For now, the interest sensitive stocks like this one have had pullbacks. XRE-T, the capped REIT ETF is overweight, but the BMO version is equal weight and has done better. He is underweight REITs right now. He would wait for the latter half of the year to buy REITs.

This is sort of a REIT type operation, but is multinational. This is commercial and is in all the big places. They have offices, retail and residential. He feels the Brookfield management is a smart bunch of people that have done very well. Have lots of money and have lots of ammunition to go off and do things. Dividend yield of 4.53%.

Quite positive on Brookfield as a whole. Specifically on the property side you are seeing “okay” value. But on the infrastructure side and big assets, it is the old theory of reaching for yield. You are buying an office building and you are getting rent. He feels there is better value on the asset management side, Brookfield Asset Management (BAM.A-T), simply because everything flows up to it.

(A Top Pick April 29/14. Up 47%.) This had been undervalued. There was a lack of appreciation of the quality of the real estate they had and the potential that was there for growth. There continues to be movement in the stock. It had been a stock that no analyst covered.

What you have to believe, if you are buying this, is that you want Brookfield to be your real estate investor globally. They’ll provide a handsome yield to do that, but he feels he is able to make those investments himself. He prefers the parent company Brookfield Asset Management (BAM-N).

(A Top Pick April 29/14. Up 51.1%.) Their downtown Manhattan assets started to really lease up. This is a core area where people want to work and live, so it has attracted a lot of attention.

He is pretty hot on the entire Brookfield group. Thinks they are the smartest asset managers in Canada, and maybe in the world. Have divided their empire into a number of subsets, of which this is one. This is not his favourite, but does believe that Brookfield will cause the dividend and the distribution to rise, because that is their pattern. He feels everybody should own the parent Brookfield Asset Management (BAM.A-T), where you get interest in all the other vehicles as well as their asset management company, which he thinks is undervalued.

They won their battle to own the Canary Warf project. The UK economy is actually doing quite well. It should be very accretive.

BAM.A-T is the parent and you get exposure to BPY-T, which is an excellent company.

This is all over the world. You are really not buying a Canadian stock. You may be buying real estate in Brazil, Europe, a lot of it in the US. They are in casino businesses and hotels. Also have residential. Making a bid for part of the Canary Wharf with Qatar. These are real pros and international operators. Yield of 4.27%.

A very decent REIT that does a great job of recycling capital. They own the Brookfield office space in New York and they own quite a bit of land in New York. He imagines they will unlock some value there as they have almost completely leased up One Financial Place. Also, have Canary Wharf in England that they could sell. Also, Atlantis in the Bahamas and are pouring capital into India. To him, this is one of the few REITs that has a very good growth trajectory. As investors, we want to see the ability to recycle capital into higher return projects, and he believes this is the one that is going to do it.

Brookfield empire has always been criticized for being complicated, so they are trying to silo everything into individual companies. This is the “property” part, with a large portion of its assets being downtown Manhattan, LA, London etc., along with a very good industrial property. Also, have some value added deals where they buy bankrupt hotels and turn them around, etc. It has the growth angle through capital allocation. Quite a decent yield. Trading below NAV. Any time you get something that is cheap with a good yield and growth opportunities, it is a great opportunity. Yield of 4.33%.

Like this. It has done just a brilliant steady job of growing. Once you get used to the reality that Brookfield is going to endlessly shift company assets around and you realize it is not a negative event for shareholders, you can be comfortable with it.

Real estate arm for Brookfield asset family. Office properties. It continues to trade at a discount. They are trying to make it their global real estate entity and to diversify the portfolio. He used to own it, but exited as it went up. Prefers BAM-T.

A tremendously large landlord in the US with some of the best retail and commercial property there are. He would prefer the top company, Brookfield Asset Management (BAM.A-T) so that you can participate not only in this company, but you also participate in Brookfield Office and Brookfield Infrastructure.