Brookfield Property Partners (BPY.UN.TO)

She doesn't own direct retail, but BPY holds the best-in-class assets run by the smartest managers. It's also trading at a ridiculous discount. It yields over a 11% dividend yield. BAM'A is the majority owner and is buying back a big chunk of shares in the next three months. BPY has strongly underperformed since Brookfield took this public five years ago. Problems: holds core office assets and leverage is high, which is how Brookfield runs real estate. Also, its LP structure is a barrier to many large U.S. funds. She likes BPY.UN. If the stock price doesn't perform, the Brookfield parent will buy it entirely. Cutting the dividend won't help the stock, and the dividend is safe. It's a great company to hold this and you get paid 11-12% to wait.

BPY.UN-T vs. BAM.A-T. BPY.UN-T has some of the worst exposure if you are worried about a slow economic recovery and how we will react if there is a second wave. The stock has been cut in half. He loves BAM.A-T and he thinks they are one of the smartest investors on the street. You could make the case that BPY.UN-T is undervalued. If you are looking for short term moves, then this might be one of them.

BAM.A-T is a backstop for BPY.UN-T. None knows how safe the dividends are because no one knows what our COVID recovery looks like. He is concerned that when we get out of this, he thinks many people will work at home so he believes the demand projections from before the pandemic will not be the case afterwards. He prefers the infrastructure space with Brookfield.

BPY.UN into BIP.UN? They do not own either Brookfield holdings. He has a favourable view on all the Brookfield entities and prefers to hold BIP.UN over BPY.UN as the former holds a lot of retail space. There is a huge infrastructure shortage around the world, so BIP.UN is well positioned for this opportunity.

It's global and diversified, well-sponsored with the parent company buying a lot of shares. Cant' say if the dividend is safe, but assumes Brookfield will maintain. BPY has a lot of debt but it's manageable, but office space is impacted by COVID as people may continue to work more from home, so businesses may rent less space. BPY should be  okay though.

85% of properties are trophy office buildings and class 'A' and 'B' malls, which are challenged. It trades at a very big discount to asset value. You are better off owning BAM.A-T.