Brookfield Property Partners

BPY.UN-T

TSE:BPY.UN

25.20
0.30 (1.18%)
Brookfield Property Partners is a global company which owns, operates and invests in commercial property. The majority of the company’s assets are located in North America, Europe, and Australia.
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Analysis and Opinions about BPY.UN-T

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
January 15, 2020

No question this is deep value. Their NAV is likely $27-28US (for the US BPY stock). But it'd been deep value for many years, and he doesn't see a catalyst to service that value. Some shareholders have lost patience. They're challenged because they own a lot of high-end malls. Some questioned them buying GGP Inc. last year. They have office buildings in New York and London, decent assets. Not great governance, a given Bermuda limited partnership. Buy BAM instead, which owns BPY. Nice dividend, but this is likely a value trap.

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No question this is deep value. Their NAV is likely $27-28US (for the US BPY stock). But it'd been deep value for many years, and he doesn't see a catalyst to service that value. Some shareholders have lost patience. They're challenged because they own a lot of high-end malls. Some questioned them buying GGP Inc. last year. They have office buildings in New York and London, decent assets. Not great governance, a given Bermuda limited partnership. Buy BAM instead, which owns BPY. Nice dividend, but this is likely a value trap.

DON'T BUY
DON'T BUY
January 7, 2020
It's been underperforming for a while. BPY has now broken slightly below support level, which is not a good sign. Chart shows lower highs. a bearish sign. Seasonality is early-May to October.
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It's been underperforming for a while. BPY has now broken slightly below support level, which is not a good sign. Chart shows lower highs. a bearish sign. Seasonality is early-May to October.
STRONG BUY
STRONG BUY
December 10, 2019
You almost can't go wrong owning a Brookfield stock. They're one of the smartest managers in the world. They own so many assets and are very good at what they do. They are accretive in whatever they buy. BPY trades 15% to its NAV; it never trades this low.
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You almost can't go wrong owning a Brookfield stock. They're one of the smartest managers in the world. They own so many assets and are very good at what they do. They are accretive in whatever they buy. BPY trades 15% to its NAV; it never trades this low.
COMMENT
COMMENT
December 9, 2019
It's his worst-performing REIT. Less than half their holdings are in retail malls. He's not worried about this, because those malls are an opportunity.
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It's his worst-performing REIT. Less than half their holdings are in retail malls. He's not worried about this, because those malls are an opportunity.
COMMENT
COMMENT
December 2, 2019

He prefers owning the parent, BAM. BPY owns US malls and New York City offices, both high quality assets. But at this stage of the cycle, those properties will demand a lot of capex. A few years ago, BPY bought a bunch of malls from GGP and will make a lot of money of them down the line, but not immediately.

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He prefers owning the parent, BAM. BPY owns US malls and New York City offices, both high quality assets. But at this stage of the cycle, those properties will demand a lot of capex. A few years ago, BPY bought a bunch of malls from GGP and will make a lot of money of them down the line, but not immediately.

DON'T BUY
DON'T BUY
November 27, 2019
BPY has been stuck and he thinks it will continue. They are high quality and are cheap in terms of value. However, it suffers from its relationship with the parent. Their assets are office in London and shopping malls. He thinks though when they privatized assets to the parent they did not pay fair market value. He thinks you should own BAM instead as they collect fees instead of paying fees like BPY.
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BPY has been stuck and he thinks it will continue. They are high quality and are cheap in terms of value. However, it suffers from its relationship with the parent. Their assets are office in London and shopping malls. He thinks though when they privatized assets to the parent they did not pay fair market value. He thinks you should own BAM instead as they collect fees instead of paying fees like BPY.
COMMENT
COMMENT
November 26, 2019
It’s good value. You could class this as a laggard because they own significant mall assets that have a lot of negative sentiment. However, the portfolio is half mall and half office space. The mall segment is high quality and believes they should be able to turn around. It’s well positioned. 6% yield.
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It’s good value. You could class this as a laggard because they own significant mall assets that have a lot of negative sentiment. However, the portfolio is half mall and half office space. The mall segment is high quality and believes they should be able to turn around. It’s well positioned. 6% yield.
BUY
BUY
November 19, 2019
BAM.A-T is one of his largest holdings. He can't own them all. BPY.UN-T believes they are undervalued by at least 50%. Maybe they will change to a corp. It's not too late to own it if you want to own real estate.
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BAM.A-T is one of his largest holdings. He can't own them all. BPY.UN-T believes they are undervalued by at least 50%. Maybe they will change to a corp. It's not too late to own it if you want to own real estate.
COMMENT
COMMENT
November 18, 2019
It's been consolidating and rangebound. If it breaks above $27, this will enter a new, higher phase.
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It's been consolidating and rangebound. If it breaks above $27, this will enter a new, higher phase.
BUY
BUY
November 15, 2019
Brookfield property is where you want to go for the dividend. BIP.UN is more for growth. The dividend from the property side is quite safe and he would recommend it. Both are good company stocks. He likes the group in general.
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Brookfield property is where you want to go for the dividend. BIP.UN is more for growth. The dividend from the property side is quite safe and he would recommend it. Both are good company stocks. He likes the group in general.
BUY
BUY
November 14, 2019
Real estate you don’t want to be heavily in if rates rise but there is a cap on how much they can rise. About $24.50 there is support. He would be comfortable buying it today even if you only capture the 7% dividend.
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Real estate you don’t want to be heavily in if rates rise but there is a cap on how much they can rise. About $24.50 there is support. He would be comfortable buying it today even if you only capture the 7% dividend.
WEAK BUY
WEAK BUY
November 4, 2019
It is the global real estate vehicle for Brookfield Asset Management. You are buying malls and office buildings. You can buy this at a 5.9% cap rate. You can buy others at a better cap rate. This is a great management team but he sees better options than this.
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It is the global real estate vehicle for Brookfield Asset Management. You are buying malls and office buildings. You can buy this at a 5.9% cap rate. You can buy others at a better cap rate. This is a great management team but he sees better options than this.
DON'T BUY
DON'T BUY
November 1, 2019
Undervalued? He does not agree that it is undervalued. You don't want to bet against them as they are strong managers. At 24 times EBITDA and high leverage it is just too expensive for him. The payout ratio is not outrageous, but there are better picks in the REIT space. Yield 7%
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Undervalued? He does not agree that it is undervalued. You don't want to bet against them as they are strong managers. At 24 times EBITDA and high leverage it is just too expensive for him. The payout ratio is not outrageous, but there are better picks in the REIT space. Yield 7%
BUY
BUY
November 1, 2019
They aren't growing as much as the market wants. This is because of issues with London, and Manhattan real estate. They are set up well for inflation with a soft Brexit. Turn around in Manhattan as well. You get a good distribution and it is at a discount. He would enter here.
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They aren't growing as much as the market wants. This is because of issues with London, and Manhattan real estate. They are set up well for inflation with a soft Brexit. Turn around in Manhattan as well. You get a good distribution and it is at a discount. He would enter here.
HOLD
HOLD
October 31, 2019
Diversified play, but you're getting some of the best quality office towers and malls in the world. And you're getting the smart Brookfield operators. Hasn't done much since it was spun out. Yield is 6%, so you're getting paid to wait. Brookfield doesn't like to lose, so they may have to revisit the form it's in.
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Diversified play, but you're getting some of the best quality office towers and malls in the world. And you're getting the smart Brookfield operators. Hasn't done much since it was spun out. Yield is 6%, so you're getting paid to wait. Brookfield doesn't like to lose, so they may have to revisit the form it's in.
Showing 1 to 15 of 195 entries