Brookfield Property Partners

BPY.UN-T

It's a had a good run. They have a little more debt than its peers, but they are generating enough cash flow to buy shares, so they're closing that valuation gap. BPY is global. It's undervalued vs. many REITs. It will hit $30.

A top pick $4 or $5 ago. A levered balance sheet. A high pay out ratio. If you think that there is a recession coming, you don't want to own it. Still trading at a reasonable valuation. He models growth of 9%. You can get it probably at a lower level. A good long-term hold.

He would prefer to own the Asset Management group instead. You have to be cautious of the commercial properties coming on line. The yield is good, but he would look to other Brookfield holdings.

Is there capital growth? Pays a 6.2% yield at a 56% payout. Earnings are expected to grow 30% this year and 2% in 2020. Better stocks are elsewhere.

Anything with the Brookfield brand is a good investment. You have to decide what you are looking for. For BPY.UN-T, the yield is the best -- 4.5%. If you are looking growth, consider BAM-N. It has global reach and sees great deal flow. He is staying out of real estate at this point and owns none of the Brookfield names.

A good yield of 6.2%. Great managers. China's economic numbers are doing well. If Trump signs a trade deal, then world and emerging markets will pick up after being sluggish. BPY's prospects looks good and he expects a dividend increase.

All Brookfield stocks are good--you can buy more than one of them. There's one recent issue though: they bought an elephant of a building from Jared Kushner in New York--was it a good investment or is Brookfield cozying up to Kushner? Then again, BPY can't be hurt from any single building they buy.

BPY.UN vs BIP.UN? BPY.UN is highly rated and earnings estimates have been rising with a yield 6.2% with a 50% payout ratio. BIP-UN has a lower ranking in his system with a 4.9% and a payout around 50%. Earnings growth has been revised down lately. Both are huge an have access to credit if needed. He would prefer BPY-UN.

You are better to go into a fund within Brookfield that invests in infrastructure. Sometimes there are minimum size requirements for investment. BPY.UN-T is not a pure play on infrastructure. But these guys are one of the best teams. We are at the top of the range and this one being defensive will probably hold in longer.

They made a few big splashes, one being the acquisition of one of the largest mall REITs in the US. They saw an opportunity to put in a lot of capital. They have a long term game plan with these assets. They got really fortunate with this lower interest rate environment. It is trding at a 25% discount to NAV. It has one of the best teams in the world managing some of the best assets in the world. It is a good time to keep holding it for a long time.

It's like a REIT. REITs are not his favourite investment, but he would buy a Brookfield. BPY did a tender offer of buyign back $500-million of stock--and it was undersubscribed. Since then, the stock has picked up to more than fair value.

Just bought it in January. He would still adding for the yield predominantly.

He's rode it up and down among the $20's. It trades at a discount to its NAV. He hopes over time this discount narrows and returns to $30's. Meanwhile, it pays a good yield. He likes its diversification, including a lot in New York. You buy this for yield, and any upside is a bonus. Investors have trouble understanding it, because its holdings are complex.

They're good at what they do. He was interested in it, but the price got away from him. This will hit $30 in 12-18 months. He still likes. The Amazon effect has put malls out of favour. But some malls like Yorkdale do incredibly well. BPY also has fine office properties.