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Brookfield Property Partners LP - Q3-2019 Results, Price Target Update

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Brookfield Property Partners (BPY.UN) is a large global commercial real estate company with total assets of $109B as Sept-30-2019 compared to $122.5B as at Dec-31-2018 and $84.3B as at Dec-31-2017. Office and retail properties each comprise 40% of funds from operations (FFO) and holdings through various Brookfield LP's are 20%. The Brookfield LP's hold investments in multifamily, logistics, hospitality, self-storage, student housing, and manufactured housing. Geographically 74% of assets are located in the US, Europe-12%, India and South Korea 5%, Canada – 4% and 2% in Brazil.

Brookfield Property Partners is the flagship listed real estate company of Brookfield Asset Management (BAM.A), a leading global alternative asset manager with $291B in assets under management as of Sept-30-2019. Brookfield Asset Management owns 62% of Brookfield Property Partners (BPY.UN), 61% of Brookfield Renewable Energy (BEP.UN) and 30% of Brookfield Infrastructure Partners (BIP.UN). Brookfield Property Partners contributes 43% of Brookfield Asset Management's distributable cash flow. Brookfield Asset Management is entitled to incentive distributions of 15-25% BPY.UN distributions that exceed $1.10 to $1.20 respectively.

The increase in assets for Brookfield Property Partners between Dec-31-2017 and Dec-31-2018 was mainly from the acquisition of General Growth Properties in 2018 for $30B which increased their interest to 100%, completion of 4.2M sq. ft. of office properties in New York City, and 1,200 apartment units in London and New York. The decrease in total assets for the nine months to Sept-30-2019 resulted mainly from reduction of the interest in the Brookfield Strategic Real Estate Partners III LP and $1.4B of dispositions. Brookfield Property Partners L.P.(BPY.UN-TSX, BPY-Nasdaq) is a Bermuda registered limited partnership and a subsidiary of Brookfield Asset Management Inc.(BAM.A). Brookfield Property Partners owns 49% interest Brookfield Property L.P. and an interest in BPUS REIT LLC. which holds the partnership's interest in commercial and other income producing property operations. Brookfield Property Partners was formed in 2013 to primarily hold the real estate assets of Brookfield Asset Management.

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