Brookfield Property Partners LP, 2019 Earnings, Price Target Update
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Brookfield Property Partners (NASDAQ: BPY, TSX: BPY.UN) is a diversified global real estate company that owns, operates and develops one of the largest portfolios of office, retail, multifamily, industrial, hospitality, triple net lease, self-storage, student housing and manufactured housing assets. Brookfield Property REIT (NASDAQ: BPR) is a subsidiary of BPY, offer investors economic equivalence to BPY units but in the form of a U.S. REIT security.
Brookfield Property Partners (BPY.UN) total assets of $109B as Dec-31-2019 compared to $122.5B as at Dec-31-2018 and $84.3B as at Dec-31-2017. Office and retail properties each comprise approximately 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.
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