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Brookfield Property Partners LP, Q1-2020 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. Their business strategy is to invest in high-quality, well-located trophy real estate maintaining high occupancy and providing stable earnings; and to periodically recycle capital out of these stable assets to reinvest into development, redevelopment and densification opportunities to create additional value and high quality and global tenant base with limited tenant concentration. There is 9M sq. ft. of development projects underway.

Operations are organized into 3 segments; office properties, retail shopping and other. The core retail shopping centre and office properties segments represent 85% of assets. The office segment includes 134 premier office properties totaling 94M sq. ft. in major markets including New York City, London, Toronto, Los Angeles, Washington D.C. and Berlin. The 122 retail properties totaling 120M sq. ft. throughout the United States including 730 Fifth Avenue in New York City, Ala Moana Center in Honolulu, Fashion Show Mall in Las Vegas, Oakbrook Mall in Chicago, Stonestown Galleria in San Francisco, Willowbrook Mall in New Jersey and Staten Island Mall in New York. The LP investments segment represents 15% of assets in various Brookfield funds. This includes BSREP I: A 31% interest in a $4.4B real estate fund targeting opportunistic returns; the fund is in its 8th year. BSREP II: A 26% interest in a $9.0B real estate fund targeting opportunistic returns; the fund is in its 5th year and is fully invested. BSREP III: A 7% interest in a $15.0B real estate fund targeting opportunistic returns; the fund is in its 3rd year. A blended 36% interest in two multifamily funds totaling $1.8B targeting value-add returns. A blended 13% interest in a series of real estate debt funds totaling $5.4B.

Brookfield Property Partners (BPY.UN) total assets are $110B at Mar-31-2020 compared $109B as Dec-31-2019 and $122.5B as at Dec-31-2018.

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