Brookfield Property Partners LP, Q3-2020 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 LP investments. . The core retail shopping centre and office properties segments represent 85% of assets. The office segment includes 136 premier office properties totaling 96M 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. 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.
Office and retail properties each comprise approximately 53% and 37% respectively, of funds from operations (FFO) and holdings through various Brookfield LP's are 10%. 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.
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