Author Topic: BPR - Brookfield Property REIT  (Read 2971 times)

Spekulatius

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Re: BPR - Brookfield Property REIT Inc.
« Reply #10 on: September 21, 2018, 04:07:39 AM »
IFRS values should approximate NAV. Sales on average have been above IFRS. I personally think BPY is extremely cheap right now.

I agree here, Joel. Personally, I have to play this through BAM only, unfortunately, so far. Yes, could buy BPR right now, but BAM asset management income going forward makes the difference.

I believe buying BAM is the right way to play this, based on the similarity of the GP/ LP structure with Limited partnerships. I stated this before, but BAM is the entities who gets the cream on top, assuming this goes well. If it doesn’t go well, neither BPY, BPR or BAM is a buy anyways.
« Last Edit: November 09, 2018, 04:14:56 AM by Spekulatius »
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chrispy

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Re: BPR - Brookfield Property REIT
« Reply #11 on: September 21, 2018, 04:14:30 AM »
Additionally to what others said, I think over 50% of BAM's assets in their listed entities is in BPY/BPR.

BIP and BBU are the intriguing shares for me and have less of a relative impact on BAM.

racemize

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Re: BPR - Brookfield Property REIT
« Reply #12 on: September 21, 2018, 06:52:07 AM »
Its worth noting that BAM marks BPY at book value, not market price, in its calculations, thus an increase in BPY share orice has little impact there (although the market may view this differently). So, yes, it will help BAM have more fees, but if BPY is actually 40% too cheap, it returning to normal discounts and the yield would be much better for BPY holders than BAM. I own everything but BEP at various position sizes, BPY being a more temporary one.

John Hjorth

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Re: BPR - Brookfield Property REIT
« Reply #13 on: September 21, 2018, 01:26:12 PM »
Thank you for sharing your view on BAM vs. BPY right now, Joel.

Today I found this elaboration of the standing one-way BPR->BPY share/unit swap option attached to each BPR share on the BPR subsection of the Brookfield website:

Quote
Brookfield Property REIT Class A (BPR) shareholders can exchange their shares for Brookfield Property Partners LP (BPY) units or their cash equivalence on a 1-for-1 basis. Please note the exchange may take up to 10 days and is based on a mandatory minimum of 1,000 BPR shares being tendered for exchange or the entire investor position, whichever is lower. For more information, beneficial BPR shareholders should contact their broker for instructions while registered BPR shareholders can contact AST Financial by phone at 800-937-5449 / 718-921-8124 or email help@astfinancial.com. In addition, registered BPR shareholders can submit an exchange request online via the link below: <link omitted, John>
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John Hjorth

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Re: BPR - Brookfield Property REIT
« Reply #14 on: November 08, 2018, 09:22:44 PM »
I posted this in the BAM topic yesterday, and had an exchange with LongTermView and Mike [cubsfan] about it :

I don't ride the same day as I saddle with this thingy - I still need to get a better understanding of the whole BAM system on the go [please feel free to call it trial and error method, if you want].

From what has been discussed in this topic, and also covered in news releases etc. from BAM & BPY, the GGP deal is to some extent critical to the success of BPY [short/mid term, I think]. In short, it's a large transaction [& bet], and the to-do list is complicated, and long. Add to that the special BPR company structure, which I have tried to dive into today, to get a better understanding of that structure and it's financial standing.

I can't find any 2018Q3 10-Q for BPR as of now on the SEC website to study the structure. I can only find this BPR 8-K. [Which by the way is absolutely rubbish to me.]

Honestly, is this all we get to look at for this thing called BPR? -I mean, it's a listed entity [for the sake of Christ].

I forgot that we had this seperate topic about BPR, so I'm reposting my question here, including my own findings below.

There is a fairly good overall explanation of it in the BPY 2018Q3 Supplemental Quarterly Report [note 3], and BPR released its 2018Q3 10-Q yesterday. More technical details of the merger are described in this BPR 8-K/A, also of yesterday.

Edit: Those documents have been released after I posted the question quoted above. [As if I'm not carpet bombed with e-mail notifications from the Brookfield companies in the first place! ...]
« Last Edit: November 08, 2018, 09:43:07 PM by John Hjorth »
In the race of excellence there is no finish line.
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai