TSX:BPO.PR.A - Post by User
Comment by
Carenaon Jan 23, 2024 9:51am
![](https://assets.stockhouse.com/kentico-cms/0342-00/images/Sprite.svg#id_Post_Views_Icon)
212 Views
Post# 35840606
RE:BN's comment re: BPY
RE:BN's comment re: BPYGood morning Alert,
As office and retail real estate began its decline a number of years ago, Bruce Flatt has been consistently talking up BN's real estate. During this same time, the analyst community that follows BN regularly reduced its estimated value of BN's real estate empire and now most, if not all the analysts, are assigning a value of zero to its real estate. Zero!
Furthermore, BPY's cash flow has been horrible, there was the DTLA preferred share that went to zero last February, the BPO/BPY preferred share instruments have been hammered and then S&P downgraded their debt to junk.
I am long BN and a bunch of other BN related securities, including BPO/BPY prefs. Bruce Flatt is a Canadian business icon, no doubt. But my view is the time is coming in 2024 and 2025 for BN to very clearly demonstrate why everyone else has it wrong on their real estate and they have it right.
I would be just as happy for BN to chin up and take the last public remnants of their real estate empire private.
At some point the talking has to end.
Have a great day,
Carena