Brookfield Office Properties Inc T.BPO.PR.A

RE:RE:RE:Edper Substack

[Carena]

Hi Rod,

You showed me awhile ago that you understand the BN Supplemental very well. And I very much respect your thoughts.

The only stand I am taking is that the BPY legal entity financials are what we as BPO pref holders have been instructed to focus on based on the guarantees in place etc.

On the other hand, the BN Supplemental is prepared for BN shareholders to help establish price targets for BN's stock.  I could be mistaken, but the analyst community is still not assigning much value, if anything, to its property group holdings in arriving at a BN target price.  Furthermore, the supplemental is only subject to review by the auditors and is not audited per se. 

The BPY financials are literally written to the  preferred shareholders of BPY and the management of BPY released the BPY financials well after BN results were released....they have tons of time to do a great job on the BPY financials. But I think they do a poor job of articulating what exactly is going on at the BPY legal entity level.

The question is, why do they not do a better job at the BPY level? That is what Dalrymple is questioning and I can't disagree with him on that. 

Brookfield is highly reputable and I do not like words like "hide", but I do like words such as "fulsome" and the BPY financials do not fall into that category, IMO.

Have a great day,
Carena