Brookfield Office Properties Inc T.BPO.PR.A

RE:RE:RE:RE:RE:RE:What I NEED to hear and see from Brookfield is that they

[Carena]

Good morning Rodbhar,

You might well be right that it is a nothing.  I understand the concept of occupancy by equity value.  

I am not sure it matters, but I do not see where you got your equity figures from (ie the $30B and $3B). 

My point was, BPO has a fiduciary responsibility to its preferred shareholders to report financial information to us.  However, because BPY has guaranteed BPO's obligations, BPO does not have to report and we BPO shareholders must then look to the BPY financials.  And so I do this and I find the BPY financials show a different story than what BN is saying in their financials.  This is why I think the FT article is NOT a nothing.

So here I am.....I am a BPO shareholder who is being told to look to BPY financials to make me feel good about my investment.  However, BN is saying, oh don't look at those financials, look at what we are saying in our financials in the BN supplemental.

I would then say no....I would say, why don't you get your BPY people to work harder on their financials and catch up to the story being told at the BN level.  Or on the other hand, I will absolutely look and have faith in all that is being said at the BN level if BN provides a guarantee to BPY for all its obligations.  

As I have stated on previous posts, I think the BPY financials are at worst a mess and at the least one could get easily confused reading the BPY financials and then trying to reconcile to BN. And that is why the FT article resonated with me. 

For example on pg 9 of the BPY's most recent 6-K, it says FFO was NEGATIVE $165 million for the most recent 3 months and on the BN supplemental it says on pg 20 that FFO for the most recent 3 months is POSITIVE $166 million (but which I think includes $59 million for the residential group which is outside BPY.)  

Don't forget, I am long BPO and BPY prefs and have all the faith in Bruce Flatt to put things right.  But the hounds are circling and they were just smacked in the face by S&P rating agency with the rating downgrade to JUNK!

Have a great day,
Carena