March 31, 2020 - BPY Quarterly ResultsBPY quarterly results are due to be released May 11.
The equity (ie total NAV) on their most recent balance sheet was US$28.5 billion which was NAV per share of about $29.72 per unit. This was an "increase" from the prior year of $28.73 per share.
With the current share price of $7.50 per share, this equates to a discount to NAV of 75% (!!)
Bruce Flatt and BPY management have talked up the BPY NAV per share very aggressively over the last few years.
And so this company has US$48 billion in debt (mostly non-recourse) and the market is telling all of us that the equity under this mountain of debt is a pittance at US$8 billion (ie unitholder equity).
This stock is either permanently impaired or its not.
The BPY "letter to unitholders" on May 11 and then BAM's shortly thereafter is going to have to be a game changer for this stock, once and for all......so mark your calendars.
Vette