Shareholder LetterFrom the Shareholder Letter....us loyal unitholders look to be a part of the focus now :)
"With these important initiatives out of the way, we are now in a position to dedicate increasing amounts of our capital to repurchasing our own units if they trade at a substantial discount to their underlying value. As a result, our Board has approved the launch of a Substantial Issuer Bid (“SIB”) to repurchase up to $500 million of our own units at a price between $19.00 and $21.00 per unit.
We also announced today that we are increasing our quarterly distribution to unitholders by 5% to $0.33 per unit, or $1.32 per unit on an annual basis.
Over the past 12 months, we have disposed of approximately $8 billion of real estate assets at our share at prices that were approximately 5% above our IFRS carrying values. Utilizing just $500 million of the proceeds from those sales to repurchase BPY units and Class A shares of Brookfield Property REIT Inc. at a 30% discount to IFRS will create almost $250 million (or $0.25 per unit) of value for our remaining unitholders. Should our units continue to trade at such a discount, we will continue to dedicate capital to buying them back."