A Few Random Thoughts.....(i) I can say I like the way BPY has traded through this latest bout of market turmoil relative to how it traded through the turmoil last fall when the fear was that rates were heading way up (and now rates are heading way down it seems). Given BPY's debt levels, lower rates are very meaningful to their cash flow over time.
(ii) BPY's leader of their retail portfolio, Sandeep Mathrani, was on CNBC the other day......this guy talks a very positive story for the BPY retail business but it seems pretty obvious the assets are not performing as expected (even though the results are not terrible).....this guy has troubled me ever since he has been participating in the BPY quarterly conference calls and his interview on CNBC the other day cemented my view. GGP was a game changing acquisition for BPY and its time for this guy to talk less and just deliver the cash flow.
(iii) I was complaining on this board last year how SPG had been outperforming BPY prior to and during the market turmoil last fall, however, BPY has been outperforming SPG since then and it pays a bigger dividend. So that is certainly good news. And the former GGP shareholders who took BPY stock certainly can't complain now. This should continue as GGP starts to perform better.
Looking forward to seeing what is in store for Investor Day in September.