RE:RE:BPY.UN /Brookfield trading ~ 30% UNDER their NAV ! Just throwing my 2 cents into the discussion here....
I have no opinion on structure and I am not even sure I understand BPYC or whatever its called.
BPY has done a lot of structural things, such as BPR to attract REIT investors in the U.S., and I guess one could conclude it is a success and perhaps even more structure will create shareholder value........
However, I was reading the RBC report today on the BPY earnings and they have cut their target price to US$22 from US$23 and they have come way off their optimism of "Top Pick" way back in February.
The report cited that BPY has done a solid job this year on firming up its liability side of the balance sheet and the buybacks have made sense but leverage is still high and RBC is basically modelling zero growth in FFO next year for godsake and probably NO dividend raise in 2020.
So all our talk, including ME, saying BPY has GREAT assets etc, and we loyal shareholders get no FFO growth and no dividend raise potentially......REALLY? Mr CEO Kingston better be focused on FFO growth instead of hoping global bond markets make him look like a hero.
Vette