RE:RE:BPY ResultsHi there,
You mention a number of factors to drive the NAV higher and I do not dispute your logic but the main driver of the increase in this quarter was what they call "Fair Value gains" of $869 million.....these Fair Value gains have zero impact on true cash flow and are SIMPLY the marking up of assets to "market" as determined BY THE management of BPY......and Brookfield is often criticized for the cap rates they apply in these instances.
My point is, Fair Value gains should be driven by cash flow growth and dividend raises which there was not.
Vette