MusingsSome musings:
(i) It is amazing how CEO Kingston (he the CEO who says lots of crazy things in so many different transcripts) has been doing personally, exactly what I suggested in my post last night.....he recently sold $30M of his BAM stock and he has been a net accumulator of BPY stock in the last couple years, either personally or huge amounts through the company NCIB at much higher share prices than current levels. Not sure what exactly I am concluding here but it makes me scratch my head a bit.
(ii) BPY repurchased 1.1 million shares in February in just 2 (!) trading days, Feb 27 and Feb 28. Amazing stuff!
(iii) YTD, BPY share repurchases total 1.7 million shares at ACB of $17.3 per share or 20% below what BPY issued shares for in the GGP takeout back in August 2018.
And my post last night was suggesting BAM can now issue its richly valued shares (even Jack Cockwell was selling his BAM shares at these levels) to take-out poor performing BPY from us unitholders.
So fellow unitholders, this is what corporate finance is all about! Who needs to worry about the left side of the balance sheet when you can game the right side?
(iv) And to boot, Mr CEO Kingston gets wealthier by being the CEO of BPY but does a TERRIBLE job exercising his fiduciary responsibility for us loyal BPY holders but instead makes all his money at BAM - you can't make this stuff up! Lol.
Vette