BPY trades at 70% discount to NAV - is dividend safe? I put together some updated thoughts on BPY (see link to video below).
Management letter to unitholders in late March confirms the difficult situation it is facing on its retail assets (~40% of total) given COVID-19.
Leverage was high, and dividend payout ratio was >100% coming in to 2020. FFO was down 6% in 2019 vs 2018.
That said, BPY benefits from Brookfield sponsorship, and is the biggest reason, in my opinion why the dividend has not been cut yet.
Company has been buying back shares and I do believe that units trading at 70% discount to NAV is untenable for BAM in the long term. Full thoughts in link below.
https://ostrichinvesting.com/what-the-heck-is-happening-to-brookfield-properties-share-price-bpy-down-50-since-february/