RE:RE:RE:RE:This ones solidNot doubling down, but I've initated a new position in this stock. I'm pretty bullish on REITs at these valuations. In my opinion BPY has high quality assets and even if there's a slight contraction in their property values, let's say 5%, i'd still think that their currently trading below book value.
For the sake of this business, I personally hope property values decrease... these guys have a lot of liquidity and smarts to pick up some great assets for long-term value. Strong balance sheet, strong management and an even stronger parent who won't let anything happen to the sub.
Near-term negatives will be the rent deferrals, and I have a feeling they'll have higher uncollected rents compared to other REITs like RIocan's given BPY's tenants are all non-essential