Q3 Results - Conference Call TranscriptThe one thing I noted from the transcript is that the JC Penney deal has NOTHING to do with BPY. It is BAM's deal.
I guess the upside for BPY is that it has like 93 JC Penney stores in its malls (ie 93 lease contracts) and it is BAM and SPG who now shore up this collection risk for BPY. Very good news and probably another reason why the stock has been doing well in last couple months.
Still long,
Vette