TSX:BPO.PR.A - Post by User
Comment by
Carenaon Oct 26, 2023 12:14pm
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Post# 35702299
RE:What a joke it is if Brookfield/BPY don't buy their prefers
RE:What a joke it is if Brookfield/BPY don't buy their prefersI do see that assets are up $17 billion in the first 6 months of the year. Not sure if that is a good thing or not.
BPY always renews their pref issuer bid (NCIB) but they never buy any shares. I think the volume is so small that they can only purchase a fraction of the daily volume.
Having said that, all it takes is them to buy small amounts of shares in the market and all their pref issues snap right back. Not really their style though and they have always ignored the pref share volatility. I would bet on a bigger move at some point. Brookfield does not grind things out, they make big moves when the time is right. Maybe CEO Kingston or CFO Davis step in the market personally again.
The E's are down 5% today on volume of 2300 (!) shares into the $8 range and a yield of 16%. I think this is absolutely worth buying even if they suspend the dividend. Compound a 16% yield forever with a huge capital gain at some point.
The next 2 critical dates are the Brookfield earnings release on Nov 9 and the dividend declaration dates for the BPY prefs around Nov 11 and the ex-div dates for the BPO prefs in the middle of December. I assume there are no BPO press releases on div declarations as BPY has the guarantee.