TSX:BPO.PR.A - Post by User
Comment by
Carenaon Mar 08, 2024 6:13pm
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Post# 35923797
RE:RE:RE:Carena, if the Assets went up $19 Billion, what assets would
RE:RE:RE:Carena, if the Assets went up $19 Billion, what assets wouldPierre,
You are obviously not afraid to work and roll up your sleeves.
In terms of what you have dug up here, my quick comments:
(i) I agree with you, I believe BPY's equity has declined because of the losses.
(ii) In terms of what you pasted from pg 57.....MD&A is supposed to give investors a good look into what the business has been up to...assets grew by $19 billion and $13 billion was due to "Acquisition of Foreign Investments" .....I have no idea what that is other than it seems there was a journal entry to consolidate BSREP IV which is a 2021 vintage fund (not a good one!) and the other side of the entry is debt and interests of others.
My point is, the acquisitions described on page 52 do not add up to $19 billion, so "growth" in assets does not equate to a growth in earnings because of a silly change in accounting. (Hopefully, The Crazy Trader is listening and learning).
I have griped in other posts about BPY's financials....CEO Kingston needs to do a better job. I would expect a CEO to be proud of growing his asset base over 20% and then describe in the same MD&A how this investment will be accretive to earnings. Not the case. Thankfully, we have Bruce Flatt to right the ship.
Have a great weekend,
Carena