Brookfield Office Properties Inc T.BPO.PR.A

RE:RE:What I Am here For....

[Carena]

Hi Sonoffergus,

Thank you for the vote of confidence.

I know my claim of $1/sh sounded sensational and its hard to believe $45 billion of book equity could be wiped out.  However, the $45 billion of book equity includes $25 billion of minority interest which they call Interest of Others (ie everyone else but Brookfield).  This minority interest is entirely other people's money.

So it is not at all implausible that Brookfield's equity of $20 billion could have been wiped out, given everything else that has happened with CRE over the last few years.  

And finally, I understand and I have said it before, the entire analyst coverage universe is or has been assigning a value of zero to Brookfield's real estate arm when setting price targets for BN's stock price.  So when I said $1 per share, I was not pulling it out of thin air.

I agree with you, Bruce Flatt will figure it out.  But make no mistake, BPY is a workout and not at all a thriving business at the moment . We as BPO pref holders better fully understand that.  

Have a great day,
Carena