TSX:BPO.PR.A - Post by User
Post by
Carenaon Aug 13, 2024 7:22am
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Post# 36176017
BPY Financials
BPY FinancialsGood morning,
I see the BPY 10-Q was filed on August 9th. My quick comments:
(i) It is nice to see the BPY report filed closer to the dates of the other "Operating Businesses".
(ii) Another quarter of negative FFO of $133 million.
(iii) The debt maturities show $15 billion in maturites from Jul 1 to Dec 31 but it is not exactly how much debt has automatic extensions. Nonetheless, refinancings seem to be a non-issue so far.
(iv) In June 2024 they sold interests of $1.3 billion in 10 office assets to, you guessed it, BNRE. Expect more of this. I think this makes up all the capital recycling, that is, no third party sales.
(v) Nothing exciting in the balance sheet at all, no real change in anything since December 31.
My conclusion is unchanged, we have a slow motion workout going on here, but certainly no explosions. Good to see they declared the dividends on the BPY prefs on Aug 6.
And finally, from the BN supplemental, a very positive statement (which, by the way, I could not cross reference to the BPY financials):
"In our real estate business, we signed nearly 5 million square feet of office and retail leases during the quarter, and rents on newly signed leases in our office assets grew by 23% compared to those leases expiring. We are past the bottom of the market, liquidity is coming back and quality assets are achieving their highest rents in most markets"
Have a great day,
Carena