Brookfield Property Partners L.P. BPY

Something is amiss

[CANCDN]

As i suspected, thier is some shady dealings going on here.

only collected 35% of rent, yet had 140mill of retail rent collection? last year they had 170 mill of rent collection during same period. thier is a clear lack of transparency here. How do you 'collect' 85% of previous years rent collection, when you reported that you only collected 35% rent?

The payout ratio is now about 200% of FFO! 

What is my point? My point here is that I want people to move to stronger reits such as RioCan and SPG

[Lacas24]

My god. All the newbies are out full bore. Why are you here even? Dividend maintained, FFO is right on line with 2 dead month April and May. Sheesh. What is going on in here? Full moon?

[NPCexe]

Nice try, but please spam the riocan board with your nonsense. Oh wait, you already are

[CANCDN]

Please explain how they has 140mill of retail rev vs 170 last year, yet only collected 35% rent? How do you pay out 308 million of divis on 178 of FFO? So basically your borrowing money do to pay out dividiends? Does that make sense to you. I was a big bull at 9.50, I took a 20% ride and jumped ship. If you can answer my two questions above, I would like to be able to reinvest here.

[CANCDN]

I suspect, and I bet I am right, and an analyst will ask this on the call, but that 140 is the amount they 'expect' to collect, not the amount collected. as such, I bet FFO is actually only about 78million cash in hand after the ridiculous corporate expenses. Did they even attempt to cut corporate expeneses? so actual cash in hand payout ratio is about 400-500% Want to make a bet

[NPCexe]

Even if you are right and FFO is 78 million, you're missing the whole point that these are huge companies seeing a lot of hurt (which is priced in), including Riocan, but only for a short duration. They already saw a significant uptick in July rent collection. Furthermore, if you're also right about 'accounting schemes', then good, I hope they do more scheming just to piss you off.

[Jsboutin]

I'm fairly sure they recognize debt from unpaid rent as income. When the interim q2 report is out, it will be fairly clear from the cash flow statement. What will be interesting is how much of it they're expecting to get back. Is want to see them recognize a good amount as an allowance for dubious accounts.

[Capharnaum]

As of the release, the amount for bad credit needs to be incorporated in earnings. Keep in mind that BAM will invest a good amount into BPY retailers, so the rent will eventually be paid.

[CANCDN]

other REITs have collected 75% and 'recognized' another 10-15%. BPY collected 35%!!

[Lacas24]

Where do you think you are? Grow up kid. Why would I make a bet with a a stranger? Especially with one that throwing tantrums like an 8 years old. You are taking this Q2 like it was day to day business. 2 months out of 3 was the toughest months a retail landlord will ever face and they pull through . Case closed. Market agrees with me.

[CANCDN]

Wait until the offering is WAY over subscribed and look out below.

[Capharnaum]

If the offer is over subscribed, they'll raise the number of shares that they'll purchase. Whatever they get is less money they'll have to fork over if they want to take back BPY completely into BAM.

[Capharnaum]

It's stated clearly in the news release... FFO is 178M and it includes corporate costs of 80M. Take a step back and breathe. The numbers they publish are right according to accounting rules, where revenue recognition is different than "collection".

[CANCDN]

Agree that they are recognizing 140 of rent collection, but they are PAYING .33 a share regardless if they actually have the money or not. So again, they are paying 400% of ACTUAL cash collections! that is not healthy.