Brookfield Office Properties Inc BRPYF

Dalrymple

[Carena]

Hi again,

For the record, I am still very long the BPO/BPY and I still hold 94% of my peak # of shares.  

Nonetheless, as you know, I like to share the positive but also negative stuff too.  And so this Dalrymple fella has recently put another another piece on his substack with his conclusions on the BPY year end financials.  

Some may remember I said the BPY unit share value would be closer to $1/share today than the $18/share that BN privatized it at.  Dalrymple would think I was being generous, his number is zero/share.  Lol.

One thing is for sure,  he and I are on the same page as it relates to the quality of the BPY financials.  

Here is the link:
https://brookfield.substack.com/p/brookfields-real-estate-silo-is-broken

Carena

[SONOFFERGUS]

Hi Carena.  I posted that substack when it came out.  He marvels at BN's ability to shuffle capital around to make things work.  Yup.

[CrazyTrader]

Properties are not worthless.  It's some of the the contracts with tenants that are probably worthless at the moment.   It's a temporary thing due to Central Banks rapidly rasising rates in a short amount of time.    Contracts can be renegotiated, expire/mature, or even terminated.   If all else fails with the contract, there's the "non-recourse