Post by
alertmeipp on Jan 22, 2024 6:59pm
BN's comment re: BPY
The below is from BN's shareholder letter - Does this look like BN is going to abondon BPY to anyone? Clearly, they disagree with BPY's downgrade and have faith on BPY assets and think things will get better. Their business is built on trust.
"Despite this and the tailwind we expect from lower interest rates, our BPY rating was recently reduced to BB. However, as we look forward, we expect that the continued strong underlying performance of our assets, combined with improving credit markets and lower interest rates, sets us up well to grow cash flows and deal very comfortably with all debt maturities."
Comment by
rodbhar on Jan 23, 2024 10:11am
Flatt may simple let the dividend do the talking. In other words, if the dividend continues to be paid as contracted there is a point at which people who think BPY is about to blow up will have to realize it's simply not happening.
Comment by
alertmeipp on Jan 23, 2024 8:18pm
The RE market is going to turn. The # of new builds is very low. High quality assets will be rare and more valuable over time. It makes lots of sense for them to buy back as much as preferred as possible on the cheap before rate reset.