The market hasn't been very hospitable towards real estate investments
over the last year, with many office-centered REIT shares down by double
digits over the past year. While Brookfield Property Partners (NYSE:BPY)
is not a REIT, it has nevertheless been caught in the overall
downtrend. With office and retail occupancy and lease trends generally
healthy across the company's operating footprint, I think the market is
undervaluing this company's demonstrated ability to acquire and improve
properties, as well as develop value-generating real estate projects.
With high single-digit distributable cash flow supporting a fair value
around $25, I think this looks like an idea worth a closer look.
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Brookfield Property Partners Seems Undervalued Given Its Demonstrated Skill In Generating Value
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