HRUFF - BPY Preferreds: A Backdoor Play On Brookfield Real Estate?

2024-01-25 09:25:42 ET

Summary

• Brookfield Corporation's real estate assets, when combined with its publicly held stakes in other entities, exceed the equity value of BN/BNRE.A.
• The upside could be material if BN/BNRE.A's IFRS book values turn out to be accurate.
• We explore whether BPY preferreds could be a backdoor plays for BN/BNRE.A's real estate.

We have previously covered the Brookfield Property Partners L.P. Preferred shares:

1) Brookfield Property Partners L.P. 6.50 PF UNIT (BPYPP)...

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