BPR - Brookfield Property: Closing The Valuation Gap
Brookfield Property Partners (BPY)/REIT (BPR) - one of my top 2 retail REITs for 2019 - delivered a very strong Q4 and full-year report. Although book value (IFRS) per unit/share declined in 2018, the payout ratio climbed, and the company took on massive amounts of additional debt, the units/shares remain a buy. Property-level metrics are increasingly strong across the board, management is selling a significant amount of properties above IFRS value, and is recycling the proceeds into higher-yielding properties and discounted units/shares. Meanwhile, FFO/unit continues to grow and the payout