BPYU - Brookfield Property Partners Has A Structurally Superior Preferred

• Brookfield Property Partner's Canadian subsidiary holds many of the higher quality assets and less debt.
• It has outstanding preferred stock, which is structurally superior to much of the other debt and preferred issued by the firm.
• The issues reset with interest rates and trade well below par, so there is potential for upside if rates rise.
• The preferred shares trade at a lower level than other similar issues based on the market's perception of their credit quality, but the subsidiary that issues them is very strong.

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