BPR - Brookfield Property Rips Units Still Cheap
Units of Brookfield Property Partners (BPY) (BPR) surged higher after the company posted solid Q4 results, bumped up its per share distribution, and announced the intention to buy back a significant amount of units in a Dutch auction format. Units are now 33% higher compared to their December 24th closing price, and I believe units have additional upside based on current IFRS book value as well as attractive capital redeployment opportunities. I believe investors have a solid margin of safety, given that there is 43% upside to IFRS book value