Investment Thesis
In contrast to the other subsidiaries of the Brookfield family, BPY has been struggling for years. In a previous article, I point out that BPY’s sluggish performance could be attributable to the fact that BPY is not a common REIT but an integrated real estate development company. The more cyclical nature of the business, plus the fact that most such companies are privately held, making more difficult for the public to understand them, could command a risk premium. However, after measuring BPY against comparable companies, I find that its business model is