Subject: FT Alphaville on BPY
https://www.ft.com/content/7e0...

Subscription required. Very good article.

Some snippets:

"When we asked Flatt about the apparent discrepancy this week, he said: 'We have a transitional portfolio which are new developments and non-core assets, we have stuff like that, but if you take our premium core portfolio, which is two-thirds of real estate, occupancy is 96 per cent.'

"S&P also said that 'BPY has one of the weakest financial risk profiles within our North America real estate coverage given elevated leverage and thin interest coverage.'

Astore