Subject: Re: tough day
"$2.8 billion ($1.0 billion during the quarter) was reinvested back into our operating businesses, primarily to opportunistically repay corporate and asset-level debt and to fund investments within our real estate business."

...

Still, why use earnings to pay asset-level debt? Isn't this a red flag? Doesn't it indicate that the asset isn't able to cover its interest payments and is in some kind of distress?


I don't think it's a red flag - the key word is 'opportunistically'. It does not mean that income from the asset was not covering interest payments on its debt, it just means that they decided that paying down that debt (above and beyond interest payments) was a good use of corporate funds.

dtb