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Author: Astore   😊 😞
Number: of 15057 
Subject: FT Alphaville on BPY
Date: 10/20/2023 9:53 AM
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https://www.ft.com/content/7e0c3f90-872c-4f7b-941b...

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
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