Brookfield Property Partners' Debt Is A Bit Too High For Me [Seeking Alpha]
Brookfield Property Partners LP (BPY)
US:NYSE Investor Relations:
bpy.brookfield.com/en
Company Research
Source: Seeking Alpha
Summary Backed by a highly diversified global portfolio, a stalwart sponsor (Brookfield Asset Management ( BAM )), and solid distribution coverage, Brookfield Property Partners ( BPY ) offers investors an attractive income yield with strong growth potential. However, with debt to EBITDA at 14.3x and FCC at 1.4x as of year-end 2017 along with extensive exposure to retail and office properties, BPY is exposed to a little bit too much recession risk for me to purchase shares directly. Instead, given that it is BAM's largest investment, I choose to gain exposure to its trophy assets and opportunistic investment strategy via the more diversified sponsor's shares. Safety Backed by the deep pockets of its sponsor, BPY enjoys a recently reaffirmed BBB S&P credit rating. However, it is also heavily leveraged, with secured debt exceeding 40% of secured debt to total assets along with the stretched debt to EBITDA and FCC ratios (though the GGP acquisition should improve credit metric
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