Brookfield Property Partners' Contrarian Streak Borders On Recklessness [Seeking Alpha]
Brookfield Property Partners LP (BPY)
US:NYSE Investor Relations:
bpy.brookfield.com/en
Company Research
Source: Seeking Alpha
SummaryBPY's already challenged retail portfolio is getting hammered by the COVID-19 disruption.Its LP investments also took a hit from its hospitality holdings.The future of office retail looks murkier than ever with the fresh boost to the work-from-home trend.The balance sheet was already heavily - arguably over - leveraged prior to the COVID-19 outbreak and distribution coverage was on the tight side.Despite these obvious challenges, management has taken a remarkably bullish stance by continuing to double down on retail, sustaining the distribution, and aggressively repurchasing units.Despite several significant risks and headwinds threatening its business model, Brookfield Property Partners (BPYUWhile it is hard to argue with a company that has the track record and decades of global real asset investment experience, I personally view the risks as too extensive here to make the stock anything more than a speculative buy for investors bullish on a strong recovery in retail and the g
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