What Went Wrong With Brookfield Property Partners (Part 4): Cash Flows And Debt [Seeking Alpha]
Brookfield Property Partners LP (BPY)
US:NYSE Investor Relations:
bpy.brookfield.com/en
Company Research
Source: Seeking Alpha
So far, we have analyzed the performance of Core Retail and Core Office segments of Brookfield Property Partners ( BPY ) and the related REIT BPR and delved into financial results . This part is devoted to the excessive debt as one of the possible reasons for very poor unit price performance. How BPY got into debt The management summarized during the 2018 Investor Day how the debt has grown to exceed their targets by 20-30% (debt/EBITDA 13x instead of 10-11x and debt/capital 60% instead of 50%). I will paraphrase it here. So, the good news is ... those five transactions that I spoke about earlier [privatizing Canary Wharf, Brookfield Office Properties, Rouse Properties, GGP] required significant amounts of capital to get them executed. As a result of that, in our own capital allocation decisions, we had to make decisions between doing things like buying back our units or reducing leverage, versus doing these strategic transactions. They're all done. We're finish
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