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No. of Recommendations: 2
Because of their connection with bpy and ultimately bam, the debt load is quite manageable

The debt is 6 times of the equity/market cap. This is a highly leveraged play and I will not count that BPY or BAM will bail them out if they get into some debt trouble. May be even if they bail them out, that may end up buying out minority and individual shareholders at pennies on the dollar situation. This is not a comment on BAM management, it is just that economic incentive and power is so skewed.

roic is probably the best managed, best performing of the group, yet the market largely ignores them

ROIC price to FFO valuation is 14.5, almost 5 multiples higher than BRX and 2.5 multiples higher than KIM.

I would not call this valuation as market ignoring it, rather market is richly valuing it.
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