ultimatespinach

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ultimatespinach replied to the Brookfield Asset Management board. 2:21 PM

Re: LPs vs. Corporate Entities

Is there anything I'm missing?

I would add to your list the relative share counts, and the resulting trading liquidity issues for the corporate versions, which Brookfield has acknowledged. The unit counts of the partnerships still [more]

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ultimatespinach replied to the Brookfield Asset Management board. 11:56 AM

Re: Probe in Jared Kushners B$ deal with BAM

But the lawmakers cited a Financial Times investigation published earlier this year, which found that the payment, in excess of $1bn, came from a vehicle that was controlled by Brookfield Property Partners (BPY), an investment trust that has sold [more]

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ultimatespinach replied to the Brookfield Asset Management board. 3:41 PM

Re: death and rebirth of department stores

The US and UK are very different markets in many ways, but it's such a wide gap that one might speculate that the death of retail will be longer and more painful in the US because they have further to go.

If you look at the [more]

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ultimatespinach replied to the Brookfield Asset Management board. 2:38 PM

Re: 11.5%

Maybe they'd like to get BPYU off the books and they think that now's a good time to do it?

I doubt it. I know the share count trajectory makes it look that way, and they do have a provision that allows them to close it down [more]

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ultimatespinach replied to the Brookfield Asset Management board. 10:50 PM

Re: 11.5%

BAM has been on a tear as well. Up another 5% today. Seems to fast, but what do I know.

Not even back to its February high. The market valued it as a real estate company because it didn't know any better.

Now, apparently, [more]

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ultimatespinach replied to the Brookfield Asset Management board. 9:55 PM

Re: 11.5%

Is BAM buying back shares?

The buybacks funded by BAM and executed by BPY are probably either complete or nearly complete at this point. The authorization from BAM lasted until year-end. Judging by an earlier filing, they were buying [more]

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ultimatespinach replied to the Brookfield Asset Management board. 7:48 PM

Re: JC Penney deal approved

The ghost of Eddie Lampert rolls over and chuckles...

Fortunately, Eddie Lampert is far from the gold standard. He blamed employees for Sears' problems, refused to maintain or modernize stores, revoked life insurance for retirees [more]

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ultimatespinach replied to the Brookfield Asset Management board. 11:35 AM

Re: big pop today

BPY has, it seems, been the one to hold since spring.
Total returns since average trade in April:
BAM -0.8%
BPY +72.0%

This is entirely a function of the start date. Like the market as a whole, BAM recovered most of its [more]

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ultimatespinach posted to the Brookfield Asset Management board. 6:41 PM

BAM and BPY relative performance

If one assumes that the weakness of both BAM and BPY market prices over the past year is due primarily to the portfolio of commercial real estate -- office and retail -- stressed by eight months (and counting) of pandemic-fueled shutdowns and fear of [more]

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ultimatespinach replied to the Brookfield Asset Management board. 3:18 PM

Re: When to switch back

Thirdly they add the “Blended” value which I find an ambiguous term because whilst it sounds like an “average”, for blended, what they actually do is just take the IFRS for the case of BPY and take the quoted value for the case of BAM. Their [more]

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ultimatespinach replied to the Brookfield Asset Management board. 6:07 PM

Re: 2020 Investor Day

Those were purchased with cash from BPY/BPYU. BPY then issued the same aggregate amount of Units
for what appears to be the same price paid to 3 subs of ??? (BAM maybe?).

Here's my understanding. [more]

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ultimatespinach replied to the Brookfield Asset Management board. 2:11 PM

Re: BPY tender undersubscribed

One outcome we didn't discuss relative to the BPY price following the close of the tender offer was the possibility the offer would be undersubscribed to the extent that an unusually high level of buybacks could continue for the rest of the year [more]

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ultimatespinach replied to the Brookfield Asset Management board. 4:13 PM

Re: Covid-19 Pounds NY Real Estate

Yes, the world will largely return to normal.
But many trends that were already underway will accelerate or have a big one-time jump in the same direction. The decline of mid range malls?
...
It's harder to figure out exactly where [more]

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ultimatespinach replied to the Brookfield Asset Management board. 10:14 PM

Re: Covid-19 Pounds NY Real Estate

That city is going to have financial problems that FAR exceed any of its past.

In October 1975, NYC Mayor Abe Beame drafted a statement explaining why he was taking the city into bankruptcy. It said he needed the protection of the [more]

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ultimatespinach replied to the Brookfield Asset Management board. 4:48 PM

Re: BAM vs BPY

BAM is buying the units, not retiring them.
It's just a change of ownership of the same number of outstanding units, no?

No. The first sentence of the offer says units are to be tendered "for purchase and [more]

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ultimatespinach replied to the Brookfield Asset Management board. 2:53 PM

Re: BAM vs BPY

So, what do people figure the odds are of being able to buy BPY at prices under ~$12.30 in September?
I figure a little better than 50/50.

My guess is they're better than that, although a guess is all it is. Let's pretend [more]