NasdaqGS:BPY

Stock Analysis Report

Brookfield Property Partners

Executive Summary

Brookfield Property Partners, through Brookfield Property Partners L.P.

Rewards


Snowflake Analysis

Share Price & News

How has Brookfield Property Partners's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BPY has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.3%

BPY

1.0%

US Real Estate

0.8%

US Market


1 Year Return

11.1%

BPY

19.2%

US Real Estate

17.8%

US Market

Return vs Industry: BPY underperformed the US Real Estate industry which returned 19.2% over the past year.

Return vs Market: BPY underperformed the US Market which returned 17.8% over the past year.


Shareholder returns

BPYIndustryMarket
7 Day-1.3%1.0%0.8%
30 Day-2.4%3.7%1.8%
90 Day-8.0%6.2%4.1%
1 Year19.0%11.1%20.2%19.2%20.4%17.8%
3 Year4.7%-13.0%32.0%28.8%45.9%36.4%
5 Year6.2%-20.0%17.8%13.9%68.1%49.6%

Price Volatility Vs. Market

How volatile is Brookfield Property Partners's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Brookfield Property Partners undervalued compared to its fair value and its price relative to the market?

13.08x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BPY ($18.47) is trading above our estimate of fair value ($15.66)

Significantly Below Fair Value: BPY is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BPY is good value based on its PE Ratio (13.1x) compared to the Real Estate industry average (24.8x).

PE vs Market: BPY is good value based on its PE Ratio (13.1x) compared to the US market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BPY's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BPY is good value based on its PB Ratio (0.6x) compared to the US Real Estate industry average (1.5x).

Future Growth

How is Brookfield Property Partners forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-8.3%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if BPY's forecast earnings growth is above the savings rate (1.7%).

Earnings vs Market: Insufficient data to determine if BPY's earnings are forecast to grow faster than the US market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BPY's revenue is expected to decline over the next 3 years (-8.3% per year).

High Growth Revenue: BPY's revenue is forecast to decline over the next 3 years (-8.3% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if BPY's Return on Equity is forecast to be high in 3 years time

Past Performance

How has Brookfield Property Partners performed over the past 5 years?

-18.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BPY has a large one-off gain of $1.7B impacting its September 30 2019 financial results.

Growing Profit Margin: BPY's current net profit margins (7.5%) are lower than last year (9.8%).


Past Earnings Growth Analysis

Earnings Trend: BPY's earnings have declined by -18.2% per year over the past 5 years.

Accelerating Growth: BPY's earnings growth over the past year (4.5%) exceeds its 5-year average (-18.2% per year).

Earnings vs Industry: BPY earnings growth over the past year (4.5%) exceeded the Real Estate industry -25%.


Return on Equity

High ROE: BPY's Return on Equity (5.5%) is considered low.


Return on Assets


Return on Capital Employed

Financial Health

How is Brookfield Property Partners's financial position?


Financial Position Analysis

Short Term Liabilities: BPY's short term assets ($5.4B) do not cover its short term liabilities ($11.5B).

Long Term Liabilities: BPY's short term assets ($5.4B) do not cover its long term liabilities ($52.6B).


Debt to Equity History and Analysis

Debt Level: BPY's debt to equity ratio (124.2%) is considered high.

Reducing Debt: BPY's debt to equity ratio has increased from 104.1% to 124.2% over the past 5 years.

Debt Coverage: BPY's debt is not well covered by operating cash flow (1.5%).

Interest Coverage: BPY's interest payments on its debt are not well covered by EBIT (1.6x coverage).


Balance Sheet

Inventory Level: BPY has a high level of physical assets or inventory.

Debt Coverage by Assets: BPY's debt is not covered by short term assets (assets are 0.1x debt).

Dividend

What is Brookfield Property Partners's current dividend yield, its reliability and sustainability?

7.15%

Current Dividend Yield


Dividend Yield vs Market

company7.1%marketbottom25%1.4%markettop25%3.7%industryaverage2.1%forecastin3Years7.4%

Current dividend yield vs market & industry

Notable Dividend: BPY's dividend (7.15%) is higher than the bottom 25% of dividend payers in the US market (1.43%).

High Dividend: BPY's dividend (7.15%) is in the top 25% of dividend payers in the US market (3.72%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, BPY has been paying a dividend for less than 10 years.

Growing Dividend: BPY's dividend payments have increased, but the company has only paid a dividend for 7 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (92.4%), BPY's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BPY's dividends in 3 years are forecast to be covered by earnings (76.4% payout ratio).

Management

What is the CEO of Brookfield Property Partners's salary, the management and board of directors tenure and is there insider trading?

4.1yrs

Average management tenure


CEO

Brian Kingston (45yo)

4.1yrs

Tenure

0

Mr. Brian W. Kingston is the Chief Executive Officer of Brookfield Property Group LLC since August 28, 2018. Mr. Kingston has been the President and Global Chief Investment Officer at Brookfield Property G ...


Management Age and Tenure

4.1yrs

Average Tenure

52yo

Average Age

Experienced Management: BPY's management team is considered experienced (4.1 years average tenure).


Board Age and Tenure

5.8yrs

Average Tenure

66yo

Average Age

Experienced Board: BPY's board of directors are considered experienced (5.8 years average tenure).


Insider Trading

Insider Buying: BPY insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$20,11105 Dec 19
Omar Carneiro Cunha
EntityIndividual
Role
Member of the Board of Directors
Independent Director of Brookfield Property Partners Limited
Shares1,060
Max PriceUS$18.97
BuyUS$50,08703 Sep 19
Caroline Atkinson
EntityIndividual
Role
Member of the Board of Directors
Independent Director of Brookfield Property Partners Limited
Shares2,617
Max PriceUS$19.14

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 46.7%.


Management Team

  • David Arthur (64yo)

    Managing Partner of Real Estate-Canadian & Brazilian Invest.-Brookfield Property Partners Ltd

    • Tenure: 0yrs
  • Ric Clark (61yo)

    Chairman & Senior Managing Partner of Brookfield Property Partners Limited

    • Tenure: 4.1yrs
  • Bryan Davis (46yo)

    Managing Partner of Rest Estate & CFO - Brookfield Property Partners Limited

    • Tenure: 4.9yrs
  • Bert Dezzutti (58yo)

    Executive Vice President of the Western Region

    • Tenure: 0yrs
  • Brett Fox (46yo)

    Managing Partner & General Counsel of Real Estate - Brookfield Property Partners Ltd

    • Tenure: 0yrs
  • Brian Kingston (45yo)

    Senior Managing Partner & CEO of Brookfield Property Partners Limited

    • Tenure: 4.1yrs
  • Bill Powell (60yo)

    Senior Managing Partner of Real Estate & COO - Brookfield Property Partners Ltd

    • Tenure: 1.7yrs
  • Lowell Baron (43yo)

    Managing Partner of Real Estate & Chief Investment Officer

    • Tenure: 0yrs
  • Matt Cherry

    Senior Vice President of Investor Relations & Communications

    • Tenure: 0yrs
  • Mark Brown

    Managing Partner of Real Estate & Chief Investment Officer

    • Tenure: 0yrs

Board Members

  • Ric Clark (61yo)

    Chairman & Senior Managing Partner of Brookfield Property Partners Limited

    • Tenure: 4.1yrs
  • Jeff Blidner (71yo)

    Director of Brookfield Property Partners Limited

    • Tenure: 6.9yrs
  • Lou Maroun (69yo)

    Independent Director of Brookfield Property Partners Limited

    • Tenure: 6.8yrs
  • Omar Carneiro Cunha (73yo)

    Independent Director of Brookfield Property Partners Limited

    • Tenure: 6.9yrs
  • Soon Young Chang (59yo)

    Director of Brookfield Property Partners Limited

    • Tenure: 4.8yrs
  • Lars Eric Rodert (58yo)

    Lead Independent Director of Brookfield Property Partners Limited

    • Tenure: 0yrs
  • Caroline Atkinson (66yo)

    Independent Director of Brookfield Property Partners Limited

    • Tenure: 0.8yrs
  • Stephen DeNardo (66yo)

    Independent Director of Brookfield Property Partners Limited

    • Tenure: 6.9yrs
  • Scott Cutler (49yo)

    Independent Director of Brookfield Property Partners Limited

    • Tenure: 0.8yrs

Company Information

Brookfield Property Partners L.P.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Brookfield Property Partners L.P.
  • Ticker: BPY
  • Exchange: NasdaqGS
  • Founded:
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Implied Market Cap: US$16.346b
  • Market Cap: US$8.136b
  • Shares outstanding: 877.88m
  • Website: https://bpy.brookfield.com

Number of Employees


Location

  • Brookfield Property Partners L.P.
  • 73 Front Street
  • 5th Floor
  • Hamilton
  • HM 12
  • Bermuda

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BPYNasdaqGS (Nasdaq Global Select)YesLimited Partner UnitsUSUSDMar 2013
BPY.UNTSX (The Toronto Stock Exchange)YesLimited Partner UnitsCACADMar 2013
BPYP.PNasdaqGS (Nasdaq Global Select)6.50 PF UNIT A 1USUSDMar 2019
BPYP.ONasdaqGS (Nasdaq Global Select)6.375 PFD 2 CL AUSUSDAug 2019

Biography

Brookfield Property Partners, through Brookfield Property Partners L.P. and its subsidiary Brookfield Property REIT Inc., is one of the world’s premier commercial real estate companies, with approximately  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/12 00:17
End of Day Share Price2019/12/11 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.