New DF report on BPY and BPYU
Dalrymple Financed published a quarterly review of BPY and BPYU. The report is based on the firms' quarterly 6-K, in the case of BPY, and 10-Q, in the case of BPYU.
The cash-based payout ratio was over 400% in the quarter, debt defaults continue, and keys have been handed back to lenders. Massive cash deficits were filled with debt; and the great debt unwind begins at the weakest link. BAM and private equity funded buybacks drive stock outperformance for the financially underperforming LP making some wonder if Rule 10-B 18 was a good idea.
The report is only available to clients.