• Keith Dalrymple

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.

Report Summary:

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.

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