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Strategies & Market Trends : Dividend investing for retirement

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CusterInvestor

From: Max Fletcher	5/9/2020 1:48:54 PM
	1 Recommendation of 34328

BPYU is beaten down as most investors are (understandably) wary of retail-related REITS. But I added a bit yesterday at 9.60 after listening to their call. They affirmed next quarter’s dividend. Stock now yielding ~14% and during the recent quarter they bought back almost $100 Million of their own stock at an average price of $13. Definitely a higher risk play. A few notes from the call: Affirms dividend. Utilizing our in-place normal course issuer bid, we purchased 7,752,911 of BPY units in the first quarter of 2020 at an average price of $13.07 per unit/share or over $100M. Management believes the share price is disconnected from the quality of the underlying assets. 93% of space is leased with average term of 9 years. Their core mall stores are implementing online order/curbside delivery, which will become a permanent feature even after the virus is eradicated. Their malls are within an hour drive of 60% of the US population. Most of their tenants are solvent, but they are helping some smaller tenants financially. Relatively few debts near term which will be easily refinanced. Distributions covered assuming not an extended prolonged downturn. (I believe they said their Property value is worth $28/unit (???) but I may have misheard)

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