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Incomprehensible balance sheet with too much paper gains from 'fair value' of properties
Cheap on a fundamental basis, P/B, P/S. Heavy exposure to a variety of property plays, due a rebound when as the economy improves. Nice dividend to pay us to wait for the industry to improve.
Fantastic worldwide properties. Access to capital at reasonable rates through relationship with BAM. Good dividend yield that should grow. Management with great track record. Only drawback at this point is a very high payout ratio that will limit the amount of growing the dividend at first, but current yield around 5% -- ahead of most REITs (this is partnership structure - similar in terms of paying out most of profits / cash flow).
Spinoff of BAM.
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