Brookfield Property Partners L.p. - 5.750% · NASDAQ:BPYPN
Brookfield Property Partners L.p. - 5.750% — Brookfield Property Partners — Investor Day (September 2016)
95 slides from Brookfield Property Partners L.p. - 5.750%'s investor day presentation, Sep 29, 2016
Slide 1: Brookfield Property Partners L.P. Investor Meeting
Brookfield Property Partners L.P. Investor Meeting September 29, 2016
Slide 2: Table of Contents
Table of Contents Our Business 3 Brian Kingston, Senior Managing Partner, Chief Executive Officer Core Office 17 Ric Clark, Senior Managing Partner, Chairman Urban Multifamily 35 Lowell Baron, Managing Partner, Head of Multifamily Retail Business 47 Ashley Lawrence, Senior Vice President, Asset Mana
Slide 3: Our Business – Brian Kingston
Our Business – Brian Kingston 3
Slide 4: BPY is Brookfield's primary vehicle for real estate investments
Brookfield Property Partners is Brookfield’s primary vehicle to make investments across all strategies in real estate Brookfield Property Partners L.P. (BPY) Through Participation in Direct Brookfield Private Funds Core Core-Plus Value-Add Opportunistic 4
Slide 5: Our goal: leading global owner and operator of high-quality real estate
Our goal is to be the leading global owner & operator of high-quality real estate, generating an attractive total return for our unitholders comprised of: Current yield backed by stable cash flow from a diversified portfolio of assets 5-8% annual distribution growth Capital appreciation of our asset
Slide 6: Stable Core cash flows enhanced by Opportunistic strategies
Stable, predictable cash flows from our Core Office and Retail units are enhanced by our higher-yielding Opportunistic strategies Core Office & Retail Opportunistic 10% to 12% Total Returns 20% Total Returns • Currently 80% of BPY’s balance sheet • 20% of BPY’s balance sheet • Investing in high-qual
Slide 7: Proven approach to investing
Proven approach to investing • We are value-oriented, counter-cyclical investors • We specialize in executing multi-faceted transactions that allow us to acquire high-quality assets at a discount to replacement cost • We leverage our business units to enhance the value of our investments • We have t
Slide 8: Significant growth in three years since spin-out
Brookfield Property Partners has undergone significant, transformative growth in the three years since spin-out 8
Slide 9: Progress since spin-out
Progress since spin-out… • Completed $5 billion acquisition of Brookfield Office Properties and reduced balance sheet concentration in public securities from 80% to 30% • Invested $1 billion in General Growth Properties to increase interest to 34%1 • Invested $1.8 billion alongside our joint venture
Slide 10: Organic growth in existing markets
Through organic growth in existing markets… 2013 UK & Europe $4B Canada $8B Australia $9B United States $70B Brazil $4B 10
Slide 11: Expansion into new markets
…and expansion into new markets we have grown AUM to over $146 Billion1 Today UK & Europe $23B Canada $7B China - $0.5B Middle East - $0.1B Australia United States $7B $105B India - $1.2B Brazil $3B 1) Figure represents AUM of Brookfield Property Group. BPY’ s proportionate total assets have grown t
Slide 12: Expansion into new asset classes
We have also expanded into a number of new asset classes… 2013 TODAY PRIMARY Traditional real estate sectors that Core Office Core Office have deep public and private Core Retail Core Retail institutional capital markets Multifamily Multifamily Logistics ESTABLISHED Alternative real estate sectors t
Slide 13: Diversified portfolio of premier properties
…and built a diversified portfolio of premier properties • 149 premier office properties totaling 101 million square feet (“msf”) in gateway markets around the world • 10 msf of office and multifamily development projects currently underway • Interest in 128 best-in-class retail properties totaling
Slide 14: Significant growth of business
...Which has led to significant growth of business 2013 TODAY Total Assets ($ billions) 31 113% 66 Total Equity ($ billions) 13 69% 22 Company FFO ($ millions) 570 67% 950+ Value per Unit ($) 25 20% 30 Distribution per Unit ($) 1.00 12% 1.12 14
Slide 15: Key objectives: balance sheet and recycling capital
Continue to be focused on key objectives Enhance the flexibility of our balance sheet In 2016: • Refinanced corporate credit facility, upsizing capacity from $2.0 to $2.5 billion, reducing interest costs by 55bps and extending maturity to 2019 • BBB credit rating from S&P • Issued C$200 million of p
Slide 16: Key objectives: occupancy and share price
Continue to be focused on key objectives Stabilize occupancy in Core Office and Retail portfolios • Flat occupancy in existing office portfolio at 92% • Development pre-leasing increased at One Manhattan West, Principal Place and Brookfield Place Calgary • Stable occupancy in Core Retail portfolio a
Slide 17: Core Office – Ric Clark
Core Office — Ric Clark Brookfield
Slide 18: Iconic, irreplaceable Core Office portfolio
Brookfield’s Core Office business features an iconic, irreplaceable portfolio of the world’s most sought-after commercial properties 18
Slide 19: Iconic Properties
Iconic Properties Premier locations, high-quality properties in the most dynamic, resilient cities around the globe Brookfield Place, New York City Canary Wharf, London Potsdamer Platz, Berlin Brookfield Place, Toronto Darling Park, Sydney Brookfield Place, Perth 19
Slide 20: Comprehensive Capabilities
Comprehensive Capabilities We offer a full suite of real estate services for our tenants, assuring them of best-in-class quality and service throughout the lifecycle of our properties “…Of our top 20 office tenants, 75% are in Brookfield buildings in more than one city and 50% are in buildings in mo
Slide 21: Scale of Operations
Scale of Operations We have $15 billion of capital invested in Core Office 149 18 PROPERTIES CITIES 101msf 6 PORTFOLIO SIZE COUNTRIES 92% 1,600 OCCUPANCY EMPLOYEES 8.3yrs 9msf AVERAGE AVERAGE ANNUAL LEASE TERM LEASING VOLUME 21
Slide 22: Stable Income
Stable Income Long average lease life, market diversification and high-quality tenants produce very stable income NET OPERATING INCOME (US$ in millions) $ 2,000 Other Canada 14% $ 1,500 Australia 16% 50% U.S. $ 1,000 18% UK $ 500 2013 2014 2015 2016 1 1) Forecast to reflect incremental NOI at Brookf
Slide 23: Organic Growth
Organic Growth Significant income growth driven by recently signed leases at Brookfield Place New York and increasing occupancy SAME PROPERTY NOI GROWTH (in natural currency) 14% 12% 10% 8% 6% 4% 2% 0% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 23
Slide 24: Taking advantage of strong pricing for stabilized office assets
We have been taking advantage of strong pricing and demand for stabilized office assets in select core markets to extract equity capital and reinvest in higher yielding opportunities 24
Slide 25: Asset Sales
Asset Sales On track to achieve goal of raising $2 billion of equity from asset sales in 2016 Interest Net Proceeds Cap Property City Sold (US$ Millions) Rate World Square Retail Sydney 100% $ 200 4.2% Royal Centre Vancouver 100% 220 3.3% Principal Place London 50% 360 4.0% Two Ballston Plaza Greate
Slide 26: Acquisition of Potsdamer Platz, Berlin
Case Study Acquisition of Potsdamer Platz, Berlin’s premier mixed-use property estate • Capitalizing on Brookfield’s unique capability to underwrite, acquire and asset manage a large-scale mixed-use trophy estate that spans office, retail, multifamily, hospitality, leisure and gaming COMPETITIVE ADV
Slide 27: Development Strategy
Development Strategy • Earn premium risk-adjusted returns compared to acquisitions • Upgrade our portfolio with new, trophy assets in strategic markets • Mitigate risk by typically securing: – Anchor leases for 40-50% prior to launch – Maximum price construction contracts – Construction financing wi
Slide 28: Development Activity
Development Activity 7.3msf UNDER DEVELOPMENT 56% PRE-LEASED 7% AVERAGE YIELD-ON-COST $300M INCREMENTAL NOI 28
Slide 29: Active Development Projects
Active Development Projects Building best-in-class regional headquarters premises for a diversified high-credit-quality tenant roster Sq. Ft. Pre- Date of Cost1 Project City (000’s) Leased Completion (US$ millions) Yield Principal Place London 621 84% Q4 2016 $ 510 8% L’Oreal Brazil HQ Rio de Janeir
Slide 30: Development Income
Development Income At current capitalization rates this income stream is worth ~$7 billion (US$ in millions) $ 300 $ 200 $ 100 $0 2017 2018 2019 2020 2021 Brazil UK Canada U.S. 30
Slide 31: Next Phase of Developments
Next Phase of Developments Over 8 million square foot pipeline will fuel growth post-2021 Project City Sq. Ft. (000’s) Manhattan West New York 2,296 ICD Brookfield Place Dubai 1,079 10 Bank Street London 857 Shell Centre London 317 North Quay London 2,400 One Park Place London 680 Wood Wharf – Phase
Slide 32: Insulated from 'Brexit Effect'
Insulated from ‘Brexit Effect’… We maintain our view that the UK will remain a very important center of commerce in the world, and that an acceptable deal with the EU will be negotiated • 98% leased to high-credit-quality tenant roster • Average remaining lease term of 12 years • Current development
Slide 33: Energy Market Downturn
….and Energy Market Downturn Energy markets1 are seeing increasing demand from tenants seeking “flight to quality” opportunities which align with Brookfield’s portfolio attributes • 91% leased to high-credit-quality tenant roster • Average remaining lease-term of 7.4 years • Manageable lease expiry
Slide 34: Capitalizing on distressed assets in capital-deprived markets
Brookfield has built its real estate business by capitalizing on distressed assets and businesses in capital-deprived markets and will continue to monitor the current investment landscape for such opportunities 34
Slide 35: Urban Multifamily – Lowell Baron
Urban Multifamily – Lowell Baron 35
Slide 36: Building a core platform of Urban Multifamily assets
Brookfield is building a core investment platform of premier Urban Multifamily rental assets Creating a long-term, best-in-class urban multifamily business complementary and with similar characteristics to Brookfield’s established, highly regarded global office portfolio Initial strategy includes a
Slide 37: Brookfield's History of Multifamily Investment
Brookfield’s History of Multifamily Investment 2010/11 2012 2013 2014 2015 Recapitalizes Acquires 4,900 unit Acquires 4,275 unit Acquires 3,962 unit Privatizes AEC for Fairfield portfolio for portfolio for portfolio in $2.5 billion - $500 million $290 million Manhattan for 14,200 unit $1 billion por
Slide 38: Scale of Operations
Scale of Operations1 ~ 38,000 Detroit Cleveland/ UNITS Columbus Seattle Boston Metro New York City Sacramento 129 San Francisco San Jose Denver Indianapolis Washington, DC Metro PROPERTIES Virginia Beach Los Angeles Las Vegas Charlotte Inland Empire Charlottesville Phoenix Atlanta Raleigh/Durham 94%
Slide 39: Why Urban Multifamily?
Why Urban Multifamily? Cities are places of collaboration, innovation and opportunity - The urbanization trend exists because cities make people smarter, healthier and happier • 50% of the world’s population lives in cities; figure expected to rise Urbanization to 75% by 2050 Global • Cities generat
Slide 40: Historical Returns
Historical Returns Multifamily has been one of the top performing asset types over the long term with a favorable risk-to-return profile Sector Compounded Annual Returns Since 1994 Returns/Risk (Sharpe Ratio) Since 1994 Source: NAREIT (data through 2015) 40
Slide 41: U.S. Multifamily Rent Growth
U.S. Multifamily Rent Growth Expected rent growth of 3.7% in 2016 with select markets experiencing double-digit increases Apartment Rent Growth Source: Axiometrics 41
Slide 42: U.S. Multifamily Occupancy Rates
U.S. Multifamily Occupancy Rates Historically strong and stable occupancy rates Apartment Occupancy Rates Source: Axiometrics 42
Slide 43: U.S. Homeownership Rate
U.S. Homeownership Rate Declining homeownership creating incremental demand for apartments U.S. Homeownership Rate 69.0% 68.9% 68.8% 68.2% 67.8% 67.4% 66.9% Long Term Average – 66.2% 64% 65.5% 65.1% 64.5% 63.8% 63.0% 62.8% 62.7% 62.3% 62.5% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Slide 44: Target Markets
Target Markets • “Coastal core” markets of New York City, Boston, Washington DC, Los Angeles, San Francisco and Seattle • Also targeting markets that offer a great lifestyle, affordable cost of living, are business friendly and have a diversified economy Seattle Portland Boston New York City San Fra
Slide 45: Active Development Projects
Active Development Projects Active development pipeline with value in excess of $2 billion Date of Cost1 Project City # of Units Completion (US$ millions) Yield For Rent Three Manhattan West Manhattan 473 Q1 2018 $ 414 5% Greenpoint Landing - G Brooklyn 341 Q1 2019 273 6% Camarillo Ventura County 44
Slide 46: Future Development Projects
Future Development Projects … and value in excess of $1 billion from our future development pipeline Date of Cost1 Project City # of Units Completion (US$ millions) Yield For Rent Wood Wharf Phase I London 677 Q4 2019 $ 245 5% Greenpoint Landing - F Brooklyn 400 Q3 2020 364 6% 1810 Main Houston 286
Slide 47: Retail Business – Ashley Lawrence
Retail Business – Ashley Lawrence 47
Slide 48: Premier quality assets in Core Retail
The premier quality assets and operations in our Core Retail business mirrors that of the Core Office portfolio These class A malls are long-term investments that provide stable cash flow 48
Slide 49: General Growth Properties (GGP)
Through our 34% fully diluted interest in General Growth Properties (“GGP”) we are invested in 100 of the top 500 malls in the United States 49
Slide 50: Scale of Operations
Scale of Operations We have $9 billion of capital invested in Core Retail 128 PROPERTIES 125msf PORTFOLIO SIZE 95% OCCUPANCY $583psf AVG. TENANT SALES 50
Slide 51: Brick-and-mortar shopping versus online retail
Although there is much publicity about the decline of brick-and-mortar shopping in the face of increased online retail, the statistics do not support this 51
Slide 52: Regional Mall Visitation by Generation
Regional Mall Visitation by Generation For one, millennials are shopping in malls more than any other living generation PROPENSITY TO SHOP AT LEAST ONCE EVERY 3 MONTHS (100 = Average Shopper) 150 100 50 Millenials (18-34) Gen Xers (35-49) Baby Boomers (50-65) Silents (Over 65) Sources: GGP Strategy
Slide 53: Same-Property Occupancy
Same-Property Occupancy …and our mall occupancy has stayed consistently in the 95% range for several years SAME-PROPERTY OCCUPANCY 100% 98% 96% 94% 92% 90% 88% 86% 84% 82% 80% Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Source: GGP 53
Slide 54: Tenant Sales
Tenant Sales At the same time our tenants’ sales continue to increase… TENANT SALES/PSF (<10 SF) $ 600 $ 575 $ 550 $ 525 $ 500 2012 2013 2014 2015 Source: GGP 54
Slide 55: Core Retail Mall Sales and NOI Percentage by Rank
Core Retail Mall Sales and NOI Percentage by Rank Top Properties 2016 Sales/psf % of NOI1 Top 10 $792 23% Top 30 $727 48% Top 50 $677 67% Top 100 $598 96% Total $583 100% Source: GGP 1) Percentage of GGP’ s reported Company NOI 55
Slide 56: Redeveloping Obsolete Big-Box Stores
Redeveloping Obsolete Big-Box Stores Since 2011, GGP has redeveloped 82 vacant department stores for a total cost of $1.4 billion, generating an 11% annual return “The decline of certain big-box retailers has unlocked the opportunity to convert these spaces into more productive uses, including full-
Slide 57: Core Retail – 2016 Asset Sales
Core Retail – 2016 Asset Sales Similar to Core Office, we have been raising equity capital by selling interests in premier quality U.S. malls at near or peak valuations (~4% cap rates)… Interest Net Proceeds Property City Sold (US$ Millions)1 Fashion Show Las Vegas, NV 50% $ 282 Eastridge Mall San J
Slide 58: Core Retail – Development Sites
Core Retail – Development Sites …and reinvesting proceeds into higher-yielding development and redevelopment initiatives Stabilized Cost1 Project City Description Year (US$ millions) Return Ala Moana Center Honolulu Anchor Repositioning 2018 $ 15 9-10% Staten Island Mall New York Expansion 2019 60 8
Slide 59: Privatization of Rouse Properties
We made an incremental investment in the class B mall sector through the recent privatization of Rouse Properties… Not all B malls are created equal! 59
Slide 60: Rouse Properties
Rouse Properties 35 PROPERTIES 24msf PORTFOLIO SIZE 91% IN-LINE OCCUPANCY $2.9billion GROSS ASSET VALUE 60
Slide 61: Rouse Properties – Mall Portfolio
Rouse Properties – Mall Portfolio In many instances these malls represent the ‘only game in town’ – limited competition and appealing demographics 61
Slide 62: $200 million of non-strategic assets for disposition
We have identified $200 million of non-strategic assets in lower-tier markets for disposition in the near-term And expect to recycle this capital into new acquisitions and redevelopment of existing assets 62
Slide 63: Rouse Properties – Value Creation and Growth
Rouse Properties – Value Creation and Growth • We have 17 redevelopment projects requiring $155 million to complete at expected returns of 9-11% Shoppes at Carlsbad Redevelopment Completion Q2 2018 • We are targeting acquisitions in retail locations along the coasts and in select markets with high p
Slide 64: Opportunistic Investments – Brian Kingston
Opportunistic Investments – Brian Kingston 64
Slide 65: Participation in Opportunistic real estate strategies
Brookfield Property Partners participates in Opportunistic real estate strategies to diversify the investment portfolio and bolster returns 65
Slide 66: Operational upside from Brookfield's global footprint
The assets acquired in this strategy are of high-quality, but have operational upside through efficiencies and synergies with Brookfield’s global operating footprint 66
Slide 67: Investment Approach
Investment Approach Counter- • Sectors or markets that are out-of-favor Cyclical / and where capital is scarce Contrarian • Distressed assets, activist investors / Investments public-to-private, socioeconomic headwinds Multi-faceted / • Fragmented industries with outsized Structured returns Transact
Slide 68: Acquisition of Simply Self Storage
Case Study Acquisition of Simply Self Storage, the largest privately held self-storage owner/operator in the U.S. and 7th largest overall • Transaction sourced through Brookfield relationship with Brighton, Massachusetts previous owners/operator TRANSACTION • Forward cap rate of 6.6% represents a si
Slide 69: Acquisition of seven assets in São Paulo and Rio de Janeiro
Case Study Acquisition of a portfolio of seven high-quality assets located in prime regions of São Paulo and Rio de Janeiro • Flight of capital / lack of competition in region due to geo- political instability and uncertain near-term economic landscape • Off-market opportunity sourced through long-s
Slide 70: BPY Fund Commitments
BPY Fund Commitments …We now have $4 billion of capital invested in Opportunistic strategies Size BPY Target BPY’s Equity2 Fund Strategy/Sector(s) Year(s) ($US Millions) (%) Return1 ($US Millions) Opportunistic/ BSREP II 2015 $ 9,000 26 20%+ $ 1,350 Diversified Opportunistic/ BSREP I 2012 4,350 31 2
Slide 71: Exposure to new sectors and geographies
…Which has given us exposure to new sectors and new geographies with our capital invested alongside partners 71
Slide 72: Sizeable pipeline of investments
…A sizeable pipeline of investments will continue to broaden our sector and geographic exposure • In binding agreement to purchase second largest privately held manufactured housing portfolio in North America NEW SECTORS • Highly-fragmented, recession-resistant sector has achieved positive same-stor
Slide 73: Limiting Opportunistic to 25% of balance sheet
While our investment in Opportunistic strategies will continue to grow, we intend to limit it to 25% of our balance sheet 73
Slide 74: Self-Funding Opportunistic strategy
Self-“Fund”ing BPY’s Opportunistic investment strategy will be largely self-funding as we begin to harvest capital from legacy funds CUMULATIVE RETURN OF CAPITAL ($ billions) $4 $3 BSREP II Other $2 BSREP I $1 2017 2018 2019 2020 74
Slide 75: Financial Update – Bryan Davis
Financial Update – Bryan Davis 75
Slide 76: Positioning our Balance Sheet; Stable and growing cash flows
1. Positioning our Balance Sheet 2. Stable and growing cash flows Office Office Retail Multifamily Retail Multifamily Multifamily 76
Slide 77: Accomplished our Initial Objectives
Accomplished our Initial Objectives 2013 Launched BPY Used BPY equity to acquire Brookfield Office Properties and 2014 converted our passive investment in Canary Wharf into a control position Raised capital through sales of interests in mature assets and developments to fund our capital commitme
Slide 78: Re-shaped our Balance Sheet
Re-shaped our Balance Sheet… BPO & Allocation Organic (US$ millions, except per unit amount) 2013 Canary of Capital Growth Today Assets Office $ 6,200 $ 6,700 $ (6,000) $ 4,900 $ 11,800 Development 1,000 2,500 3,500 Retail 7,600 1,300 8,900 Opportunistic 1,200 2,000 1,000 4,200 16,000 6,700 (1,500)
Slide 79: Sourced the most effective capital
Sourced the most effective capital… • Issued 173 million limited partnership units in 2014 to acquire BPO • Issued $1.8 billion of preferred units which are mandatorily convertible into 70 million BPY units to fund the privatization of Canary Wharf • In 2015 and 2016 accelerated recycling of capital
Slide 80: Advanced development pipeline
…Advanced development pipeline • Completed on time and budget $1.2 billion of development and redevelopment projects and created $800+ million in value • Added $3.6 billion in projects to the active development pipeline, including: – Pipeline in Canary Wharf – Development sites in London, New York,
Slide 81: Increased capital invested in Opportunistic strategies
Increased capital invested in Opportunistic strategies… • >$4 billion of capital invested compared to $1 billion in 2013 • Earned $110 million in FFO in Q2 2016, up 93% year over year • Diversified our cash flows by exposing us to both new geographies and real estate sectors: ($ in millions) U.S. Eu
Slide 82: Now positioned to achieve earnings potential
Now positioned to achieve earnings potential • Target long-term return on equity of 12-15%: ($ in millions expect per unit amounts) Capital FFO Appreciation Total Core Office and Retail $ 19,000 6% 4–6% 10–12% Opportunistic 4,500 7% 11–13% 18–20% $ 23,500 6% 6–9% 12–15% Target Earnings per unit $1.9
Slide 83: Future drivers of earnings growth
Future drivers of earnings growth… • To date, we have benefited from earnings growth driven by lease-up of Brookfield Place New York and reallocation of capital to higher-returning Opportunistic strategies • Over the next 5 years, growth will be driven by three things: $2.00 Same store growth of 2-3
Slide 84: Conservative payout ratio and diverse cash flows
Conservative payout ratio + diversity of cash flows provides support for current yield $2.00 ($ per unit) $1.60 Funds from operations $ 2.00 7% Average annual realized gains 0.35 Second generation leasing costs (0.35) $1.32 $1.12 Sustaining capital expenditures (0.15) $1.18 $1.06 Annual non-cash ren
Slide 85: Conservative Financing Strategy
Conservative Financing Strategy • We finance predominantly with asset-level, non-recourse debt • We raise asset-level debt in local currency with primarily fixed interest rates • We source the lowest cost capital to fund growth • Our investment-grade corporate credit rating provides financing flexib
Slide 86: Long-term debt-to-capital goal of <50%
Our long-term goal is to maintain a proportionate debt-to-capital ratio of <50% • We have made significant progress in reducing debt levels post the acquisition of BPO and are continuing to work toward our long-term goal: 53% 50% ($ in millions) Repay unsecured bonds $ (400) Reduce corporate and sub
Slide 87: Limit floating rate debt to 25% of total
We target to limit floating rate debt to 25% of total • Although we may maintain higher floating rate exposure during certain periods where economic conditions and investment strategy support it ($ in millions) 38% Reduce corporate and subsidiary debt (4%) 25% Planned refinances (4%) Swap to fixed i
Slide 88: Managing foreign exchange exposures
We proactively manage foreign exchange exposures… • Finance using local currency debt which reduces exposure by 45-50% • Layer on currency hedges to reduce the exposure a further 30-40% • Leaving only 10-20% of our equity exposed to foreign currencies at any given time • Actively manage this exposur
Slide 89: Wrap-up / Q&A – Brian Kingston
Wrap-up / Q&A – Brian Kingston 89
Slide 90: Global reach to acquire high-quality real estate on a value basis
Global reach to identify and acquire high-quality real estate on a value basis • Strong operating platforms which enables us to acquire real estate in need of leasing, capital or re-positioning, to generate core-plus returns • Extensive development pipeline assembled over time in high-value, supply-
Slide 91: Unique combination of current yield and organic growth
BPY offers a compelling, unique combination of current yield and organic growth • Yield backed by stable and secure cash flow from a portfolio of high-quality assets • Attractive entry point at discount to IFRS value • A $23 per unit investment today has the potential to offer a very attractive retu
Slide 92: Brookfield
Brookfield fez
Slide 93: Special Note Regarding Forward-looking Statements
Special Note Regarding Forward-looking Statements This presentation contains “forward-looking information” w ithin the meaning of Canadian provincial securities law s and applicable regulation and “forward looking statements” w ithin the meaning of “safe harbor” provisions of the United States Priva
Slide 94: Special Note Regarding Use of Non-IFRS Measures
Special Note Regarding Use of Non-IFRS Measures This presentation contains references to net operating income (“NOI”) and funds from operations (“FFO”) w hich do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and therefore may not be comparable t
Slide 95: Brookfield Property Partners L.P. 2016
Brookfield Property Partners L.P. 2016 95
Brookfield Property Partners — Investor Day (September 2016) on 6ix