# Brookfield Property Partners L.P. (BPY-UN.TO)



## gardner (Feb 13, 2014)

I just got my first dividend payment since owning BPY-UN.TO. I don't think I have ever seen so complicated a dividend payment. It has components:

INT
DIV
DIVFRG
TXPDDV
DIVUS
WHTX02
INTUS

... mostly, but not all, in $US. It never occurred to me that a single dividend could be so complicated. I think I will go ahead and move this to my US$ account. Is there any reason why this would be unwise?


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## Pluto (Sep 12, 2013)

don't know if it is unwise. 

I don't own this one, I own BAM. I have owned .un securites in the past in non-registered account and due to the complicated payouts, t3's, tracking acb which is a moving target from year to year, I decided I would only own them in a registered account. Just way too much trouble otherwise.


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## humble_pie (Jun 7, 2009)

gardner said:


> I just got my first dividend payment since owning BPY-UN.TO. I don't think I have ever seen so complicated a dividend payment. It has components:
> 
> INT
> DIV
> ...



ouf

brookfield is one of 2 companies - the other one is nutrien - that deliver dividends in different currencies to different brokers. I know which brokers are the ismaels but last time i posted altaRed scolded me intemperately for posting too much detail, so this time i won't.

it "sounds' as if you have your BBY dot UN shares in a canadian dollar account somewhere though. It "sounds" as if the broker is converting those USD bits & pieces into CAD & charging you FX fees on the conversion.

but whether in CAD or USD account you are or your accountant is still going to have to deal with those DIVUS & INTUS payments & those foreign tax credits on the tax slips each year, so it's a question of which currency broker account is going to make the income tax reporting easier.

all in all Pluto has the best idea. Move the stuff into registered account & be done with the problem, says the dark planet.

.


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## doctrine (Sep 30, 2011)

BPY.UN subsumed the old BPO, which was a standard corporate entity that held virtually all of Brookfield's A class prime office real estate in major international cities like New York, London, etc. It was a great holding that was pretty easy to understand but unfortunately no longer exists. BPY.UN is much harder to analyze and also has a near unlimited ability and desire to issue equity whenever so I will stay away.


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## MrMatt (Dec 21, 2011)

Brookfield companies are pretty obnoxious in their distributions.
However they seem to be very well managed, and very profitable.

I'm glad I bought BIP & BEP several years ago.


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## gardner (Feb 13, 2014)

Given that, at least this quarter, 99% of the distribution was in $US, I've gone ahead and journalled it over to my $US account. It won't be a big issue, but I hate getting dinged with the usurious exchange rates when they "conveniently" convert the currency for me. I hadn't appreciated that it was a $US dividend payer or I'd have put with my MG and NTR to begin with.

Thanks all.


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## agent99 (Sep 11, 2013)

Pluto said:


> don't know if it is unwise.
> 
> I don't own this one, I own BAM. I have owned .un securites in the past in non-registered account and due to the complicated payouts, t3's, tracking acb which is a moving target from year to year, I decided I would only own them in a registered account. Just way too much trouble otherwise.


I gave up on Brookfield just because of the complex tax returns for limited partnerships. I should have another look sometime.


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## MrMatt (Dec 21, 2011)

agent99 said:


> I gave up on Brookfield just because of the complex tax returns for limited partnerships. I should have another look sometime.


RRSP.
I don't know my Brookfields have had a pretty strong run over the last 5+ years, add in the dividends and they've been astounding.
I honestly wonder how long they can keep up such excellent performance


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## newfoundlander61 (Feb 6, 2011)

gardner said:


> I just got my first dividend payment since owning BPY-UN.TO. I don't think I have ever seen so complicated a dividend payment. It has components:
> 
> INT
> DIV
> ...


Based on this dividend payment breakdown, if I eventually pick some up on a pull back would it be easier to put in my TFSA verus a non-reg account?


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## Eclectic12 (Oct 20, 2010)

Easier at a cost, if the breakdown is correct.

The "DIVUS" and "WHTX" suggests there's some US dividends being paid that will have US withholding tax applied and that won't be recoverable via the FTC, in a TFSA. It might be small enough that you don't care.


The US withholding tax would likely be recoverable in a non-registered account and exempt in an RRSP.


Cheers


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## Money172375 (Jun 29, 2018)

Any updated thoughts on this? Yielding 14%. Down 50% YTD. Down about 60% from 2015.

I Have a long-term outlook (15+ years). Looking to deploy some commuted pension capital.


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## Eder (Feb 16, 2011)

I was looking at this precrash...stellar list of properties but involving a huge bet on malls with their recent purchase of General Growth Properties . Bit of a contrarian play.

So far I haven't pulled the trigger, opting instead to put money toward less risky fallen angels.


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## MrMatt (Dec 21, 2011)

Eder said:


> I was looking at this precrash...stellar list of properties but involving a huge bet on malls with their recent purchase of General Growth Properties . Bit of a contrarian play.
> 
> So far I haven't pulled the trigger, opting instead to put money toward less risky fallen angels.


I think BIP & BEP are better than BPY.

I think real estate, particularly offices is going to have quite a COVID hangover.


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## Money172375 (Jun 29, 2018)

Brookfield bids to take Brookfield Property Partners private - BNN Bloomberg


Brookfield Asset Management Inc. and a group of investors have offered to acquire the stake in Brookfield Property Partners that they don’t already own, in a US$5.9 billion bid to take the real estate company private.




www.bnnbloomberg.ca


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## Eder (Feb 16, 2011)

Just sold my BPY...nice quick gain but now I need to find a home for this cash in my RRSP.


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## londoncalling (Sep 17, 2011)

Eder said:


> Just sold my BPY...nice quick gain but now I need to find a home for this cash in my RRSP.


As discussed over at FWF, it can be very difficult to sort out what Brookfield entity owns what and how they relate to each other. I am an owner of BPY.UN and was excited to hear today's news. I placed a sell order this evening as the current price is one that I leaves me content to part ways. That being said I would appreciate any additional commentary specific to this offer. I have been led to believe that in most cases it is best to take the money and run as these things take time to finalize and there is always a chance something could derail its completion. Is anyone considering holding on till closing and if so are you taking the cash ($16.50US), conversion of .4 BAM shares or .66 preferred units ?

Closing price is was $17.01 US today.

Brookfield bids to take Brookfield Property Partners private - BNN Bloomberg


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## Fisherman30 (Dec 5, 2018)

I sold it all today, since it was trading at a higher price than the proposed buyout price, and as you said, there's always the chance it could fall through for some reason. I reinvested the money elsewhere.


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## ludetuner (Dec 28, 2016)

Sold all today as well. Trading at higher than offer so that was my time to cue the exit.


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## l1quidfinance (Mar 17, 2017)

Any thoughts on this? I was thinking of selling at the time of the offer but now it has climbed a little higher.


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## londoncalling (Sep 17, 2011)

l1quidfinance said:


> Any thoughts on this? I was thinking of selling at the time of the offer but now it has climbed a little higher.


I sold BPY.UN at 21.81 in mid Jan shortly after the news above broke. Since closing the position I have reallocated the money into other equities. At the time I thought I had missed an opportunity to sell at the top. Although, I missed some upside by not being able to sell when the announcement was released I seem to have made out ok. We often need to remind ourselves a few pennies here or there won't make much difference in comparison to the ridding ourselves the anxiety of determining when to sell. Once it's done it's done. I hadn't looked at the stock since until just now. It seems to be near the same as it was a couple months back. Perhaps a better question is do you want to own this company now and well into the future. I you don't see upside and have a better place to go then I would sell. My next statement won't come as a surprise "Selling is harder than buying." Sadly I don't do well with the sell decision either. Best of luck


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## l1quidfinance (Mar 17, 2017)

I decided to sell. I held in USD in my RRSP. There was little point clinging to hope of any gain. I had just about turned positive when factoring the dividends.


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