Hot Property, Cool Price -- Barrons.com
Hot Property, Cool Price -- Barrons.com
DJ Hot Property, Cool Price -- Barrons.com
DJ熱門物業，低價--Barrons.com
By Andrew Bary
安德魯·巴里著
Brookfield Property Partners is one of the world's largest property owners with a high-octane strategy and lofty yield, and it comes at a depressed price.
Brookfield Property Partners是世界上最大的房地產所有者之一，擁有高辛烷值策略和高收益，而且價格低迷。
The company controls $86 billion in assets on five continents with a focus on office buildings and malls, including Hudson Yards and Brookfield Place -- formerly the World Financial Center -- in Manhattan, Canary Wharf in London, and the Fashion Show mall in Las Vegas.
該公司在五大洲控制着860億美元的資產，重點是寫字樓和購物中心，包括曼哈頓的哈德遜庭院和布魯克菲爾德廣場(原世界金融中心)、倫敦的金絲雀碼頭和拉斯維加斯的時裝秀購物中心。
Its partnership units (ticker: BPY) look attractive. They trade around $18, down 17% in the past year, and yield 6.9%.
它的合作部門(股票代碼：BPY)看起來很有吸引力。它們的交易價格約為18美元，過去一年下跌了17%，收益率為6.9%。
With a market value of $18 billion, Brookfield Property is the flagship real estate vehicle for Toronto-based Brookfield Asset Management (BAM), one of the largest alternative-asset managers in the world. Brookfield Asset Management rivals the industry leader Blackstone Group (BX) with private real estate funds. BAM recently closed on its largest fund totaling $15 billion.
Brookfield Property的市值為180億美元，是總部位於多倫多的Brookfield Asset Management(BAM)的旗艦房地產工具。Brookfield Asset Management是世界上最大的另類資產管理公司之一。Brookfield Asset Management以私人房地產基金與行業領軍企業黑石集團(Blackstone Group)展開競爭。BAM最近完成了其規模最大的基金，總計150億美元。
Brookfield Property was spun off by Brookfield Asset Management in 2013 and has executed a series of transactions like its 2018 deal for mall owner GGP to consolidate its real estate operations and simplify its corporate structure.
Brookfield Property於2013年由Brookfield Asset Management剝離，並已執行了一系列交易，如2018年收購購物中心所有者GGP的交易，以整合其房地產業務並簡化其公司結構。
BAM owns 53% of Brookfield Property, which has about 42% of its assets in malls and other retail properties, 41% in office buildings, and 17% in private real estate funds run by BAM. Brookfield Property invests alongside institutional investors in the private funds.
BAM擁有Brookfield Property 53%的股份，Brookfield Property約42%的資產為購物中心和其他零售物業，41%為寫字樓，17%為BAM運營的私人房地產基金。Brookfield Property與機構投資者一起投資於私人基金。
Those private funds have a strong track record, with 20%-plus annual historical net returns and an emphasis on buying what they see as undervalued assets. Brookfield funds last year took control of the overleveraged 666 Fifth Ave. office tower in Manhattan controlled by the family of Jared Kushner, President Donald Trump's adviser and son-in-law.
這些私募基金有着良好的業績記錄，年度歷史淨回報率超過20%，並強調購買他們認為被低估的資產。Brookfield Funds去年控制了槓桿過高的第五大道666號。位於曼哈頓的辦公樓，由唐納德·特朗普的顧問兼女婿總裁·庫什納的家族控制。
"Brookfield has a superhigh-quality real estate portfolio and allows holders to invest alongside a talented management team at a significant discount to net asset value," says Sheila McGrath, an analyst with Evercore ISI. She has an Outperform rating and a $20.75 price target.
Evercore ISI分析師希拉·麥格拉思(Sheila McGrath)表示：“Brookfield擁有超高質量的房地產投資組合，允許持有者與才華橫溢的管理團隊一起投資，投資價格明顯低於資產淨值。”她的評級優於大盤，目標價為20.75美元。
Still, Brookfield Asset Management is frustrated -- and should be embarrassed -- by the performance of the units. Since BAM formed Brookfield Property in 2013, the units are down 17% and the annual total return has been just 1.7%, behind Vanguard Real Estate (VNQ), a broad-based exchange-traded fund that has returned 7.6% annually over the same span.
儘管如此，Brookfield Asset Management還是對這些部門的表現感到沮喪，也應該感到尷尬。自2013年BAM成立Brookfield Property以來，基金單位下跌了17%，年總回報率僅為1.7%，落後於先鋒房地產(Vanguard Real Estate)，後者是一隻基礎廣泛的交易所交易基金，同期年回報率為7.6%。
Major U.S. REITs like Simon Property Group (SPG), the largest mall U.S. owner, and office specialist Boston Properties (BXP) have all generated considerably better total returns.
美國最大的購物中心所有者西蒙地產集團(Simon Property Group)和專業寫字樓公司波士頓地產(Boston Properties)等美國大型房地產投資信託基金的總回報率都要高得多。
Unlike U.S. REITs, Brookfield Property provides a quarterly estimate of its net asset value based on international accounting standards using appraisals and cash-flow analysis. The NAV was more than $28 a share on Sept. 30.
與美國REITs不同，Brookfield Property使用評估和現金流分析，根據國際會計準則提供季度資產淨值估計。9月1日，資產淨值超過每股28美元。30.
There is also a companion REIT aimed at U.S. investors: Brookfield Property REIT (BPR), which was created in 2018, when the company bought the 66% of GGP that it didn't already control.
還有一個針對美國投資者的配套REIT：Brookfield Property REIT(BPR)，它成立於2018年，當時該公司收購了它尚未控制的GGP 66%的股份。
The two securities trade around the same price, pay the same dividend, and are economically equivalent. Brookfield Property REIT offers U.S. investors a 1099 tax form, while units of Brookfield Property Partners generate K-1 tax forms, which many investors dislike. The Brookfield Property REIT also has a preferred stock issue yielding 7%.
這兩種證券的交易價格相同，支付相同的股息，在經濟上是等價的。Brookfield Property REIT為美國投資者提供1099份納税表格，而Brookfield Property Partners的部門生成K-1納税表格，這是許多投資者不喜歡的。Brookfield Property REIT也發行了收益率為7%的優先股。
Executives of Brookfield Property Partners declined to comment ahead of the company's fourth-quarter results on Feb. 7. The company soon is expected to increase its distribution (the partnership dividend equivalent) by about 5%, to $1.32 per unit, which would mean a 7.3% yield.
Brookfield Property Partners的高管拒絕在公司2月7日公佈第四季度業績前置評。預計該公司很快將把分紅(相當於合夥企業的股息)提高約5%，至每單位1.32美元，這意味着7.3%的收益率。
In BAM's third-quarter shareholder letter, CEO Bruce Flatt valued Brookfield Property "in the range of $30 per share." He wrote that it has regularly sold properties for more than their carrying values. BAM started buying Brookfield Property units in late 2018 and purchased $274 million at an average price of $19.71 per unit. In November, when the units traded around $20, the company outlined a scenario of 15% yearly returns through 2022.
在BAM第三季度的股東信中，首席執行官布魯斯·弗拉特對Brookfield Property的估值為每股30美元。他寫道，該公司經常以高於賬面價值的價格出售房產。BAM於2018年末開始購買Brookfield地產單元，並以每套19.71美元的平均價格購買了2.74億美元。去年11月，當這些股票的交易價格在20美元左右時，該公司勾勒出了到2022年的年回報率為15%的情景。
So why does Brookfield Property trade so far below its estimated net asset value? Debt, complexity, and an expensive external management structure.
那麼，為什麼布魯克菲爾德房地產的交易價格遠低於其估計的資產淨值呢？債務、複雜性和昂貴的外部管理結構。
It also doesn't help that the company is exposed to malls, which are the most unloved real estate sector. And with Brookfield Property trading at an average discount to NAV of more than 20% since it went public, the NAV calculation may be inflated. The current discount is about 35%.
此外，該公司還涉足購物中心，而這是最不受歡迎的房地產行業。由於Brookfield Property自上市以來的交易價格較資產淨值平均折讓20%以上，資產淨值的計算可能被誇大了。目前的折扣約為35%。
Given Flatt's view, Brookfield Property ought to consider a large asset sale whose proceeds could be used for debt reduction and stock buybacks.
鑑於弗拉特的觀點，Brookfield Property應該考慮一次大規模的資產出售，其收益可以用於債務削減和股票回購。
McGrath calls Brookfield Property a "publicly traded private real estate play." Brookfield is more active in buying, selling, and redeveloping properties than large U.S. REITs. It's spending $1.7 billion, for instance, on mall-related redevelopment that includes building hotels and apartments.
McGrath稱Brookfield Property是一家“公開交易的私人房地產公司”。Brookfield在購買、出售和重新開發房地產方面比美國大型REITs更積極。例如，它正在花費17億美元進行與購物中心相關的重新開發，其中包括建造酒店和公寓。
Reflecting the private-equity mind-set at Brookfield Property, the company has much higher leverage than comparable U.S. REITs. The company's debt totaled about $46 billion on Sept. 30 against equity of $28 billion. Brookfield's ratio of debt to annual cash flow is now about 12 times, double the average of major U.S. REITs.
該公司的槓桿率遠高於美國可比REITs，這反映了Brookfield Property的私募股權思維模式。截至9月1日，該公司的債務總額約為460億美元。30億美元的股本。Brookfield的債務與年度現金流之比目前約為12倍，是美國主要REITs平均水平的兩倍。
That leverage, which magnifies returns and increases risk, has lately been a negative for the company as investors focus on the health of corporate balance sheets.
這種槓桿放大了回報，增加了風險，隨着投資者關注公司資產負債表的健康狀況，這種槓桿最近對公司造成了負面影響。
Brookfield Property argues that its debt is almost entirely backed by individual properties, limiting the risk to the company.
Brookfield Property辯稱，其債務幾乎完全由個人物業支持，從而限制了公司的風險。
Another issue is complexity, given the company's global scope, diverse asset base, and dense financial reports. Brookfield Property is managed by BAM, which takes annual management fees that result in higher overall expenses than large U.S. REITs. It also has a higher dividend payout ratio of its funds from operations -- an important real estate cash-flow measure -- than do major U.S. REITs, which yield an average of 4%. The company is valued at about 11 times projected 2019 funds from operations, or FFO, of $1.59 per unit, a discount to U.S. REITs.
另一個問題是複雜性，考慮到該公司的全球範圍、多樣化的資產基礎和密集的財務報告。Brookfield Property由BAM管理，BAM收取年度管理費，導致總體支出高於美國大型REITs。該公司運營資金的股息支付率也高於美國主要房地產投資信託基金，後者的平均收益率為4%。該公司的估值約為2019年預計運營資金(FFO)的11倍，即每單位1.59美元，低於美國的REITs。
Brookfield Property aims to generate annual growth of 7% to 9% in FFO over the next five years and increase the distribution at a 5% to 8% rate. It also aims to realize $500 million in annual gains from its investments in BAM-run real estate funds.
Brookfield Property的目標是在未來五年內實現7%至9%的FFO年增長率，並以5%至8%的速度增加分配。它還計劃通過投資BAM運營的房地產基金實現5億美元的年度收益。
These are ambitious goals, but little of that is reflected in the unit price.
這些都是雄心勃勃的目標，但幾乎沒有反映在單價中。
Brookfield Asset Management has a reputation as one of the shrewdest global real estate investors. Now, it's time for the company to deliver for Brookfield Property holders.
布魯克菲爾德資產管理公司被譽為全球最精明的房地產投資者之一。現在，是該公司為布魯克菲爾德房產持有者提供服務的時候了。
Write to Andrew Bary at andrew.bary@barrons.com
寫信給安德魯·巴里，電子郵件：andrew.bary@Barrons.com
(END) Dow Jones Newswires
(完)道瓊斯通訊社
February 01, 2019 19:59 ET (00:59 GMT)
美國東部時間2019年2月1日19：59(格林尼治標準時間00：59)
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