Profile: Brookfield Property Partners LP (BPY.OQ)
11 Dec 2018
Brookfield Property Partners L.P., incorporated on January 3, 2013, is a diversified global real estate company. The Company owns, operates and develops a portfolio of office, retail, multifamily, industrial, hospitality, triple net lease, self-storage and student housing assets. Its partnership is Brookfield Asset Management Inc.'s public commercial property entity and the primary vehicle through which it invests in real estate on a global basis. The Company operates through four segments: Core Office, Core Retail, Opportunistic and Corporate.
The Company develops, owns and manages premier office properties. Its Core Office holdings primarily consist of Brookfield Properties, of which it owns 100% of its common equity, and its 50% interest in Canary Wharf. Its Core Office business consists of 142 properties comprising over 99 million square feet under management and over 33 million square feet of development potential. Its properties are primarily located in commercial business districts, including New York, London, Los Angeles, Washington, D.C., Sydney, Toronto and Berlin. Its Core Office portfolio occupancy stands at 92.3% leased as of December 31, 2016. As of December 31, 2016, it held interests in centrally located development sites with total development potential of over 33 million square feet in the United States, Canada, Australia and Europe. The Company classifies its Core Office development sites into three categories: active development, active planning and held for development.
As of December 31, 2016, its Core Retail business consisted of its 29% ownership interest in GGP Inc. (GGP) through public ownership (34% on a fully-diluted basis, assuming all outstanding warrants are exercised). As of December 31, 2016, its Core Retail portfolio consisted of interests in 127 regional malls and urban retail properties containing over 125 million square feet in the United States.
Through investments in Brookfield-sponsored real estate funds created to earn attractive returns, it have interests in various real estate sectors around the globe, including office, retail, multifamily, industrial, hospitality, triple net lease, self-storage and student housing. Its ownership in these holdings ranges from 12% to 82%. As of December 31, 2016, its Opportunistic office business consisted of 107 opportunistic office properties comprising 29 million square feet of office space in the United States, United Kingdom, Brazil and Asia. As of December 31, 2016, its Opportunistic retail business consisted of approximately 27 million square feet of opportunistic retail space across 44 properties across the United States and in select Brazilian markets. As of December 31, 2016, its industrial business consisted of over 45 million square feet of industrial space across 182 properties, primarily consisting of modern logistics assets in North America and Europe, with an additional seven million square feet under construction and a land portfolio for the construction of 41 million square feet of warehouse space. As of December 31, 2016, its multifamily business consisted of 104 properties with approximately 30,300 multifamily units across the United States. As of December 31, 2016, its hospitality business consisted of interests in 19 hospitality assets with 14,200 rooms across North America, Europe and Australia. Its North American hotel investing activities are primarily conducted through Thayer Lodging. As of December 31, 2016, its triple net lease business consisted of 340 properties that are leased to automotive dealerships across the United States and Canada on a triple net lease basis. Its triple net lease business is managed through Capital Automotive L.P. As of December 31, 2016, its self-storage business consisted of 175 self-storage facilities comprising approximately 14 million square feet throughout the United States. Its self-storage business is managed through Simply Storage. As of December 31, 2016, its student housing business consisted of 16 student housing properties with over 6,800 beds in the United Kingdom.
Brookfield Property Partners LP
73 Front Street
HAMILTON HM 12