Brookfield Property Partners L.P. 5.750% Class A Cumulative Redeemable Perpetual Preferred Units Series 3 (BPYPN)

FairStock Score: 57/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at BPYPN as a claim on a large real estate enterprise rather than a simple common stock. The underlying business owns iconic properties across office, retail, multifamily, logistics, hospitality, and other sectors, with about $88 billion in total assets and 24,000 employees. That portfolio could be a moat, but the numbers show it is not producing strong economics today. In the fiscal quarter labeled 2026-Q2, revenue was $1.9 billion and net income was -$23.0 million, a -1.22% margin. Trailing free cash flow was -$4.1 billion. FairStock calculates ROE at -0.27% and ROCE at 1.97%, while the supplied debt-to-equity is 0.93. Those are weak returns with meaningful leverage. Valuation is the puzzle. At the 2026-10-13 close of $13.37, the preferred units yield 10.62%, and FairStock's P/B is 0.69 and P/E is 6.08. FairStock's Graham Number is $30.99, implying a 56.84% margin of safety, but that is an equity valuation tool; it does not prove preferred distributions are covered. The Piotroski F-Score is 6/9 and PEG is 0.07, yet the negative free cash flow and quarterly loss keep me cautious. The Lynch category is none because there are 0 years of filed results and 3 are needed. For a cumulative preferred, the 5.750% coupon and 10.62% yield offer high current income if the enterprise can service it. The margin of safety may be real if asset values hold, but weak cash generation, negative ROE, and leverage mean the distribution stream deserves close scrutiny. I would want evidence that cash flow covers the preferred distributions before treating the discount as a bargain.

In plain English: Brookfield Property Partners owns and operates major real estate properties around the world. The business looks weak right now: it lost money in its latest reported quarter and its cash flow after investments was negative $4.1 billion. At the 2026-10-13 close of $13.37, the preferred units yield about 10.6%, so the price looks low compared with the company's accounting net worth, but the weak cash flow makes that yield risky.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer