Markets have been grinding higher for a long time, so tough to find stocks that I am stoked about. That said, I did manage to make a few purchases in the last few weeks. One of these was Brookfield Property Partners (BPY.UN).
I am a fan of Brookfield’s Management. The parent is Brookfield Asset Management (BAM), which I don’t own, but I do own another sub (Brookfield Infrastructure) which has done very well.
BPY is a REIT and is a bit of a play on a global real estate recovery. Holds North American office space, including prime space in LA and New York. I think they had some good growth opportunities, one of the reasons being because to date they have had little analyst coverage. However, they recently acquired 100% of Brookfield Office Properties, which should make it more appealing to institutional investors. I picked it up for $21.30 in mid-May, yielding about 5.02%, and it his snuck up to about $22.15. I expect modest dividend growth of 4%-5%/yr, and will be disappointed if I don’t manage double-digit returns long term.