Topic: How To Invest

Hi Pat. Given the big melt down in real estate stocks, what is your opinion of Brookfield Properties as a long-term play?

Article Excerpt

Brookfield Properties Corp., $7.14, symbol BPO on Toronto (Shares outstanding: 391.1 million; Market cap: $2.8 billion), owns, develops and manages office buildings in some of North America’s largest cities. Brookfield’s commercial portfolio consists of interests in 108 properties totalling 74 million square feet in the downtown cores of New York, Boston, Washington, D.C., Los Angeles, Houston, Toronto, Calgary and Ottawa. Brookfield Asset Management (symbol BAM.A on Toronto), holds a 50% interest in Brookfield Properties. The other 50% trades on the Toronto exchange. Office buildings account for about 78% of Brookfield’s revenue, and residential housing accounts for about 22%. Brookfield’s residential land-development and homebuilding operations are mainly based in Alberta (42% of total acres), Texas (26%), Colorado (18%), Ontario (13%) and Missouri (1%). Brookfield’s major assets include interests in the World Financial Center in Manhattan, Brookfield Place (formerly BCE Place) in Toronto, Bankers Hall in Calgary and Bank of America Plaza in Los Angeles. Brookfield also holds interests in 17 million square…