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Brookfield Office Properties

BPO-PI.TO
53
Real Estate - Services · Real Estate
Price
C$23.11
-0.24 (-1.03%)
Market Cap
C$11.21B
Exchange
Toronto Stock Exchange
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Mar 31, 2016
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Weak
Stability
Strong
Valuation
Good
Dividends
Good

Share count falling — buybacks

14.0% over 3y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 564K (2012) → 485K (2015)

Winston Score History

The full picture

Brookfield Office Properties owns and manages large office buildings in major cities. Its main customers are businesses and corporations that rent office space for their employees. The company is a subsidiary of Brookfield Asset Management and focuses on premium, Class A office towers in downtown areas across North America, Australia, and the United Kingdom.

The company makes money by collecting rent from tenants who sign long-term leases, typically spanning five to ten years. This provides relatively steady income, and its portfolio of high-quality buildings in central business districts gives it an advantage over landlords with lower-grade properties. However, the biggest risk the company faces is the ongoing shift toward remote and hybrid work, which has reduced demand for office space in many cities and put pressure on occupancy rates and future lease renewals.

Score breakdown

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Quality

Profit per sale
Gross Margin
62.0%
Premium pricing power — 62.0% gross margin
Profit after running costs
Operating Margin
53.8%
Excellent — 53.8% operating margin
Return on the money invested
ROCE
5.1%
Weak — 5.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-9.5%
Shrinking sales (-9.5% YoY)
Profit growth
EPS YoY
-47.4%
Earnings shrinking (-47.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
9%
Weak — only 9% of profit becomes cash
Spare cash per sale
FCF Margin
6.0%
Thin free cash flow (6.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.79
Moderate — manageable debt (0.79)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
1.4x
Attractive valuation — P/E 1.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
6.88%
Healthy income — 6.88% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+0.0%
Dividend flat

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