We Work which has revenue of $2B and losses on that and a suspect business model is looking for a valuation of $20B (much lower than originally touted $47B).
On the other hand BPY which owns 98M SFT of Premium Office space 92% leased with 9 year expiry (NYC, London, Boston, Washington DC, Houston, LA, Toronto, Calgary, Ottawa, Sydney, Melbourne, Perth, Adelaide) and 125 Premium Class A malls 96% leased with 10 year expiry (All Major US cities including the valuable mall parking lots in downtown cores) and also has $6B worth of multi family, student, self storage and other opportunistic assets. BPY also has many development projects coming online in next 2-5 years which will add to cash flow.
BPY worth $20B today generates $1.5B+ in FFO (could be $2B in FFO including gains from opportunistic investments over near term) in one side and the We Company with a smooth talking and charming CEO on the other side. Which do you think has real value and which is likely a Ponzi Scheme. Let us see how things evolve over next 5 years but my bet is squarely on BPY and real assets and against the We Company.
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