The Globe and Mail reports in its Friday edition that if buying the beaten-up units of real estate investment trusts amid the current despair about office properties sounds too risky, there is another approach: Take a look at the preferred shares of Brookfield Property Partners, which can yield more than 10 per cent. The Globe's David Berman writes that many office towers remain sparsely inhabited, and Brookfield Property's preferred shares (BPYPM on Nasdaq and BPYP.PR.A in Toronto) are signalling investor discomfort: They traded as low as $14.09 (U.S.) on Nasdaq earlier this month, or nearly 44 per cent below the issue price of $25 (U.S.). The original 6.25-per-cent yield is now 10.3 per cent. Fund managers who run some of the largest preferred share funds did not want to comment about specific issues. However, the company's first-quarter conference call last week emphasized its real estate business, with a consistent message: We are fine. "In contrast to what you may be reading in the headlines, our real estate business continues to demonstrate its quality and resilience," Bruce Flatt, Brookfield's chief executive officer, said during a call. Recovery could take time, but investors are being well paid to wait.