Brookfield Office Properties Provides Update on Conversion Option for Its Series P Preference Shares

BROOKFIELD NEWS, March 21, 2017 (GLOBE NEWSWIRE) — Brookfield Office Properties Inc. (“Brookfield”), a subsidiary of Brookfield Property Partners, today announced that after having taken into account all election notices following the March 16, 2017 conversion deadline for the Class AAA Preference Shares, Series P (the “Series P Shares”) (TSX:BPO.PR.P) tendered for conversion into Class AAA Preference Shares, Series Q (the “Series Q Shares”), the holders of Series P Shares are not entitled to convert their Series P Shares into Series Q Shares. There were 488,396 Series P Shares tendered for conversion, which is less than the 1,000,000 shares required to give effect to conversions into Series Q Shares.

The Series P Shares will pay on a quarterly basis, for the five-year period beginning on April 1, 2017, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 4.161% per annum (C$0.260063 per share per quarter).

About Brookfield Office Properties

Brookfield Office Properties Inc. is a subsidiary of Brookfield Property Partners L.P., one of the world’s largest commercial real estate companies, with approximately $65 billion in total assets. Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada, Australia and Europe. Its portfolio is comprised of interests in 118 properties totaling 89 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, Ottawa, London, Berlin, Sydney, Melbourne and Perth, making Brookfield Office Properties the global leader in the ownership and management of office assets. Landmark properties include Brookfield Places in New York City, Toronto and Perth, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary and Darling Park in Sydney.

CONTACT: Brookfield Contact:

Matt Cherry, Senior Vice President, Investor Relations & Communications
(212) 417-7488; matthew.cherry@brookfield.com

NPHC Disclosure: We hold not shares and will not be receiving any shares. This means that as we release new information about a particular client company either on our site or otherwise authored by us, you can be confident we don’t own shares, will not be buying shares and will not be selling shares. StockGuru makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. We expect to be compensated up to five thousand seven hundred dollars for coverage, assuming three months coverage. StockGuru – McKinney, Texas 75070 – (469) 358-5200.

Logo Header Menu