{"id":10264,"date":"2024-01-04T23:24:39","date_gmt":"2024-01-05T05:24:39","guid":{"rendered":"https:\/\/1reason.com\/re\/brookfield-office-properties-announces-reset-dividend-rates-and-conversion-privileges-on-its-class-aaa-series-t-preference-shares\/10264\/"},"modified":"2024-01-05T17:24:39","modified_gmt":"2024-01-05T23:24:39","slug":"brookfield-office-properties-announces-reset-dividend-rates-and-conversion-privileges-on-its-class-aaa-series-t-preference-shares","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/brookfield-office-properties-announces-reset-dividend-rates-and-conversion-privileges-on-its-class-aaa-series-t-preference-shares\/10264\/","title":{"rendered":"Brookfield Office Properties Announces Reset Dividend Rates and Conversion Privileges on Its Class AAA Series T Preference Shares"},"content":{"rendered":"
, a subsidiary of Brookfield Property Partners L.P., today announced the reset dividend rate on its Class AAA Preference Shares, Series T (\u201cSeries T Shares\u201d) (TSX: BPO.PR.T). <\/p>\n

If declared, the fixed quarterly dividends on the Series T Shares for the five years commencing January 1, 2024 and ending December 31, 2028 will be paid at an annual rate of 6.79% ($0.424375 per share per quarter).<\/p>\n

Holders of Series T Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on December 18, 2023, to convert all or part of their Series T Shares, on a one-for-one basis, into Class AAA Preference Shares, Series U (the \u201cSeries U Shares\u201d), effective December 31, 2023.<\/p>\n

The quarterly floating rate dividends on the Series U Shares have an annual rate, calculated for each quarter, of 3.16% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the January 1, 2024 to March 31, 2024 dividend period for the Series U Shares will be 2.04438% (8.2% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.511095 per share, payable on March 31, 2024.<\/p>\n

Holders of Series T Shares are not required to elect to convert all or any part of their Series T Shares into Series U Shares.<\/p>\n

As provided in the share conditions of the Series T Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series T Shares outstanding after December 31, 2023, all remaining Series T Shares will be automatically converted into Series U Shares on a one-for-one basis effective December 31, 2023; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series U Shares outstanding after December 31, 2023, no Series T Shares will be permitted to be converted into Series U Shares. There are currently 10,000,000 Series T Shares outstanding.<\/p>\n

The Toronto Stock Exchange (\u201cTSX\u201d) has conditionally approved the listing of the Series U Shares effective upon conversion. Listing of the Series U Shares is subject to Brookfield fulfilling all the listing requirements of the TSX and, upon approval, the Series U Shares will be listed on the TSX under the trading symbol \u201cBPO.PR.Z\u201d.<\/p>\n

About Brookfield Office Properties<\/strong><\/p>\n

Brookfield Office Properties Inc. is a subsidiary of Brookfield Property Partners L.P., one of the world\u2019s largest commercial real estate companies. For more information, please visit bpy.brookfield.com\/bpo<\/a>.<\/u><\/p>\n

Brookfield<\/strong> Contact:<\/strong><\/p>\n

Keren Dubon
Investor Relations
Tel.: (212) 618-3440
Email: keren.dubon@brookfield.com<\/a><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

Not for distribution to U.S. newswire services nor for dissemination to the United States.All amounts in Canadian dollars.<\/p>\n

BROOKFIELD NEWS, Dec. 01, 2023 (GLOBE NEWSWIRE) — Brookfield Office Properties Inc.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/10264"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=10264"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/10264\/revisions"}],"predecessor-version":[{"id":10274,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/10264\/revisions\/10274"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=10264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=10264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=10264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}