{"id":4000,"date":"2021-09-27T10:37:41","date_gmt":"2021-09-27T15:37:41","guid":{"rendered":"https:\/\/1reason.com\/re\/brookfield-office-properties-announces-reset-dividend-rates-and-conversion-privileges-on-its-class-aaa-series-r-preference-shares-and-class-aaa-series-s-preference-shares\/4000\/"},"modified":"2021-09-28T05:37:41","modified_gmt":"2021-09-28T10:37:41","slug":"brookfield-office-properties-announces-reset-dividend-rates-and-conversion-privileges-on-its-class-aaa-series-r-preference-shares-and-class-aaa-series-s-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-r-preference-shares-and-class-aaa-series-s-preference-shares\/4000\/","title":{"rendered":"Brookfield Office Properties Announces Reset Dividend Rates and Conversion Privileges on Its Class AAA Series R Preference Shares and Class AAA Series S Preference Shares"},"content":{"rendered":"
, a subsidiary of Brookfield Property Partners L.P., today announced the reset dividend rate and conversion privileges on its Class AAA Preference Shares, Series R (\u201cSeries R Shares\u201d) (TSX: BPO.PR.R) and Class AAA Preference Shares, Series S (\u201cSeries S Shares\u201d) (TSX: BPO.PR.S). <\/p>\n

Series R Shares<\/strong><\/p>\n

If declared, the fixed quarterly dividends on the Series R Shares for the five years commencing October 1, 2021 and ending September 30, 2026 will be paid at an annual rate of 4.30% ($0.26875 per share per quarter).<\/p>\n

Holders of Series R Shares have the right, at their option, exercisable no later than 5:00 p.m. (Toronto time) on September 15, 2021, to convert all or part of their Series R Shares, on a one-for-one basis, into Class AAA Preference Shares, Series S (the \u201cSeries S Shares\u201d), effective September 30, 2021.<\/p>\n

The quarterly floating rate dividends on the Series S Shares have an annual rate, calculated for each quarter, of 3.48% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the October 1, 2021 to December 31, 2021 dividend period for the Series S Shares will be 0.92252% (3.66% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.23063 per share, payable on December 31, 2021.<\/p>\n

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

As provided in the share conditions of the Series R Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series S Shares outstanding after September 30, 2021, all remaining Series R Shares will be automatically converted into Series S Shares on a one-for-one basis effective September 30, 2021; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series S Shares outstanding after September 30, 2021, no Series R Shares will be permitted to be converted into Series S Shares. There are currently 8,883,425 Series R Shares outstanding.<\/p>\n

Series S Shares<\/strong><\/p>\n

Holders of Series S Shares have the right, at their option, exercisable no later than 5:00 p.m. (Toronto time) on September 15, 2021, to convert all or part of their Series S Shares, on a one-for-one basis, into the Series R Shares, effective September 30, 2021.<\/p>\n

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

As provided in the share conditions of the Series S Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series R Shares outstanding after September 30, 2021, all remaining Series S Shares will be automatically converted into Series R Shares on a one-for-one basis effective September 30, 2021; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series R Shares outstanding after September 30, 2021, no Series S Shares will be permitted to be converted into Series R Shares. There are currently 1,116,575 Series S Shares outstanding.<\/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, with over $88 billion in total assets. For more information, please visit bpy.brookfield.com\/bpo<\/a>.<\/u><\/p>\n

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

Matt Cherry
Senior Vice President, Investor Relations
Tel.: (212) 417-7488
Email: matthew.cherry@brookfield.com<\/a><\/p>\n

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

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

BROOKFIELD NEWS, Sept. 01, 2021 (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\/4000"}],"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=4000"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4000\/revisions"}],"predecessor-version":[{"id":4009,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4000\/revisions\/4009"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=4000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=4000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=4000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}