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All amounts in Canadian dollars.
BROOKFIELD NEWS, June 21, 2021 (GLOBE NEWSWIRE) — Brookfield Office Properties Inc. (“Brookfield”), a subsidiary of Brookfield Property Partners L.P., today announced that after having taken into account all election notices received by the June 15, 2021 deadline for the conversion of the Class AAA Preference Shares, Series N (the “Series N Shares”) (TSX: BPO.PR.N) into Class AAA Preference Shares, Series O (the “Series O Shares”), the holders of Series N Shares are not entitled to convert their Series N Shares into Series O Shares. There were 71,662 Series N Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series O Shares.
The Series N Shares will pay on a quarterly basis, for the five-year period beginning on July 1, 2021, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 4.01% ($0.250438 per share per quarter).
In addition, Brookfield also today announced that after having taken into account all election notices received by the June 15, 2021 deadline for the conversion of the Class AAA Preference Shares, Series CC (the “Series CC Shares”) (TSX: BPO.PR.A) into Class AAA Preference Shares, Series DD (the “Series DD Shares”), the holders of Series CC Shares are not entitled to convert their Series CC Shares into Series DD Shares. There were 245,472 Series CC Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series DD Shares.
The Series CC Shares will pay on a quarterly basis, for the five-year period beginning on July 1, 2021, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 6.12% ($0.382313 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 over $88 billion in total assets. For more information, please visit bpy.brookfield.com/bpo.
Brookfield Contact:
Matt Cherry
Senior Vice President, Investor Relations
Tel.: (212) 417-7488
Email: matthew.cherry@brookfield.com