All amounts in Canadian dollars.
BROOKFIELD NEWS, March 2, 2017– Brookfield Office Properties Inc. (“Brookfield”), a subsidiary of Brookfield Property Partners, today announced the reset dividend rate on its Class AAA Preference Shares, Series P (“Series P Shares”) (TSX: BPO.PR.P) and the quarterly dividend rate on its Class AAA Preference Shares, Series S (“Series S Shares”) (TSX: BPO.PR.S).
Series P Shares
If declared, the fixed quarterly dividends on the Series P Shares for the five years commencing April 1, 2017 and ending March 31, 2022 will be paid at an annual rate of 4.161% ($0.260063 per share per quarter).
Holders of Series P Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on March 16, 2017, to convert all or part of their Series P Shares, on a one-for-one basis, into Class AAA Preference Shares, Series Q (the “Series Q Shares”), effective March 31, 2017.
The quarterly floating rate dividends on the Series Q Shares have an annual rate, calculated for each quarter, of 3.00% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the April 1, 2017 to June 30, 2017 dividend period for the Series Q Shares will be 0.86762% (3.48% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.216905 per share, payable on June 30, 2017.
Holders of Series P Shares are not required to elect to convert all or any part of their Series P Shares into Series Q Shares.
As provided in the share conditions of the Series P Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series P Shares outstanding after March 31, 2017, all remaining Series P Shares will be automatically converted into Series Q Shares on a one-for-one basis effective March 31, 2017; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series Q Shares outstanding after March 31, 2017, no Series P Shares will be permitted to be converted into Series Q Shares. There are currently 12,000,000 Series P Shares outstanding.
The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series Q Shares effective upon conversion. Listing of the Series Q Shares is subject to Brookfield fulfilling all the listing requirements of the TSX and, upon approval, the Series Q Shares will be listed on the TSX under the trading symbol “BPO.PR.Q”.
Series S Shares
The dividend is paid at 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 April 1, 2017 to June 30, 2017 dividend period for the Series S Shares will be 0.98729% (3.96% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.246823 per share, payable on June 30, 2017.
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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 116 properties totaling 88 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.
Brookfield Contact:
Matt Cherry, Vice President, Investor Relations & Communications
(212) 417-7488; [email protected]
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