Brookfield News, January 17, 2019 Brookfield Office Properties Inc. (“Brookfield”) today announced it has received approval from the Toronto Stock Exchange (“TSX”) for the renewal of its normal course issuer bid to purchase up to 10% of the public float of each series of the company’s outstanding Class AAA Preference Shares that are listed on the TSX (the “Preferred Shares”). Purchases under the bid will be made through the facilities of the TSX and any alternative Canadian trading systems in compliance with applicable Canadian securities laws. The period of the normal course issuer bid will extend from January 21, 2019 to January 20, 2020, or an earlier date should Brookfield complete its purchases prior to such date. Brookfield will pay the market price at the time of acquisition for any Preferred Shares purchased, but not to exceed the redemption price thereof as stated in the company’s articles. All Preferred Shares acquired by Brookfield under this bid will be cancelled.
Brookfield has not repurchased any Preferred Shares in the past 12 months. During Brookfield’s preceding normal course issuer bid, Brookfield was authorized to repurchase Preferred Shares up to the following amounts: Series N (1,100,000), Series P (1,200,000), Series R (888,342), Series S (111,657), Series T (1,000,000), Series V (129,078), Series W (188,442), Series Y (124,291), Series AA (1,197,500), Series CC (800,000), Series EE (1,100,000), Series GG (1,100,000) and Series II (1,000,000).
Under the current normal course issuer bid, Brookfield is authorized to repurchase each respective series of the Preferred Shares as follows:
Series |
Ticker |
Issued and outstanding shares1 |
Public float1 |
Average daily trading volume2 |
Maximum number of shares subject to purchase3 |
|
Total |
Daily |
|||||
Series N |
BPO.PR.N |
11,000,000 |
11,000,000 |
6,923 |
1,100,000 |
1,730 |
Series P |
BPO.PR.P |
12,000,000 |
12,000,000 |
8,221 |
1,200,000 |
2,055 |
Series R |
BPO.PR.R |
8,883,425 |
8,883,425 |
6,856 |
888,342 |
1,714 |
Series S |
BPO.PR.S |
1,116,575 |
1,116,575 |
892 |
111,657 |
1,000 |
Series T |
BPO.PR.T |
10,000,000 |
10,000,000 |
11,239 |
1,000,000 |
2,809 |
Series V |
BPO.PR.X |
1,805,489 |
1,290,789 |
1,370 |
129,078 |
1,000 |
Series W |
BPO.PR.W |
3,816,527 |
1,884,427 |
1,693 |
188,442 |
1,000 |
Series Y |
BPO.PR.Y |
2,847,711 |
1,242,911 |
1,959 |
124,291 |
1,000 |
Series AA |
BPO.PR.A |
12,000,000 |
11,975,000 |
8,932 |
1,197,500 |
2,233 |
Series CC |
BPO.PR.C |
8,000,000 |
8,000,000 |
9,186 |
800,000 |
2,296 |
Series EE |
BPO.PR.E |
11,000,000 |
11,000,000 |
8,626 |
1,100,000 |
2,156 |
Series GG |
BPO.PR.G |
11,000,000 |
11,000,000 |
13,396 |
1,100,000 |
3,349 |
Series II |
BPO.PR.I |
10,000,000 |
10,000,000 |
12,948 |
1,000,000 |
3,237 |
1Calculated as at January 11, 2019.
2Calculated for the six months ended December 31, 2018.
3In accordance with TSX rules, any daily repurchases with respect to: (i) the Series S, Series V, Series W and Series Y preferred shares would be limited to 1,000 shares of the respective series and (ii) each of the other series of Preferred Shares (excluding the Series S, Series V, Series W and Series Y preferred shares) would be limited to 25% of the average daily trading volume on the TSX of the respective series.
Brookfield is renewing its normal course issuer bid because it believes that, from time to time, the market price of its Preferred Shares may not fully reflect the underlying value of its current business and future prospects. Brookfield believes that, in such circumstances, the outstanding Preferred Shares represent an attractive investment for the company, since a portion of its excess cash generated on an annual basis can be invested for an attractive risk-adjusted return through the normal course issuer bid.
Brookfield may enter into an automatic purchase plan in relation to the normal course issuer bid that would allow for the purchase of Preferred Shares, subject to certain trading parameters, at times when Brookfield ordinarily would not be active in the market due to its own internal trading black-out period, insider trading rules or otherwise. Any such plan entered into with Brookfield’s broker will be adopted in accordance with applicable Canadian securities law and will be announced in a press release. Outside of these periods, Preferred Shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.
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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 $86 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 117 properties totaling 85 million square feet in the downtown cores of major cities including New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, London, Berlin, Sydney 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 and Bankers Hall in Calgary. For more information, please visit www.bpy.brookfield.com/bpo.
Brookfield Contact:
Sherif El-Azzazi
Director, Investor Relations & Communications
Tel.: (212) 417-7169
Email: [email protected]
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