BROOKFIELD NEWS, Dec. 20, 2016 -- Brookfield Office Properties Inc. (“Brookfield”) today announced it has received approval from the Toronto Stock Exchange (“TSX”) for its normal course issuer bid renewal 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 December 22, 2016 to December 21, 2017, 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. All Preferred Shares acquired by Brookfield under this bid will be cancelled. Brookfield has not repurchased any Preferred Shares in the past 12 months.
Under the 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 G | BPO.PR.U | 4,239,857 | 3,236,308 | 2,003 | 323,630 | 1,000 |
| Series J | BPO.PR.J | 7,592,443 | 6,592,443 | 6,983 | 659,244 | 1,745 |
| Series K | BPO.PR.K | 6,000,000 | 4,995,414 | 5,912 | 499,541 | 1,478 |
| Series N | BPO.PR.N | 11,000,000 | 11,000,000 | 13,161 | 1,100,000 | 3,290 |
| Series P | BPO.PR.P | 12,000,000 | 12,000,000 | 11,521 | 1,200,000 | 2,880 |
| Series R | BPO.PR.R | 8,883,425 | 8,883,425 | 10,957 | 888,342 | 2,739 |
| Series S | BPO.PR.S | 1,116,575 | 1,116,575 | 649 | 111,657 | 1,000 |
| Series T | BPO.PR.T | 10,000,000 | 10,000,000 | 9,304 | 1,000,000 | 2,326 |
| Series V | BPO.PR.X | 1,805,489 | 1,290,789 | 1,259 | 129,078 | 1,000 |
| Series W | BPO.PR.W | 3,816,527 | 1,884,427 | 1,838 | 188,442 | 1,000 |
| Series Y | BPO.PR.Y | 2,847,711 | 1,242,911 | 890 | 124,291 | 1,000 |
| Series AA | BPO.PR.A | 12,000,000 | 11,975,000 | 8,844 | 1,197,500 | 2,211 |
| Series CC | BPO.PR.C | 8,000,000 | 8,000,000 | 11,012 | 800,000 | 2,753 |
- - Calculated as at December 9, 2016.
- - Calculated for the six months ended November 30, 2016.
- - In accordance with TSX rules, any daily repurchases with respect to: (i) the Series G, 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 G, 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 business and its future business 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.
About Brookfield Office Properties
Brookfield Office Properties Inc. is a subsidiary of Brookfield Property Partners, a global commercial property company that owns, operates and invests in best-in-class office, retail, multifamily, triple net lease, industrial, hospitality, self-storage, and student housing 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 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. For more information, please visit www.bpy.brookfield.com/bpo.
Brookfield Contact:
Matt Cherry, Vice President, Investor Relations
(212) 417-7488; [email protected]
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