Brookfield Office Properties Announces Dividend Rate Reset

0


Not for distribution to US news services or for distribution in the United States.
All amounts in Canadian dollars

BROOKFIELD NEWS, June 01, 2021 (GLOBE NEWSWIRE) – Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners LP, today announced the revised dividend rate on its Class AAA Preferred Shares, Series N (the “ Series N ”) (TSX: BPO.PR.N) and the Class AAA Preferred Shares, Series CC (the“ Series CC Shares ”) (TSX: BPO.PR.C).

Series N shares

If declared, the fixed quarterly dividends on the Series N shares for the five years beginning July 1, 2021 and ending June 30, 2026 will be paid at an annual rate of 4.01% ($ 0.250438 per share per quarter).

Holders of Series N Shares have the right, at their option, exercisable no later than 5:00 p.m. (Toronto time) on June 15, 2021, to convert all or any part of their Series N Shares to one for one reason. , in Class AAA Preferred Shares, Series O (the “Series O Shares”), effective June 30, 2021.

Quarterly floating rate dividends on the Series O Shares have an annual rate, calculated for each quarter, of 3.07% of the annual yield on Government of Canada three-month treasury bills. The actual quarterly dividend rate for the dividend period July 1, 2021 to September 30, 2021 for the Series O shares will be 0.80130% (3.18% on an annualized basis) and the dividend, if declared , for this dividend period will be $ 0.203833 per share, payable on September 30, 2021.

Holders of Series N Shares are not required to elect to convert all or any part of their Series N Shares into Series O Shares.

As set out in the conditions for the Series N Shares, (i) if Brookfield determines that there will be less than 1,000,000 Series N Shares outstanding after June 30, 2021, any remaining Series N Shares will be automatically converted into Series O shares on a one-for-one basis effective June 30, 2021; and (ii) if Brookfield determines that there will be less than 1,000,000 Series O Shares outstanding after June 30, 2021, no Series N Shares may be converted into Series O Shares. There are currently 11,000,000 Series N shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series O Shares effective upon conversion. Listing of the Series O Shares is subject to Brookfield fulfilling all of the listing requirements of the TSX and, upon approval, the Series O Shares will be listed on the TSX under the ticker symbol “BPO.PR.O”. .

Series CC shares

If declared, the fixed quarterly dividends on the Series CC shares for the five years beginning July 1, 2021 and ending June 30, 2026 will be paid at the annual rate of 6.12% ($ 0.382313 per share per trimester).

Holders of Series CC Shares have the right, at their option, no later than 5:00 p.m. (Toronto time) on June 15, 2021, to convert all or any part of their Series CC shares to one for one reason. , in Class AAA Preferred Shares, Series DD (the “Series DD Shares”), effective June 30, 2021.

Quarterly floating rate dividends on the Series DD Shares have an annual rate, calculated for each quarter, of 5.18% of the annual yield on Government of Canada three-month treasury bills. The actual quarterly dividend rate for the dividend period July 1, 2021 to September 30, 2021 for the Series DD shares will be 1.333370% (5.29% on an annualized basis) and the dividend, if declared , for this dividend period will be $ 0.3333343 per share, payable on September 30, 2021.

Holders of Series CC Shares are not required to elect to convert all or any part of their Series CC Shares into Series DD Shares.

As provided for in the terms of the Series CC Shares, (i) if Brookfield determines that there will be less than 1,000,000 Series CC Shares outstanding after June 30, 2021, any remaining Series CC Shares will automatically be converted into Series DD shares on a one-for-one basis effective June 30, 2021; and (ii) if Brookfield determines that there will be less than 1,000,000 Series DD Shares outstanding after June 30, 2021, no Series CC Shares may be converted into Series DD Shares. There are currently 8,000,000 Series CC Shares outstanding.

The TSX has conditionally approved the listing of the Series DD Shares upon conversion. Listing of the Series DD Shares is subject to Brookfield fulfilling all of the listing requirements of the TSX and, upon approval, the Series DD Shares will be listed on the TSX under the symbol “BPO.PR.D”.

About Brookfield Office Properties

Brookfield Office Properties Inc. is a subsidiary of Brookfield Property Partners LP, one of the world’s largest commercial real estate companies, with total assets of over $ 88 billion. For more information, please visit bpy.brookfield.com/bpo.

Brookfield Contact:

Matte Cherry
Senior Vice President, Investor Relations
Phone. : (212) 417-7488
Email: matthew.cherry@brookfield.com



Source link

Leave A Reply

Your email address will not be published.