Brookfield renews normal course issuer bid for 13 preferred series

By Cady Vishniac

Detroit, Jan. 15 – Brookfield Office Properties Inc. said it renewed its normal course issuer bid to purchase up to 10% of the public float of each series of the outstanding class AAA preference shares that are listed on the Toronto Stock Exchange.

The normal course issuer bid will start Jan. 21 and run until Jan. 20, 2022, according to a press release.

Under the issuer bid, daily repurchases of series S, V, W and Y preferred shares are limited to 1,000 shares. For each of the other series of preferreds, the limit is 25% of the average daily trading volume.

The issuer bid covers the preferreds as follows:

• Up to 1.1 million of the 11 million outstanding series N preferred shares with a limit of 2,022 per day;

• Up to 1.2 million of the 12 million outstanding series P preferred shares with a limit of 1,997 per day;

• Up to 888,342 of the 8,883,425 outstanding series R preferred shares with a limit of 1,810 per day;

• Up to 111,657 of the 1,116,575 outstanding series S preferred shares with a limit of 1,000 per day;

• Up to 1 million of the 10 million outstanding series T preferred shares with a limit of 3,159 per day;

• Up to 129,078 of the 1,805,489 outstanding series V preferred shares with a limit of 1,000 per day;

• Up to 188,442 of the 3,816,527 outstanding series W preferred shares with a limit of 1,000 per day;

• Up to 124,291 of the 2,847,711 outstanding series Y preferred shares with a limit of 1,000 per day;

• Up to 1,197,500 of the 12 million outstanding series AA preferred shares with a limit of 3,630 per day;

• Up to 800,000 of the 8 million outstanding series CC preferred shares with a limit of 2,125 per day;

• Up to 1.1 million of the 11 million outstanding series EE preferred shares with a limit of 2,373 per day;

• Up to 1.1 million of the 11 million outstanding series GG preferred shares with a limit of 1,911 per day; and

• Up to 1 million of the 10 million outstanding series II preferred shares with a limit of 1,793 per day.

Brookfield will pay the market price at the time of acquisition for any preferreds purchased. All preferreds acquired under the bid will be canceled.

In the previous one-year issuer bid, no preferreds were purchased.

Toronto-based Brookfield Office Properties is a subsidiary of Brookfield Property Partners that owns and operates office, retail, multifamily, industrial, hotel and lease assets.

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