BPO.PR.P : No Conversion to FloatingReset

Brookfield Office Properties Inc. (“Brookfield”), a subsidiary of Brookfield Property Partners L.P. has announced:

that after having taken into account all election notices received by the March 15, 2022 deadline for the conversion of the Class AAA Preference Shares, Series P (the “Series P Shares”) (TSX: BPO.PR.P) into Class AAA Preference Shares, Series Q (the “Series Q Shares”), the holders of Series P Shares are not entitled to convert their Series P Shares into Series Q Shares. There were 118,948 Series P Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series Q Shares.

The Series P Shares will pay on a quarterly basis, for the five-year period beginning on April 1, 2022, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 4.536% ($0.2835 per share per quarter).

BPO.PR.P was issued as a FixedReset, 5.15%+300, that commenced trading 2010-10-21 after being announced 2010-10-13. The issue reset to 4.161% in 2016; I recommended against conversion; and there was no conversion. The issue reset to 4.536% in 2022.

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