Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced:<\/p>\n
the reset dividend rate and conversion privileges on its Class AAA Preference Shares, Series R (\u201cSeries R Shares\u201d) (TSX: BPO.PR.R)<\/p>\n
Series R Shares<\/p>\n
If declared, the fixed quarterly dividends on the Series R Shares for the five years commencing October 1, 2026 and ending September 30, 2031 will be paid at an annual rate of 6.829000% ($0.4268125 per share per quarter).<\/p>\n
Holders of Series R Shares have the right, at their option, exercisable no later than 5:00 p.m. (Toronto time) on September 15, 2026, to convert all or part of their Series R Shares, on a one-for-one basis, into Class AAA Preference Shares, Series S (the \u201cSeries S Shares\u201d), effective September 30, 2026.<\/p>\n
The quarterly floating rate dividends on the Series S Shares have an annual rate, calculated for each quarter, of 3.48% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the October 1, 2026 to December 31, 2026 dividend period for the Series S Shares will be 1.454360% (5.770000% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.363590 per share, payable on December 31, 2026.<\/p>\n
Holders of Series R Shares are not required to elect to convert all or any part of their Series R Shares into Series S Shares.<\/p>\n
As provided in the share conditions of the Series R Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series R Shares outstanding after September 30, 2026, all remaining Series R Shares will be automatically converted into Series S Shares on a one-for-one basis effective September 30, 2026; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series S Shares outstanding after September 30, 2026, no Series R Shares will be permitted to be converted into Series S Shares. There are currently 9,946,218 Series R Shares outstanding.<\/p><\/blockquote>\n
BPO.PR.R was issued as a 5.10%+348 FixedReset that commenced trading 2011-9-2<\/a> after being announced 2011-8-25<\/a>. The issue reset to 4.155%<\/a> in 2016 and there was an 11% conversion to the FloatingReset<\/a> BPO.PR.S. BPO.PR.R reset to 4.30%<\/a> in 2021 and the FloatingResets were forcibly converted<\/a> to the FixedResets.<\/p>\n","protected":false},"excerpt":{"rendered":"
Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced: the reset dividend rate and conversion privileges on its Class AAA Preference Shares, Series R (\u201cSeries R Shares\u201d) (TSX: BPO.PR.R) Series R …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-52509","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52509"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52509\/revisions"}],"predecessor-version":[{"id":52510,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52509\/revisions\/52510"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}