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Preferred Share Description
Brookfield Office Properties Inc. (BPO.PR.T)
4.60% Cumulative, Redeemable, Rate-Reset, Class AAA preferred shares, Series T
Prospectus - Sept. 6, 2012
DBRS Credit Rating: May 9, 2018 - DBRS confirmed Brookfield Office Properties Inc.’s Senior Unsecured Notes rating at BBB and Cumulative Redeemable Preferred Shares, Class AAA rating at Pfd-3, both with Stable trends.
The ratings are based on downstream guarantees provided by Brookfield Property Partners L.P. (BPY; Senior Unsecured Debt rating of BBB with a Stable trend by DBRS; see the BPY press release dated May 2, 2018) for the benefit of the Notes and the Preferred Shares outstanding at BPO (the Guarantees). DBRS is of the view that the Guarantees are consistent with “DBRS Criteria: Guarantees and Other Forms of Support,” and as a result, the Guarantees allow for the flow-through of BPY’s Senior Unsecured Debt rating to the ratings of the outstanding Notes and Preferred Shares of its subsidiary, BPO.
Reorganization Note: April 24, 2014 - Brookfield Property Partners (BPY.UN:CA) acquires all outstanding common shares of Brookfield Office Properties (BPO:CA). Holders of BPO preference shares series G, H, J and K preferred shares would continue to hold their BPO preference shares and the share conditions would be modified in order to make them convertible into BPY units rather than convertible into BPO common shares. There are no changes being made to the other BPO preference shares and all of the BPO preference shares outstanding following the new Arrangement will continue to be listed on the TSX.
- DBRS Rating
- Pfd-3 Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.15 per share per year
- Dividend Dates
- On the last day of March, June, September, December
- Dividend Details
- The dividend is initially fixed at $1.15, annually, until December 31, 2018. On December 31, 2018 and on December 31st every five years thereafter, the dividend rate will be reset and equal to the sum of the Government of Canada Yield (GCAN5YR) plus 3.16%.
- Not redeemable prior to December 31, 2018. On December 31, 2018 and on December 31 every five years thereafter, the Corporation can redeem the shares at $25.00, plus accrued and unpaid dividends.
- Holders of the Series T preferred shares will have the right to convert their shares into Class AAA, Series U Floating-Rate preferred shares on December 31, 2018 and on December 31 every five years thereafter. The floating dividend amount will be calculated quarterly and will equal to the sum of the Government of Canada 3-month T-Bill Rate plus 3.16%. On December 31, 2023 and on December 31st every five years thereafter will have the right to convert their series M Floating-Rate shares into an equal number of Series L preferred shares.
- Lead Underwriter(s)
- CIBC World Markets, RBC Dominion Securities, Scotia Capital Inc., TD Securities Inc.
- Transfer Agent
- CIBC Mellon Trust Company
- CIBC Mellon Trust Company
- Dividend Reinvestment Plan
- Not available for Preferred Shares. Available only for Common shareholders.
- Corporate Action
- According to DBRS, Brookfield Office Properties Inc. has interests in 112 income properties and 20 development and/or redevelopment sites in key centres in North America, Australia and the United Kingdom, with a total of approximately 70 million leasable square feet (after minority interest, Brookfield has an effective interest in approximately 45 million leasable square feet of income properties). Brookfield Property Partners LP owns 100% of Brookfield Office Properties’ common shares.
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