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BROOKFIELD NEWS, Jan. 18, 2022 (GLOBE NEWSWIRE) — Brookfield Office Properties Inc. (“Brookfield”) announced today that it has received approval from the Toronto Stock Exchange (“TSX”) to renew its public offering of Normal Course Redemption Up to 10% of the public equity of each series of the Company’s outstanding Class AAA Preference Shares listed on the TSX (the “Preferred Shares”). Purchases under the Offer will be made through the facilities of the TSX and any other Canadian trading system in accordance with applicable Canadian securities laws. The normal course issuer bid period will run from January 21, 2022 to January 20, 2023, or an earlier date if Brookfield completes its purchases before that date. Brookfield will pay the market price at the time of acquisition of the preferred shares purchased, but not to exceed the redemption prices as set forth in the company’s articles. All preferred shares acquired by Brookfield under this offer will be cancelled.

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Brookfield has not redeemed any preferred shares in the past 12 months. In Brookfield’s previous normal course issuer bid, Brookfield was authorized to redeem preferred shares in the following amounts: Series N (1,100,000), Series P (1,200,000), Series R (888,342), S-series (111,657), T-series (1,000,000). , V-Series (129.078), W-Series (188.442), Y-Series (124.291), AA-Series (1,197,500), CC-Series (800,000), EE-Series (1,100,000), GG-Series (1,100,000) and Series II (1,000,000).

Pursuant to the current normal course issuer bid, Brookfield is authorized to redeem each respective series of Preferred Shares as follows:

Series Teleprinter Issued and
remarkable
actions
1
public float1 Medium
daily trading
volume
2
Maximum number of shares
subject to purchase
3
Total Daily
Is nothing Bpo.pr.n 11,000,000 11,000,000 16,281 1,100,000 4,070
P-Series BPO.PR.P 12,000,000 12,000,000 8,165 1,200,000 2,041
R-series Bpo.pr.r 10,000,000 10,000,000 9,197 1,000,000 2,299
T-series BPO.PR.T 10,000,000 10,000,000 8,400 1,000,000 2100
V-Series Bpo.pr.x 1 805 489 1,290,789 2,311 129.078 1,000
W-series Bpo.pr.w 3,816,527 1,884,427 1,068 188,442 1,000
y-series Bpo.pr.y 2,847,711 1,242,911 1,112 124,291 1,000
AA-series Bpo.pr.a 12,000,000 11,975,000 8,184 1,197,500 2,046
DC-series Bpo.pr.c 8,000,000 8,000,000 3,673 800 000 1,000
EE-Series Bpo.pr.e 11,000,000 11,000,000 6,488 1,100,000 1,622
GG-series Bpo.pr.g 11,000,000 11,000,000 7.115 1,100,000 1,778
Series II Bpo.pr.i 10,000,000 10,000,000 4,301 1,000,000 1,075

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  1. Calculated as of January 10, 2022
  2. Calculated for the six months ended December 31, 2021.
  3. In accordance with TSX rules, any daily redemption in respect of: (i) Series V, Series W, Series Y and Series CC Preferred Shares would be limited to 1,000 shares of the respective series and (ii) each of the other series of Preferred Shares (excluding Series V, Series W, Series Y and Series CC Preferred Shares) will be limited to 25% of the average daily trading volume on the TSX of the respective series.

Note: All outstanding Series S shares were converted to Series R shares on September 30, 2021 and then removed from the TSX.

Brookfield is renewing its normal course issuer bid because it believes that, from time to time, the price of its preferred shares may not fully reflect the underlying value of its current business and future business prospects. ‘to come up. Brookfield believes that, in such circumstances, the outstanding preferred shares represent an attractive investment for the company, since a portion of its excess cash generated annually can be invested for an attractive risk-adjusted return through a normal course issuer bid.

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Brookfield may enter into an automatic purchase plan in connection with the normal course issuer bid that would permit the purchase of Preferred Shares, subject to certain trading parameters, at times when Brookfield would not normally active in the market due to its own internal trading blackout period, insider trading rules or otherwise. Any such plan entered into with Brookfield’s broker will be adopted in accordance with applicable Canadian securities laws and will be announced in a press release. Outside these periods, the Preferred Shares will be redeemed at the option of management and in accordance with applicable laws.

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. For more information, please visit bpy.bookfield.com/bpo .

Brookfield
Contact:

Rachel Nappi
Investor Relations
Tel.: (212) 417-7169
Email: [email protected]

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