Brookfield Office Properties Extends Conversion Privilege for Series R Shares
News related to:Brookfield Office Properties Inc · 1 min read
Brookfield Office Properties Inc. has announced an extension to the conversion privilege on its Class AAA Preference Shares, Series R (TSX: BPO.PR.R) until September 23, 2026. Holders of these shares now have until 5:00 p.m. (Toronto time) on that date to convert all or part of their holdings into Class AAA Preference Shares, Series S (the "Series S Shares"), effective September 30, 2026.
The fixed quarterly dividends on the Series R Shares for the five-year period commencing October 1, 2026, and ending September 30, 2031, will be paid at an annual rate of 6.829000%, equivalent to $0.4268125 per share per quarter. For the October 1, 2026, to December 31, 2026, dividend period, the quarterly floating rate dividends on the Series S Shares will have an annual rate, calculated for each quarter, of 3.48% over the annual yield on three-month Government of Canada treasury bills. This results in a dividend rate of 1.454360% for the aforementioned period, or 5.770000% on an annualized basis. The dividend, if declared, for this period will be $0.363590 per share, payable on December 31, 2026.
Holders of Series R Shares are not required to elect to convert all or any part of their shares into Series S Shares. As provided in the share conditions of the Series R Shares, 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. 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.
Currently, there are 9,946,218 Series R Shares outstanding. Brookfield Office Properties Inc. is a subsidiary of Brookfield Property Partners L.P., one of the world’s largest commercial real estate companies, with over $88 billion in total assets.