Brookfield Office Properties Provides Update On Conversion Option For Its Class AAA Series T Preference Shares

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All amounts in Canadian dollars.

BROOKFIELD NEWS, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Brookfield Office Properties Inc. ("Brookfield"), a subsidiary of Brookfield Property Partners L.P., today announced that after having taken into account all election notices received by the December 18, 2023 deadline for the conversion of the Class AAA Preference Shares, Series T (the "Series T Shares") (TSX: BPO.PR.T) into Class AAA Preference Shares, Series U (the "Series U Shares"), the holders of Series T Shares are not entitled to convert their Series T Shares into Series U Shares. There were 312,514 Series T Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series U Shares.

The Series T Shares will pay on a quarterly basis, for the five-year period beginning on January 1, 2024, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 6.79% ($0.424375 per share per quarter).

About Brookfield Office Properties

Brookfield Office Properties Inc. is a subsidiary of Brookfield Property Partners L.P., one of the world's largest commercial real estate companies. For more information, please visit bpy.brookfield.com/bpo.

Brookfield Contact:

Keren Dubon
Investor Relations
Tel.: (212) 618-3440
Email: [email protected]