Brookfield Property Partners L.P. (“BPY”) (NASDAQ: BPY; TSX:
BPY.UN) announced today that the Toronto Stock Exchange (the “TSX”)
accepted a notice filed by BPY of its intention to renew its prior
normal course issuer bid for a one-year period. BPY stated that at
times its limited partnership units trade in price ranges that do
not fully reflect their value. As a result, from time to time,
acquiring limited partnership units represents a desirable use of
available funds.
The notice provides that BPY may, during the
twelve-month period commencing September 15, 2020 and ending
September 14, 2021, purchase on the TSX, the Nasdaq Stock Market
(“Nasdaq”) and any alternative Canadian or U.S. trading system, up
to 31,602,923 limited partnership units, representing approximately
10% of its public float. At September 3, 2020, there were
429,880,565 limited partnership units issued and outstanding, with
113,851,333 limited partnership units held by insiders, giving BPY
a public float of 316,029,232 limited partnership units. Under the
normal course issuer bid, BPY may purchase up to 417,502 limited
partnership units on the TSX during any trading day, which
represents approximately 25% of the average daily trading volume of
1,670,008 limited partnership units on the TSX for the most
recently completed six calendar months prior to the TSX’s
acceptance of the notice of the normal course issuer bid. This
limitation does not apply to purchases made pursuant to block
purchase exemptions and purchases made on another exchange.
The price to be paid for the limited partnership
units under the normal course issuer bid will be the market price
at the time of purchase. The actual number of limited partnership
units to be purchased and the timing of such purchases will be
determined by BPY, and all purchases of limited partnership units
will be effected through the facilities of the TSX, the Nasdaq and
any alternative Canadian or U.S. trading system. All limited
partnership units purchased by BPY under this bid will be promptly
cancelled.
In addition, certain subsidiaries of Brookfield
Asset Management Inc. (“BAM”) may act jointly or in concert with
BPY and purchase limited partnership units through open market
purchases on the TSX, Nasdaq and other alternative Canadian trading
systems pursuant to section 4.1 of National Instrument 62-104
“Take-Over Bids and Issuer Bids” (“NI 62-104”). These limited
partnership units will be purchased and held on behalf of BAM and
will not be cancelled.
In connection with the normal course issuer bid,
BPY will enter into an automatic purchase plan with its designated
broker. The automatic purchase plan will allow for the purchase of
limited partnership units, subject to certain trading parameters,
at times when BPY ordinarily would not be active in the market due
to its own internal trading blackout period, insider trading rules
or otherwise. Outside of these periods, limited partnership units
will be repurchased in accordance with management’s discretion and
in compliance with applicable law. The plan will commence on
September 15, 2020 and terminate on September 14, 2021.
Of the 35,252,769 limited partnership units
approved for purchase under BPY’s prior normal course issuer bid
that commenced on August 20, 2019 and expired on August 19, 2020
(the “Prior NCIB”), BPY purchased, in the twelve-month period
preceding the date hereof, an aggregate of 15,184,665 limited
partnership units through open market purchases on the TSX, the
Nasdaq and other alternative Canadian and U.S. trading systems. The
weighted average price that BPY paid per limited partnership unit
acquired under this bid was US$14.13. During the term of the Prior
NCIB, BAM purchased 5,375,851 limited partnership units through
open market purchases on the TSX, the Nasdaq and other alternative
Canadian and U.S. trading systems pursuant to section 4.1 of NI
62-104 bringing the total number of limited partnership units
purchased to 20,560,516 at a weighted average price of US$12.70.
The limited partnership units purchased by BAM were not
cancelled.
About
Brookfield Property Partners
Brookfield Property Partners, through Brookfield
Property Partners L.P. and its subsidiary Brookfield Property REIT
Inc., is one of the world’s premier commercial real estate
companies, with over $86 billion in total assets. We are leading
owners, operators and investors in commercial real estate, with a
diversified portfolio of premier office and retail assets, as well
as interests in multifamily, triple net lease, logistics,
hospitality, self-storage, student housing and manufactured housing
assets.
Brookfield Property Partners is the flagship
listed real estate company of Brookfield Asset Management Inc., a
leading global alternative asset manager with over $550 billion in
assets under management.
Brookfield Property Partners L.P. is listed on
the Nasdaq Stock Market and the Toronto Stock Exchange. Brookfield
Property REIT Inc. is listed on the Nasdaq Stock Market. Further
information is available at bpy.brookfield.com.
Contact:
Matt CherrySenior Vice President, Investor Relations &
CommunicationsTel:
212-417-7488 Email: matthew.cherry@brookfield.com
Forward-Looking Statements
This communication contains “forward-looking
information” within the meaning of applicable securities laws and
regulations. Forward-looking statements include statements that are
predictive in nature or depend upon or refer to future events or
conditions, include statements regarding our operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook, as well as the outlook for
North American and international economies for the current fiscal
year and subsequent periods, and include words such as “expects,”
“anticipates,” “plans,” “believes,” “estimates,” “seeks,”
“intends,” “targets,” “projects,” “forecasts,” “likely,” or
negative versions thereof and other similar expressions, or future
or conditional verbs such as “may,” “will,” “should,” “would” and
“could.”
Although we believe that our anticipated future
results, performance or achievements expressed or implied by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control, which may
cause our actual results, performance or achievements to differ
materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements
and information.
Factors that could cause actual results to
differ materially from those contemplated or implied by
forward-looking statements include, but are not limited to: risks
incidental to the ownership and operation of real estate properties
including local real estate conditions; the impact or unanticipated
impact of general economic, political and market factors in the
countries in which we do business, including as a result of the
recent global economic shutdown caused by a novel strain of
coronavirus, COVID-19; the ability to enter into new leases or
renew leases on favorable terms; business competition; dependence
on tenants’ financial condition; the use of debt to finance our
business; the behavior of financial markets, including fluctuations
in interest and foreign exchange rates; uncertainties of real
estate development or redevelopment; global equity and capital
markets and the availability of equity and debt financing and
refinancing within these markets; risks relating to our insurance
coverage; the possible impact of international conflicts and other
developments including terrorist acts; potential environmental
liabilities; changes in tax laws and other tax related risks;
dependence on management personnel; illiquidity of investments; the
ability to complete and effectively integrate acquisitions into
existing operations and the ability to attain expected benefits
therefrom; operational and reputational risks; catastrophic events,
such as earthquakes, hurricanes or pandemics/epidemics; and other
risks and factors detailed from time to time in our documents filed
with the securities regulators in Canada and the
United States . In addition, our future results may be
impacted by risks associated with the global economic shutdown
caused by a novel strain of coronavirus, COVID-19, and the related
global reduction in commerce and travel and substantial volatility
in stock markets worldwide, which may result in a decrease of cash
flows and impairment losses and/or revaluations on our investments
and real estate properties, and we may be unable to achieve our
expected returns.
We caution that the foregoing list of important
factors that may affect future results is not exhaustive. When
relying on our forward-looking statements or information, investors
and others should carefully consider the foregoing factors and
other uncertainties and potential events. Except as required by
law, we undertake no obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
that may be as a result of new information, future events or
otherwise.
Brookfield Property Part... (NASDAQ:BPY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Brookfield Property Part... (NASDAQ:BPY)
Historical Stock Chart
From Apr 2023 to Apr 2024