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Brookfield Office Properties Inc T.BPO.P.G


Primary Symbol: T.BPO.P.A Alternate Symbol(s):  T.BPO.P.I | T.BPS.P.U | T.BPO.P.N | BROPF | T.BPO.P.P | BOPPF | T.BPO.P.R | T.BPO.P.T | T.BPO.P.W | BKEEF | T.BPO.P.X | BRPPF | T.BPO.P.Y | BKAAF | BRKFF | T.BPO.P.C | BROAF | T.BPO.P.E | BRPYF | BKOFF

Brookfield Office Properties Inc is a real estate investment firm. It acts as owner, operator, and developer of office and multifamily assets. The office property division defines the skylines of dynamic cities around the world, including gateway cities such as New York, London, Berlin, Toronto, and Sydney and the multifamily business owns, develops, renovates and manages approximately 40,000 high-quality rental apartment buildings in supply constrained markets of major cities such as New York and London, as well as high growth markets in the suburban U.S. In addition, it caters to tenants in financial services, government, and energy and resource sectors.


TSX:BPO.P.A - Post by User

Brookfield Office Properties Inc > Remember, Prefers "cost" more than debt... company can't
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Comment by SONOFFERGUSon Apr 29, 2024 5:50pm
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Post# 36013583

RE:RE:RE:Remember, Prefers "cost" more than debt... company can't

RE:RE:RE:Remember, Prefers "cost" more than debt... company can'tCRAZY, I am the idiot -- for trying to get you on the right track.  

Yep, some banks have chosen to redeem.  

Yep, BPO is buying under NCIB.

And?  You seem to think that the redemption fairy (or Easter bunny?) is coming to redeem BPO prefs because of what the banks are doing.   Absofukkinglutely not.  Zero chance.  None.

Check the chart on BPO.PR.C, which spent a lot of time trading above par on the theory that it would be redeemed because of its massive (518bps!) fixed spread.  That trade very much did not work out.

Is there a chance they run a tender offer or reorg the prefs into the mother ship so Bruce & Co. can rid themselves of this headache?  I think a good chance.  BN is all about fundraising, and the BPO prefs are a black mark on their record and bring unnecessary focus on the real estate portfolio challenges.  That's why I'm big long.






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