Brookfield Office Properties Inc T.BPO.PR.A

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:NCIB - February Activity

[Carena]

Hi there,

My 2 cents on your post is I think the reason BPY is not repurchasing the W X Y is there is such a low number of the W X and Y outstanding....I think 8 million shares in total.

I say this because I think it is clear that BPY buying the BPO prefs under the NCIB at this point is more about being shareholder friendly and them acknowledging they have thrown us BPO holders under the bus with the junk rating as opposed to creating meaningful value for BN/BPY.

There is in total approx 90 million shares outstanding of the 9 series of BPO rate reset prefs.  Lets say they have created a lift in the shares of $3/share in each of these series due to the NCIB....total value created for people who want to get out is $270 million.  On the other hand, if they were  buying up the W X Y, they would likely create a bigger lift in the shares because of liquidity, but the total value created is much less.  Not to mention, the approved daily buy is only 1,000 shares per day.  I guess I am saying, a bigger bang for your buck in the rate resets.

Over time this might make the W X Y's even more attractive.  Lol.

Hopefully that makes some sense,
Carena