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Brookfield Office Properties Inc T.BPO.PR.A

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

Financial Services Real Estate Asset Management Real Estate - General
Brookfield Office Properties Inc. is a global office property company. The Company owns, manages, and develops premier assets in the resilient markets. The Company's signature properties define the skylines of dynamic cities around the globe, including New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, London, Berlin, Sydney and Perth. From Brookfield Places in New York City, Toronto and Perth to Bankers Hall in Calgary and Bank of America Plaza in Los Angeles, its distinguished portfolio attracts financial, energy, government and professional service organizations which have high credit ratings and maintain long-term leases.


TSX:BPO.PR.A - Post by User

Brookfield Office Properties Inc > NCIB - February Activity
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Comment by SONOFFERGUSon Mar 15, 2024 2:27pm
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Post# 35935410

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

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:NCIB - February ActivityCongrats!

If I had never seen the charts of these and other floaters, I would fall back on the textbook components of floater pricing -- credit, liquidity, basis, and externalities like taxes -- and point to the change in credit as the overwhelming cause of the selloff.

Having seen the charts for the high-grade floaters, I agree with you that rates (or general disdain for term floating rate assets) is a big part of it.  FWIW, I looked at US floaters and they trade in the $20s.  They have floors of say 3% though, so I can see a value difference.  Prime have never been below 2.2% (the current prime to T-bill spread), so let's call that the effective floor.  70% x 2.2% x $25/$12.50 = 3.2% floor.  Pre-tax equivalent 4.2% when T-bills 0% might look pretty good!

More to think about, as always, but I think the market is wrong on these things.  If they turn right, good gains ahead!

Best,

Sonoffergus


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