Brookfield Office Properties Inc T.BPO.PR.A

RE:RE:RE:RE:Tax Changes and Dividends and BPO.PR.E

[SONOFFERGUS]

Good afternoon Pierre.

I am less of a trader than a noticer of price anomalies.  I have done pretty well moving in and out of positions when prices have moved materially away from my models, but BPO is a core holding for me.

I note that the Ts -- which I use as the benchmark series since they reset most recently -- have a current yield of 11.71% on $14.50.  A switch I would find interesting for those calling for lower GoC5 and looking to lock in years of income is to the Is.  In terms of T's price, current yield is 12.65% with a higher fixed spread (6.42% vs. 5.45%) and a minimum yield of 9.64% versus 0.  The Is reset in 3.5 years vs. 4.5 for the As.  I expect no one's crystal ball is good enough to bet on a difference in rates that far out and there is a very high probability that the Is will be more valuable than the Ts at next reset.

As you know, I own a bunch of Es and they dominate the other series in terms of value for price.  They are my ride or die and I have been buying more in the $12s as I can't make sense of that level versus the other feature-rich series -- Cs, Gs, and Is.

My two cents posted lol.