Brookfield Office Properties Inc T.BPO.PR.A

RE:RE:RE:BPO Normal Course Issuer Bid

[Carena]

Hi Sleepy,

There may be other places to look, I took my numbers for the share repurchases from Sedi.

They only purchased in Jan and Feb 2024 after the BPO prefs got the boot from the CPD ETF in January 2024.   After the fact, I think it is clear they only purchased to stabilize the prices and it worked. 

I certainly think it made sense to buy much more but by it being "permanent capital" their logic may have been as follows.....they issued this capital when they were investment grade and if they buy it in at a discount, that is great, but then they may well be issuing new capital thereafter at "junk" rates which means much higher spreads and thus this new long term permanent is much less desirable.

A quick summary of the activity under the NCIB in 2024:

N series 125k @ $9.33
P series 92k @ $9.44 
R series 54k @ $9.74
T series 57k @ $13.06
A series 154k @ $11.2 0
C series 18k @ $13.89 
E series 227k @ $12.63 
G series140k @ $13.44
I series 267k @$13.15

The initial repurchases were at much lower prices.

Hopefully this helps.

Have a great day,
Carena