Brookfield Office Properties Inc T.BPO.PR.A

BPO Normal Course Issuer Bid

[pierrelebel]

On January 9th 2024 Brookfield announced a Normal Course Issuer Bid on all its BPO preferred shares.

Share prices jump quickly on the news and in the following days as Brookfield purchased some shares in the market for cancellation.

To the best of my knowledge that was it: a few days of purchases to stop the panic selling.

A year later, will Brookfield renew the bid?

[Carena]

Hi Pierre, They purchased 1.1 million shares of the various pref series for $13.5 million between the middle of January and the end of February 2024. I think they will renew it as they always have in the past but they never did any buying until last year. I will go back to my long ago thesis and say that they see these prefs as permanent capital underpinning their real estate assets. However

[oilinvestor52]

I agree with your assessment that this is permanent capital and personally hope they do not renew their NCIB. So the great benifit is to us is that retail investors can buy heavily discounted prefs backed by a great company. 

[Sleepytrades]

Did anyone keep or have access to the list of holdings they purchased?  I wonder if they saw the share price as just as good an opportunity as we all did or if it was to help the share price.  They didn't get near the upper limit of availble shares for purchase but did a good dent all the same. If they had an additional $13M in the various accounts and saw this as a great chance to

[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 "

[Sleepytrades]

Thank you greatly for the list. The buying was spread fairly even accross the full listing, I couldn't remember. I'm sure they would have liked to have done more now,  I certainly would have:)

[SONOFFERGUS]

Hey Pierre.  HNY. It's on my calendar too.  I think renewal is a virtual certainty given BN's story that everything is cool in the property group.  That said, BPO prefs were not renewed in 2023 and 2017, as far as I can tell, despite the mother ship renewing for its prefs (in August) every year. I have always thought of the NCIB as a costless option with no corporate