Brookfield Office Properties Inc T.BPO.PR.T

BPO The Last Four Months

[pierrelebel]

Good morning all. 

On January 10, 2024, BPO announced a Normal Course Issuer Bid on all nine issues of five year reset preferred shares. In the following nine weeks those shares went up and up and many of us made a lot of money (on paper in most cases).

What has happened since then?

I compared closing prices on March 15th to Friday August 9th. On average a preferred share was up $0.20 (not including dividends). The T went down $0.15 but the difference was made up by its higher dividend. Overall the N and R did best.

The rearview mirror tells us what had happened in the last four months. What to expect for the next four month to year end? I do not know but expect slight increases in share prices caused by expectations of lower 2025 interest rates in North America.

Good Luck to all shareholders who have shown patience in these issues.

Patience will be rewarded.

Price Aug 9	Dividend	Yield	Price Mar 15	Gain/Loss
BPO.PR.A
13.10	1.176	8.98%	13.25	-0.15
BPO.PR.C
16.38	1.528	9.33%	16.60	-0.22
BPO.PR.E
13.50	1.376	10.19%	13.30	0.20
BPO.PR.G
14.95	1.636	10.94%	15.20	-0.25
BPO.PR.I
14.11	1.588	11.25%	14.25	-0.14
BPO.PR.N
11.74	1.000	8.52%	10.85	0.89
BPO.PR.P
11.75	1.132	9.63%	11.30	0.45
BPO.PR.R
12.45	1.076	8.64%	11.31	1.14
BPO.PR.T
14.95	1.696	11.34%	15.10	-0.15
Average		9.87%		0.20

[Carena]

Hi Pierre, Thanks for the analysis...it is incredible how crazy the BPO prefs traded for most of 2023 and now for most of 2024, they have been quiet as heck. I have no real conviction where they go next, but higher seems to make the most sense to me.  I have to believe they are deep value here. I have been sitting tight pretty much all year. Have a great day, Carena