BPO.PR.P – Series P Prospectus – Brookfield Office Properties Inc Preferred Shares

The following is a set of excerpts from the prospectus document for the Series P preferreds. The excerpts, highlight the most relevant information, an investor should know when analyzing this preferred. A link to the prospectus is provided lower in this page. The original document for BPO.PR.P – Series P Prospectus – Brookfield Office Properties Inc Preferred Shares was used for the excerpts and the important information was highlighted for quick access.

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Excerpt: Size and initial yield

Number and Designation of and Rights, Privileges, Restrictions and Conditions Attaching to the Class AAA Preference Shares, Series P 7. CLASS AAA PREFERENCE SHARES, SERIES P Brookfield Properties Corporation (the “Corporation”) The fifteenth series of Class AAA Preference Shares of the Corporation shall consist of 12,000,000 Class AAA Preference Shares which shall be designated as Class AAA Preference Shares, Series P (hereinafter referred to as the “Series P Shares”) and which, in addition to the rights, privileges, restrictions and conditions attaching to the Class AAA Preference Shares as a class, shall have attached thereto the following rights, privileges, restrictions and conditions.

Excerpt: Reset Date and Yield Terms

During the Initial Fixed Rate Period, the Series P Dividends payable on the Series P Shares will be in an annual amount per share equal to the Initial Fixed Dividend Rate, and shall be payable quarterly on each Dividend Payment Date.
The initial Series P Dividend will be payable December 31, 2010 and will be an amount in cash equal to $0.2504 per Series P Share.
On each Dividend Payment Date during the Initial Fixed Rate Period, (other than December 31, 2010) the Series P Dividend will be equal to $0.321875 per share.
“Annual Fixed Dividend Rate” means, for any Subsequent Fixed Rate Period, the rate (expressed as a percentage rate rounded down to the nearest one hundred-thousandth of one percent (with 0.000005% being rounded up)) equal to the sum of the Government of Canada Yield on the applicable Fixed Rate Calculation Date plus 3.0%.

Excerpt: Conversion Terms

Subject to applicable law and the terms and provisions hereof, Holders will have the right, at their option, on each Series P Conversion Date, to convert, all, or any part of, the then outstanding Series P Shares registered in the name of the Holder into Class AAA Preference Shares, Series Q (“Series Q Shares”) on the basis of one (1) Series Q Share for each Series P Share.