Brookfield Office Properties Says Series R Preferred Shares Will Not Convert to Series S, Locking In Five-Year Dividend Reset

Conversion Threshold Not Met

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., confirmed on Sept. 24, 2026 that holders of its Class AAA Preference Shares, Series R are not entitled to convert their holdings into Series S Shares, after only 24,640 shares were tendered for conversion against the one million-share threshold required to trigger the change. The announcement, distributed through a Brookfield news release on the same date, sets the outcome of the conversion election that had been pending before the deadline.

Five-Year Dividend Terms Set to Begin

Because the conversion has not taken effect, the Series R Shares will continue to operate under their existing terms. Brookfield stated that the shares will pay a fixed quarterly dividend over a five-year period beginning October 1, 2026, equal to an annual rate of 6.829%, or C$0.4268125 per share each quarter, as and when declared by the Brookfield Office Properties board. All amounts are denominated in Canadian dollars, and the shares trade on the TSX under the symbol BPO.PR.R.

Subsidiary Position Within Brookfield

Brookfield Office Properties Inc. is described in the announcement as a subsidiary of Brookfield Property Partners L.P., characterized in the release as "one of the world's largest commercial real estate companies." Investor inquiries are being directed to Brookfield Contact Keren Dubon in Investor Relations, reachable by telephone at 212-618-3440 and by email at [email protected], with further corporate information hosted at bpy.brookfield.com/bpo.

Next Milestone

The first quarterly dividend payment under the reset terms is scheduled for the period beginning October 1, 2026, marking the start of the new five-year fixed-rate cycle for the Series R Shares.