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Brookfield Property starts normal course issuer bid on preferred units
Chicago, Jan. 9 – Brookfield Property Partners LP's Brookfield Property Preferred LP has approval from the Toronto Stock Exchange for a normal course issuer bid to purchase up to 10% of the public float of its outstanding class A cumulative redeemable preferred units, series 1 (TSX: BPYPPrA; Nasdaq: BPYPM), according to a press release.
Up to 1,917,745 preferred units may be purchased from Jan. 11 to Jan. 10, 2025.
As of Dec. 31, there were 26,844,556 preferred units issued and outstanding, with 7,667,101 preferred units held by insiders, giving Brookfield a public float of 19,177,455 limited partnership units.
On any trading day, Brookfield may purchase up to 1,138 preferred units, or approximately 25% of the average daily trading volume of 4,552 on the TSX over the last six months.
Brookfield may pay the market price, so long as it does not exceed the redemption price.
All preferred units acquired under the bid will be canceled.
Brookfield has not repurchased any preferred units in the past 12 months.
Brookfield Property Partners is a subsidiary of Brookfield Corp.
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