Brookfield DTLA Fund Office announces dividend on 7.625% preferreds

By Tali Rackner

Norfolk, Va., Dec. 4 – Brookfield DTLA Fund Office Trust Investor, Inc. declared a $2.25 per share cash dividend on its 7.625% series A cumulative redeemable preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The dividend will be paid on Jan. 4 to holders of record at the close of business on Dec. 15.

The dividend will reduce the accrued and unpaid dividends owed on the preferred stock by $2.25 per share.

According to a 10-Q filing with the SEC, the dividend is part of a litigation settlement with MPG Office Trust, Inc.’s preferred stockholders in connection with Brookfield DTLA’s acquisition of MPG.

The plaintiffs alleged, among other things, that, by entering into the merger agreement and a tender offer, MPG’s board of directors breached their fiduciary duties by agreeing to a merger agreement that violated the preferred stockholders’ contractual rights and that certain Brookfield parties aided and abetted those breaches of contract and fiduciary duty.

Brookfield DTLA was incorporated for the purpose of acquiring MPG Office Trust, Inc. and MPG Office, LP. It is an indirect subsidiary of Brookfield Office Properties Inc.

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