DBRS Rates Brookfield Properties Corporation’s Preference Share Issue Pfd-3 (high)

DBRS has today assigned a rating of Pfd-3 (high) with a Stable trend to the new 6,000,000 Cumulative 6.5-Year Rate Reset Preference Shares, Series N (Preferred Shares) of Brookfield Properties Corporation (Brookfield or the Company). The Preferred Shares rank pari passu with the Company’s other Class AAA preference shares and junior to the Class A and Class AA preference shares and will rank prior to the Common Shares of the Company as to the payment of dividends and the distribution of assets on dissolution, liquidation or winding-up of the Company.

The net proceeds of this offering will be used for general corporate purposes.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Real Estate, which can be found on our website under Methodologies.

This is a Corporate rating.