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

DBRS has today assigned a rating of Pdf-3 (high) with a Stable trend to the 12 million cumulative 6.5-year rate-reset preference shares, Series P (the Preferred Shares) issued by 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. They will also rank prior to the common shares of the Company as to the payment of dividends and the distribution of assets on the dissolution, liquidation or winding-up of the Company.

The net proceeds of this offering will be used for general corporate purposes, including the possible redemption or repayment of corporate or other obligations.

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