DBRS Rates Brookfield Office Properties’ $300 Million Series AA Preferred Shares at Pfd-3, Stable Trend

DBRS has today assigned a rating of Pfd-3 with a Stable trend to the $300 million 4.75% Cumulative Rate Reset Class AAA Preferred Shares, Series AA (Series AA Preferred Shares), issued by Brookfield Office Properties Inc. (Brookfield).

DBRS understands that the net proceeds from the sale of the Series AA Preferred Shares will be used for general corporate purposes. The Series AA Preferred Shares will rank junior to Brookfield’s Class A and Class AA preferred shares. The Series AA Preferred Shares rank equally with the Company’s existing Class AAA preferred shares, and in priority over the Company’s common shares.

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

The applicable methodology is Rating Entities in the Real Estate Industry (October 2013), which can be found on our website under Methodologies.