Brookfield Property REIT Inc. (NASDAQ: BPYU) announced today the
preliminary results of its tender offer (the “Offer”) to purchase
up to approximately 9.2 million shares of its Class A Stock
for cash at a price of $12.00 per share. The Offer expired at
5:00 p.m. (Eastern time) on August 12, 2020.
Based on the preliminary count by the paying
agent and depositary for the Offer, approximately 11.3 million
shares of Class A Stock were tendered to the offer and
accordingly, BPYU expects to purchase approximately 9.2 million
shares of Class A Stock for an aggregate cost of approximately $110
million. The number of shares accepted for purchase represent
approximately 16% of BPYU’s issued and outstanding shares of
Class A Stock as of August 12, 2020 and BPYU anticipates that,
following settlement of the Offer, it will have approximately 47.5
million shares of Class A Stock outstanding.
Due to the oversubscription of the tender offer,
BPYU will accept for purchase on a pro rata basis approximately
81.2% of the shares of Class A Stock tendered (other than “odd
lot” holders, whose shares of Class A Stock will be purchased
on a priority basis).
BPYU shareholders are reminded that they have
the right to convert any BPYU shares retained as a result of this
proration into Brookfield Property Partners L.P. units (Nasdaq:
BPY; TSX: BPY.UN) (“BPY units”) and subsequently submit those BPY
units for tender at $12.00 per unit prior to the expiration of a
similar and concurrent bid that BPY will expire on August 28, 2020.
Instructions on how to convert Class A Stock for BPY Units can be
accessed at the following weblink:
https://bpy.brookfield.com/bpyu/stock-and-dividends/exchange-bpyu-for-bpy.
The number of shares of Class A Stock to be
purchased and proration information are preliminary and subject to
change. The final number of shares of Class A Stock to be
purchased will be announced following completion of the
confirmation process, which is expected to occur on August 18,
2020. Payment for the shares of Class A Stock accepted for
purchase will occur promptly thereafter.
This press release is for informational purposes
only and is neither an offer to purchase nor a solicitation of an
offer to sell any shares of Class A Stock.
About Brookfield Property REIT
Inc.
Brookfield Property REIT Inc. is a subsidiary of
Brookfield Property Partners L.P., (NASDAQ: BPY; TSX: BPY.UN) one
of the world’s premier real estate companies, with approximately
$86 billion in total assets. Brookfield Property REIT Inc. was
created as a public security that is intended to offer economic
equivalence to an investment in Brookfield Property Partners L.P.
in the form of a U.S. REIT stock.
Brookfield Property Partners L.P. and its
subsidiary Brookfield Property REIT Inc. own and operate iconic
properties in the world’s major markets, and its global portfolio
includes office, retail, multifamily, logistics, hospitality,
self-storage, triple net lease, manufactured housing and student
housing.
Contact:Matt CherrySenior Vice President,
Investor RelationsTel: 212-417-7488Email:
matthew.cherry@brookfield.com
Forward-Looking Statements
This press release contains “forward-looking information” and
“forward-looking statements” within the meaning of applicable
securities laws and regulations. Forward-looking statements include
statements that are predictive in nature or depend upon or refer to
future events or conditions, include statements regarding our
operations, business, financial condition, expected financial
results, performance, prospects, opportunities, priorities,
targets, goals, ongoing objectives, strategies and outlook, as well
as the outlook for North American and international economies for
the current fiscal year and subsequent periods, and include words
such as “expects,” “anticipates,” “plans,” “believes,” “estimates,”
“seeks,” “intends,” “targets,” “projects,” “forecasts,” “likely,”
or negative versions thereof and other similar expressions, or
future or conditional verbs such as “may,” “will,” “should,”
“would” and “could.”
Although we believe that our anticipated future results,
performance or achievements expressed or implied by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control, which may
cause our actual results, performance or achievements to differ
materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements
and information.
Factors that could cause actual results to differ materially
from those contemplated or implied by forward-looking statements
include, but are not limited to: BPYU’s ability to complete the
anticipated Offer in a timely manner or at all; risks incidental to
the ownership and operation of real estate properties including
local real estate conditions; the impact or unanticipated impact of
general economic, political and market factors in the countries in
which we do business, including as a result of the recent global
economic shutdown; the ability to enter into new leases or renew
leases on favorable terms; business competition; dependence on
tenants’ financial condition; the use of debt to finance our
business; the behavior of financial markets, including fluctuations
in interest and foreign exchange rates; uncertainties of real
estate development or redevelopment; global equity and capital
markets and the availability of equity and debt financing and
refinancing within these markets; risks relating to our insurance
coverage; the possible impact of international conflicts and other
developments including terrorist acts; potential environmental
liabilities; changes in tax laws and other tax related risks;
dependence on management personnel; illiquidity of investments; the
ability to complete and effectively integrate acquisitions into
existing operations and the ability to attain expected benefits
therefrom; operational and reputational risks; catastrophic events,
such as earthquakes, hurricanes or pandemics/epidemics; and other
risks and factors detailed from time to time in our documents filed
with the SEC. In addition, our future results may be impacted by
risks associated with the global economic shutdown caused by a
novel strain of coronavirus, COVID-19 and the related global
reduction in commerce and travel and substantial volatility in
stock markets worldwide, which may result in a decrease of cash
flows and impairment losses and/or revaluations on our investments
and real estate properties, and we may be unable to achieve our
expected returns.
We caution that the foregoing list of important factors that may
affect future results is not exhaustive. When relying on our
forward-looking statements or information, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. Except as required by law, we
undertake no obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
that may be as a result of new information, future events or
otherwise.
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