Brookfield Property REIT Inc. (NASDAQ: BPYU) announced today the
final results of its tender offer (the “Offer”) to purchase up to
9,166,667 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 final count by the paying agent and
depositary for the Offer, a total of 7,321,155 shares of
Class A Stock were properly tendered and not properly
withdrawn, for an aggregate cost of approximately $87.9 million.
The 7,321,155 shares of Class A Stock to be accepted for
purchase represent approximately 13% of BPYU’s issued and
outstanding shares of Class A Stock as of August 14, 2020.
Following settlement of the Offer, BPYU will have approximately
47.9 million shares of Class A Stock outstanding.
The preliminary results of the Offer as reported
by BPYU on August 13, 2020 indicated an oversubscription in which
case tendering shareholders would have only had their pro-rata
share (81.2%) of tendered units accepted. Upon completion of the
confirmation process, it was determined that approximately 4
million shares that were submitted via the Guaranteed Delivery
method did not ultimately complete the tendering process, rendering
those shares ineligible for participation in the Offer.
BPYU shareholders are reminded that they have
the right to convert any BPYU shares not tendered in this Offer,
including any shares deemed ineligible due to incompletion of the
Guaranteed Delivery method described above, 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 has outstanding until 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.
Payment for the shares of Class A Stock
accepted for purchase under the Offer will occur promptly.
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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