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TORONTO -- (Marketwired) -- 09/19/13 -- Brookfield Office Properties Inc. ("Brookfield Office Properties") (NYSE: BPO) (TSX: BPO) announced today that the Toronto Stock Exchange accepted a notice filed by Brookfield Office Properties of its intention to renew its prior normal course issuer bid for a further one-year period. Brookfield Office Properties stated that at times its common shares trade in price ranges that do not fully reflect their value. As a result, from time to time, acquiring common shares represents an attractive and a desirable use of available funds.
The notice provides that Brookfield Office Properties may, during the twelve month period commencing September 22, 2013 and ending September 21, 2014, purchase on the Toronto Stock Exchange, the New York Stock Exchange and/or other exchanges and alternative trading systems if eligible, or by such other means as may be permitted by the TSX, up to 15,161,401 common shares, representing approximately 3.0% of its issued and outstanding common shares. At September 10, 2013, there were 505,380,044 common shares issued and outstanding. In addition, Brookfield Office Properties has 14,201,980 Class A redeemable voting shares outstanding. Under the normal course issuer bid, Brookfield Office Properties may purchase up to 148,209 common shares on the Toronto Stock Exchange during any trading day, which represents 25% of the average daily trading volume of 592,839 on the Toronto Stock Exchange for the most recently completed six calendar months prior to the Toronto Stock Exchange's acceptance of the notice of the normal course issuer bid. This limitation does not apply to purchases made pursuant to block purchase exemptions and purchases made on another exchange.
The price to be paid for the shares under the normal course issuer bid will be the market price at the time of purchase. The actual number of shares to be purchased and the timing of such purchases will be determined by Brookfield Office Properties, and all purchases of shares will be effected through the facilities of the Toronto Stock Exchange, the New York Stock Exchange and/or other exchanges and alternative trading systems if eligible. All shares purchased by Brookfield Office Properties under this bid will be promptly cancelled.
Brookfield Office Properties acquired 73,000 common shares at an average price of US$16.00 per share under its prior normal course issuer bid which commenced on September 22, 2012 and ends on September 21, 2013.
About Brookfield Office Properties
Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada, Australia and the United Kingdom. Its portfolio is comprised of interests in 109 properties totaling 80 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Denver, Seattle, Toronto, Calgary, Ottawa, London, Sydney, Melbourne and Perth, making it the global leader in the ownership and management of office assets. Landmark properties include Brookfield Places in New York City, Toronto and Perth, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary, and Darling Park in Sydney. The company's common shares trade on the NYSE and TSX under the symbol BPO. For more information, visit www.brookfieldofficeproperties.com.
Brookfield Office Properties Contacts
VP, Investor Relations and Communications
Director, Investor Relations and Communications
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