Stock BuybacksBy The Online Investor Staff, updated Fri., Sep. 18, 8:51 AM
|This Slide: #12 of 25|
Slide #12. Brookfield Property Partners L.P.
Brookfield Property Partners L.P. (NASDAQ:BPY)
Share Amount Authorized:
Brookfield Property Partners L.P. ("BPY") (NASDAQ: BPY; TSX: BPY.UN) announced today that the Toronto Stock Exchange (the "TSX") accepted a notice filed by BPY of its intention to renew its prior normal course issuer bid for a one-year period. BPY stated that at times its limited partnership units trade in price ranges that do not fully reflect their value. As a result, from time to time, acquiring limited partnership units represents a desirable use of available funds. The notice provides that BPY may, during the twelve-month period commencing September 15, 2020 and ending September 14, 2021, purchase on the TSX, the Nasdaq Stock Market ("Nasdaq") and any alternative Canadian or U.S. trading system, up to 31,602,923 limited partnership units, representing approximately 10% of its public float. At September 3, 2020, there were 429,880,565 limited partnership units issued and outstanding, with 113,851,333 limited partnership units held by insiders, giving BPY a public float of 316,029,232 limited partnership units. Under the normal course issuer bid, BPY may purchase up to 417,502 limited partnership units on the TSX during any trading day, which represents approximately 25% of the average daily trading volume of 1,670,008 limited partnership units on the TSX for the most recently completed six calendar months prior to the TSX'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.
Brookfield Property Partners owns, operates, and invests in commercial and other income producing property on a global basis. Co. has three segments: Core Office, which consists of interests in office properties located in New York, Los Angeles, Washington, D.C., United States, London, United Kingdom, Sydney, Australia, Toronto, Canada and Berlin, Germany, as well as active office and multifamily developments; Core Retail, which consists of retail properties located throughout the United States; and LP Investments, which has interests in real estate sectors worldwide including office, retail, multifamily, logistics, hospitality, triple net lease, self-storage, and student housing.
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Buy (3.00 out of 4)
(ranked lower than approx. 60% of all stocks covered)
Based on Zacks ABR data;
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