Stock BuybacksBy The Online Investor Staff, updated Sun., Aug. 19, 11:47 AM
|This Slide: #3 of 25|
Slide #3. 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 further 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 August 20, 2018 and ending August 19, 2019, purchase on the TSX, the Nasdaq Stock Market ("Nasdaq") and any alternative Canadian trading system, up to 21,091,764 limited partnership units, representing approximately 10% of its public float. At August 7, 2018 there were 262,088,212 limited partnership units issued and outstanding, with 51,170,567 limited partnership units held by insiders, giving BPY a public float of 210,917,645 limited partnership units. Under the normal course issuer bid, BPY may purchase up to 42,776 limited partnership units on the TSX during any trading day, which represents approximately 25% of the average daily trading volume of 171,107 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. is a globally-diversified owner and operator of properties that typically generate stable and sustainable cash flows over the long term. Through investments in Brookfield-sponsored real estate opportunity funds created to earn attractive returns, Co. has an interest in various opportunistic real estate sectors around the globe including industrial, multifamily, hospitality and triple net lease. Co.'s business is organized in three operating platforms: office, retail and other segments.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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