Brookfield recently announced plans to spin-off to shareholders a portion of our commercial property operations to create Brookfield Property Partners (“BPY”), a global, publicly-traded company that will be Brookfield’s flagship public commercial property entity and a leading global owner, operator and investor in high quality real estate. There can be no assurance that the spin-off will occur.
Additional information can be found in the registration statement on Form 20-F that BPY has filed with the SEC (www.sec.gov) to register the BPY units and below.
|Volume Weighted Average Trading Price
|On April 15, 2013, Brookfield Asset Management Inc. paid a special
dividend of one unit of Brookfield Property Partners L.P. (“BPY”) per
17.42 shares held by shareholders of record as of March 26, 2013. On
April 15, 2013, the units commenced trading on the New York Stock
Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”) under the
symbols “BPY” and “BPY.UN,” respectively. Generally, the tax cost of your BPY units received via the dividend should equal their fair market value on that date.
Neither U.S. nor Canadian tax rules specify the method to determine fair
market value in this situation. However, a commonly used method is
the weighted average trading price of the units on the NYSE and TSX for
the five trading days commencing on April 15, 2013 which is USD 21.8271 and CAD 22.3805 respectively.