Brookfield Property Partners (NYSE:BPY) has announced the offering of new preferred units (MLPs issue ‘units’ instead of “stock’). The new issue will trade under the permanent ticker symbol of BPYPO. The issue should trade on the OTC Grey market prior to permanent trading on NASDAQ, but the OTC ticker is not yet known.
Being a partnership this issue will come with a K-1. It will be cumulative as well as having an early redemption period starting 9/30/2024.
Being a Canadian company (and registered in Bermuda) you might have your broker withholding taxes depending on your brokerage firm. Also some might try to charge a extra commission to purchase shares of a “foreign” company. This is dependent upon the type of account you purchase it in and your particular broker.
BPY already has 1 preferred unit issue outstanding which carries a 6.50% coupon. You can see it here.
Thanks to Eugene for getting this out early in the Reader Initiated Alerts about 2 hours ago.