Brookfield Properties Corporation Renews Normal Course Issuer Bid

    TORONTO, September 18 /CNW/ - Brookfield Properties Corporation (BPO:
NYSE/TSX) announced today that the Toronto Stock Exchange accepted a notice
filed by Brookfield Properties of its intention to renew its prior normal
course issuer bid for a further one-year period. Brookfield 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 Properties may, during the twelve
month period commencing September 20, 2007 and ending September 19, 2008,
purchase on the Toronto Stock Exchange and the New York Stock Exchange up to
19,747,857 common shares, representing approximately 5% of the issued and
outstanding common shares of the company. At September 12, 2007, there were
394,957,153 common shares issued and outstanding and 200,471,624 common shares
in the public float. In addition, Brookfield Properties has 14,201,980 Class A
redeemable voting shares outstanding. The price to be paid for the shares 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
Properties, and all shares will be purchased on the open market or such other
means as approved by the Toronto Stock Exchange and the New York Stock
Exchange. All shares purchased by Brookfield Properties under this bid will be
promptly cancelled.

    As at September 12, 2007, Brookfield Properties acquired 2,258,200 common
shares at an average price of US$23.93 per share on a post-split basis under
its prior normal course issuer bid which commenced on September 20, 2006 and
ends on September 19, 2007. The average daily trading volume of BPO shares
during the six months ended August 31, 2007 was 317,185.

    One of North America's largest commercial real estate companies,
Brookfield Properties Corporation owns, develops and manages premier office
properties. The office properties portfolio is comprised of interests in 111
properties totaling 75 million square feet in the downtown cores of New York,
Boston, Washington, D.C., Los Angeles, Houston, Toronto, Calgary and Ottawa.
Landmark assets include the World Financial Center in Manhattan, Brookfield
Place in Toronto, Bank of America Plaza in Los Angeles and Bankers Hall in
Calgary. The corporation also holds interests in 15 million square feet of
high-quality, centrally-located development properties in its major markets.
The corporation's common shares trade on the NYSE and TSX under the symbol
BPO. For more information, visit

    This press release contains forward-looking statements and information
within the meaning of applicable securities legislation. Although Brookfield
Properties believes that the anticipated future results, performance or
achievements expressed or implied by the forward-looking statements and
information are based upon reasonable assumptions and expectations, the reader
should not place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the company
to differ materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements and
information. Factors that could cause actual results to differ materially from
those set forth in the forward-looking statements and information include
general economic conditions; local real estate conditions, including the
development of properties in close proximity to the company's properties;
timely leasing of newly-developed properties and re-leasing of occupied square
footage upon expiration; dependence on tenants' financial condition; the
uncertainties of real estate development and acquisition activity; the ability
to effectively integrate acquisitions; interest rates; availability of equity
and debt financing; the impact of newly-adopted accounting principles on the
company's accounting policies and on period-to-period comparisons of financial
results; and other risks and factors described from time to time in the
documents filed by the company with the securities regulators in Canada and
the United States including in the Annual Information Form under the heading
"Business of Brookfield Properties - Company and Real Estate Industry Risks."
The company undertakes no obligation to publicly update or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise.

For further information:

For further information: Brookfield Properties Corporation Melissa
Coley, 212-417-7215 Vice President, Investor Relations and Communications

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