Brookfield Office Properties to Commence Rights Offering for Shareholders to Purchase Shares of Brookfield Residential Properties

NEW YORK--(BUSINESS WIRE)--Brookfield Properties Corporation (“Brookfield Office Properties” BPO: NYSE, TSX) today announced that the record date for its rights offering, which will enable its common shareholders to purchase shares of Brookfield Residential Properties Inc. (“Brookfield Residential” BRP: NYSE, TSX) at a price of $10 per share, will be May 12, 2011. The rights will be listed on the NYSE and TSX commencing May 9 and May 10, 2011, respectively, and will be exercisable until June 10, 2011. Shareholders of record on May 12, 2011 will receive one right for each common share of Brookfield Office Properties they hold on the record date.