Update on Brookfield Office Properties Rights Offering to 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 preliminary prospectus outlining the details of a 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, has been filed with regulators for review. Brookfield Office Properties acquired the shares of Brookfield Residential in connection with the recently completed transaction in which Brookfield Office Properties’ residential division was merged with Brookfield Homes Corporation, forming Brookfield Residential. Once regulatory review has been completed, the final prospectus will be filed, mailed to all Brookfield Office Properties shareholders and posted to the company’s website. The record date for the offering will be seven trading days after the date of the prospectus. The rights will have an exercise period of 30 days which will commence on the date of the prospectus mailing and will trade on the NYSE and TSX.