Toronto - 245,000 square feet
•An 11-year new lease with Zurich Insurance for 89,000 square feet at First Canadian Place •A two-year new lease with Osler, Hoskin & Harcourt for 61,000 square feet at First Canadian Place
New York - 228,000 square feet
•A 16-year new lease GFK US Holdings for 75,000 square feet at 200 Liberty St. •A 16-year new lease with Regus for 55,000 square feet 200 Vesey St.
Denver - 75,000 square feet
•An 11-year new lease with Halcon Resources for 44,000 square feet at 1801 California St. •An 11-year new lease with Newalta Environmental Services for 22,000 square feet at 1801 California St.
Renewed 546,000-square-foot lease with TSA at 601 & 701 South 12th St. in Arlington, Virginia, subsequent to the first quarter. The lease, which was originally set to expire in 2014, has been extended by four years to 2018.
Signed second lease at Bay Adelaide Centre East development, bringing pre-leasing level to 60%. The law firm of Borden Ladner Gervais LLP will occupy 165,000 square feet at the new Toronto tower, joining anchor tenant Deloitte.
Announced first round of new retailers for the redeveloped Brookfield Place New York. Eight restaurants, three high-end apparel retailers and an operator for the European-style marketplace have signed leases to operate in the complex, which is currently undergoing a $250-million renovation.
Completed property-level financings totaling more than $950 million, netting proceeds of approximately $284 million. The company financed and refinanced $272 million of debt in the United States at an average rate of 4.05% with an average term of five years; $512 million in Canada at an average rate of 3.24% with an average term of seven years; and $171 million in Australia at an average rate of 4.9% with an average term of three years.
Entered into merger agreement to acquire MPG Office Trust, subsequent to the first quarter. Details of this announcement are available in the Brookfield Office Properties press release dated April 25, 2013.
The Board of Directors of Brookfield Office Properties declared a quarterly common share dividend of $0.14 per share payable on June 28, 2013 to shareholders of record at the close of business on May 31, 2013. Shareholders resident in the United States will receive payment in U.S. dollars and shareholders resident in Canada will receive their dividends in Canadian dollars at the exchange rate on the record date, unless they elect otherwise. Common shareholders have the option to participate in the company's Dividend Reinvestment Program, in which all or a portion of cash dividends can be automatically reinvested in common shares. The quarterly dividends payable for the Class AAA Series G, H, J, K, L, N, P, R and T preferred shares were also declared payable on June 28, 2013 to shareholders of record at the close of business on June 14, 2013.
Basis of Presentation
This press release and accompanying financial information make reference to commercial property net operating income, funds from operations (on a total and per share basis), total return (on a total and per share basis) and common equity per share. Commercial property net operating income, funds from operations, total return and common equity per share do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. We define commercial property net operating income as revenue from commercial property operations less direct commercial property expense. Our definition of funds from operations includes all of the adjustments that are outlined in the National Association of Real Estate Investment Trusts ("NAREIT") definition of FFO such as the exclusion of gains (or losses) from the sale of real estate property, the add back of any depreciation and amortization related to real estate assets and the adjustment to reflect our interest in unconsolidated partnerships and joint ventures. In addition to the adjustments prescribed by NAREIT, we also make adjustments to exclude any unrealized fair value gains (or losses) that arise as a result of reporting under IFRS, and income taxes that arise as a result of our structure as a corporation as opposed to a real estate investment trust ("REIT"). Total return represents the amount by which we increase the value of our common equity through funds from operations and the increase or decrease in value of our investment properties over a period of time. Common equity per share represents the book value of our common equity, adjusted for proceeds from the assumed exercise of all options outstanding, divided by total common shares outstanding, including potential common shares from the exercise of all options. In calculating common equity per share on a pre-tax basis, we adjust the book value of our common equity by adding back our net deferred tax liabilities.
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