Q Supplemental Information

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Full text

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Q1 2020 Supplemental

Information

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This supplemental information package contains “forward-looking information” within the meaning of applicable securities laws and regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding our operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “likely”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

Although we believe that our 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, many of which are beyond our control, which may cause our actual results, performance or achievements 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 contemplated or implied by forward-looking statements include, but are not limited to: risks incidental to the ownership and operation of real estate properties including local real estate conditions; the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business, including as a result of the recent novel coronavirus outbreak ("COVID-19"); the ability to enter into new leases or renew leases on favourable terms; business competition; dependence on tenants’ financial condition; the use of debt to finance our business; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; uncertainties of real estate development or redevelopment; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; risks relating to our insurance coverage; the possible impact of international conflicts and other developments including terrorist acts; potential environmental liabilities; changes in tax laws and other tax related risks; dependence on management personnel; illiquidity of investments; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits therefrom; operational and reputational risks; catastrophic events, such as earthquakes, hurricanes or pandemics/epidemics; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States, as applicable. In addition, our future results may be impacted by risks associated with a global pandemic caused by a novel strain of coronavirus, COVID-19, and the related global reduction in commerce and travel and substantial volatility in stock markets worldwide, which may result in a decrease of cash flows and impairment losses and/or revaluations on our investments and real estate properties, and we may be unable to achieve our expected returns.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements or information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS ACCOUNTING MEASURES

This supplemental information package makes reference to net operating income ("NOI"), same-property NOI, and funds from operations ("FFO") and Company FFO (“Company FFO") on a total and per unit basis. These terms do not have any standardized meaning prescribed by International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") and therefore may not be comparable to similar measures presented by other companies. Brookfield Property Partners L.P. ("BPY" or the "partnership") defines NOI as revenues from commercial and hospitality operations of consolidated properties less direct property expenses. Same-property NOI is a subset of NOI, which excludes NOI that is earned from assets acquired, disposed of or developed during the periods presented, or not of a recurring nature, and from opportunistic assets. Our definition of FFO includes all of the adjustments that are outlined in the National Association of Real Estate Investment Trusts ("NAREIT") definition of funds from operations, including the exclusion of gains (or losses) from the sale of investment 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, except gains (or losses) associated with properties developed for sale, and income taxes that arise as certain of our subsidiaries are structured as corporations as opposed to real estate investment trusts ("REIT"). These additional adjustments result in an FFO measure that is similar to that which would result if the partnership was organized as a REIT that determined net income in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), which is the type of organization on which the NAREIT definition is premised. Our FFO measure will differ from other organizations applying the NAREIT definition to the extent of certain differences between the IFRS and U.S. GAAP reporting frameworks, principally related to the recognition of lease termination income, which do not have a significant impact on the FFO measure reported. The partnership uses NOI and FFO to assess its operating results. NOI is important in assessing operating performance and FFO is a

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Page

Page

Summary of Results

Same-Property Net Operating Income

19

Financial Overview

3

Historical Occupancy and Rent Metrics

20

Diversified Investment Strategy

4

Proportionate Leasing Activity

21

Core Office

5

Proportionate Lease Expiry Analysis

22

Core Retail

6

Development Sites

23

LP Investments

7

Core Retail

Consolidated Overview

Net Operating Income and Key Performance Metrics

24

Proportionate Results from Operations by Segment

8

Signed Leases and Lease Expiry Analysis

25

Proportionate Financial Position by Segment

9

Redevelopment Sites

26

Proportionate Fair Value Continuity

10

LP Investments

Proportionate Summary Cash Flow Information and Liquidity

11

Summary of Investments

27

Proportionate Debt Summary

12

BSREP Series

29

Proportionate Capital Securities

13

Corporate

Proportionate Preferred Equity

14

Foreign Currency Exposure

30

Per Unit Calculations

15

Management Fee and Incentive Distribution

31

Unit Information

16

Appendix A: Results from Operations

32

Operating Statistics

Appendix B: Financial Position

33

Core Office

Appendix C: Company FFO Reconciliation

34

Net Operating Income

18

Appendix D: Acquisition and Disposition Activity

35

Glossary of Terms

36

Note: Core Portfolio Additional Information will be posted on May 11, 2020 and includes our core office and core retail portfolio

listings, debt details and top tenants

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FINANCIAL OVERVIEW

Current Quarter Highlights

Company FFO and realized LP

Investment gains (1)(2) Net income attributable to Unitholders

Invested capital Year-to-date Year-to-date

(US$ Millions) Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2020 Mar. 31, 2019 Mar. 31, 2020 Mar. 31, 2019 Office $ 13,651 $ 14,240 $ 135 $ 140 $ 66 $ 350 Retail 13,839 14,138 195 184 (298) 105 Core Operations 27,490 28,378 330 324 (232) 455 LP Investments 5,047 5,126 76 146 (24) 15 Corporate (5,441) (4,974) (83) (103) (230) (137) Unitholder equity $ 27,096 $ 28,530 $ 323 $ 367 $ (486) $ 333 Per Unit Metrics

Year-to-date

(US$) Mar. 31, 2020 Mar. 31, 2019

Company FFO and realized LP Investment gains per unit(2)(3)(4) $ 0.33 $ 0.38

Company FFO per unit(3)(4) 0.32 0.32

Net income per unit(3)(4) (0.52) 0.34

Distributions per unit(3) 0.33 0.33

Unitholder equity per unit(5) $ 28.52 $ 28.95 Payout Ratio

Last twelve months Year-to-date

(US$) Mar. 31, 2020 Dec. 31, 2019 Dec. 31, 2018

Company FFO per unit(3)(4) $ 1.40 $ 1.39 $ 1.48

Realized LP Investment gains per unit(2)(3) 0.13 0.18 0.49

Annual Earnings 1.53 1.57 1.97

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DIVERSIFIED INVESTMENT STRATEGY

Core Operations

Our core business represents approximately 85% of our balance sheet and consists of:

134 premier office properties totaling over 94 million square feet in gateway markets including New

York City, London, Toronto, Los Angeles, Washington D.C. and Berlin

122 best-in-class retail properties totaling ~120 million square feet throughout the United States

including 730 Fifth Avenue in New York City, Ala Moana Center in Honolulu, Fashion Show Mall in Las

Vegas, Oakbrook Mall in Chicago, Stonestown Galleria in San Francisco, Willowbrook Mall in New

Jersey and Staten Island Mall in New York

Over 9 million square feet of development projects underway

Our core business strategy is to invest in high-quality, well-located trophy assets maintaining high occupancy and

providing stable earnings; and to periodically recycle capital out of these stable assets to reinvest into development,

redevelopment and densification opportunities to create additional value

High quality and global tenant base with limited tenant concentration

LP Investments

Our LP investments represent approximately 15% of our balance sheet and consists of investments in various funds

targeting a specific return profile including:

BSREP I: A 31% interest in a $4.4B real estate fund targeting opportunistic returns; the fund is in its 8

th

year, is fully invested and is executing realizations

BSREP II: A 26% interest in a $9.0B real estate fund targeting opportunistic returns; the fund is in its 5

th

year and is fully invested

BSREP III: A 7% interest in a $15.0B real estate fund targeting opportunistic returns; the fund is in its 3

rd

year

A blended 36% interest in two multifamily funds totaling $1.8B targeting value-add returns

A blended 13% interest in a series of real estate debt funds totaling $5.4B

Our LP investment business strategy is to acquire high quality assets at a discount to replacement cost or intrinsic

value, to execute clearly defined strategies for operational improvement and to achieve opportunistic returns

through NOI growth and realized gains on exit

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Highlights

Leased 862K square feet on a proportionate basis (1.9M

square feet on an AUM basis) during the quarter at average net

rents of $33.58 per square foot, which represents a 16%

increase over expiring leases in the period and a 10% increase

on a suite-to-suite basis. We ended the quarter with occupancy

at 92.5%, down from 93.3% due mainly to known expiries in the

Houston market.

The Core Office business generated Company FFO of $135M

in the first quarter of 2020, compared to $140M in the same

period in 2019. The decrease was driven by higher interest

expense due to refinancing activity and a reduction in

capitalized interest on recently completed developments. These

decreases were partially offset by same-property growth of

4.4% and a 29% increase in fee revenue. During the quarter,

we recognized $3M of income from condominium sales.

Company FFO decreased by $50M as compared to the fourth

quarter of 2019 due to a $51M reduction in investment and

other income including condominium sales proceeds and other

one-time items earned in the prior quarter, partially offset by

same-property growth.

Net income of $66M includes property-level fair value gains of

$129M, offset by losses on our interest rate hedge contracts.

CORE OFFICE

Key Financial Metrics

Year-to-date

(US$ Millions) Mar. 31, 2020 Mar. 31, 2019

NOI $ 333 $ 313

Fee revenue 31 24

Company FFO 135 140

Net income attributable to Unitholders 66 350 Key Operational Highlights

Year-to-date Mar. 31, 2020 Mar. 31, 2019

Operating margin 61.1 % 59.6 %

Same property growth 2.9 % 0.4 %

Same property growth in natural currency 4.4 % 4.2 %

Occupancy 92.5 % 93.3 %

Same property occupancy 92.5 % 93.1 % Proportionate Financial Position

(US$ Millions) Mar. 31, 2020 Dec. 31, 2019

Investment properties $ 33,545 $ 34,406

Total assets 36,801 37,783

Debt obligations 17,254 17,716

Total liabilities 20,827 21,218

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CORE RETAIL

Highlights

As of March 31, 2020 same-property leased was 95.2%, with

over 8.4M square feet of leases commencing over the prior

twelve months. Lease rates on these commencements were at

rates 8.4% higher than expiring rents on a suite-to-suite basis.

The Core Retail business generated Company FFO of $195M

in the first quarter of 2020, compared to $184M in the same

period in the prior year primarily as a result of transaction

income earned of $30M from the sale of investment positions.

This was partially offset by the impact from bankruptcies of

several national retailers, lower fee revenue due to the

acquisition of our partners interest in several assets and

increased interest expense from recent refinancing activity.

Compared to the prior quarter, Company FFO decreased by

$22M primarily due to the favorable impact of seasonality in the

prior quarter. This was partially offset by the transaction income

earned mentioned above.

Net income decreased $403M compared to the first quarter of

2019, due to valuation losses in the portfolio to reflect the

estimation of the impact to near-term cash flows from

COVID-19.

Key Financial Metrics

Year-to-date

(US$ Millions) Mar. 31, 2020 Mar. 31, 2019

NOI $ 423 $ 430

Fee revenue 31 36

Company FFO 195 184

Net income attributable to Unitholders (298) 105

Key Operational Highlights

Year-to-date Mar. 31, 2020 Mar. 31, 2019

Operating margin 72.7 % 72.9 %

Same property growth (3.4) % 2.2 %

Leased 95.2 % 95.3 %

Same property leased 95.2 % 95.3 %

Proportionate Financial Position

(US$ Millions) Mar. 31, 2020 Dec. 31, 2019

Investment properties $ 34,792 $ 35,146 Total assets 35,987 36,403 Debt obligations 20,920 20,928 Total liabilities 21,674 21,763 Total equity 14,313 14,640

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Highlights

The LP Investments business generated Company FFO and

realized LP Investment gains of $76M in the first quarter of

2020, compared to $146M in the prior year. The prior year

included $60M in realized gains primarily from the sale of a

retail asset and an office asset. In addition, our hospitality

portfolio was negatively impacted by COVID-19 with Company

FFO in this sector down $25M compared with the same period

in the prior year as most of our hotels were required to close

during the last half of March.

Company FFO and realized gains decreased by $74M

compared to the fourth quarter of 2019 due to realized gains

earned in the prior quarter on the dispositions of a multifamily

portfolio in BSREP I and two office complexes in Brazil in

BSREP II, as well as the benefit of seasonality in our retail

assets in the fourth quarter. The current quarter reflects the

negative impact of COVID-19 on our hospitality portfolio.

Net loss of $24M includes the impact of higher effective tax

rates in certain markets. This was partially offset by

property-level valuation gains of $42M, comprised of property specific

valuation gains of $205M, partially offset by COVID-19

assumption related losses of $163M.

LP INVESTMENTS

Key Financial Metrics

Year-to-date

(US$ Millions) Mar. 31, 2020 Mar. 31, 2019

NOI $ 142 $ 178

Company FFO and realized LP

Investment gains(1) 76 146

Net income attributable to Unitholders (24) 15 Proportionate Financial Position

(US$ Millions) Mar. 31, 2020 Dec. 31, 2019

Investment properties $ 8,624 $ 8,828 Property, plant and equipment 2,116 2,216

Total assets 13,807 14,042

Debt obligations 7,189 7,348

Total liabilities 8,607 8,782

Total equity 5,200 5,260 (1) Realized LP Investment gains are presented net of carried interest and other transaction costs

LP Investment Snapshot

(US$ Millions) Fund Fund Invested Projected

Fund Size Year Capital Net IRR

BSREP I $ 4,400 8 $ 964 20 % BSREP II 9,000 5 2,708 14 % BSREP III 15,000 3 480 16 % VAMF Funds 1,800 5 185 19 % Debt Funds 5,400 9 333 9 % Other n/m n/m 377 n/m

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PROPORTIONATE RESULTS FROM OPERATIONS BY SEGMENT

Year-to-date

Core Operations

Office Retail LP Investments Corporate Total

(US$ Millions) Mar. 31, 2020 Mar. 31, 2019 Mar. 31, 2020 Mar. 31, 2019 Mar. 31, 2020 Mar. 31, 2019 Mar. 31, 2020 Mar. 31, 2019 Mar. 31, 2020 Mar. 31, 2019 Commercial property and hospitality revenue $ 545 $ 525 $ 590 $ 590 $ 300 $ 353 $ — $ — $ 1,435 $ 1,468 Commercial property and hospitality expense (212) (212) (167) (160) (158) (175) (537) (547)

NOI 333 313 423 430 142 178 898 921

Investment and other income 10 14 37 1 31 27 2 2 80 44 Fee revenue 31 24 31 36 1 62 61 Interest expense (156) (140) (227) (216) (101) (107) (60) (66) (544) (529) Depreciation of non-real estate assets (2) (2) (6) (6) (3) (3) (11) (11) General and administrative expense (71) (60) (67) (75) (17) (18) (26) (44) (181) (197) Non-controlling interests (24) (25) (3) (3) (3) (3) (30) (31)

FFO 121 124 188 167 49 75 (84) (108) 274 258

Depreciation of non-real estate assets 2 2 6 6 3 3 11 11 Transaction costs 1 1 1 11 7 2 1 5 10 19 Gains/losses on non-investment properties 3 (1) 3 (1) Imputed interest 8 14 8 14 BSREP III earnings(1) 3 6 3 6

Company FFO 135 140 195 184 62 86 (83) (103) 309 307

Company FFO and realized LP Investment gains(2) 135 140 195 184 76 146 (83) (103) 323 367

FFO 121 124 188 167 49 75 (84) (108) 274 258

Depreciation of real estate assets (1) (1) (21) (25) (22) (26) Fair value gains, net (29) 260 (500) (54) 3 (9) (149) (28) (675) 169 Income taxes (25) (33) 14 (8) (49) (16) 3 (1) (57) (58) Non-controlling interests (6) (10) (6) (10)

Net income attributable to Unitholders $ 66 $ 350 $ (298) $ 105 $ (24) $ 15 $ (230) $ (137) $ (486) $ 333

(1) BSREP III is now accounted for as a financial asset which results in FFO being recognized in line with distributions received. As such, the BSREP III earnings adjustment picks up our proportionate share of

the Company FFO

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PROPORTIONATE FINANCIAL POSITION BY SEGMENT

Core Operations

Office Retail LP Investments Corporate Total

(US$ Millions) Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2020 Dec. 31, 2019

Assets

Commercial properties $ 27,463 $ 28,362 $ 34,792 $ 35,146 $ 8,104 $ 8,286 $ — $ — $ 70,359 $ 71,794 Commercial developments 6,082 6,044 520 542 6,602 6,586 Property, plant and equipment 231 236 87 82 2,116 2,216 2,434 2,534 Cash and cash equivalents 952 844 466 444 340 259 23 40 1,781 1,587 Other assets 2,073 2,297 642 731 2,386 2,444 234 84 5,335 5,556 Assets held for sale 341 295 341 295

Total assets 36,801 37,783 35,987 36,403 13,807 14,042 257 124 86,852 88,352

Liabilities

Corporate borrowings 2,290 2,050 2,290 2,050 Asset-level debt obligations 17,131 17,619 15,611 15,665 7,176 7,323 39,918 40,607 Subsidiary borrowings, non-recourse to BPY 123 97 5,309 5,263 13 25 5,445 5,385 Capital securities 145 145 1,725 1,722 1,870 1,867 Deferred tax liabilities 1,043 1,080 55 68 414 382 66 101 1,578 1,631 Other liabilities 2,530 2,422 699 767 617 680 903 790 4,749 4,659 Liabilities associated with assets held for sale 242 227 242 227

Equity

Preferred equity - partnership 699 420 699 420 Non-controlling interests 2,323 2,325 474 502 153 134 15 15 2,965 2,976 Equity attributable to Unitholders 13,651 14,240 — 13,839 14,138 5,047 5,126 (5,441) (4,974) 27,096 28,530

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PROPORTIONATE FAIR VALUE CONTINUITY

Year-to-date

Balance sheet

(US$ Millions) Dec. 31, 2019 Invest.(1) Acquisitions Dispositions Reclass FX Profit & Loss(2) Mar. 31, 2020 Commercial properties(3) Core Office $ 28,362 $ 83 $ 16 $ (147) $ 176 $ (1,092) $ 65 $ 27,463 Core Retail 35,146 100 — (11) 43 — (486) 34,792 LP Investments 8,286 37 9 (4) 14 (267) 29 8,104 71,794 220 25 (162) 233 (1,359) (392) 70,359 Commercial developments Core Office 6,044 344 53 (21) (149) (253) 64 6,082 LP Investments 542 41 15 — (41) (50) 13 520 6,586 385 68 (21) (190) (303) 77 6,602

Total investment properties $ 78,380 $ 605 $ 93 $ (183) $ 43 $ (1,662) $ (315) $ 76,961

Other fair value gains (losses)(4) (360)

Total fair value gains $ (675)

(1) Represents investments in our assets through capital expenditures, tenant improvements and redevelopment initiatives

(2) Represents changes in value as a result of amount and timing of cash flows at the property level due to leasing activity, leasing assumptions and investment horizon. In addition, includes the

impact of changes in discount and terminal capitalization rates

(3) Included in property, plant and equipment on our balance sheet are $2.4B of hospitality assets that are revalued once a year using the depreciated replacement cost method. Each quarter our

hospitality assets are tested for impairments. During Q1 2020, we recorded $35M of impairments, $28M which was recognized through OCI and the balance through fair value losses

(4) Other fair value losses primarily includes mark-to-market losses on derivatives

Valuation Metrics for Commercial Properties

Mar. 31, 2020 Dec. 31, 2019

(US$) Discountrate Terminal cap rate Hold period (years) zation rate

Capitali-Implied going-in capitali-zation rate(1) Implied value per leasable sq.

ft./unit(2) Discountrate Terminal cap rate Hold period (years) zation rate

Capitali-Implied going-in capitali-zation rate(1) Implied value per leasable sq. ft./unit(2) Core Office 6.3 % 5.3 % 11 4.7 % $ 669 6.2 % 5.2 % 11 4.7 % $ 698 Core Retail 6.8 % 5.2 % 10 5.3 % 901 6.7 % 5.2 % 10 5.3 % 906 LP Investments Office 9.9 % 7.3 % 7 241 10.0 % 7.3 % 7 257 Retail 8.7 % 6.9 % 10 220 8.6 % 7.1 % 10 221 Mixed-use 7.4 % 5.3 % 10 449 7.6 % 5.5 % 10 456 Logistics 5.8 % 302 5.8 % 302 Multifamily 5.0 % 191 5.1 % 190

Triple Net Lease 6.3 % 328 6.3 % 293

Self-storage 5.6 % 120 5.6 % 119

Student Housing 4.9 % 125 5.1 % 131

Manufactured Housing 5.5 % 77 5.5 % 75

(1) Annualized in-quarter NOI adjusted for acquisitions and dispositions that took place during the quarter and straight-line rental income as disclosed on pages 18 and 24

(2) For retail assets, the leasable square feet exclude all anchor space. For multifamily, student housing and manufactured housing assets, the relevant calculation compares the value of commercial properties to

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PROPORTIONATE SUMMARY CASH FLOW INFORMATION AND LIQUIDITY

Proportionate Summary Cash Flow Information

Year-to-date

(US$ Millions) Mar. 31, 2020 Mar. 31, 2019

Company FFO $ 309 $ 307

Proceeds from financings 1,185 1,273

Debt repayments (982) (411)

Draws (repayments) on corporate and fund subscription facilities 346 232 Issuances (redemptions) of capital securities (269) Issuances (redemptions) of preferred equity 249 140

Issuance of limited partner units 14

Unit repurchases (119) (389)

Distributions paid (318) (320)

Investments (563) (686)

Disposals 52 400

Proceeds from (purchase of) financial assets, net 50 (57) Change in working capital and other, net (15) (322)

Change in proportionate cash 194 (88)

Proportionate cash at beginning of period 1,587 2,057

Proportionate cash at end of period $ 1,781 $ 1,969

Proportionate availability under credit facilities 3,682 2,461

Proportionate availability under construction facilities 1,696 1,366

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PROPORTIONATE DEBT SUMMARY

Mar. 31, 2020 Deferred

financing costs

(US$ Millions)(US$ Millions) Avg. term Avg. rate Total 2020 (1) 2021(1) 2022 2023 2024 Thereafter % Floating

Core Office 5.1 3.57 % $ 17,254 $ 1,401 $ 3,041 $ 1,170 $ 1,361 $ 3,131 $ 7,313 $ (163) 20.6 %

Weighted average interest rate 3.57 % 3.70 % 3.76 % 3.29 % 3.75 % 2.69 % 3.85 %

% floating 20.6 % 30.2 % 7.3 % 45.6 % 60.0 % 10.3 % 17.4 %

Core Retail 4.1 4.09 % 20,920 1,578 2,688 2,533 3,676 3,284 7,289 (128) 28.9 %

Weighted average interest rate 4.10 % 3.90 % 4.23 % 4.05 % 3.74 % 4.34 % 4.16 %

% floating 28.9 % 0.2 % 32.5 % 27.3 % 59.2 % 10.0 % 27.5 %

LP Investments 5.1 4.49 % 7,189 190 377 749 873 1,843 3,202 (45) 50.1 %

Weighted average interest rate 4.49 % 4.20 % 4.82 % 4.04 % 3.83 % 3.43 % 4.88 %

% floating 50.1 % 82.6 % 12.7 % 38.5 % 47.8 % 51.8 % 55.0 %

Corporate 4.0 3.47 % 2,290 — 284 — 362 1,376 284 (16) 41.2 %

Weighted average interest rate 3.47 % — % 4.10 % — % 4.30 % 3.00 % 3.90 %

% floating 41.2 % — % — % — % — % 69.0 % — %

Total 4.6 3.93 % $ 47,653 $ 3,169 $ 6,390 $ 4,452 $ 6,272 $ 9,634 $ 18,088 $ (352) 29.7 %

Maturity as a % of total 100.0 % 6.6 % 13.3 % 9.3 % 13.1 % 20.1 % 37.6 % Weighted average interest rate 3.93 % 3.84 % 4.04 % 3.85 % 3.80 % 3.59 % 4.16 %

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Cumulative

(US$ Millions) Entity Authorized Outstanding dividend rate Mar. 31, 2020 Dec. 31, 2019 Class A Preferred Equity Units Series 1 (1) Brookfield Property L.P. 24,000,000 24,000,000 6.25 % $ 577 $ 574

Class A Preferred Equity Units Series 2(1) Brookfield Property L.P. 24,000,000 24,000,000 6.50 % 548 546

Class A Preferred Equity Units Series 3(1) Brookfield Property L.P. 24,000,000 24,000,000 6.75 % 532 530

Class A Senior Preferred Shares Series 1 Brookfield Property Split Corp. 1,000,000 924,390 5.25 % 23 23 Class A Senior Preferred Shares Series 2 Brookfield Property Split Corp. 1,000,000 699,165 5.75 % 12 13 Class A Senior Preferred Shares Series 3 Brookfield Property Split Corp. 1,000,000 909,814 5.00 % 16 18 Class A Senior Preferred Shares Series 4 Brookfield Property Split Corp. 1,000,000 940,486 5.20 % 17 18 Class B Series 1(2) Brookfield Office Properties Inc. 3,600,000 3,600,000 70% of bank prime

Class B Series 2(2) Brookfield Office Properties Inc. 3,000,000 3,000,000 70% of bank prime

Series A Preferred Shares Rouse Properties L.P. 5,600,000 5,600,000 5.00 % 71 71

Preferred Capital BSREP II MH B LLC — — 9.00 % 64 64

Preferred Shares BSREP II Vintage Estate Partners LLC 10,000 10,000 5.00 % 10 10

Total $ 1,870 $ 1,867

(1) Series 1, 2 and 3 are mandatorily convertible into units after seven, ten and twelve years, respectively

(2) Class B capital securities are owned by Brookfield Asset Management. Brookfield Office Properties Inc. has an offsetting loan receivable against these securities

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Cumulative

(US$ Millions) Entity Outstanding dividend rate Mar. 31, 2020 Dec. 31, 2019 Class A Series 1 Brookfield Property Partners L.P. 7,360,000 6.50 % $ 178 $ 178 Class A Series 2 Brookfield Property Partners L.P. 10,000,000 6.38 % 242 242 Class A Series 3 Brookfield Property Partners L.P. 11,500,000 5.75 % 279 — Class A Various BPY holding entities 200,004 5.00 % 15 15 Class A redeemable voting(1) Various BPY holding entities 7.50 %

Class AA Series E(2) Brookfield Office Properties Inc. 299 70% of bank prime

Class AAA Series N Brookfield Office Properties Inc. 11,000,000 3.78 % 257 257 Class AAA Series P Brookfield Office Properties Inc. 12,000,000 4.16 % 287 287 Class AAA Series R Brookfield Office Properties Inc. 8,883,425 4.16 % 227 227 Class AAA Series S Brookfield Office Properties Inc. 1,116,575 3 mo. T-Bill+ 3.48% 14 14 Class AAA Series T Brookfield Office Properties Inc. 10,000,000 5.38 % 250 250 Class AAA Series V(3) Brookfield Office Properties Inc. 1,290,789 70% of bank prime 18 18

Class AAA Series W(4) Brookfield Office Properties Inc. 1,884,427 70% of bank prime 27 27

Class AAA Series X(5) Brookfield Office Properties Inc. 30-day BA+ 0.4%

Class AAA Series Y(6) Brookfield Office Properties Inc. 1,242,911 70% of bank prime 18 18

Class AAA Series Z(7) Brookfield Office Properties Inc. 600,000 30-day BA+ 0.4% 7 7

Class AAA Series AA Brookfield Office Properties Inc. 12,000,000 4.71 % 261 261 Class AAA Series CC Brookfield Office Properties Inc. 8,000,000 6.00 % 155 155 Class AAA Series EE Brookfield Office Properties Inc. 11,000,000 5.10 % 206 206 Class AAA Series GG Brookfield Office Properties Inc. 11,000,000 4.85 % 196 196 Class AAA Series II Brookfield Office Properties Inc. 10,000,000 4.85 % 190 190

Series C BP US REIT LLC 8,000 8.00 % 80 80

Series A Brookfield DTLA Fund Office Trust Investor Inc. 9,357,465 7.63 % 130 133 Series D Brookfield Property REIT Inc. 532,750 6.50 % 27 27 Series E Brookfield Property REIT Inc. 502,658 7.00 % 25 25 Series K(8) Brookfield Property REIT Inc. 653,825 16 44

Series A Brookfield Property REIT Inc. 10,000,000 6.38 % 242 242

Total $ 3,347 $ 3,099

(1) BPY and its subsidiaries own all 13,797,320 of the Class A redeemable voting preferred shares, which has been reflected as a reduction in outstanding shares (2) BPY and its subsidiaries own 1,999,701 of the Class AA Series E preferred shares, which has been reflected as a reduction in outstanding shares (3) BPY and its subsidiaries own 514,700 of the Class AAA Series V preferred shares, which has been reflected as a reduction in outstanding shares (4) BPY and its subsidiaries own 1,932,100 of the Class AAA Series W preferred shares, which has been reflected as a reduction in outstanding shares (5) BPY and its subsidiaries own all 300 of the Class AAA Series X preferred shares, which has been reflected as a reduction in outstanding shares (6) BPY and its subsidiaries own 1,604,800 of the Class AAA Series Y preferred shares, which has been reflected as a reduction in outstanding shares (7) BPY and its subsidiaries own 200,000 of the Class AAA Series Z preferred shares, which has been reflected as a reduction in outstanding shares (8) Series K shares are entitled to distributions identical to those paid on Brookfield Property REIT Inc. Class A Stock

(16)

PER UNIT CALCULATIONS

Book Value per Unit

Mar. 31, 2020 Dec. 31, 2019

(US$ Millions, except per unit amounts) Unitholder equity Number ofunits Per unit Unitholder equity Number ofunits Per unit Basic book value per unit $ 27,096 937.9 $ 28.89 $ 28,530 945.4 $ 30.18 Dilutive effect of conversion of preferred shares(1) 1,657 70.1 23.64 1,650 70.1 23.54

Fully diluted book value per unit $ 28,753 1,008.0 $ 28.52 $ 30,180 1,015.5 $ 29.72

(1) Represents preferred shares that are mandatorily convertible into units after seven, ten and twelve years and which were issued in Q4 2014; $265M of the preferred shares was classified in equity at the

time of issuance

Company FFO per Unit

Year-to-date

Mar. 31, 2020 Mar. 31, 2019

(US$ Millions, except per unit amounts) Company FFO (1)

Average number of

units Per unit Company FFO

Average number of

units Per unit Basic $ 300 943.5 $ 0.32 $ 307 970.8 $ 0.32 Dilutive effect of conversion of preferred shares(2) 29 70.1 0.41 29 70.0 0.41

329 1,013.6 0.32 336 1,040.8 0.32

Dilutive effect of conversion of capital securities and options(3) 6 20.8 0.29

Fully-diluted per Management $ 329 1,013.6 $ 0.32 $ 342 1,061.6 $ 0.32

(1) Company FFO is reduced by $9M of preferred dividends paid in the current period

(2) Represents preferred shares that are mandatorily convertible into units at a price of $25.70 and the associated carry (3) Capital securities were fully redeemed during the second quarter of 2019

Net Income per Unit

Year-to-date

Mar. 31, 2020 Mar. 31, 2019

(US$ Millions, except per unit amounts)

Net income attributable to Unitholders (1)

Average number of

units Per unit

Net income attributable to

Unitholders Average number of units Per unit Basic(2) $ (495) 943.5 $ (0.52) $ 333 970.8 $ 0.34

Dilutive effect of conversion of preferred shares(3) 29 70.1 0.41 29 70.0 0.41

(466) 1,013.6 (0.46) 362 1,040.8 0.35

(17)

UNIT INFORMATION

Unit Distributions

Current policy:

Distribution of US$0.3325 per unit for the March 1, 2020 to May 31, 2020

period (US$1.33 per unit annualized)

Record date - last business day of February, May, August and November

Payment date - last business day of March, June, September and

December

Earnings Announcements

Brookfield Property Partners' financial results are

scheduled to be announced on the following dates:

Second quarter 2020 results on August 6, 2020

Third quarter 2020 results on November 6, 2020

Fourth quarter 2020 results on February 3, 2021

Units Outstanding

Mar. 31, 2020 Dec. 31, 2019 Brookfield Property Partners L.P. limited partnership units 497,439,923 504,981,844 Brookfield Property Partners L.P. general partnership units 138,875 138,875 Total Brookfield Property Partners L.P. units(1) 497,578,798 505,120,719

Limited partner units of the operating partnership held by Brookfield Asset Management 437,409,102 437,409,102 Limited partner units of Brookfield Office Properties Exchange LP 2,865,209 2,883,835

Total units outstanding 937,853,109 945,413,656

(1) Brookfield Asset Management has economic interests in approximately 87.1M BPY L.P. units and 3.0M BPYU units as at March

31, 2020, bringing Brookfield Asset Management's economic interest to approximately 527.7M units, or approximately 56.3%

Unit Trading Statistics

Jan. 1, 2020 - Mar. 31, 2020 Oct. 1, 2019 - Dec. 31, 2019 Jul. 1, 2019 - Sep. 30, 2019 Apr. 1, 2019 - Jun. 30, 2019 Jan. 1, 2019 - Mar. 31, 2019

NASDAQ

(USD) TSX (CAD) NASDAQ (USD) TSX (CAD) NASDAQ (USD) TSX (CAD) NASDAQ (USD) TSX (CAD) NASDAQ (USD) TSX (CAD)

High $ 20.13 $ 26.38 $ 20.52 $ 27.03 $ 20.58 $ 27.25 $ 21.22 $ 28.49 $ 20.79 $ 27.93

Low $ 7.11 $ 10.34 $ 17.99 $ 23.60 $ 18.26 $ 24.26 $ 18.12 $ 24.50 $ 15.89 $ 21.66

Close $ 8.06 $ 11.36 $ 18.28 $ 23.73 $ 20.30 $ 26.89 $ 18.93 $ 24.74 $ 20.57 $ 27.49 Volume 187,426,500 102,478,719 59,298,300 29,183,057 51,862,900 24,706,419 77,183,700 32,837,936 87,399,700 40,030,566

(18)
(19)

NET OPERATING INCOME

Total Net Operating Income

Year-to-date % of Total

(Millions in source currency unless otherwise noted) Mar. 31, 2020 Mar. 31, 2019 (Current QTD)

United States $ 155.2 $ 150.6 49.2 % Canada in C$ 79.8 76.8 in US$ 59.5 57.8 18.8 % Australia in A$ 39.8 53.2 in US$ 26.2 37.9 8.3 % United Kingdom in £ 53.4 39.3 in US$ 68.3 51.2 21.6 % Germany in € 3.0 3.7 in US$ 3.3 4.2 1.0 % Brazil in R$ 16.1 13.1 in US$ 3.6 3.5 1.1 %

Total Cash NOI 316.1 305.2 100.0 %

Straight-line rental income 17.3 8.0

Total NOI (US$) $ 333.4 $ 313.2

% of Total (QTD) 7.6% 17.5% 8.1% 7.9% 4.7% 3.3% 9.5% 9.0% 5.3% 21.7% 5.4% 8.8% 16.6% 7.4% 7.5% 6.2% 2.9% 9.4% 9.1% 6.2% 16.8% 9.1% Q1 2020 Q1 2019

Midtown New YorkDowntown New YorkWashington, D.C.Los Angeles Houston Other US Toronto Calgary Perth London Other 0 5 10 15 20 25

(20)

SAME-PROPERTY NET OPERATING INCOME

Same-Property Net Operating Income

Growth Year-to-date % of Total

(Millions in source currency unless otherwise noted) (QoQ) Mar. 31, 2020 Mar. 31, 2019 (Current QTD)

United States 5.0 % $ 160.6 $ 153.0 52.1 % Canada in C$ 3.9 % 80.8 77.8 in US$ 2.7 % 60.2 58.6 19.6 % Australia in A$ 1.5 % 40.2 39.6 in US$ (6.4) % 26.4 28.2 8.6 % United Kingdom in £ 6.1 % 42.0 39.6 in US$ 4.1 % 53.7 51.6 17.5 % Germany in € (11.8) % 3.0 3.4 in US$ (15.4) % 3.3 3.9 1.1 % Brazil in R$ 10.6 % 15.7 14.2 in US$ (7.9) % 3.5 3.8 1.1 %

Total same-property NOI (US$) $ 307.7 $ 299.1 100.0 %

Percent of same-property NOI growth 2.9 % 2.9 %

Percent of same-property NOI growth excluding the impact of FX 4.4 % 4.4 %

% of Total (QTD) 8.7% 18.7% 8.2% 7.7% 5.6% 9.8% 9.3% 5.8% 17.5% 5.4% 8.8% 17.8% 8.0% 8.1% 6.1% 9.8% 9.4% 6.3% 17.2% 6.1% 8 12 16 20

(21)

HISTORICAL OCCUPANCY AND RENT METRICS

Historical Occupancy and Rent Metrics (Assets Under Management)

Q1 2020 Q4 2019(1) Q1 2019

Occupancy In-Place Net Rents Market Net Rents

Avg. Remaining Lease Term

(years) Occupancy In-Place Net Rents Market Net Rents Occupancy In-Place Net Rents Market Net Rents Midtown New York 95.3 % $ 49.07 $ 59.04 12.2 94.4 % $ 48.75 $ 61.68 96.1 % $ 46.20 $ 61.68 Downtown New York 97.1 % 35.70 44.69 9.5 96.8 % 35.49 43.49 96.3 % 34.20 43.49 Washington, D.C. 89.4 % 32.30 22.31 5.3 91.1 % 33.17 22.21 90.5 % 31.46 26.27 Los Angeles 82.1 % 27.63 28.50 6.8 83.7 % 26.64 29.00 86.6 % 26.21 28.00 Houston 79.9 % 23.51 25.40 6.5 84.8 % 23.68 26.00 84.3 % 23.72 24.50 Denver 89.0 % 24.18 21.00 5.0 88.2 % 24.50 21.00 83.5 % 23.86 21.00 San Francisco 86.5 % 52.42 55.00 5.2 86.0 % 51.34 55.00 94.2 % 46.25 54.00 United States 89.7 % 33.66 36.77 8.1 90.7 % 33.39 36.64 91.2 % 31.74 36.26 Toronto 99.0 % 33.91 37.00 7.2 98.9 % 33.57 37.00 99.1 % 33.05 35.00 Calgary 92.9 % 31.94 19.00 10.8 93.3 % 32.05 20.00 91.8 % 32.67 21.00 Ottawa 91.2 % 21.11 21.00 7.1 91.2 % 22.43 21.00 90.4 % 22.83 19.00 Canada 95.9 % 32.66 28.60 8.8 96.0 % 32.56 29.01 95.4 % 32.58 28.44 in US$ (2) 23.23 20.34 23.16 20.63 23.17 20.23 Melbourne 99.8 % 61.54 58.37 2.6 99.9 % 61.59 57.85 99.9 % 60.28 53.91 Perth 96.1 % 78.47 58.06 6.6 96.7 % 78.16 59.92 95.3 % 76.69 57.73 Brisbane 90.2 % 68.60 58.72 4.7 86.7 % 70.14 57.15 86.1 % 67.67 55.97 Australia 97.1 % 72.82 58.19 5.3 97.1 % 72.74 59.14 97.5 % 67.69 68.29 in US$ (2) 44.64 35.68 44.60 36.26 41.50 41.87 London 95.1 % 50.72 56.54 12.1 95.3 % 50.79 56.50 96.8 % 46.02 51.17 in US$ (2) 62.99 70.22 63.08 70.17 57.16 63.55 Berlin 96.5 % 22.36 41.81 6.8 88.8 % 24.54 40.69 88.3 % 25.85 38.46 in US$ (2) 24.67 46.12 27.07 44.89 28.51 42.43 São Paulo 100.0 % 288.44 288.44 3.7 100.0 % 288.44 288.44 100.0 % 268.81 268.81 Rio de Janeiro 100.0 % 168.93 168.93 7.8 100.0 % 168.93 168.93 100.0 % 158.60 158.60 Brazil 100.0 % 228.47 228.47 5.7 100.0 % 228.47 228.47 100.0 % 213.51 213.51 in US$ (2) 43.96 43.96 43.96 43.96 41.08 41.08 Total 92.5 % $ 35.85 $ 37.64 8.6 93.2 % $ 35.71 $ 37.65 93.0 % $ 33.19 $ 35.90 Mark-to-market 5.0 % 5.4 % 8.2 %

(1) Restated for remeasurements performed in the first quarter of 2020 (2)Using the spot rate at March 31, 2020 for all periods presented

(22)

PROPORTIONATE LEASING ACTIVITY

Quarter-to-date

Dec. 31, 2019 Quarter-to-date leasing activity Mar. 31, 2020

Avg. in-place Total Year one Average Acq. (disp.)

Leased (1) expiries Expiring Leasing leasing leasing additions Leased Avg. in-place Avg. mkt.

(Sq. ft. in net rent (1) (Sq. ft. in net rent (Sq. ft. in net rent net rent (Sq. ft. in (Sq. ft. in net rent net rent

(Local currency) 000's) (per sq. ft.) 000's) (per sq. ft.) 000's) (per sq. ft.) (per sq. ft.) 000's) 000's) (per sq. ft.) (per sq. ft.)

Midtown New York 3,156 $ 48.75 (25) $ 54.25 50 $ 87.89 $ 89.49 3,181 $ 49.07 $ 59.04

Downtown New York 6,694 35.49 (9) 42.72 29 42.98 43.26 6,714 35.70 44.69

Washington, D.C. 3,633 33.17 (292) 35.95 232 35.52 36.93 (107) 3,466 32.30 22.31 Los Angeles 3,544 26.64 (113) 28.28 43 28.55 29.89 3,474 27.63 28.50 Houston 3,689 23.68 (341) 24.70 88 24.49 25.06 3,436 23.51 25.40 Denver 590 24.50 (11) 24.54 16 26.43 28.40 595 24.18 21.00 San Francisco 183 51.34 — — 1 57.71 62.96 184 52.42 55.00 United States 21,489 33.39 (791) 30.50 459 38.66 39.88 (107) 21,050 33.66 36.77 Toronto 4,770 33.57 (96) 30.97 114 38.96 40.48 4,788 33.91 37.00 Calgary 3,987 32.05 (69) 32.11 57 23.89 25.26 3,975 31.94 19.00 Ottawa 272 22.43 (141) 22.97 141 18.87 19.67 272 21.11 21.00 Canada 9,029 32.56 (306) 27.54 312 27.13 28.29 9,035 32.66 28.60 in US$(2) 23.16 19.59 19.29 20.12 23.23 20.34 Melbourne 678 61.59 (1) 141.26 — — — 677 61.54 58.37 Perth 1,458 78.16 (13) 64.47 6 82.00 111.71 1,451 78.47 58.06 Brisbane 131 70.14 — — 4 69.26 74.01 135 68.60 58.72 Australia 2,267 72.74 (14) 69.95 10 76.90 96.63 2,263 72.82 58.19 in US$(2) 44.60 42.89 47.15 59.24 44.64 35.68 London 5,312 50.79 (34) 48.33 23 57.52 57.52 5,301 50.72 56.54 in US$(2) 63.08 60.02 71.44 71.44 62.99 70.22 Berlin 550 24.54 (56) 24.03 58 33.31 33.31 (27) 525 22.36 41.81 in US$(2)(3) 27.07 26.51 36.75 36.75 24.67 46.12 São Paulo 141 288.44 — — — — — 141 288.44 288.44 Rio de Janeiro 142 168.93 — — — — — 142 168.93 168.93 Brazil 283 228.47 — — — — — 283 228.47 228.47 in US$(2) 43.96 43.96 43.96

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Mar. 31, 2020 Current 2020 2021 2022 2023 2024 2025 Thereafter Total(1) (Local currency) (Sq. ft. in 000's) (Sq. ft. in 000's) Net rent (per sq. ft.)(2) (Sq. ft. in 000's) Net rent (per sq. ft.)(2) (Sq. ft. in 000's) Net rent (per sq. ft.)(2) (Sq. ft. in 000's) Net rent (per sq. ft.)(2) (Sq. ft. in 000's) Net rent (per sq. ft.)(2) (Sq. ft. in 000's) Net rent (per sq. ft.)(2) (Sq. ft. in 000's) Net rent (per sq. ft.)(2) (Sq. ft. in 000's)

Midtown New York 122 3 $ 42 8 $ 30 2 $ 59 17 $ 39 55 $ 67 41 $ 63 3,055 $ 59 3,303

Downtown New York 205 141 55 417 33 86 50 204 45 270 38 428 34 5,168 46 6,919

Washington, D.C. 377 148 26 932 30 142 35 396 33 225 31 219 34 1,404 47 3,843 Los Angeles 761 73 28 267 30 285 29 466 29 293 33 381 34 1,709 39 4,235 Houston 1,040 178 25 141 25 645 22 236 27 255 27 117 27 1,864 27 4,476 Boston — — — — — — — — — — — — — — — — Denver 74 32 22 53 24 5 27 142 27 6 37 3 33 354 29 669 San Francisco 22 9 13 4 68 81 54 8 64 15 68 4 71 63 81 206 United States 2,601 584 33 1,822 30 1,246 29 1,469 32 1,119 35 1,193 34 13,617 45 23,651 Toronto 44 143 44 306 36 553 31 235 35 362 36 612 36 2,577 36 4,832 Calgary 333 119 42 21 42 181 30 53 33 75 42 282 38 3,244 36 4,308 Ottawa 26 — 75 5 16 5 13 1 28 24 19 — 45 237 22 298 Canada 403 262 43 332 36 739 31 289 35 461 36 894 37 6,058 35 9,438 in US$ 31 26 22 25 26 26 25 Melbourne 2 2 126 281 68 141 63 2 138 247 65 2 148 2 213 679 Perth 37 18 48 18 81 158 85 51 76 82 83 68 93 1,056 104 1,488 Brisbane 14 11 75 18 77 20 113 7 79 — — 38 69 41 72 149 Australia 53 31 63 317 69 319 77 60 78 329 69 108 86 1,099 103 2,316 in US$ 39 42 47 48 42 53 63 London 346 6 19 127 47 116 51 204 45 209 55 162 51 4,477 52 5,647 in US$ 24 58 63 56 68 63 65 Berlin 18 42 19 24 27 29 25 51 25 72 23 26 24 281 22 543 in US$ 21 30 28 28 25 26 24 São Paulo — — — — — — — — — 141 288 — — — — 141 Rio de Janeiro — — — — — — — — — — — — — 142 169 142 Brazil — — — — — — — — — 141 288 — — 142 169 283 in US$ — — — — 55 — 33 Total 3,421 925 $ 32 2,622 $ 32 2,449 $ 31 2,073 $ 34 2,331 $ 38 2,383 $ 34 25,674 $ 44 41,878 Total % expiring 8.2 % 2.2 % 6.3 % 5.8 % 5.0 % 5.6 % 5.7 % 61.2 % 100.0 %

End of prior year 7.6 % 2.6 % 4.0 % 8.2 % 4.4 % 5.0 % 6.0 % 62.2 % 100.0 %

Difference 0.6 % (0.4) % 2.3 % (2.4) % 0.6 % 0.6 % (0.3) % (1.0) %

(1) Excludes developments

(2) Net rent represents cash rent in year of expiry

(24)

DEVELOPMENT SITES

Expected date of accounting stabilization Proportionate Percent pre-leased

Area currently under construction

Mar. 31, 2020 Cost

Yield on cost Assets under management Proportionate (Local currency Millions and sq. ft. in 000's) Location Total To-date

Office

Manhattan West Retail New York City Q1 2021 $ 117 $ 84 5 % 50 % 70 39

Wood Wharf - Office London Q1 2022 £ 125 £ 48 8 % 44 % 423 211

ICD Brookfield Place Dubai Q1 2022 AED 1,487 AED 1,344 9 % 23 % 1,091 545

Bay Adelaide North Toronto Q3 2023 C$ 498 C$ 149 6 % 86 % 820 820

Two Manhattan West New York City Q4 2023 $ 1,329 $ 418 6 % 25 % 1,955 1,095

Office - Redevelopment

388 George Street Sydney Q3 2021 A$ 185 A$ 88 6 % 53 % 441 221

1100 Avenue of the Americas New York City Q2 2022 $ 113 $ 45 6 % 95 % 376 136

Multifamily - Rental

Two Blue Slip New York City Q1 2021 $ 347 $ 292 5 % n/a 348 331

Newfoundland London Q3 2021 £ 249 £ 242 4 % n/a 545 273

Wood Wharf - 8 Water Street London Q4 2021 £ 46 £ 38 5 % n/a 131 66

Halley Rise - Phase I (1) Washington, D.C. Q1 2023 $ 157 $ 38 6 % n/a 359 359

755 Figueroa Los Angeles Q2 2024 $ 257 $ 39 7 % n/a 791 374

Multifamily - Condominium (2)(3)

Southbank Place London Q4 2020 £ 168 £ 152 20 % n/a 541 135

Wood Wharf - 10 Park Drive London Q4 2020 £ 102 £ 95 31 % n/a 269 135

Wood Wharf - One Park Drive London Q3 2021 £ 221 £ 181 30 % n/a 430 215

Hotel (2)

Pendry Manhattan West New York City Q2 2023 $ 157 $ 89 5 % n/a 184 103

Active developments 8,774 5,058

Office - 10 Bank St London 857 428

Office - Elizabeth Quay Australia 1,024 1,024

Office - 1 The Esplanade Australia 607 304

Multifamily - Rental Houston 495 495

Multifamily (various) London 463 184

Halley Rise - Mixed-use Washington, D.C. 2,396 2,396

Active planning 5,842 4,831

Future developments 11,611 8,007

Total commercial developments 26,227 17,896

(1) Includes retail square feet that is 94% leased to Wegmans Food Market

(2) Completion date and anticipated return on cost are presented instead of cash stabilization and yield on cost, respectively, for these developments (3) Multifamily-condominium are classified as inventory and hotel developments are classified as PP&E on the balance sheet

(25)

NET OPERATING INCOME AND KEY PERFORMANCE METRICS

Commercial Property Net Operating Income

Year-to-date(1)

(US$ Millions unless otherwise noted) Mar. 31, 2020 Mar. 31, 2019

Same-property NOI $ 389.4 $ 403.2

Percent of same-property NOI growth -3.4 %

Non same-property NOI 33.8 26.9

Total NOI 423.2 430.1

Less: straight-line rental income(2) (12.9) (18.9)

Total cash NOI $ 410.3 $ 411.2

(1) Amounts reflected on a consolidated basis for all periods presented

(2) The decrease in straight-line rent is due to the impact of acquisition accounting applied at the merger date

Key Performance Metrics

(US$ and sq. ft. in 000's) Mar. 31, 2020 Mar. 31, 2019

Number of properties 122 123

Leasable sq. ft.:

Assets under management 119,993 121,228

Proportionate 50,078 49,144

Same-property:

Leased 95.2 % 95.3 %

Occupancy 94.4 % 94.2 %

Permanent occupancy 90.4 % 91.1 %

Sales per square foot(1) $ 651 $ 614 (1) Trailing 12 month sales per square foot as of February 2020 and February 2019

(26)

SIGNED LEASES AND LEASE EXPIRY ANALYSIS

Leasing Activity - All Leases

Trailing 12 months commencements

Mar. 31, 2020

# of leases Sq. ft. in 000's (in years)Term Initial rentper sq. ft. Average rent per sq. ft. (US$)

New and renewal leases 1,654 5,883 6.9 $ 51.08 $ 54.04

Percent in lieu/gross 590 2,565 5.2 N/A N/A

Total leases 2,244 8,448 6.4 $ 51.08 $ 54.04

Suite-to-Suite Lease Spreads(1,2)

New and renewal leases

Mar. 31, 2020

# of leases Sq. ft. in 000's (in years)Term Initial rentper sq. ft. Expiring rent per sq. ft. Initial rent spread (US$)

Trailing 12 months commencements 1,200 4,399 7.0 $ 50.20 $ 46.33 $ 3.87 8.4 %

(1) Represents signed leases that have commenced in the specified period compared to expiring rent for the prior tenant in the same suite. New suites are within 10,000 square feet of the expiring suites (2) Represents leases where downtime between the new and previous tenant was less than 24 months

Lease Expiration Mar. 31, 2020 Number of expiring leases Expiring GLA at 100% (sq. ft. in 000's) Percent of

total (in thousands)Expiring rent Expiring rent per sq. ft. (US$) Specialty leasing 1,013 2,328 4.4 % $ 40,725 $ 17.50 2020 1,242 3,917 7.3 % 231,129 59.00 2021 1,742 6,030 11.3 % 321,961 53.39 2022 1,632 6,368 11.9 % 327,345 51.41 2023 1,336 5,287 9.9 % 326,121 61.68 2024 1,328 6,068 11.4 % 371,906 61.29 2025 1,116 5,306 10.0 % 372,708 70.25 2026 843 3,998 7.5 % 294,233 73.59 2027 674 3,896 7.3 % 267,973 68.78

(27)

REDEVELOPMENT SITES

Mar. 31, 2020 Stabilized Year Expected return on investment Proportionate cost

(US$ Millions) Location Description Total To-date

Active redevelopments

Tysons Galleria McLean, VA Macy's Redevelopment for theater and multi-level small shop expansion 2022 6-7% $ 108 $ 12 Alderwood Lynnwood, WA Sears Redevelopment - Residential 2022 5-6% 12 1

Northbrook Court Northbrook, IL Macy's Redevelopment - Retail 2022 5-6% 50 4

Stonestown Galleria San Francisco, CA Anchor Redevelopment for Retail and Entertainment 2022 7-8% 149 81

Other Projects Various 2020-2022 7-9% 209 36

Active redevelopments $ 528 $ 134

Active planning

Oxmoor Center Louisville, KY Sears Redevelopment for Entertainment and Restaurants 2022 6-7% 30 North Point Alpharetta, GA Sears Redevelopment - Residential 2022 5-7% 62 Northbrook Court Northbrook, IL Residential 2022 7-8% 100 Shops at Merrick Park Coral Gables, FL Hotel 2023 7-8% 65

Cumberland Atlanta, GA Residential 2024 6-7% 19

Ala Moana Honolulu, HI Residential Tower 2025 5-7% 153 Northridge Northridge, CA Residential 2025 6-7% 48

Other Projects Various 2021-2025 7-9% 83

Active planning $ 560

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SUMMARY OF INVESTMENTS

Current Quarter Highlights

Year-to-date

NOI Company FFO

(US$ Millions) Mar. 31, 2020 Mar. 31, 2019 Mar. 31, 2020 Mar. 31, 2019

Office $ 33 $ 33 $ 5 $ 5

Retail 22 24 14 15

Logistics

Multifamily 12 17 24 22

Hospitality 26 53 2 27

Triple Net Lease 21 24 8 6

Alternative Real Estate 20 19 8 7

Mixed-use 7 8 2 4

Finance Funds 1 3 3

BSREP III 3 6

Corporate (7) (9)

Total $ 142 $ 178 $ 62 $ 86

Commercial properties Invested capital Last 12 months realized gains(1)

(US$ Millions) Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2020 Dec. 31, 2019 Mar. 31, 2020

Office $ 2,390 $ 2,485 $ 997 $ 1,110 $ 79

Retail 1,484 1,488 893 1,027 (8)

Logistics 26 26 22 20

Multifamily 832 870 477 491 64

Hospitality(2) 719 796

Triple Net Lease 1,269 1,291 336 341 (17)

Alternative Real Estate 1,489 1,503 614 606 (4)

Mixed-use 614 623 181 173

Finance Funds 223 195 1

(29)

SUMMARY OF INVESTMENTS (CONT'D)

Key Performance Metrics(1)

Mar. 31, 2020 Area

(Sq. ft. in 000's) No. of properties Assets under management Proportionate measurement Unit of Occupancy %

Office 113 43,524 12,827 Sq. ft. 81.5 %

Retail 42 26,551 8,779 Sq. ft. 85.7 %

Logistics 1 357 84 Sq. ft. 100.0 %

Multifamily 52 15,812 4,283 Units 93.9 %

Hospitality 130 26,426 6,905 Rooms n/a

Triple Net Lease 273 15,242 3,947 Sq. ft. 99.2 %

Alternative Real Estate

Self-storage 100 8,512 2,122 Sq. ft. 81.4 %

Student Housing 50 18,799 4,758 Beds 99.5 %

Manufactured Housing 136 32,424 8,289 Sites 87.0 %

Mixed-use 7 5,643 1,367 Sq. ft. 93.9 %

(1)Excludes BSREP III investments Summary of Hospitality Properties

Avg. daily rate per room Revenue per available room Assets under management Proportionate Number of

(US$ Millions) properties Mar. 31, 2020 Mar. 31, 2019 Mar. 31, 2020 Mar. 31, 2019 # of rooms Own % # of rooms North America 9 $ 237 $ 250 $ 150 $ 193 7,517 26 % 1,955 United Kingdom(1) 6 195 259 164 245 4,819 27 % 1,315

Extended Stay (North America) 114 46 41 34 34 13,657 26 % 3,499 Australia(1) 1 129 123 86 85 433 31 % 136

Total 130 26,426 26 % 6,905

Figure

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