BROOKFIELD PROPERTY PARTNERS L.P. Q4 2018 Supplemental Information

Three Months E n d e d December 31, 2 0 1 8 FORWARD-LOOKING STATEMENTS

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; 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 and hurricanes; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

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 widely used measure to analyze real estate. The partnership reconciles FFO to net income attributable to Unitholders (see the glossary of terms for definition) as opposed to cashflow from operating activities as it believes net income attributable to Unitholders is the most comparable measure. Company FFO is defined as FFO before the impact of depreciation and amortization of non-real estate assets, transaction costs, gains (losses) associated with non-investment properties, imputed interest and the FFO that would have been attributable to the partnership's shares of GGP Inc. ("GGP") if all outstanding warrants of GGP were exercised on a cashless basis. It also includes dilution adjustments to undiluted FFO as a result of the net settled warrants. The partnership believes this adjustment appropriately reflects its full economic interest in GGP based on the common shares and warrants owned by the partnership, as such warrants are currently exercisable. Refer to the last page of this supplemental package for certain definitions.

In calculating net income attributable to Unitholders per unit, the partnership excludes the impact of mandatorily convertible preferred shares in determining the average number of units outstanding as the holders of mandatorily convertible preferred shares do not participate in current earnings. The partnership reconciles this measure to basic net income attributable to Unitholders per unit determined in accordance with IFRS which includes the effect of mandatorily convertible preferred shares in the basic average number of units outstanding.

1 TABLE OF CONTENTS

Page Page Summary of Results Operating Statistics (cont'd) Financial Overview 3 Core Office (cont'd) Business Overview 4 Historical Rents 28 Core Office 5 Proportionate Leasing Activity 29 Core Retail 6 Proportionate Lease Expiry Analysis 31 LP Investments 7 Top Tenants 32 Corporate 8 Development Sites 33 Consolidated Overview Debt 34 Results from Operations 9 Core Retail Proportionate Results from Operations by Segment 10 Net Operating Income and Key Performance Metrics 37 Financial Position 12 Signed Leases and Lease Expiry Analysis 38 Proportionate Financial Position by Segment 13 Top Tenants 39 Payout Ratio 14 Development Sites 40 Proportionate Fair Value Continuity 15 Debt 41 Proportionate Summary Cash Flow Information and Liquidity 17 LP Investments Proportionate Debt Summary 18 Summary of LP Investments 45 Proportionate Capital Securities 19 Corporate Proportionate Preferred Equity 20 Foreign Currency Exposure 47 Per Unit Calculations 21 Management Fee and Incentive Distribution 48 Unit Information 23 Appendix A: Company FFO Reconciliation 49 Operating Statistics Appendix B: Acquisition and Disposition Activity 50 Core Office Appendix C: Core Office Portfolio Listing 51 Net Operating Income 25 Appendix D: Core Retail Portfolio Listing 56 Historical Occupancy 27 Glossary of Terms 61

2 Summary of Results FINANCIAL OVERVIEW

Current Quarter Highlights Company FFO(1) Net income attributable to Unitholders

Invested capital Quarter-to-date Year-to-date Quarter-to-date Year-to-date (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Core Office $ 14,199 $ 13,913 $ 170 $ 148 $ 608 $ 592 $ 256 $ (30) $ 934 $ (4) Core Retail 14,136 8,844 270 158 651 515 426 (182) 456 (89) LP Investments 5,204 5,010 77 89 330 335 (34) 394 636 932 Corporate (5,255) (5,581) (101) (109) (410) (425) (114) (48) (48) (464) Unitholder equity $ 28,284 $ 22,186 $ 416 $ 286 $ 1,179 $ 1,017 $ 534 $ 134 $ 1,978 $ 375

Per Unit Metrics Quarter-to-date Year-to-date (US$) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Company FFO per unit(2) $ 0.43 $ 0.41 $ 1.48 $ 1.44 Net income per unit(2) 0.55 0.19 2.48 0.53 Company FFO and realized LP Investment gains per unit(2,3) 0.86 1.01 2.09 2.12 Distributions per unit(2) 0.32 0.30 1.26 1.18 Unitholder equity per unit(4) $ 28.73 $ 30.74 (1) A reconciliation of FFO to Company FFO is included on page 9 (2) Per unit calculations are based on the basic number of units outstanding and detailed on pages 21 and 22 (3) Realized gains for LP investment properties sold during the quarter represent difference between transaction price and invested capital. These gains have previously been recognized in earnings through fair value gains, net (4)Assumes conversion of mandatorily convertible preferred shares. Refer to page 21 for further detail

3 Summary of Results BUSINESS OVERVIEW

Core Office

▪ 142 premier office properties totaling over 96 million square feet in gateway markets including City, London, Toronto, Los Angeles, D.C., Sydney and Berlin. ▪ Over 10 million square feet of development projects currently underway.

Core Retail

▪ 124 best-in-class retail properties totaling over 121 million square feet throughout the United States comprised of 10 urban properties, 3 lifestyle centers and 111 regional shopping centers, which include 13 neighborhood centers. ▪ High quality assets include 730 Fifth Avenue in New York City, in Honolulu, in Las Vegas, Oakbrook Mall in Chicago, in , Willowbrook Mall in and in New York.

LP Investments

▪ Invested in a series of finite life global opportunistic real estate funds that focuses on multi-faceted entity or property- level transactions to acquire high-quality assets on a value basis, including: ◦ BSREP I: A 31% interest in a $4.4B opportunistic real estate fund. The fund is in its 7th year, is fully invested and is starting to have realizations. ◦ BSREP II: A 26% interest in a $9.0B opportunistic real estate fund. The fund is in its 4th year and is fully invested. ◦ BSREP III: A $1B committment to a recently closed $15.0B opportunistic real estate fund. ▪ A blended 36% interest in two value-add multifamily funds totaling $1.8B; which invest in a geographically diverse portfolio of U.S. multifamily properties. ▪ A blended 13% interest in a series of U.S. real estate debt funds totaling $5.4B which seek to invest in U.S. commercial real estate debt secured by properties in strategic locations.

4 Summary of Results CORE OFFICE

Proportionate Results from Operations Highlights Quarter-to-date Year-to-date (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 ▪ Leased over 4 million square feet during the year, with occupancy Revenue $ 553 $ 613 $ 2,329 $ 2,417 ending the quarter at 93.5%. Direct expenses (227) (274) (973) (1,061) NOI 326 339 1,356 1,356 ▪ The Core Office business generated Company FFO of $170M in Investment and other income 13 6 38 54 the fourth quarter of 2018, compared to $148M in the same period Fee revenue 30 28 90 74 in 2017. The $22M increase was driven by same-property NOI Interest expense (121) (150) (557) (596) growth of 2.0%, lower interest expense and the benefit of General and administrative expense (54) (55) (221) (203) Non-controlling interests (24) (20) (98) (93) increased lease termination income. Company FFO 170 148 608 592 ▪ Company FFO increased by $34M as compared to the third FFO 146 126 520 534 Fair value gains, net 10 (333) 434 (512) quarter of 2018 as a result of lower interest expense due to the Income taxes 128 177 30 (35) paydown of a corporate credit facility within the business segment Depreciation of real estate assets (2) — (4) (1) and higher development and joint venture fee income earned. Non-controlling interests (26) — (46) 10 Net income attributable to Unitholders $ 256 $ (30) $ 934 $ (4) ▪ Equity attributable to Unitholders increased by $286M compared to December 31, 2017 primarily as a result of income earned in Proportionate Financial Position the current year. (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Commercial properties $ 26,665 $ 30,244 Commercial developments 4,989 4,015 Cash and cash equivalents 865 659 Other assets 2,518 1,703 Assets held for sale 34 648 Total assets 35,071 37,269 Debt obligations 15,518 17,442 Deferred tax liabilities 1,030 1,158 Other liabilities 1,939 2,111 Liabilities associated with assets held for sale — 288 Total liabilities 18,487 20,999 Non-controlling interests 2,385 2,357 Equity attributable to Unitholders $ 14,199 $ 13,913

5 Summary of Results CORE RETAIL

Proportionate Results from Operations Highlights Quarter-to-date Year-to-date (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 ▪ Leased over 9 million square feet during the year, with occupancy Revenue $ 645 $ 281 $ 1,541 $ 942 ending the quarter at 96.5%. Direct expenses (163) (69) (400) (241) NOI 482 212 1,141 701 ▪ The Core Retail business generated Company FFO of $270M in Investment and other income 29 23 47 57 the fourth quarter of 2018, compared to $158M in the same period Fee revenue 37 9 73 32 in the prior year as a result of our increased investment. Net contribution from GGP warrants — — — 38 Interest expense (213) (67) (467) (236) ▪ Compared to the prior quarter, Company FFO increased by General and administrative expense (53) (19) (132) (72) $124M primarily due to increased ownership for the entire quarter Non-controlling interests (12) — (11) (5) compared to one month in the prior quarter, as well as the benefit Company FFO 270 158 651 515 FFO 252 155 552 486 of seasonality. Fair value gains, net 172 (342) (93) (570) ▪ Fair value gains, net reflect adjustments to the bargain purchase Income taxes (1) 5 (6) (3) Non-controlling interests 3 — 3 (2) gain in the current period as we continue to finalize the purchase Net income attributable to Unitholders $ 426 $ (182) $ 456 $ (89) price allocation. ▪ Equity attributable to Unitholders increased by $5B compared to Proportionate Financial Position December 31, 2017 due to our increased investment and current (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Commercial properties $ 32,650 $ 14,326 year income. Commercial developments 346 229 Cash and cash equivalents 457 129 Other assets 879 960 Total assets 34,332 15,644 Debt obligations 19,013 6,248 Deferred tax liabilities 20 1 Other liabilities 917 475 Total liabilities 19,950 6,724 Non-controlling interests 246 76 Equity attributable to Unitholders $ 14,136 $ 8,844

6 Summary of Results LP INVESTMENTS Highlights ▪ The LP Investments business generated Company FFO of $77M Proportionate Results from Operations in the fourth quarter of 2018, compared to $89M in the prior year. Quarter-to-date Year-to-date (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 The decrease was primarily driven by dispositions in BSREP I. Revenue $ 376 $ 366 $ 1,561 $ 1,423 This decrease was offset by same-store growth and investment Direct expenses (176) (179) (756) (692) activity, most significant in BSREP II. NOI(1) 200 187 805 731 Investment and other income 25 19 83 58 ▪ Investment activity in the last 12 months contributing to growth Fee revenue 1 — 3 1 includes: Interest expense (115) (89) (433) (344) ▪ A portfolio of 105 extended-stay hotels across the U.S. in the first quarter Fund investment fees (14) (9) (55) (35) of 2018 General and administrative expense (15) (18) (59) (71) Non-controlling interests (5) (1) (14) (5) ▪ A portfolio of student housing properties in the United Kingdom in the first Company FFO(1) 77 89 330 335 quarter of 2018 Company FFO and realized gains 494 511 820 812 ▪ A United Kingdom based owner and operator of serviced apartments in FFO 28 76 228 281 the first quarter of 2018 Depreciation and amortization of real estate (21) (25) (91) (90) assets ▪ A 100% leasehold interest in 666 Fifth Avenue in the third quarter of 2018 Fair value gains, net 16 397 629 866 Income taxes (26) (21) (90) (69) ▪ Two community malls in Shanghai in the third quarter of 2018 Non-controlling interests (31) (33) (40) (56) ▪ A portfolio of mixed-use assets across the U.S (Forest City) in the fourth Net income attributable to Unitholders $ (34) $ 394 $ 636 $ 932 quarter of 2018 (1) Please refer to pages 45-46 for additional information by asset class ▪ A student housing portfolio in France in the fourth quarter of 2018

Proportionate Financial Position ▪ A hotel in in the fourth quarter of 2018 (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 ▪ Company FFO increased by $3M compared to the third quarter Commercial properties $ 10,607 $ 9,588 Commercial developments 617 516 of 2018 as a result of the seasonality in our UK student housing Property, plant and equipment 2,489 1,975 and opportunistic retail portfolios, as well as income earned on Cash and cash equivalents 670 464 merchant build sales. This increase was partially offset by the Other assets 2,268 1,850 negative impact of seasonality in our hospitality investments and Assets held for sale 367 432 Total assets 17,018 14,825 the disposition of a US logistics portfolio in BSREP I during the Debt obligations 10,010 7,826 quarter. Deferred tax liabilities 149 146 Capital securities 381 369 ▪ Equity attributable to Unitholders increased by $194M, as a result Other liabilities 906 640 of income earned in the current year and incremental capital Liabilities associated with assets held for sale 101 645 invested, partially offset by the weakening of foreign currencies Total liabilities 11,547 9,626 and distributions. Non-controlling interests 267 189 Equity attributable to Unitholders $ 5,204 $ 5,010

7 Summary of Results CORPORATE

Proportionate Results from Operations Highlights Quarter-to-date Year-to-date (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 ▪ During the fourth quarter of 2018, Company FFO was $(101)M Investment and other income $ 3 $ 3 $ 6 $ 3 as compared to $(109)M in the prior year due to lower Interest expense (78) (71) (290) (266) management fee expense as a result of a decrease in current Management fee (13) (31) (83) (129) capitalization, partially offset by interest associated with higher General and administrative expense (13) (10) (42) (33) Non-controlling interests - FFO — — (1) — debt balances. Company FFO (101) (109) (410) (425) ▪ The increase in equity of $326M compared to December 31, 2017 FFO (121) (110) (434) (428) Fair value gains, net (40) (2) 160 (36) was primarily due to the conversion of $500M of capital securities Income taxes 47 64 226 — to LP units, partially offset by increased debt obligations. Net income attributable to Unitholders $ (114) $ (48) $ (48) $ (464)

Proportionate Financial Position (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Cash and cash equivalents $ 65 $ 38 Other assets 92 199 Total assets 157 237 Debt obligations 2,159 1,359 Capital securities(1) 2,112 2,921 Deferred tax liabilities 91 598 Other liabilities 1,034 924 Total liabilities 5,396 5,802 Non-controlling interests 16 16 Equity attributable to Unitholders $ (5,255) $ (5,581)

(1) Refer to page 19 for details

8 Consolidated Overview RESULTS FROM OPERATIONS

Quarter-to-date Year-to-date IFRS Proportionate IFRS Proportionate

(US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Commercial property and hospitality revenue $ 2,018 $ 1,515 $ 1,574 $ 1,260 $ 6,956 $ 5,840 $ 5,431 $ 4,782 Commercial property and hospitality expense (837) (707) (566) (522) (3,087) (2,696) (2,129) (1,994) NOI 1,181 808 1,008 738 3,869 3,144 3,302 2,788 Share of equity accounted income - FFO 285 230 — — 833 879 — — Investment and other income 53 23 68 50 126 95 168 171 Fee revenue 60 25 68 37 131 62 166 107 Interest expense (775) (492) (555) (397) (2,464) (1,967) (1,826) (1,490) Depreciation and amortization of non-real estate assets (17) (7) (11) (7) (45) (31) (35) (27) General and administrative expense (439) (160) (232) (153) (1,032) (614) (785) (573) Non-controlling interests (43) (180) (41) (21) (552) (695) (124) (103) FFO 305 247 305 247 866 873 866 873 Depreciation and amortization of non-real estate assets 11 7 11 7 35 27 35 27 Transaction costs(1) 85 15 85 15 221 41 221 41 Gains/losses associated with non-investment properties 2 1 2 1 6 — 6 — Imputed interest(2) 13 16 13 16 51 38 51 38 Net contribution from GGP warrants(3) — — — — — 38 — 38 Company FFO 416 286 416 286 1,179 1,017 1,179 1,017 Company FFO and realized LP Investments gains 833 708 833 708 1,669 1,494 1,669 1,494

FFO 305 247 305 247 866 873 866 873 Depreciation and amortization of real estate assets (63) (67) (23) (25) (264) (244) (95) (91) Fair value gains, net 523 537 158 (280) 2,466 1,254 1,130 (252) Share of equity accounted income - non-FFO 81 (166) — — 114 82 — — Income taxes (32) 227 148 225 (81) (192) 160 (107) Non-controlling interests (280) (644) (54) (33) (1,123) (1,398) (83) (48) Net income attributable to Unitholders $ 534 $ 134 $ 534 $ 134 $ 1,978 $ 375 $ 1,978 $ 375

(1) Transaction costs primarily relate to acquisition costs and also include costs incurred on new financings (2) Represents imputed interest on commercial developments accounted for under the equity method under IFRS (3) Represents incremental FFO that would have been attributable to the partnership's shares of GGP, if all outstanding warrants of GGP had been exercised, including the dilution adjustment to FFO as a result of the issuance of additional common shares by GGP to give effect to the warrant exercise. Prior to the third quarter of 2017, the adjustment assumed net settlement of the outstanding warrants

9 Consolidated Overview PROPORTIONATE RESULTS FROM OPERATIONS BY SEGMENT

Quarter-to-date Core Office Core Retail LP Investments Corporate Total Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, (US$ Millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Commercial property and hospitality revenue $ 553 $ 613 $ 645 $ 281 $ 376 $ 366 $ — $ — $ 1,574 $ 1,260 Commercial property and hospitality expense (227) (274) (163) (69) (176) (179) — — (566) (522) NOI 326 339 482 212 200 187 — — 1,008 738 Investment and other income 12 6 29 22 24 19 3 3 68 50 Fee revenue 30 28 37 9 1 — — — 68 37 Interest expense (135) (166) (217) (67) (125) (93) (78) (71) (555) (397) Depreciation and amortization of non-real estate assets (4) (4) (5) (2) (2) (1) — — (11) (7) General and administrative expense (59) (57) (62) (19) (65) (35) (46) (42) (232) (153) Non-controlling interests (24) (20) (12) — (5) (1) — — (41) (21) FFO 146 126 252 155 28 76 (121) (110) 305 247 Depreciation and amortization of non-real estate assets 4 4 5 2 2 1 — — 11 7 Transaction costs 7 2 13 — 45 12 20 1 85 15 Gains/losses associated with non-investment properties 1 — — 1 1 — — — 2 1 Imputed interest 12 16 — — 1 — — — 13 16 Company FFO 170 148 270 158 77 89 (101) (109) 416 286 Company FFO and realized LP Investment gains 170 148 270 158 494 511 (101) (109) 833 708 FFO 146 126 252 155 28 76 (121) (110) 305 247 Depreciation and amortization of real estate assets (2) — — — (21) (25) — — (23) (25) Fair value gains, net 10 (333) 172 (342) 16 397 (40) (2) 158 (280) Income taxes 128 177 (1) 5 (26) (21) 47 64 148 225 Non-controlling interests (26) — 3 — (31) (33) — — (54) (33) Net income attributable to Unitholders $ 256 $ (30) $ 426 $ (182) $ (34) $ 394 $ (114) $ (48) $ 534 $ 134

10 Consolidated Overview PROPORTIONATE RESULTS FROM OPERATIONS BY SEGMENT

Year-to-date Core Office Core Retail LP Investments Corporate Total Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, (US$ Millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Commercial property and hospitality revenue $ 2,329 $ 2,417 $ 1,541 $ 942 $ 1,561 $ 1,423 $ — $ — $ 5,431 $ 4,782 Commercial property and hospitality expense (973) (1,061) (400) (241) (756) (692) — — (2,129) (1,994) NOI 1,356 1,356 1,141 701 805 731 — — 3,302 2,788 Investment and other income 33 53 47 57 82 58 6 3 168 171 Fee revenue 90 74 73 32 3 1 — — 166 107 Interest expense (613) (634) (471) (221) (452) (369) (290) (266) (1,826) (1,490) Depreciation and amortization of non-real estate assets (11) (14) (14) (6) (10) (7) — — (35) (27) General and administrative expense (237) (208) (213) (72) (186) (128) (149) (165) (785) (573) Non-controlling interests (98) (93) (11) (5) (14) (5) (1) — (124) (103) FFO 520 534 552 486 228 281 (434) (428) 866 873 Depreciation and amortization of non-real estate assets 11 14 14 6 10 7 — — 35 27 Transaction costs 22 6 85 (15) 90 47 24 3 221 41 Gains/losses associated with non-investment properties 5 — — — 1 — — — 6 — Imputed interest 50 38 — — 1 — — — 51 38 Net contribution from GGP warrants(1) — — — 38 — — — — — 38 Company FFO 608 592 651 515 330 335 (410) (425) 1,179 1,017 Company FFO and realized LP Investment gains 608 592 651 515 820 812 (410) (425) 1,669 1,494 FFO 520 534 552 486 228 281 (434) (428) 866 873 Depreciation and amortization of real estate assets (4) (1) — — (91) (90) — — (95) (91) Fair value gains, net 434 (512) (93) (570) 629 866 160 (36) 1,130 (252) Income taxes 30 (35) (6) (3) (90) (69) 226 — 160 (107) Non-controlling interests (46) 10 3 (2) (40) (56) — — (83) (48) Net income attributable to Unitholders $ 934 $ (4) $ 456 $ (89) $ 636 $ 932 $ (48) $ (464) $ 1,978 $ 375 (1) Represents incremental FFO that would have been attributable to the partnership's shares of GGP, if all outstanding warrants of GGP had been exercised, including the dilution adjustment to FFO as a result of the issuance of additional common shares by GGP to give effect to the warrant exercise. Prior to the third quarter of 2017, the adjustment assumed net settlement of the outstanding warrants

11 Consolidated Overview FINANCIAL POSITION

IFRS Proportionate Dec. 31, Dec. 31, Dec. 31, Dec. 31, (US$ Millions, except per unit amounts) 2018 2017 2018 2017 Assets Commercial properties $ 76,014 $ 48,780 $ 69,922 $ 54,158 Commercial developments 4,182 2,577 5,952 4,760 Equity accounted investments 22,698 19,761 — — Property, plant and equipment 7,506 5,457 2,702 2,095 Participating loan interests 268 517 — — Cash and cash equivalents 3,288 1,491 2,057 1,290 Other assets(1) 7,560 4,331 5,544 4,592 Assets held for sale 1,004 1,433 401 1,080 Total assets 122,520 84,347 86,578 67,975 Liabilities Corporate borrowings 2,159 1,359 2,159 1,359 Asset-level debt obligations 50,407 33,401 38,531 29,689 Subsidiary borrowings, non-recourse to BPY(2) 11,245 2,124 6,010 1,827 Capital securities 3,385 4,165 2,261 3,067 Deferred tax liabilities 2,378 2,888 1,522 2,126 Other liabilities(3) 6,043 3,970 4,796 4,150 Liabilities associated with assets held for sale 163 1,316 101 933 Equity Preferred shares 2,846 2,509 2,672 2,347 Non-controlling interests in subsidiaries and properties 15,610 10,429 242 291 Equity attributable to Unitholders 28,284 22,186 28,284 22,186 Total liabilities and equity 122,520 84,347 86,578 67,975 Unitholder equity per unit(4) $ 28.73 $ 30.74 $ 28.73 $ 30.74 (1) Other assets includes goodwill of $1,109M and $1,079M on an IFRS basis and $413M and $830M on a proportionate basis as of December 31, 2018 and December 31, 2017, respectively (2) Subsidiary borrowings includes GGP acquisition debt of $726M (L+225bps) maturing in 2021, $2,000M (L+225bps) maturing in 2023 and $2,000M (L+250bps) maturing in 2025 on an IFRS basis (3) Not included in other liabilities is an accrual of approximately $465M related to carried interest due to the general partner of Brookfield Asset Management-sponsored funds based on hypothetical liquidation of these funds as at December 31, 2018. (4) Assumes conversion of mandatorily convertible preferred shares. Refer to page 21 for further detail

12 Consolidated Overview PROPORTIONATE FINANCIAL POSITION BY SEGMENT

Core Office Core Retail LP Investments Corporate Total Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, (US$ Millions) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Assets Commercial properties $ 26,665 $ 30,244 $ 32,650 $ 14,326 $ 10,607 $ 9,588 $ — $ — $ 69,922 $ 54,158 Commercial developments 4,989 4,015 346 229 617 516 — — 5,952 4,760 Property, plant and equipment 162 102 51 18 2,489 1,975 — — 2,702 2,095 Cash and cash equivalents 865 659 457 129 670 464 65 38 2,057 1,290 Other assets 2,356 1,601 828 942 2,268 1,850 92 199 5,544 4,592 Assets held for sale 34 648 — — 367 432 — — 401 1,080 Total assets 35,071 37,269 34,332 15,644 17,018 14,825 157 237 86,578 67,975 Liabilities Corporate borrowings — — — — — — 2,159 1,359 2,159 1,359 Asset-level debt obligations 15,350 15,839 14,193 6,248 8,988 7,602 — — 38,531 29,689 Subsidiary borrowings, non-recourse to BPY 168 1,603 4,820 — 1,022 224 — — 6,010 1,827 Capital securities — — — — 149 146 2,112 2,921 2,261 3,067 Deferred tax liabilities 1,030 1,158 20 1 381 369 91 598 1,522 2,126 Other liabilities 1,939 2,111 917 475 906 640 1,034 924 4,796 4,150 Liabilities associated with assets held for sale — 288 — — 101 645 — — 101 933 Equity Non-controlling interests 2,385 2,357 246 76 267 189 16 16 2,914 2,638 Equity attributable to Unitholders 14,199 13,913 14,136 8,844 5,204 5,010 (5,255) (5,581) 28,284 22,186 Total liabilities and equity $ 35,071 $ 37,269 $ 34,332 $ 15,644 $ 17,018 $ 14,825 $ 157 $ 237 $ 86,578 $ 67,975

13 Consolidated Overview PAYOUT RATIO

Year-to-date (US$ Per Unit) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Company funds from operations (CFFO) $ 1.48 $ 1.44 $ 1.36 LP Investment realized gains(1) 0.61 0.68 0.37 Annual Earnings 2.09 2.12 1.73 Distributions to Unitholders (1.26) (1.18) (1.12) Retained for property maintenance and growth 0.83 0.94 0.61 Payout Ratio 60% 56% 65% (1) Reflects income earned on opportunistic investing activity when investments are realized that is not otherwise included in CFFO but represents a key component of our investment return

14 Consolidated Overview PROPORTIONATE FAIR VALUE CONTINUITY

Quarter-to-date Balance sheet (US$ Millions) Sep. 30, 2018 Invest.(1) Acquisitions Dispositions Reclass FX Profit & Loss(2) Dec. 31, 2018 Commercial properties Core Office $ 27,444 $ 329 $ — $ (1,170) $ 408 $ (435) $ 89 $ 26,665 Core Retail 32,733 230 — (322) 24 — (15) 32,650 LP Investments 10,390 58 1,820 (1,438) (318) 31 64 10,607 70,567 617 1,820 (2,930) 114 (404) 138 69,922 Commercial developments Core Office 5,027 392 — — (412) (65) 47 4,989 Core Retail 279 66 — — 1 — — 346 LP Investments 633 42 133 (153) (32) 1 (7) 617 5,939 500 133 (153) (443) (64) 40 5,952 Total investment properties $ 76,506 $ 1,117 $ 1,953 $ (3,083) $ (329) $ (468) $ 178 $ 75,874 Other fair value gains (20) Total fair value gains $ 158

(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

Valuation Metrics for Commercial Properties Dec. 31, 2018 Sep. 30, 2018 Implied Implied Implied Implied going-in value per going-in value per Discount Terminal Hold period Capitali- capitali- leasable sq. Discount Terminal Hold period Capitali- capitali- leasable sq. (US$) rate cap rate (years) zation rate zation rate(1) ft./unit(2) rate cap rate (years) zation rate zation rate(1) ft./unit(2) Core Office 6.2% 5.4% 11 4.5% $ 647 6.2% 5.4% 11 4.5% $ 639 Core Retail 6.8% 5.5% 11 5.8% 869 6.9% 5.6% 10 5.7% 863 LP Investments Office 10.2% 7.1% 6 264 10.0% 6.9% 6 242 Retail 9.0% 7.8% 10 240 8.9% 7.6% 10 256 Logistics 9.3% 8.3% 10 58 6.6% 5.5% 10 72 Mixed-use 7.8% 5.5% 10 437 8.2% 5.5% 10 424 Multifamily 4.8% 267 4.8% 245 Triple Net Lease 6.3% 304 6.3% 306 Self-storage 5.7% 113 5.7% 111 Student Housing 5.6% 114 5.5% 114 Manufactured Housing 5.4% 71 5.4% 71

(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 25 and 45 (2) For retail assets, the leasable square feet exclude anchors. For multifamily, student housing and manufactured housing assets, the relevant calculation compares the value of commercial properties to the number of units, beds or sites, respectively, rather than square feet 15 Consolidated Overview PROPORTIONATE FAIR VALUE CONTINUITY (Cont'd)

Year-to-date Balance sheet (US$ Millions) Dec. 31, 2017 Invest.(1) Acquisitions Dispositions Reclass FX Profit & Loss(2) Dec. 31, 2018 Commercial properties Core Office $ 30,244 $ 660 $ 280 $ (3,770) $ 226 $ (1,097) $ 122 $ 26,665 Core Retail 14,326 407 21,808 (3,409) 26 5 (513) 32,650 LP Investments 9,588 183 2,922 (1,647) (484) (242) 287 10,607 54,158 1,250 25,010 (8,826) (232) (1,334) (104) 69,922 Commercial developments Core Office 4,015 1,268 376 (257) (597) (153) 337 4,989 Core Retail 229 127 33 — (43) — — 346 LP Investments 516 220 237 (154) (255) (32) 85 617 4,760 1,615 646 (411) (895) (185) 422 5,952 Total investment properties $ 58,918 $ 2,865 $ 25,656 $ (9,237) $ (1,127) $ (1,519) $ 318 $ 75,874 Other fair value (losses) gains(3) 812 Total fair value gains $ 1,130

(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) Includes approximately $600M of bargain purchase gains associated with acquisitions as well as a gain on extinguishment of debt

16 Consolidated Overview PROPORTIONATE SUMMARY CASH FLOW INFORMATION AND LIQUIDITY

Proportionate Summary Cash Flow Information Quarter-to-date Year-to-date (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Company FFO $ 416 $ 286 $ 1,179 $ 1,017 Distributions paid (309) (208) (1,059) (832) Unit repurchases (67) — (81) (136) Investments (1,727) (1,228) (5,302) (4,074) Disposals 2,125 1,545 3,717 3,139 Debt repayments (2,761) (601) (7,751) (5,003) Proceeds from financings 2,894 1,431 10,555 6,986 Draws (repayments) on corporate and funds subscription facilities 750 (71) 1,317 360 Issuance of limited partner units 1 — 501 — Proceeds from (purchase of) financial assets, net 43 (96) 77 (172) Change in working capital and other, net (873) (1,042) (2,386) (1,222) Change in proportionate cash 492 16 767 63 Proportionate cash at beginning of period 1,565 1,274 1,290 1,227 Proportionate cash at end of period $ 2,057 $ 1,290 $ 2,057 $ 1,290 Proportionate availability under credit facilities 3,092 1,814 Proportionate availability under construction facilities 1,544 2,777 Group-wide liquidity $ 6,693 $ 5,881

17 Consolidated Overview PROPORTIONATE DEBT SUMMARY

Dec. 31, 2018 Deferred financing (US$ Millions) Avg. term Avg. rate Total 2019 (1) 2020(1) 2021 (1) 2022 2023 Thereafter costs % Floating Core Office 5.3 4.12% 15,518 1,216 2,840 3,729 630 1,269 5,978 (144) 29.5% Weighted average interest rate 4.12% 3.60% 4.16% 4.25% 4.17% 4.04% 4.13% % floating 29.5% 56.9% 38.3% 43.2% 48.6% 56.8% 3.5% Core Retail 4.4 4.52% 19,013 1,064 1,926 3,434 2,326 4,089 6,174 — 38.6% Weighted average interest rate 4.52% 4.48% 4.28% 4.74% 4.40% 4.68% 4.42% % floating 38.6% 22.2% 24.2% 62.4% 15.0% 53.1% 32.1% LP Investments 5.5 4.96% 10,010 540 447 837 1,972 1,216 5,082 (84) 39.1% Weighted average interest rate 4.96% 4.61% 3.69% 2.53% 2.77% 3.72% 4.55% % floating 39.1% 15.6% 6.5% 18.6% 32.8% 53.6% 46.9% Corporate 2.6 4.12% 2,159 — — 1,879 — 293 — (13) 73.0% Weighted average interest rate 4.12% —% —% 4.10% —% 4.30% —% % floating 73.0% —% —% 84.4% —% —% —% Total 4.9 4.46% $ 46,700 $ 2,820 $ 5,213 $ 9,879 $ 4,928 $ 6,867 $ 17,234 $ (241) 37.3% Maturity as a % of total 100.0% 6.0% 11.1% 21.0% 10.5% 14.6% 36.8% Weighted average interest rate 4.46% 4.20% 4.24% 4.38% 4.40% 4.51% 4.62% (1) Includes $1.8 billion of forward starting swaps to hedge the impact of changing interest rates on certain planned refinancings during these periods

18 Consolidated Overview PROPORTIONATE CAPITAL SECURITIES

Cumulative (US$ Millions) Entity Authorized Outstanding dividend rate Dec. 31, 2018 Dec. 31, 2017 Class A Preferred Equity Units Series 1 (1) Brookfield Property L.P. 24,000,000 24,000,000 6.25% $ 562 $ 551 Class A Preferred Equity Units Series 2(1) Brookfield Property L.P. 24,000,000 24,000,000 6.50% 537 529 Class A Preferred Equity Units Series 3(1) Brookfield Property L.P. 24,000,000 24,000,000 6.75% 523 517 Class B Junior Preferred Shares Brookfield BPY Holdings Inc. 30,000,000 16,800,000 7.64% 420 750 Class C Junior Preferred Shares Brookfield BPY Holdings Inc. 20,000,000 — 6.75% — 500 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% 13 14 Class A Senior Preferred Shares Series 3 Brookfield Property Split Corp. 1,000,000 909,994 5.00% 17 18 Class A Senior Preferred Shares Series 4 Brookfield Property Split Corp. 1,000,000 940,486 5.20% 17 19 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 72 Preferred Capital Forest City Enterprises L.P. 1,111,044 1,111,044 2.00% 4 — 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 $ 2,261 $ 3,067 (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

19 Consolidated Overview PROPORTIONATE PREFERRED EQUITY

Cumulative (US$ Millions) Entity Outstanding dividend rate Dec. 31, 2018 Dec. 31, 2017 Class A Various BPY holding entities 200,004 5.00% $ 15 $ 15 Class A redeemable voting(1) Brookfield Office Properties Inc. — 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 4.60% 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 4.75% 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 , Inc. 8,000 8.00% 80 80 Series A Brookfield DTLA Fund Office Trust Investor Inc. 9,357,465 7.63% 148 139 Series D Brookfield Property REIT Inc. 532,750 6.50% 27 — Series E Brookfield Property REIT Inc. 502,658 7.00% 25 — Series K(8) Brookfield Property REIT Inc. 1,044,082 — 22 — Series A Brookfield Property REIT Inc. 10,000,000 6.38% 242 — Total $ 2,672 $ 2,347

(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

20 Consolidated Overview PER UNIT CALCULATIONS

Book Value per Unit Dec. 31, 2018 Dec. 31, 2017 Number of Number of (US$ Millions, except per unit amounts) Unitholder equity units(1) Per unit Unitholder equity units Per unit Basic book value per unit $ 28,284 971.1 $ 29.13 $ 22,186 703.6 $ 31.53 Dilutive effect of conversion of preferred shares(2) 1,622 70.0 23.17 1,597 70.0 22.81 29,906 1,041.1 28.73 23,783 773.6 30.74 Dilutive effect of conversion of capital securities(3) 375 19.6 19.13 375 16.9 22.19 Fully diluted book value per unit $ 30,281 1,060.7 $ 28.55 $ 24,158 790.5 $ 30.56

(1) The increase to the basic number of units represents the impact of issuing 272.0 million units on August 28, 2018 (2) 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 (3) Certain series of capital securities can be settled in cash, at the option of the partnership or its subsidiaries which issued such capital securities, which has been the past practice of the partnership and its subsidiaries to avoid dilution associated with issuing units

Company FFO per Unit Quarter-to-date Dec. 31, 2018 Dec. 31, 2017 Average Average number of number of (US$ Millions, except per unit amounts) Company FFO units(1) Per unit Company FFO units Per unit Basic $ 416 974.1 $ 0.43 $ 286 703.5 $ 0.41 Dilutive effect of conversion of preferred shares(2) 29 70.0 0.41 29 70.0 0.41 445 1,044.1 0.43 315 773.5 0.41 Dilutive effect of conversion of capital securities and options 7 19.6 0.36 5 17.2 0.29 Fully-diluted per Management $ 452 1,063.7 $ 0.42 $ 320 790.7 $ 0.40 (1) The increase to the basic average number of units represents the impact of 272.0 million units issued on August 28, 2018 (2) Represents preferred shares that are mandatorily convertible into units at a price of $25.70 and the associated carry

Net Income per Unit Quarter-to-date Dec. 31, 2018 Dec. 31, 2017 Net income Average Net income attributable to number of attributable to Average number (US$ Millions, except per unit amounts) Unitholders units(1) Per unit Unitholders of units Per unit Basic(2) $ 534 974.1 $ 0.55 $ 134 703.5 $ 0.19 Dilutive effect of conversion of preferred shares(3) 29 70.0 0.41 29 70.0 0.41 563 1,044.1 0.54 163 773.5 0.21 Dilutive effect of conversion of capital securities and options 7 19.6 0.36 5 17.2 0.29 Fully-diluted per Management $ 570 1,063.7 $ 0.54 $ 168 790.7 $ 0.21 Fully-diluted per IFRS(4) $ 541 1,063.7 $ 0.51 $ 134 773.8 $ 0.17 (1) The increase to the basic average number of units represents the impact of 272.0 million units issued on August 28, 2018 (2) IFRS requires the inclusion of preferred shares that are mandatorily convertible into units without an add back to earnings of the associated carry on the preferred shares. Consequently, basic net income per unit per IFRS for the three months ended December 31, 2018 was $0.51(2017 – $0.17) (3) Represents preferred shares that are mandatorily convertible into units at a price of $25.70 and the associated carry (4) Excludes the add back to earnings of the carry on the mandatorily convertible preferred shares, as required under IFRS 21 Consolidated Overview PER UNIT CALCULATIONS

Company FFO per Unit Year-to-date Dec. 31, 2018 Dec. 31, 2017 Average number of Average number (US$ Millions, except per unit amounts) Company FFO units(1) Per unit Company FFO of units Per unit Basic $ 1,179 796.8 $ 1.48 $ 1,017 704.7 $ 1.44 Dilutive effect of conversion of preferred shares(2) 117 70.0 1.67 117 70.0 1.67 1,296 866.8 1.50 1,134 774.7 1.46 Dilutive effect of conversion of capital securities and options 27 18.4 1.47 27 24.5 1.10 Fully-diluted per Management $ 1,323 885.2 $ 1.49 $ 1,161 799.2 $ 1.45 (1) The increase to the basic average number of units represents the impact of 272.0 million units issued on August 28, 2018 (2) Represents preferred shares that are mandatorily convertible into units at a price of $25.70 and the associated carry

Net Income per Unit Year-to-date Dec. 31, 2018 Dec. 31, 2017 Net income Average Net income attributable to number of attributable to Average number (US$ Millions, except per unit amounts) Unitholders units(1) Per unit Unitholders of units Per unit Basic(2) $ 1,978 796.8 $ 2.48 $ 375 704.7 $ 0.53 Dilutive effect of conversion of preferred shares(3) 117 70.0 1.67 117 70.0 1.67 2,095 866.8 2.42 492 774.7 0.64 Dilutive effect of conversion of capital securities and options 27 18.4 1.47 27 24.5 1.10 Fully-diluted per Management $ 2,122 885.2 $ 2.40 $ 519 799.2 $ 0.65 Fully-diluted per IFRS(4) $ 2,005 885.2 $ 2.26 $ 375 775.6 $ 0.48 (1) The increase to the basic average number of units represents the impact of 272.0 million units issued on August 28, 2018 (2) IFRS requires the inclusion of preferred shares that are mandatorily convertible into units without an add back to earnings of the associated carry on the preferred shares. Consequently, basic net income per unit per IFRS for the nine months ended December 31, 2018 was $2.28(2017 – $0.48) (3) Represents preferred shares that are mandatorily convertible into units at a price of $25.70 and the associated carry (4) Excludes the add back to earnings of the carry on the mandatorily convertible preferred shares, as required under IFRS

22 Consolidated Overview UNIT INFORMATION

Unit Distributions Earnings Announcements Current policy: Brookfield Property Partners' financial results are ▪ Distribution of US$0.315 per unit for the December 1, 2018 to February scheduled to be announced on the following dates: 28, 2019 period (US$1.26 per unit annualized) ▪ First quarter 2019 results on May 6, 2019 ▪ Record date - last business day of February, May, August and November ▪ Second quarter 2019 results on August 2, 2019 ▪ Payment date - last business day of March, June, September and ▪ Third quarter 2019 results on November 6, 2019 December

Units Outstanding Dec. 31, 2018 Dec. 31, 2017 Brookfield Property Partners L.P. limited partnership units 530,287,793 254,989,192 Brookfield Property Partners L.P. general partnership units 138,875 138,875 Total Brookfield Property Partners L.P. units(1) 530,426,668 255,128,067 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 3,308,662 11,078,263 Total units outstanding 971,144,432 703,615,432

(1) Brookfield Asset Management has economic interests in approximately 81.7M BPY L.P. units as of December 31, 2018, bringing Brookfield Asset Management's economic interest to approximately 522.3M units, or approximately 53.6%

Unit Trading Statistics Oct. 1, 2018 - Dec. 31, 2018 Jul. 1, 2018 - Sep. 30, 2018 Apr. 1, 2018 - Jun. 30, 2018 Jan. 1, 2018 - Mar. 31, 2018 Oct. 1, 2017 - Dec. 31, 2017 NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ (1) (USD) TSX (CAD) (USD) TSX (CAD) (USD) TSX (CAD) (USD) TSX (CAD) (USD) TSX (CAD) High $ 21.09 C$ 27.11 $ 21.15 C$ 27.67 $ 20.65 C$ 26.86 $ 22.31 C$ 27.95 $ 24.96 C$ 31.10 Low $ 14.96 C$ 20.41 $ 18.86 C$ 24.80 $ 18.46 C$ 23.30 $ 18.13 C$ 23.28 $ 21.16 C$ 27.08 Close $ 16.12 C$ 22.02 $ 20.89 C$ 27.01 $ 19.02 C$ 24.97 $ 19.19 C$ 24.73 $ 22.16 C$ 27.85 Volume 121,103,300 37,691,433 199,737,100 43,715,637 23,369,916 10,156,916 16,747,970 11,174,580 12,284,631 10,916,293 (1) BPY units were traded on NYSE through November 15, 2017

23 Consolidated Overview Core Office CASH NET OPERATING INCOME

Quarter-to-date Year-to-date % of Total (Millions in source currency unless otherwise noted) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 (Current QTD) United States Midtown New York $ 23.9 $ 25.9 $ 103.5 $ 115.8 7.7% Downtown New York 53.0 50.4 212.9 216.0 17.0% Washington, D.C. 25.1 22.9 104.4 92.5 8.1% Los Angeles 21.4 21.6 83.5 87.9 6.9% Houston 20.2 20.0 77.8 72.3 6.5% Denver 3.6 6.0 17.9 26.3 1.2% Boston 1.8 2.0 7.7 7.7 0.6% San Francisco and other 2.8 2.0 11.5 6.7 0.9% 151.8 150.8 619.2 625.2 49.0% Canada Toronto 37.0 48.8 161.0 184.1 9.0% Calgary 36.0 23.9 137.7 92.8 8.8% Ottawa 1.6 2.1 8.2 9.0 0.4% in C$ 74.6 74.8 306.9 285.9 in US$ 56.4 58.9 236.8 220.5 18.2% Australia Sydney 24.8 27.4 113.4 96.6 5.6% Perth 25.2 25.1 104.1 94.7 5.8% Melbourne 8.3 9.2 36.2 38.6 1.9% Brisbane 2.7 2.1 12.4 9.2 0.6% in A$ 61.0 63.8 266.1 239.1 in US$ 43.7 49.1 201.5 183.3 14.1% United Kingdom London 39.4 39.1 158.9 167.2 16.3% in £ 39.4 39.1 158.9 167.2 in US$ 50.6 51.9 212.1 215.4 16.3% Germany Berlin 3.5 3.0 13.6 12.3 1.3% in € 3.5 3.0 13.6 12.3 in US$ 4.0 3.6 16.1 13.9 1.3% Brazil São Paulo 8.9 8.7 35.0 34.6 0.8% Rio de Janeiro 4.8 3.5 17.6 6.6 0.4% in R$ 13.7 12.2 52.6 41.2 in US$ 3.6 3.8 14.4 12.9 1.2% Total Cash NOI 310.1 318.1 1,300.1 1,271.2 100.0% Straight-line rental income 16.0 21.0 56.0 85.0 Total NOI $ 326.1 $ 339.1 $ 1,356.1 $ 1,356.2

25 Core Office SAME-PROPERTY NET OPERATING INCOME

Quarter-to-date Year-to-date (Millions in source currency unless otherwise noted) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 United States Midtown New York $ 27.3 $ 21.8 $ 98.8 $ 88.2 Downtown New York 48.0 44.0 228.4 210.9 Washington, D.C. 24.2 23.6 102.9 95.3 Los Angeles 22.5 21.9 89.7 91.0 Houston 18.8 18.2 71.1 70.9 Denver 3.6 3.5 14.9 15.5 Boston 1.7 2.0 7.7 8.2 San Francisco and other 3.0 4.1 11.6 11.7 149.1 139.1 625.1 591.7 Canada Toronto 35.4 35.0 146.5 138.6 Calgary 25.2 24.7 101.1 96.0 Ottawa 1.4 1.5 5.8 6.3 in C$ 62.0 61.2 253.4 240.9 in US$ 47.0 48.2 195.6 185.7 Australia Sydney 26.4 24.4 111.9 95.5 Perth 27.6 27.7 109.3 105.1 Melbourne 8.0 8.8 34.1 34.0 Brisbane 2.7 2.2 9.7 9.2 in A$ 64.7 63.1 265.0 243.8 in US$ 46.4 48.6 198.1 187.0 United Kingdom London 39.1 38.3 153.9 153.6 in £ 39.1 38.3 153.9 153.6 in US$ 50.3 50.9 205.5 198.0 Germany Berlin 3.5 3.0 13.5 11.9 in € 3.5 3.0 13.5 11.9 in US$ 4.0 3.6 15.9 13.5 Brazil São Paulo 8.9 8.7 35.0 34.6 Rio de Janeiro 3.7 3.3 7.3 6.5 in R$ 12.6 12.0 42.3 41.1 in US$ 3.3 3.7 11.6 12.9 Total same-property NOI (US$) $ 300.1 $ 294.1 $ 1,251.8 $ 1,188.8 Percent of same-property NOI growth 2.0% 5.3% Percent of same-property NOI growth excluding the impact of FX 4.8% 5.2%

26 Core Office HISTORICAL OCCUPANCY

Historical Occupancy by Country (Assets under Management)

(1) Five-quarter Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 average Midtown New York 97.1% 96.2% 96.1% 96.2% 95.0% 96.1% Downtown New York 96.1% 95.5% 95.2% 93.9% 93.8% 94.9% Washington, D.C. 91.1% 90.4% 89.5% 89.1% 90.3% 90.1% Los Angeles 87.3% 86.0% 84.3% 85.1% 85.8% 85.7% Houston 84.3% 82.6% 84.8% 84.3% 84.5% 84.1% Boston 96.5% 93.7% 93.9% 90.8% 97.4% 94.5% Denver 83.8% 83.8% 83.3% 83.0% 89.1% 84.6% San Francisco 94.6% 96.2% 95.7% 96.8% 96.3% 95.9% United States 91.5% 90.6% 90.3% 89.9% 90.3% 90.5% Toronto 99.3% 98.3% 98.6% 98.3% 97.7% 98.4% Calgary 91.4% 91.3% 91.3% 92.2% 91.1% 91.5% Ottawa 90.4% 93.5% 93.0% 93.0% 94.9% 93.0% Canada 95.4% 95.1% 95.2% 95.4% 94.9% 95.2% Sydney 99.6% 98.6% 97.7% 98.3% 98.3% 98.5% Melbourne 99.9% 100.0% 100.0% 100.0% 100.0% 100.0% Perth 96.1% 95.5% 94.7% 93.8% 94.2% 94.9% Brisbane 86.1% 79.1% 79.1% 73.2% 76.5% 78.8% Australia 98.0% 97.3% 96.6% 96.4% 96.7% 97.0% London 96.2% 96.5% 96.2% 96.3% 95.9% 96.2% Berlin 89.1% 89.3% 91.1% 92.5% 91.1% 90.6% São Paulo 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Rio de Janeiro 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Brazil 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Total 93.5% 92.9% 92.7% 92.6% 92.6% 92.9% (1) Restated for remeasurements performed during the first quarter of 2018

27 Core Office HISTORICAL RENTS

Historical Average In-place Net Rents Historical Average Market Net Rents Avg. Remaining Lease Term (Local currency) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017(1) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017(1) (years) Midtown New York $ 45.43 $ 45.13 $ 46.98 $ 47.04 $ 47.53 $ 60.46 $ 61.50 $ 54.33 $ 53.32 $ 57.55 13.0 Downtown New York 34.28 33.44 33.26 33.17 33.02 44.80 46.08 47.51 42.62 43.61 9.8 Washington, D.C. 31.72 32.36 32.44 31.97 31.83 25.74 25.90 25.65 25.33 25.59 5.7 Los Angeles 25.94 25.75 25.72 25.52 25.42 27.50 27.50 27.50 27.50 27.50 6.8 Houston 23.61 23.17 22.79 22.80 22.68 24.00 23.00 23.00 23.00 23.00 5.8 Boston 27.41 25.27 25.25 24.90 24.95 38.44 35.39 35.39 35.50 35.18 5.5 Denver 23.68 23.64 23.59 23.08 23.30 21.00 21.00 21.00 21.00 21.00 5.3 San Francisco 44.58 41.84 41.72 40.96 41.56 53.00 51.00 51.00 51.00 50.00 5.0 United States 31.62 31.32 31.92 31.77 31.42 36.22 36.48 36.66 34.70 37.59 8.1 Toronto 32.64 31.83 31.62 31.50 32.03 35.00 35.00 35.00 33.00 33.00 7.6 Calgary 32.58 32.45 32.38 32.48 32.80 21.00 21.00 21.00 21.00 22.00 11.7 Ottawa 22.84 20.72 20.72 20.69 20.51 18.00 18.00 18.00 18.00 18.00 4.7 Canada 32.32 31.60 31.46 31.44 31.86 28.44 28.58 28.59 27.46 28.40 9.3 in US$(2) 23.69 23.17 23.06 23.05 23.36 20.85 20.95 20.96 20.13 20.82 Sydney 62.41 64.42 64.15 63.54 63.47 92.75 93.63 92.51 90.46 89.47 5.2 Melbourne 59.24 58.56 57.95 57.93 56.95 53.90 53.85 53.23 52.21 51.26 3.9 Perth 76.32 75.59 75.63 74.20 74.03 57.73 57.75 57.41 57.32 57.10 7.6 Brisbane 63.03 68.40 66.51 53.42 67.22 55.87 55.69 55.46 54.72 54.56 5.0 Australia 67.71 67.48 67.18 65.75 66.19 67.82 73.79 73.02 72.05 71.32 5.9 in US$(2) 47.74 47.57 47.36 46.35 46.66 47.81 52.02 51.48 50.80 50.28 London 45.77 45.45 45.15 44.77 44.71 51.06 50.76 50.67 51.12 51.14 10.7 in US$(2) 58.40 57.99 57.61 57.13 57.05 65.15 64.77 64.65 65.23 65.25 Berlin 25.71 25.89 26.38 26.13 26.24 37.35 36.23 35.12 34.56 33.45 5.9 in US$(2) 29.49 29.69 30.26 29.96 30.10 42.84 41.55 40.28 39.64 38.36 São Paulo 249.97 249.97 249.97 249.97 249.97 249.97 249.97 249.97 249.97 249.97 4.9 Rio de Janeiro 164.02 164.02 155.48 155.48 162.12 164.02 164.02 155.48 155.48 162.12 9.0 Brazil 206.84 210.27 210.99 210.99 213.73 206.84 210.27 210.99 210.99 214.60 7.0 in US$(2) 53.39 54.27 54.46 54.46 55.16 53.39 54.27 54.46 54.46 55.39 Total $ 34.12 $ 34.00 $ 34.08 $ 33.89 $ 33.52 $ 36.88 $ 37.54 $ 37.49 $ 36.23 $ 37.53 8.4 Current mark-to-market opportunity 8.1%

(1) Restated for remeasurement performed during the first quarter of 2018 (2) Using the spot rate at December 31, 2018 for all periods presented

28 Core Office PROPORTIONATE LEASING ACTIVITY

Quarter-to-date Sep. 30, 2018 Quarter-to-date leasing activity Dec. 31, 2018 Total Year one Average Acq. (disp.) Leased Avg. in-place 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 2,519 $ 45.13 (70) $ 57.31 82 $ 72.21 $ 80.27 — 2,531 $ 45.43 $ 60.46 Downtown New York 6,660 33.44 (74) 33.77 112 33.91 36.63 — 6,698 34.28 44.80 Washington, D.C. 3,807 32.36 (274) 34.10 287 31.12 34.12 (258) 3,562 31.72 25.74 Los Angeles 3,619 25.75 (96) 27.23 151 27.74 31.27 — 3,674 25.94 27.50 Houston 3,571 23.17 (363) 16.79 463 21.73 23.49 — 3,671 23.61 24.00 Boston 238 25.27 (30) 35.34 35 37.72 40.99 — 243 27.41 38.44 Denver 560 23.64 (10) 27.47 10 30.69 32.53 — 560 23.68 21.00 San Francisco 199 41.84 (29) 36.85 26 56.70 74.57 — 196 44.58 53.00 United States 21,173 31.32 (946) 28.51 1,166 30.88 34.11 (258) 21,135 31.62 36.22 Toronto 5,234 31.83 (157) 30.90 206 34.61 36.43 (477) 4,806 32.64 35.00 Calgary 3,860 32.45 (7) 25.14 8 30.24 32.16 — 3,861 32.58 21.00 Ottawa 408 20.72 (1) 9.63 1 15.00 19.20 (139) 269 22.84 18.00 Canada 9,502 31.60 (165) 30.53 215 34.36 36.19 (616) 8,936 32.32 28.44 in US$(1) 23.17 22.38 25.19 26.53 23.69 20.85 Sydney 2,136 64.42 (274) 75.56 101 79.76 86.08 (860) 1,103 62.41 92.75 Melbourne 679 58.56 (1) 135.74 — — — — 678 59.24 53.90 Perth 1,528 75.59 (5) 88.25 12 48.89 53.37 (50) 1,485 76.32 57.73 Brisbane 238 68.40 — — 21 46.71 53.81 — 259 63.03 55.87 Australia 4,581 67.48 (280) 75.93 134 71.81 78.09 (910) 3,525 67.71 67.82 in US$(1) 47.57 53.53 50.63 55.05 47.74 47.81 London 3,934 45.45 (83) 51.53 67 59.48 59.48 — 3,918 45.77 51.06 in US$(1) 57.99 65.75 75.90 75.90 58.40 65.15 Berlin 552 25.89 (6) 38.55 5 22.42 22.42 — 551 25.71 37.35 in US$(1) 29.69 44.22 25.71 25.71 29.49 42.84 São Paulo 141 249.97 — — — — — — 141 249.97 249.97 Rio de Janeiro 121 164.02 — — — — — 21 142 164.02 164.02 Brazil 262 210.27 — — — — — 21 283 206.84 206.84 in US$(1) 54.27 — — — 53.39 53.39 Total 40,004 $ 34.00 (1,480) $ 34.71 1,587 $ 33.66 $ 36.59 (1,763) 38,348 $ 34.12 $ 36.88 (1) Using the spot rate at December 31, 2018 for all periods presented

29 Core Office PROPORTIONATE LEASING ACTIVITY

Year-to-date Dec. 31, 2017 Year-to-date leasing activity Dec. 31, 2018 Avg. in-place Total Year one Average Acq. (disp.) Leased 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 2,931 $ 47.53 (91) $ 57.95 131 $ 57.90 $ 72.84 (440) 2,531 $ 45.43 $ 60.46 Downtown New York 8,979 33.02 (376) 38.83 589 37.21 40.34 (2,494) 6,698 34.28 44.80 Washington, D.C. 3,483 31.83 (534) 33.69 589 28.46 32.22 24 3,562 31.72 25.74 Los Angeles 3,609 25.42 (437) 24.56 502 24.14 28.48 — 3,674 25.94 27.50 Houston 3,665 22.68 (713) 21.18 719 22.01 23.60 — 3,671 23.61 24.00 Boston 245 24.95 (52) 33.65 50 39.41 42.92 — 243 27.41 38.44 Denver 1,195 23.30 (49) 27.26 40 25.27 28.32 (626) 560 23.68 21.00 San Francisco 199 41.56 (41) 36.61 38 54.13 67.34 — 196 44.58 53.00 United States 24,306 31.43 (2,293) 29.78 2,658 29.81 33.63 (3,536) 21,135 31.62 36.22 Toronto 6,274 32.03 (919) 25.89 1,006 29.18 30.10 (1,555) 4,806 32.64 35.00 Calgary 3,851 32.80 (47) 40.25 57 18.06 20.86 — 3,861 32.58 21.00 Ottawa 414 20.51 (9) 18.40 3 19.89 21.24 (139) 269 22.84 18.00 Canada 10,539 31.86 (975) 26.52 1,066 28.56 29.58 (1,694) 8,936 32.32 28.44 in US$(2) 23.36 19.44 20.94 21.68 23.69 20.85 Sydney 2,149 63.47 (406) 58.79 221 50.18 55.96 (861) 1,103 62.41 92.75 Melbourne 679 56.95 (2) 105.24 1 99.55 113.86 — 678 59.24 53.90 Perth 1,514 74.03 (18) 87.75 39 50.43 54.92 (50) 1,485 76.32 57.73 Brisbane 230 67.22 (21) 47.04 50 49.40 59.14 — 259 63.03 55.87 Australia 4,572 66.19 (447) 59.58 311 50.25 56.53 (911) 3,525 67.71 67.82 in US$(2) 46.66 42.00 35.43 39.85 47.74 47.81 London 4,022 44.71 (250) 51.60 247 57.19 57.19 (101) 3,918 45.77 51.06 in US$(2) 57.05 65.84 72.97 72.97 58.40 65.15 Berlin 564 26.24 (88) 30.43 75 28.98 28.98 — 551 25.71 37.35 in US$(2) 30.10 34.90 33.23 33.23 29.49 42.84 São Paulo 141 249.97 — — — — — — 141 249.97 249.97 Rio de Janeiro 99 162.12 — — — — — 43 142 164.02 164.02 Brazil 240 213.73 — — — — — 43 283 206.84 206.84 in US$(2) 55.16 — — — 53.39 53.39 Total 44,243 $ 33.52 (4,053) $ 30.97 4,357 $ 30.55 $ 33.37 (6,199) 38,348 $ 34.12 $ 36.88

(1) Restated for remeasurements performed during the first quarter of 2018 (2) Using the spot rate at December 31, 2018 for all periods presented

30 Core Office PROPORTIONATE LEASE EXPIRY ANALYSIS

Dec. 31, 2018 Current 2019 2020 2021 2022 2023 2024 Thereafter Total(1) Net rent Net rent Net rent Net rent Net rent Net rent Net rent (Sq. ft. in (Sq. ft. in (per (Sq. ft. in (per (Sq. ft. in (per (Sq. ft. in (per (Sq. ft. in (per (Sq. ft. in (per (Sq. ft. in (per (Sq. ft. in (Local currency) 000's) 000's) sq. ft.)(2) 000's) sq. ft.)(2) 000's) sq. ft.)(2) 000's) sq. ft.)(2) 000's) sq. ft.)(2) 000's) sq. ft.)(2) 000's) sq. ft.)(2) 000's) Midtown New York 60 — $ — 94 $ 43 39 $ 60 43 $ 44 12 $ 55 46 $ 31 2,297 $ 53 2,591 Downtown New York 224 — — 138 44 286 36 403 33 115 52 528 38 5,228 44 6,922 Washington, D.C. 289 164 32 431 32 774 30 125 34 379 34 195 31 1,494 45 3,851 Los Angeles 535 260 21 199 28 213 31 388 29 483 29 288 33 1,843 36 4,209 Houston 805 118 24 611 26 98 24 668 25 506 26 250 27 1,420 26 4,476 Boston 12 — — 9 29 12 33 67 33 30 27 20 32 105 31 255 Denver 109 44 24 39 24 53 24 6 28 140 27 2 40 276 29 669 San Francisco 10 30 34 19 35 4 68 82 54 11 62 6 73 44 75 206 United States 2,044 616 25 1,540 31 1,479 32 1,782 30 1,676 31 1,335 34 12,707 42 23,179 Toronto 32 100 34 399 35 318 35 580 31 230 33 316 35 2,863 35 4,838 Calgary 440 51 49 138 42 63 37 224 30 54 33 74 42 3,257 37 4,301 Ottawa 29 23 23 2 28 144 23 5 12 1 28 3 23 91 23 298 Canada 501 174 37 539 37 525 32 809 31 285 33 393 36 6,211 36 9,437 in US$ 27 27 23 23 24 26 26 Sydney 2 4 43 23 81 14 82 166 71 163 79 350 63 383 82 1,105 Melbourne — — — 2 123 3 134 281 68 141 63 2 138 250 68 679 Perth 51 — — 65 75 7 75 19 79 158 85 51 79 1,185 102 1,536 Brisbane 42 — — 45 60 23 74 37 77 29 128 13 79 112 60 301 Australia 95 4 43 135 72 47 80 503 70 491 79 416 66 1,930 91 3,621 in US$ 30 51 56 49 56 47 64 London 177 1 195 59 63 273 41 157 48 143 40 230 57 3,055 45 4,095 in US$ 249 80 52 61 51 73 57 Berlin 69 8 22 31 39 7 44 66 25 27 26 118 27 294 24 620 in US$ 25 45 50 29 30 31 28 São Paulo — — — — — — — — — — — 141 250 — — 141 Rio de Janeiro — — — — — — — — — — — — — 142 164 142 Brazil — — — — — — — — — — — 141 250 142 164 283 in US$ — — — — — 65 42 Total 2,886 803 $ 26 2,304 $ 33 2,331 $ 33 3,317 $ 33 2,622 $ 36 2,633 $ 40 24,339 $ 41 41,235 Total % expiring 7.0 % 1.9 % 5.6 % 5.7 % 8.0% 6.4 % 6.4% 59.0% 100.0% End of prior year 10.6 % 4.6 % 6.4 % 7.3 % 6.6% 6.9 % 4.7% 52.9% 100.0% Difference (3.6)% (2.7)% (0.8)% (1.6)% 1.4% (0.5)% 1.7% 6.1%

(1) Excludes developments (2) Net rent represents cash rent in year of expiry

31 Core Office TOP TENANTS

Total Tenant Primary location Credit rating(1) Year of expiry(2) (sq. ft. in 000's) Exposure (%)(3)

1 Government and Government Agencies Various AA+/AAA 2032 7,321 9.4% 2 Morgan Stanley NY/Toronto/London A- 2029 2,016 2.6% 3 Barclays London BBB- 2033 1,502 1.9% 4 CIBC World Markets(4) Calgary/Toronto/NY AA 2035 1,445 1.9% 5 Suncor Energy Inc. Calgary BBB+ 2028 1,355 1.7% 6 Cenovus Calgary BB+ 2040 1,186 1.5% 7 Bank of Montreal Calgary/Toronto AA 2043 1,139 1.5% 8 Deloitte Various Not Rated 2034 1,076 1.4% 9 | Merrill Lynch Various A- 2027 1,018 1.3% 10 Amazon NY/London A- 2032 963 1.2% 11 Royal Bank of Canada Various AA 2032 840 1.1% 12 BHP Billiton Perth A 2027 734 0.9% 13 Home Box Office NY Not Rated 2019 716 0.9% 14 Time Inc (HQ) NY B+ 2033 696 0.9% 15 Hudson's Bay Company NY/Toronto B- 2033 685 0.9% 16 Devon Energy Houston BB+ 2027 639 0.8% 17 Cleary, Gottlieb, Steen & Hamilton LLP NY/London Not Rated 2031 611 0.8% 18 Commonwealth Bank Melbourne/Sydney/Brisbane AA 2026 595 0.8% 19 Westcoast Energy Calgary Not Rated 2028 586 0.8% 20 Canadian Natural Resources Limited Calgary BBB 2026 572 0.7% Total 25,695 33.0% (1) From Standard & Poor's Rating Services, Moody's Investment Services, Inc. or DBRS Limited (2) Reflects year of maturity related to lease(s) and is calculated based on a weighted average basis based on square feet where applicable (3) Prior to considering partnership interests in partially-owned properties (4) CIBC World Markets leases 1.1 million square feet at 300 Madison Avenue in New York, of which they sublease 940,000 square feet to PricewaterhouseCoopers LLP and 100,000 square feet to Sumitomo Corporation of America

32 Core Office DEVELOPMENT SITES

Active Developments Proportionate Area currently under construction Expected date of Dec. 31, 2018 accounting Cost Percent pre- Assets under (Local currency Millions and sq. ft. in 000's) Location stabilization Total To-date Yield on cost leased management Proportionate Office 100 Bishopsgate London Q2 2020 £ 875 £ 759 7% 67% 938 938 655 New York Avenue Washington, D.C. Q1 2021 $ 285 $ 261 7% 63% 766 383 One Manhattan West New York City Q3 2020 $ 778 $ 529 6% 86% 2,081 853 1 Bank Street London Q4 2020 £ 257 £ 210 7% 40% 715 358 ICD Brookfield Place Dubai Q2 2021 AED 1404 AED 962 10% 17% 1,156 578 Wood Wharf - Office London Q2 2021 £ 125 £ 14 8% 42% 423 211 Bay Adelaide North Toronto Q4 2022 C$ 498 C$ 80 6% 77% 820 820 Multifamily - Rental Studio Plaza Silver Spring, MD Q1 2020 $ 106 $ 94 7% n/a 343 296 Wood Wharf - 8 Water Street & 2 George Street London Q4 2020 £ 151 £ 99 5% n/a 371 186 Newfoundland London Q2 2021 £ 249 £ 186 4% n/a 545 273 Greenpoint Landing Building F New York City Q1 2021 $ 347 $ 170 6% n/a 348 331 Multifamily - Condominium (1) Principal Place Residential London Q1 2019 £ 190 £ 157 17% n/a 303 152 Southbank Place London Q4 2019 £ 232 £ 153 20% n/a 669 167 Wood Wharf - 10 Park Drive London Q4 2019 £ 102 £ 79 31% n/a 269 135 Wood Wharf - One Park Drive London Q2 2021 £ 221 £ 98 30% n/a 430 215 Active developments 10,177 5,896 Manhattan West - Mixed-use(2) New York City 2,195 1,229 10 Bank St - Office London 857 428 Elizabeth Quay - Office Australia 1,150 1,150 Multifamily - Rental (various) New York City 1,901 1,864 Multifamily - Rental (various) Houston 771 771 Dallas Hi Line - Multifamily - Rental Dallas 509 509 Multifamily (various) London 465 188 Halley Rise - Mixed-use Washington, D.C. 2,729 2,300 Active planning 10,577 8,439 Future developments 11,429 7,664 Total commercial developments 32,183 22,001 (1) Completion date and anticipated return on cost are presented instead of cash stabilization and yield on cost, respectively, for these developments (2 ) Approximately 1,955,000 sq. ft. of office space, 159,000 sq. ft. of hotel space, and 82,000 sq. ft. of retail space in active planning.

Commercial Developments Proportionate balance (US $ Millions) Dec. 31, 2018 Dec. 31, 2017 Active developments $ 3,512 $ 2,945 Active planning 816 448 Future developments 661 622 Total core office commercial developments $ 4,989 $ 4,015 33 Core Office DEBT

Dec. 31, 2018 Proportionate Mortgage (US$ Millions) Location Rate Maturity date IFRS Total 2019 2020 2021 2022 2023 Thereafter details United States Total Plaza Houston 4.65% January 2019 $ 85 $ 85 $ 85 $ — $ — $ — $ — $ — Fixed Potomac Tower Washington, D.C. 4.50% March 2019 76 76 76 — — — — — Fixed 3 Bethesda Metro Center Washington, D.C. 3.95% June 2019 101 101 101 — — — — — Floating Halley Rise(1) Washington, D.C. 4.31% December 2019 70 59 59 — — — — — Floating 300 Vesey Street New York 4.35% April 2020 180 131 — 131 — — — — Floating Brookfield Place Retail New York 5.10% June 2020 325 236 — 236 — — — — Floating South Bronx(1) New York 5.45% August 2020 84 84 — 84 — — — — Floating 777 Tower Los Angeles 2.60% November 2020 220 104 — 104 — — — — Fixed 601 & 701 South 12th Street Washington, D.C. 2.08% November 2020 89 89 — 89 — — — — Fixed Ernst & Young Plaza Los Angeles 2.18% November 2020 265 125 — 125 — — — — Fixed 200 Vesey Street New York 4.28% December 2020 340 247 — 247 — — — — Floating One Post Street San Francisco 2.64% March 2021 130 39 — — 39 — — — Fixed 1600 Smith Street and One and Three Allen Center Houston 2.64% April 2021 425 358 — — 358 — — — Fixed Greenpoint Landing Buildings D&H(1) New York 5.35% May 2021 84 84 — — 84 — — — Floating Camarillo Camarillo, CA 2.66% May 2021 79 79 — — 79 — — — Floating The Gas Company Tower Los Angeles 4.35% August 2021 450 215 — — 215 — — — Fixed Silver Spring Metro Plaza Washington, D.C. 5.10% October 2021 115 97 — — 97 — — — Fixed 685 Market Street San Francisco 4.00% October 2021 85 45 — — 45 — — — Fixed One Blue Slip New York 2.66% November 2021 123 100 — — 100 — — — Floating Houston DoubleTree Hotel Houston 5.85% November 2021 32 27 — — 27 — — — Fixed Studio Plaza Phase I(1) Washington, D.C. 5.14% March 2022 54 54 — — — 54 — — Floating Niido Nashville/Orlando Nashville / Florida 2.66% August 2022 100 100 — — — 100 — — Floating Greenpoint Landing Building F(1) New York 4.72% December 2022 42 42 — — — 42 — — Floating 333 W 34th Street New York 2.69% January 2023 130 30 — — — — 30 — Fixed FIGat7th Los Angeles 3.88% March 2023 59 28 — — — — 28 — Fixed Bleecker Street Retail New York 4.45% April 2023 21 15 — — — — 15 — Floating Two Allen Center Houston 4.85% April 2023 185 156 — — — — 156 — Floating Figueroa at Wilshire Los Angeles 3.49% July 2023 247 117 — — — — 117 — Fixed Wells Fargo Center North Tower Los Angeles 4.65% October 2023 500 237 — — — — 237 — Floating Wells Fargo Center South Tower Los Angeles 4.15% November 2023 258 122 — — — — 122 — Floating Bank of America Plaza Los Angeles 4.05% September 2024 400 189 — — — — — 189 Fixed Reston Summit I & II Washington, D.C. 2.69% April 2025 63 63 — — — — — 63 Fixed 2001 M Street Washington, D.C. 3.80% September 2025 125 52 — — — — — 52 Fixed 250 Vesey Street New York 3.77% November 2025 600 435 — — — — — 435 Fixed 225 Liberty Street New York 4.66% February 2026 900 653 — — — — — 653 Fixed 200 Liberty Street New York 4.50% February 2027 550 399 — — — — — 399 Fixed 701 Ninth Street Washington, D.C. 6.73% December 2028 128 128 — — — — — 128 Fixed 300 Madison Avenue New York 7.26% April 2032 265 265 — — — — — 265 Fixed United States properties 3.91% $ 7,985 $ 5,466 $ 321 $ 1,016 $ 1,044 $ 196 $ 705 $ 2,184 (1)Development debt

34 Core Office DEBT (CONT’D)

Dec. 31, 2018 Proportionate Mortgage (US$ Millions) Location Rate Maturity date IFRS Total 2019 2020 2021 2022 2023 Thereafter details Canada Bay Wellington Tower Toronto 3.24% January 2020 $ 339 $ 339 $ — $ 339 $ — $ — $ — $ — Fixed Hudson's Bay Centre Toronto 3.71% May 2020 101 101 — 101 — — — — Floating 22 Front Street Toronto 6.16% October 2020 11 11 — 11 — — — — Fixed Brookfield Place Calgary East Tower Calgary 4.02% November 2020 351 351 — 351 — — — — Floating Bankers Court Calgary 4.91% November 2020 28 28 — 28 — — — — Fixed Fifth Avenue Place Calgary 4.71% August 2021 106 106 — — 106 — — — Fixed Exchange Tower Toronto 4.00% April 2022 72 72 — — — 72 — — Fixed 105 Adelaide Street West Toronto 3.84% May 2023 23 23 — — — — 23 — Fixed Bankers Hall Calgary 4.38% November 2023 200 200 — — — — 200 — Fixed First Canadian Place Toronto 3.53% December 2023 52 52 — — — — 52 — Fixed 2 Queen Street East Toronto 3.30% February 2025 24 24 — — — — — 24 Fixed Place de Ville I and II Ottawa 3.72% June 2025 31 31 — — — — — 31 Fixed Bay Adelaide Centre - West Tower Toronto 3.87% September 2026 174 174 — — — — — 174 Fixed Bay Adelaide Centre - East Tower Toronto 3.87% September 2026 156 156 — — — — — 156 Fixed Suncor Energy Centre Calgary 5.19% August 2033 179 179 — — — — — 179 Fixed Canadian properties 4.02% $ 1,847 $ 1,847 $ — $ 830 $ 106 $ 72 $ 275 $ 564 Australia 240 Queen Street Brisbane 3.73% Feb 2019 - Nov 2021 $ 116 $ 116 $ 35 $ — $ 81 $ — $ — $ — Floating Brookfield Place Perth, Tower 1 & 2 Perth 3.20% December 2019 620 620 620 — — — — — Floating 3 Spring Street Sydney 3.47% April 2020 25 25 — 25 — — — — Floating 108 St. Georges Terrace & Southern Cross Perth / Melbourne 3.87% November 2021 176 176 — — 176 — — — Floating 388 George Street Sydney 3.89% December 2021 66 66 — — 66 — — — Floating

52 Goulburn St. Sydney 3.51% August 2022 46 22 — — — 22 — — Floating Southern Cross West Tower Melbourne 3.32% November 2022 88 88 — — — 88 — — Floating 235 St. Georges Terrace, 50 Goulburn & 680 George St. Sydney / Perth 3.50% August 2023 137 66 — — — — 66 — Floating

Jessie St Centre Sydney 4.51% February 2026 127 94 — — — — — 94 Fixed Australian properties 3.51% $ 1,401 $ 1,273 $ 655 $ 25 $ 323 $ 110 $ 66 $ 94 United Kingdom Leadenhall Court London 3.91% August 2019 $ 27 $ 27 $ 27 $ — $ — $ — $ — $ — Floating 100 Bishopsgate(1) London 3.56% June 2021 493 493 — — 493 — — — Floating United Kingdom properties 3.57% $ 520 $ 520 $ 27 $ — $ 493 $ — $ — $ — Brazil Faria Lima 3500 São Paulo 9.50% October 2034 $ 78 $ 40 $ — $ — $ — $ — $ — $ 40 Floating Brazilian properties 9.50% $ 78 $ 40 $ — $ — $ — $ — $ — $ 40 (1) Development debt

35 Core Office DEBT (CONT’D)

Dec. 31, 2018 Proportionate Mortgage (US$ Millions) Location Rate Maturity date IFRS Total 2019 2020 2021 2022 2023 Thereafter details Other jointly controlled properties The Lofts at Manhattan West New York 4.85% July 2019 $ — $ 28 $ 28 $ — $ — $ — $ — $ — Floating Principal Tower(1) London 3.30% December 2019 — 122 122 — — — — — Floating 1 & 2 London Wall Place(1) London 2.58% June 2020 — 173 — 173 — — — — Floating 1250 Avenue and Victor Building Washington, D.C. 4.05% June 2020 — 86 — 86 — — — — Floating Manhattan West(1) New York 5.10% November 2020 — 155 — 155 — — — — Floating 1200 K Street Washington, D.C. 5.88% February 2021 — 49 — — 49 — — — Fixed Bethesda Crescent Washington, D.C. 5.58% February 2021 — 22 — — 22 — — — Fixed One New York Plaza New York 1.25% March 2021 — 82 — — 82 — — — Fixed 15 Broad Street Boston 4.21% March 2021 — 9 — — 9 — — — Fixed One Manhattan West(1) New York 5.10% April 2021 — 262 — — 262 — — — Floating 655 New York Avenue(1) Washington, D.C. 4.65% April 2021 — 124 — — 124 — — — Floating Grace Building New York 3.61% June 2021 — 275 — — 275 — — — Fixed Marina Towers Los Angeles 4.60% September 2021 — 35 — — 35 — — — Fixed Darling Park Complex Sydney 3.89% December 2021 — 145 — — 145 — — — Floating 650 Avenue Washington, D.C. 3.21% June 2022 — 45 — — — 45 — — Fixed 77 K Street Washington, D.C. 4.58% June 2022 — 55 — — — 55 — — Fixed Republic Plaza Denver 4.24% December 2022 — 133 — — — 133 — — Fixed ICD Brookfield Place(1) Dubai 3.14% December 2023 — 125 — — — — 125 — Floating One Liberty Plaza New York 2.02% July 2024 — 315 — — — — — 315 Fixed Five Manhattan West New York 2.69% March 2025 — 467 — — — — — 467 Fixed 799 Ninth Street Washington, D.C. 5.09% May 2025 — 62 — — — — — 62 Fixed 75 State Street Boston 3.50% May 2025 — 81 — — — — — 81 Fixed 99 Bishopsgate London 3.41% July 2025 — 46 — — — — — 46 Fixed Potsdamer Platz Berlin 1.51% December 2025 — 286 — — — — — 286 Fixed Principal Place London 3.02% January 2028 — 294 — — — — — 294 Fixed 1400 K Street Washington, D.C. 3.85% January 2028 — 26 — — — — — 26 Fixed The Eugene New York 5.85% December 2049 — 169 — — — — — 169 Floating Canary Wharf London 3.46% Jan 2019 - Jan 2035 — 2,677 63 387 760 19 98 1,350 Fixed Other jointly controlled properties 3.46% $ — $ 6,348 $ 213 $ 801 $ 1,763 $ 252 $ 223 $ 3,096 Total including debt associated with assets held for sale 11,831 15,494 1,216 2,672 3,729 630 1,269 5,978 Less: Debt associated with assets held for sale — — — — — — — — Total before deferred financing costs $ 11,831 $ 15,494 $ 1,216 $ 2,672 $ 3,729 $ 630 $ 1,269 $ 5,978 Less: Deferred financing costs (109) (144) Total Asset-level debt obligations $ 11,722 $ 15,350 Corporate Mezzanine Financing 7.15% May 2020 $ 200 $ 168 $ — $ 168 $ — $ — $ — $ — Fixed Total Subsidiary borrowings, non-recourse to BPY 7.15% $ 200 $ 168 $ — $ 168 $ — $ — $ — $ — Weighted average interest rate 3.84% 3.59% 3.79% 3.77% 3.85% 4.05% 3.9% (1) Development debt

36 Core Retail NET OPERATING INCOME AND KEY PERFORMANCE METRICS

Commercial Property Net Operating Income Quarter-to-date(1) Year-to-date(1) (US$ Millions unless otherwise noted) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Same-property NOI $ 476.9 $ 470.2 $ 1,744.0 $ 1,729.5 Percent of same-property NOI growth 1.4% 0.8% Non same-property NOI 8.1 158.2 382.8 581.5 Total NOI 485.0 628.4 2,126.7 2,311.0 Less: straight-line rental income (26.1) (2.7) (27.7) (14.4) Total cash NOI $ 458.9 $ 625.7 $ 2,099.0 $ 2,296.6 (1) Amounts reflected on a consolidated basis for all periods presented

Key Performance Metrics (US$ and sq. ft. in 000's) Dec. 31, 2018 Dec. 31, 2017 Number of properties 124 125 Leasable sq. ft.: Assets under management 121,435 122,385 Proportionate 49,155 34,534 Same-property: Occupancy 96.5% 96.7% Average in-place rents per square foot 61.86 62.29 Average in-place rents per square foot (<10K square feet) 78.39 77.98 NOI weighted sales per square foot 746 705

37 Core Retail SIGNED LEASES AND LEASE EXPIRY ANALYSIS

Leasing Activity - All Leases Trailing 12 months commencements Trailing 12 months commencements Dec. 31, 2018 Sq. ft. in Term Initial rent Average rent Term Initial rent Average rent (US$) # of leases 000's (in years) per sq. ft. per sq. ft. # of leases Sq. ft. in 000's (in years) per sq. ft. per sq. ft. New and renewal leases 1,829 6,746 7.0 $ 56.89 $ 60.94 1,836 7,074 7.0 $ 52.13 $ 54.56 Percent in lieu/gross 668 2,878 5.1 N/A N/A 581 2,524 5.2 N/A N/A Total leases 2,497 9.624 6.3 $ 56.89 $ 60.94 2,417 9,598 6.6 $ 52.13 $ 54.56

Suite-to-Suite Lease Spreads(1,2) New and renewal leases Dec. 31, 2018 Term Initial rent Expiring rent (US$) # of leases Sq. ft. in 000's (in years) per sq. ft. per sq. ft. Initial rent spread Trailing 12 months commencements 1,239 4,408 7.1 $ 70.35 $ 63.60 $ 6.75 10.6% (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 Expiring GLA Number of Dec. 31, 2018 at 100% expiring (sq. ft. in Percent of Expiring rent Expiring rent (US$) leases 000's) total (in thousands) per sq. ft. Specialty leasing 952 1,910 3.5 % $ 50,910 $ 26.66 2019 2,123 6,477 11.9 % 369,606 57.06 2020 1,641 5,539 10.3 % 293,340 52.96 2021 1,490 5,377 9.9 % 330,567 61.47 2022 1,346 5,448 10.1 % 309,147 56.75 2023 1,296 5,218 9.6 % 346,335 66.37 2024 961 4,991 9.2 % 343,483 68.82 2025 978 4,446 8.2 % 375,698 84.50 2026 821 3,911 7.2 % 298,255 76.26 2027 704 3,985 7.3 % 282,386 70.86 Subsequent 1,173 6,931 12.8 % 461,935 66.65 Total 13,485 54,233 100.0 % $ 3,461,662 $ 63.83 Vacant space 948 1,990 Mall and freestanding GLA 14,433 56,223

38 Core Retail TOP TENANTS

Tenant Primary DBA (Doing Business As) Exposure(1) 1 L Brands, Inc Victoria's Secret, Bath & Body Works, PINK, Henri Bendel 3.8% 2 Foot Locker, Inc Footlocker, Champs Sports, Footaction USA, House of Hoops, SIX:02 2.9% 3 The Gap, Inc Gap, Banana Republic, Old Navy, Athleta 2.5% 4 LVMH Louis Vuitton, Sephora 2.3% 5 Forever 21 Retail, Inc Forever 21, Riley Rose 2.2% 6 Signet Jewelers Limited Zales, Gordon's, Kay, Jared 1.6% 7 Ascena Retail Group Dress Barn, Justice, Lane Bryant, Maurices, Ann Taylor, Loft 1.6% 8 Abercrombie & Fitch Stores, Inc Abercrombie, Abercrombie & Fitch, Hollister 1.5% 9 American Eagle Outfitters, Inc American Eagle, Aerie, Martin + Osa 1.5% 10 Genesco Inc Journeys, Lids, Underground Station, Johnston & Murphy 1.5% Total 21.4% (1) Percent of minimum rents, tenant recoveries and other

39 Core Retail DEVELOPMENT SITES

Dec. 31, 2018 Proportionate cost Expected Stabilized return on (US$ Millions) Location Description Year Total To-date investment Active developments The SoNo Collection Norwalk, CT Ground up development 2022 $ 451.3 $ 188.1 6-8% Active redevelopments Redevelopment for Kidzania, Lifetime Fitness, Oak Brook, IL and small shop 2021 24.4 6.2 6% Paramus, NJ Sears Redevelopment for Stew Leonard's 2021 20.7 7.4 7% Macy's Redevelopment for Regal, Whole Foods, Sports Stonestown San Francisco, CA Basement, B&N, small shop 2021 95.3 1.3 9% Other Projects Various 2020-2022 65.8 11.5 various Active developments/redevelopments $ 657.5 $ 214.6 In planning Macy’s re-development including grocery anchored Northbrook, IL expansion and residential units 2022 $ 75.5 $ 0.4 5% Louisville, KY Sears Redevelopment for Top Golf + restaurants 2022 23.1 0.4 5% Redevelopment for Target + spec Stonestown San Francisco, CA entertainment 2022 37.6 0.2 8% Mall Bakersfield, CA Sears backfill for multi-tenant spec 2021 18.1 — 8% Macy's Redevelopment for iPic and multi-level small- McLean, VA shop expansion 2022 118.0 0.7 7% Other Projects Various 2021-2023 260.8 0.8 various In planning 533.1 2.5 Total retail developments $ 1,190.6 $ 217.1

40 Core Retail DEBT

Dec. 31, 2018 Proportionate Mortgage (US$ Millions) Location Rate Maturity date IFRS Total 2019 2020 2021 2022 2023 Thereafter details Consolidated Lancaster (Philadelphia), PA 5.34% June 2019 $ 174 $ 157 $ 157 $ — $ — $ — $ — $ — Fixed 830 North Chicago, IL 3.95% July 2019 85 77 77 — — — — — Floating Seattle, WA 4.69% July 2019 43 38 38 — — — — — Floating Mall St. Matthews Louisville, KY 2.72% June 2020 176 159 — 159 — — — — Fixed Mesquite (Dallas), TX 3.57% June 2020 160 145 — 145 — — — — Fixed Visalia, CA 3.71% June 2020 74 67 — 67 — — — — Fixed McLean (Washington, Tysons Galleria D.C.), VA 4.06% September 2020 294 265 — 265 — — — — Fixed Humble (Houston), TX 5.25% April 2021 135 122 — — 122 — — — Fixed Waterbury, CT 4.10% April 2021 65 59 — — 59 — — — Floating Columbia, MO 4.10% April 2021 53 48 — — 48 — — — Floating Casper, WY 4.10% April 2021 43 38 — — 38 — — — Floating Four Seasons Greensboro, NC 4.10% April 2021 31 28 — — 28 — — — Floating Falls, ID 4.10% April 2021 45 40 — — 40 — — — Floating Wauwatosa (Milwaukee), Mayfair WI 4.10% April 2021 342 308 — — 308 — — — Floating Baltimore, MD 4.10% April 2021 84 76 — — 76 — — — Floating North Town Mall Spokane, WA 4.10% April 2021 85 77 — — 77 — — — Floating Oakwood Eau Claire, WI 4.10% April 2021 70 63 — — 63 — — — Floating Gretna, LA 4.10% April 2021 85 77 — — 77 — — — Floating Portland, OR 4.10% April 2021 125 113 — — 113 — — — Floating City, OK 4.10% April 2021 69 62 — — 62 — — — Floating Mankato, MN 4.10% April 2021 70 63 — — 63 — — — Floating Norman, OK 4.10% April 2021 71 64 — — 64 — — — Floating Littleton (Denver), CO 4.10% April 2021 114 102 — — 102 — — — Floating Providence, RI 5.65% May 2021 338 288 — — 288 — — — Fixed Appleton, WI 5.46% June 2021 165 149 — — 149 — — — Fixed Grandville (Grand Rivertown Crossings Rapids), MI 5.19% June 2021 138 125 — — 125 — — — Fixed Oxmoor Center Louisville, KY 5.37% June 2021 84 71 — — 71 — — — Fixed Westlake Center - Land Seattle, WA 12.90% November 2021 2 2 — — 2 — — — Fixed 530 Fifth Avenue New York, NY 5.71% November 2021 110 90 — — 90 — — — Floating 200 Lafayette New York, NY 4.85% November 2021 27 24 — — 24 — — — Floating Bellis Fair Bellingham (Seattle), WA 5.23% February 2022 83 75 — — — 75 — — Fixed The Shoppes at Buckland Hills Manchester, CT 5.19% March 2022 116 105 — — — 105 — — Fixed The Streets at SouthPoint Durham, NC 4.36% May 2022 239 203 — — — 203 — — Fixed Spokane, WA 4.65% June 2022 56 51 — — — 51 — — Fixed 41 Core Retail DEBT (CONT'D)

Dec. 31, 2018 Proportionate Mortgage (US$ Millions) Location Rate Maturity date IFRS Total 2019 2020 2021 2022 2023 Thereafter details Consolidated Bowling Green, KY 4.19% July 2022 $ 62 $ 56 $ — $ — $ — $ 56 $ — $ — Fixed San Antonio, TX 3.93% August 2022 299 269 — — — 269 — — Fixed

Coral Ridge Mall Coralville ( City), 5.71% September 2022 105 95 — — — 95 — — Fixed IA Naples, FL 3.76% November 2022 114 103 — — — 103 — — Fixed Monroe, LA 3.88% March 2023 84 76 — — — — 76 — Fixed Crossroads Center (MN) St. Cloud, MN 3.25% April 2023 94 85 — — — — 85 — Fixed

The Woodlands Woodlands (Houston), 4.83% June 2023 297 268 — — — — 268 — Fixed TX Las Vegas, NV 3.96% July 2023 142 128 — — — — 128 — Fixed Hilo, HI 4.10% July 2023 41 37 — — — — 37 — Fixed Staten Island Mall Staten Island, NY 4.77% September 2023 237 214 — — — — 214 — Fixed Fort Worth, TX 5.15% October 2023 90 81 — — — — 81 — Floating Stonestown Galleria San Francisco, CA 4.39% October 2023 180 162 — — — — 162 — Fixed 605 North Michigan Avenue Chicago, IL 4.76% December 2023 80 72 — — — — 72 — Fixed West Des Moines, IA 4.37% January 2024 201 182 — — — — — 182 Fixed Bakersfield, CA 3.75% March 2025 237 214 — — — — — 214 Fixed Willowbrook Mall Wayne, NJ 3.55% March 2025 360 325 — — — — — 325 Fixed Beachwood, OH 3.94% March 2025 213 192 — — — — — 192 Fixed Paramus Park Paramus, NJ 4.07% September 2025 120 108 — — — — — 108 Fixed Columbus, GA 3.94% December 2025 75 68 — — — — — 68 Fixed Alpharetta (Atlanta), GA 4.54% September 2026 250 226 — — — — — 226 Fixed Mall of Baton Rouge, LA 3.98% August 2027 325 293 — — — — — 293 Fixed Providence Place - Other Providence, RI 7.75% July 2028 32 27 — — — — — 27 Fixed 685 Fifth Avenue New York, NY 4.53% July 2028 275 241 — — — — — 241 Fixed Total Consolidated $ 7,764 $ 6,953 $ 272 $ 636 $ 2,089 $ 957 $ 1,123 $ 1,876 Unconsolidated Governor's Square Tallahassee, FL 6.69% April 2019 $ 46 $ 22 $ 22 $ — $ — $ — $ — $ — Fixed Albuquerque, NM 3.50% April 2019 181 83 83 — — — — — Fixed The Las Vegas, NV 4.24% June 2019 625 283 283 — — — — — Fixed Beach, VA 4.31% June 2019 235 108 108 — — — — — Floating Miami Design District Misc Miami, FL 6.71% July 2019 91 18 18 — — — — — Floating 522 Fifth Avenue New York, NY 4.00% September 2019 94 8 8 — — — — — Floating Sugarland, TX 4.50% November 2019 172 77 77 — — — — — Fixed Natick (Boston), MA 4.60% November 2019 426 193 193 — — — — — Fixed

42 Core Retail DEBT (CONT'D)

Dec. 31, 2018 Proportionate Mortgage (US$ Millions) Location Rate Maturity date IFRS Total 2019 2020 2021 2022 2023 Thereafter details Unconsolidated Bayside Marketplace Miami, FL 4.40% January 2020 $ 250 $ 27 $ — $ 27 $ — $ — $ — $ — Floating 730 Fifth Avenue New York , NY 5.55% May 2020 900 406 — 406 — — — — Floating The Shops at The Bravern Bellevue, WA 4.69% May 2020 58 21 — 21 — — — — Floating Tucson, AZ 4.01% June 2020 246 113 — 113 — — — — Fixed Murray, UT 3.64% June 2020 227 104 — 104 — — — — Fixed Oak Brook (Chicago), Oakbrook Center IL 3.66% July 2020 425 183 — 183 — — — — Fixed Columbia, MD 3.95% September 2020 329 148 — 148 — — — — Fixed Chicago, IL 4.34% October 2020 370 158 — 158 — — — — Fixed Cincinnati, OH 5.37% December 2020 205 130 — 130 — — — — Fixed Whaler's Village Lahaina, HI 5.42% January 2021 80 36 — — 36 — — — Fixed Coral Gables, FL 5.73% April 2021 164 81 — — 81 — — — Fixed Northridge (Los Northridge Fashion Center Angeles), CA 5.10% April 2021 219 101 — — 101 — — — Fixed Willowbrook Mall (TX) Houston, TX 5.13% April 2021 188 85 — — 85 — — — Fixed 85 Fifth Avenue New York, NY 5.14% April 2021 60 27 — — 27 — — — Floating Baltimore, MD 3.66% May 2021 190 87 — — 87 — — — Fixed Park Place Tucson, AZ 5.18% May 2021 176 81 — — 81 — — — Fixed Miami Design District Miami, FL 6.87% May 2021 577 116 — — 116 — — — Floating Fashion Show - Other Las Vegas, NV 6.06% November 2021 3 1 — — 1 — — — Fixed Northbrook Court Northbrook, IL 4.25% November 2021 121 55 — — 55 — — — Fixed Ala Moana Center Honolulu, HI 4.23% April 2022 1,400 631 — — — 631 — — Fixed The Gallery at Harborplace Baltimore, MD 5.24% May 2022 74 34 — — — 34 — — Fixed Florence (Cincinnati, OH), KY 4.15% June 2022 90 41 — — — 41 — — Fixed Happy Valley, OR 4.18% October 2022 216 97 — — — 97 — — Fixed Gainesville, FL 4.55% October 2022 124 57 — — — 57 — — Fixed Omaha, NE 4.55% October 2022 140 65 — — — 65 — — Fixed Bridgewater, NJ 3.34% November 2022 300 95 — — — 95 — — Fixed The Shoppes at River Crossing Macon, GA 3.75% March 2023 76 34 — — — — 34 — Fixed Ala Moana Expansion Honolulu, HI 3.80% May 2023 500 226 — — — — 226 — Fixed Cumberland Mall Atlanta, GA 3.67% May 2023 160 74 — — — — 74 — Fixed

Carolina Place Pineville (Charlotte), 3.84% June 2023 167 75 — — — — 75 — Fixed NC Savannah, GA 3.90% July 2023 149 69 — — — — 69 — Fixed Augusta, GA 4.36% August 2023 170 78 — — — — 78 — Fixed Columbia, SC 5.96% September 2023 137 63 — — — — 63 — Floating Minnetonka, MN 4.95% September 2023 167 77 — — — — 77 — Floating

43 Core Retail DEBT (CONT'D)

Dec. 31, 2018 Proportionate Mortgage (US$ Millions) Location Rate Maturity date IFRS Total 2019 2020 2021 2022 2023 Thereafter details Unconsolidated Birmingham, AL 5.96% September 2023 $ 164 $ 76 $ — $ — $ — $ — $ 76 $ — Floating Rochester, MN 5.96% September 2023 74 34 — — — — 34 — Floating One Union Square San Francisco, CA 5.12% October 2023 50 23 — — — — 23 — Fixed Boise, ID 4.79% October 2023 122 56 — — — — 56 — Fixed Riverside, CA 5.05% November 2023 176 79 — — — — 79 — Fixed Market Place Champaign, IL 5.30% November 2023 90 41 — — — — 41 — Floating Lone Tree, CO 4.60% December 2023 360 114 — — — — 114 — Fixed The Crossroads (MI) Portage, MI 4.42% December 2023 91 42 — — — — 42 — Fixed Woodbridge, NJ 4.80% April 2024 244 112 — — — — — 112 Fixed The Mall South Portland, ME 4.66% April 2024 235 108 — — — — — 108 Fixed Frisco (Dallas), TX 4.05% August 2024 273 123 — — — — — 123 Fixed

Baybrook Mall Friendswood 5.52% September 2024 238 110 — — — — — 110 Fixed (Houston), TX The Parks Mall at Arlington Arlington (Dallas), TX 5.57% September 2024 238 110 — — — — — 110 Fixed Fashion Show Las Vegas, NV 4.03% November 2024 835 377 — — — — — 377 Fixed Rogers, AR 4.13% January 2025 114 51 — — — — — 51 Fixed Altamonte Springs (Orlando), FL 3.72% February 2025 158 71 — — — — — 71 Fixed Pembroke, FL 3.56% March 2025 260 120 — — — — — 120 Fixed

Alderwood Lynnwood (Seattle), 3.48% June 2025 331 149 — — — — — 149 Fixed WA Boise Towne Plaza Boise, ID 4.13% August 2025 19 9 — — — — — 9 Fixed Towson, MD 3.82% August 2025 323 102 — — — — — 102 Fixed Fort Wayne, IN 4.27% November 2025 159 73 — — — — — 73 Fixed Atlanta, GA 3.96% September 2026 275 124 — — — — — 124 Fixed Glendale, CA 4.06% September 2026 430 194 — — — — — 194 Fixed San Antonio, Bexar County, TX 3.60% May 2027 350 118 — — — — — 118 Fixed Baybrook Expansion Friendswood, TX 3.77% December 2027 140 37 — — — — — 37 Fixed Newark, DE 4.28% August 2028 550 124 — — — — — 124 Fixed St. Louis, MO 4.43% August 2028 100 50 — — — — — 50 Fixed St. Louis, MO 5.11% November 2028 265 176 — — — — — 176 Fixed Total Unconsolidated $ 17,192 $ 7,271 $ 792 $ 1,290 $ 670 $ 1,020 $ 1,161 $ 2,338 Corporate Term Loan A-1 4.75% August 2021 $ 726 $ 675 $ — $ — $ 675 $ — $ — $ — Floating Revolving Facility 4.76% August 2022 387 349 — — — 349 — — Floating Term Loan A-2 4.75% August 2023 2,000 1,805 — — — — 1,805 — Floating Term Loan B 5.00% August 2025 2,000 1,805 — — — — — 1,805 Floating Junior Subordinated Notes 3.97% April 2036 206 186 — — — — — 186 Floating Total Corporate $ 5,319 $ 4,820 $ — $ — $ 675 $ 349 $ 1,805 $ 1,991 Other, net $ (31) $ (31) Total $ 30,244 $ 19,013 $ 1,064 $ 1,926 $ 3,434 $ 2,326 $ 4,089 $ 6,205 44 LP Investments SUMMARY OF INVESTMENTS

Current Quarter Highlights NOI Company FFO Quarter-to-date Year-to-date Quarter-to-date Year-to-date (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Office $ 33 $ 30 $ 145 $ 99 $ 10 $ 12 $ 55 $ 47 Retail 32 32 109 128 21 25 72 71 Logistics 7 13 34 52 5 7 13 22 Multifamily 23 24 91 87 17 14 65 52 Hospitality 46 42 218 188 22 22 114 104 Triple Net Lease 23 22 89 89 6 8 25 30 Alternative Real Estate 20 18 82 65 6 7 30 26 Mixed-use(1) 16 6 37 23 6 2 15 10 Finance Funds — — — — 3 3 12 15 Corporate — — — — (19) (11) (71) (42) Total $ 200 $ 187 $ 805 $ 731 $ 77 $ 89 $ 330 $ 335 (1) Restated prior period office statistics to reflect reclassification of certain properties to mixed-use

Commercial properties Invested capital (US$ Millions) Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Office $ 2,408 $ 2,052 $ 1,134 $ 1,080 Retail 1,700 1,960 1,167 1,285 Logistics 48 569 39 365 Multifamily 1,301 1,735 685 745 Hospitality(1) — — 882 573 Triple Net Lease 1,451 1,376 335 321 Alternative Real Estate 1,344 1,331 810 551 Mixed-use(2) 2,355 517 747 203 Finance Funds — 48 182 124 Corporate — — (777) (237) Total $ 10,607 $ 9,588 $ 5,204 $ 5,010 (1) Hospitality assets are recorded separately from commercial properties within property, plant and equipment (2) Restated prior period office statistics to reflect reclassification of certain properties to mixed-use

45 LP Investments SUMMARY OF INVESTMENTS (CONT'D)

Key Performance Metrics Dec. 31, 2018 Area Assets under Unit of (US$ and sq. ft. in 000's) No. of properties management Proportionate measurement Occupancy % Office 144 43,551 13,297 Sq. ft. 80.2% Retail 47 29,062 6,529 Sq. ft. 87.6% Logistics 2 2,062 480 Sq. ft. 76.7% Multifamily(1) 64 19,661 5,556 Units 95.2% Hospitality 156 27,551 7,095 Rooms n/a Triple Net Lease 329 16,957 4,857 Sq. ft. 99.4% Alternative Real Estate Self-storage 91 7,493 1,915 Sq. ft. 83.3% Student Housing 49 17,827 4,557 Beds 94.2% Manufactured Housing 136 33,169 8,479 1 Sites 85.6% Mixed-use(1) 50 19,067 2,947 Sq. ft. 83.6% (1) 70 multifamily assets with approximately 23,000 units acquired in connection with the Forest City acquisition are included in Multifamily rather than Mixed-use within this table

Summary of Hospitality Properties Assets under Number of Avg. daily rate per room Revenue per available room management Proportionate properties Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 # of rooms Own % # of rooms

North America 11 $ 249 $ 221 $ 166 $ 140 9,000 26% 2,299 United Kingdom(1) 5 253 233 246 227 4,286 27% 1,178 Extended Stay (North America and UK) 139 50 — 41 — 13,832 25% 3,482 Australia(1) 1 141 139 100 104 433 31% 136 Total 156 27,551 26% 7,095 (1) Using the average quarter-to-date exchange rate for the three months ended December 31, 2018 for all periods presented

46 Corporate FOREIGN CURRENCY EXPOSURE

Dec. 31, 2018 (US$ Millions) USD GBP BRL AUD INR CAD KRW RMB EUR AED HKD Total Net equity - US$ $ 18,850 $ 5,059 $ 729 $ 2,099 $ 360 $ 42 $ 220 $ 232 $ 580 $ 123 $ (10) $ 28,284 FX contracts - US$ 3,671 (2,169) (11) (735) (177) (22) (124) (164) (269) — — — Net unhedged - US$ 22,521 2,890 718 1,364 183 20 96 68 311 123 (10) 28,284 % of total equity 79.7% 10.3% 2.5% 4.8% 0.6% 0.1% 0.3% 0.2% 1.1% 0.4% —% End of prior year - US$ 17,397 2,103 818 1,495 243 (21) (2) 7 33 123 (10) 22,186 % of total equity 78.4% 9.5% 3.7% 6.7% 1.1% (0.1)% —% —% 0.1% 0.6% —%

47 Corporate MANAGEMENT FEE AND INCENTIVE DISTRIBUTION

Management Fee Incentive Distribution (US$ Millions, except per unit amounts) No. of units Price Amount (US$ Millions, except per unit amounts) Rate Per Unit Amount Initial market value of BPY units 466.3 $ 21.91 $ 10,218 Distribution per quarter $ 0.315 $ 321.88 A Corporate capital securities First distribution Class B and Class C preferred shares(1) 1,250 First distribution threshold 0.275 281.00 Class A preferred equity 25 281.00 B Recourse debt, net of cash (25) Second distribution(1) Initial capitalization 11,468 A Distribution above first threshold (A - B) 0.025 25.55 Add: 15% incentive distribution 15.0% 4.51 Current market value of BPY units 720.5 $ 15.45 11,132 30.06 C Corporate capital securities Third distribution(2) Class B and Class C preferred shares(1) 420 Distribution above second threshold 0.015 15.33 Preferred equity units(2) 1,800 Add: 25% incentive distribution 25.0% 5.11 Class A preferred equity 15 20.44 D Recourse debt, net of cash 2,607 Total distributions (B + C + D) 331.50 Current capitalization 15,974 B Incentive distributions 9.62 (3) Minimum fee 13.5 Less: Incentive distribution account credits (9.62) Fee on increased market capitalization ((B - A) x 0.3125%) 14.1 Net incentive distribution payable to Brookfield Asset Management $ — Available creditable operating payments (4) (14.1) (1) The incentive distribution is 15% of BPY's regular distributions (i.e., excluding the EED) Total management fee $ 13.5 between $1.10 and $1.20 per year (or $0.275 and $0.30 per quarter) (2) (1) Refer to page 19 for details on these preferred shares The incentive distribution is 25% of BPY's regular distributions (i.e., excluding the EED) above $1.20 per year (or $0.30 per quarter) (2) Preferred shares of $1,800M were issued in the fourth quarter of 2014 in connection with the joint venture in Canary Wharf and are comprised of three series of Class A preferred equity units that are mandatorily convertible into units after seven, ten and twelve years, respectively, based on tranche (3) Minimum fee of $50M annually, adjusted for inflation (4) Represents a reduction to the BPY management fee for fees already paid by BPY on capital that is invested in Brookfield sponsored funds

▪ Our total management fee paid in the fourth quarter of 2018 was $13.5M ▪ Performance-based fees paid to Brookfield Asset Management on BPY’s compared to $26.0M in the prior quarter, as a result of a decrease in interests in Brookfield Asset Management-sponsored funds are offset current capitalization. against the incentive distribution. The amount available for the offsets is calculated as the accumulated performance fees incurred since BPY’s spin-out in April 2013, less any prior gross incentive distribution offsets taken. ▪ In the fourth quarter of 2018, Brookfield Asset Management earned $9.6M of incentive distributions, which were fully offset by the available credits. As of December 31, 2018, BPY has an additional $11.5M of credits available to offset against future incentive distributions.

48 Appendix A COMPANY FFO RECONCILIATION

Quarter-to-Date December 31, 2018 Core Office Core Retail LP Investments Corporate Total

(US$ Millions) FFO Adjustments CFFO FFO Adjustments CFFO FFO Adjustments CFFO FFO Adjustments CFFO FFO Adjustments CFFO NOI $ 326 $ — $ 326 $ 482 $ — $ 482 $ 200 $ — $ 200 $ — $ — $ — $ 1,008 $ — $ 1,008 Investment and other income 12 1 13 29 — 29 24 1 25 3 — 3 68 2 70 Fee revenue 30 — 30 37 — 37 1 — 1 — — — 68 — 68 Interest expense (135) 14 (121) (217) 4 (213) (125) 10 (115) (78) — (78) (555) 28 (527) Depreciation and amortization of non- real estate assets (4) 4 — (5) 5 — (2) 2 — — — — (11) 11 — General and administrative expense (59) 5 (54) (62) 9 (53) (65) 36 (29) (46) 20 (26) (232) 70 (162) Non-controlling interests (24) — (24) (12) — (12) (5) — (5) — — — (41) — (41) FFO/Company FFO $ 146 $ 24 $ 170 $ 252 $ 18 $ 270 $ 28 $ 49 $ 77 $ (121) $ 20 $ (101) $ 305 $ 111 $ 416

49 Appendix B ACQUISITION AND DISPOSITION ACTIVITY

▪ Launched BPREP-A in Australia, an open-ended fund that holds a 50% interest in Jessie Street, 52 Goulburn Street and 680 George Street in Sydney and 235 St. George's Terrace in Perth. Net Proceeds to BPY of $150M. ▪ Acquired a French student housing/serviced apartment developer and operator for $22M ▪ Other investment activity in the fourth quarter includes the sale of 164 assets for net proceeds of $1.5B and the acquisition of 130 assets for $567M

Dispositions For the three months ending Dec. 31, 2018 BPY Property BPY Share (Local currency, Millions) Assets Location Ownership % Sales Price Sales Price Net Proceeds Net Proceeds (USD) Core Office 10 Shelley Street 1 Sydney 100% A$ 534 A$ 534 A$ 247 $ 177 12 Shelley Street 1 Sydney 100% A$ 270 A$ 270 A$ 187 $ 134 1550/1560 Wilson Boulevard 2 Washington, D.C 84% $ 103 $ 86 $ 38 $ 38 2001 M Street 1 Washington, D.C 84% $ 250 $ 103 $ 38 $ 38 Queen's Quay Terminal 1 Toronto 100% C$ 261 C$ 261 C$ 176 $ 129 Jean Edmonds Tower 2 Ottawa 25% C$ 186 C$ 47 C$ 28 $ 20 Core Retail Fashion Place 1 Murray, UT 90% $ 594 $ 263 $ 160 $ 160 LP Investments Logistics 120 Various (US) 28% $ 3,464 $ 970 $ 482 $ 482 Opportunistic Office (US) 1 Alameda, CA 30% $ 5 $ 1 $ 1 $ 1 Opportunistic Office (Australia) 2 Sydney, Australia 32% A$ 237 A$ 73 A$ 73 $ 52 Opportunistic Retail 6 Various (US) 50% $ 8 $ 4 $ 2 $ 2 Triple Net Lease Assets 3 Various (US) 29% $ 16 $ 5 $ 5 $ 5 Multifamily 21 Various (US) 37% $ 1,183 $ 433 $ 207 $ 207 Pullman Melbourne on the Park 1 Melbourne, Australia 32% A$ 156 A$ 48 A$ 48 $ 34 Highland Dallas Hotel 1 Dallas, TX 15% $ 68 $ 10 $ 5 $ 5 Total Dispositions 164 $ 1,484

Acquisitions For the three months ending BPY Share Dec. 31, 2018 BPY Gross Purchase Gross Purchase Purchase (Local currency, Millions) Assets Location Ownership % Price Price (USD) Price (USD) LP Investments Forest City 113 Various (US) 7% $ 6,948 $ 6,948 $ 486 Hospitality 4 Various (US) 10% $ 263 $ 263 $ 26 Hospitality 1 Lisbon, Portugal 7% € 39 $ 45 $ 3 Multifamily 1 Woodlands, TX 30% $ 45 $ 45 $ 13 Self-Storage 1 Gibsonton, FL 25% $ 19 $ 19 $ 5 Triple Net Lease Assets 10 Various (US) 29% $ 118 $ 118 $ 34 Total Acquisitions 130 $ 567 50 Appendix C CORE OFFICE PORTFOLIO LISTING

Assets Under Management Proportionate

Number of Parking & Parking & (Square Feet in 000's) Properties Occupancy Office Retail Leasable Other(1) Total Own % Office Retail Leasable Other(1) Total United States Properties Midtown New York 300 Madison Avenue 1 100.0% 1,104 30 1,134 14 1,148 100% 1,104 30 1,134 14 1,148 333 W 34th Street 1 99.4% 328 21 349 — 349 18% 60 3 63 — 63 Five Manhattan West(2) 1 95.7% 1,567 164 1,731 9 1,740 41% 637 66 703 4 707 The Lofts at Manhattan West(2) 1 84.7% 185 5 190 12 202 41% 75 2 77 5 82 Grace Building(2) 1 97.6% 1,516 41 1,557 65 1,622 31% 463 12 475 20 495 1100 Avenue of the Americas(2) 1 96.1% 358 25 383 10 393 36% 130 9 139 3 142 6 97.1% 5,058 286 5,344 110 5,454 48% 2,469 122 2,591 46 2,637 Downtown New York Brookfield Place 200 Liberty Street 1 97.1% 1,607 52 1,659 80 1,739 73% 1,166 38 1,204 58 1,262 225 Liberty Street 1 95.1% 2,400 4 2,404 174 2,578 73% 1,741 3 1,744 126 1,870 200 Vesey Street 1 98.1% 1,257 2 1,259 2 1,261 73% 912 2 914 1 915 250 Vesey Street 1 100.0% 1,755 — 1,755 195 1,950 73% 1,274 — 1,274 141 1,415 Brookfield Place Retail — 94.0% — 304 304 27 331 73% — 221 221 19 240 300 Vesey Street 1 97.3% 548 11 559 — 559 73% 398 8 406 — 406 One Liberty Plaza(2) 1 95.1% 2,338 8 2,346 — 2,346 37% 865 3 868 — 868 One New York Plaza(2) 1 93.7% 2,510 71 2,581 65 2,646 11% 273 8 281 7 288 Bleecker Street Retail 1 100.0% — 13 13 10 23 73% — 10 10 7 17 8 96.1% 12,415 465 12,880 553 13,433 54% 6,629 293 6,922 359 7,281 Washington, D.C. 701 Ninth Street 1 100.0% 364 — 364 145 509 100% 364 — 364 145 509 Potomac Tower 1 91.5% 242 — 242 148 390 100% 242 — 242 148 390 601 South 12th Street 1 100.0% 305 — 305 179 484 100% 305 — 305 179 484 701 South 12th Street 1 100.0% 249 — 249 178 427 100% 249 — 249 178 427 1625 Eye Street 1 72.3% 376 9 385 150 535 10% 38 — 38 16 54 3 Bethesda Metro Center 1 83.1% 367 1 368 457 825 100% 367 1 368 457 825 2001 M Street 1 89.4% 270 15 285 79 364 43% 116 7 123 33 156 One Reston Crescent 1 100.0% 186 — 186 272 458 84% 157 — 157 229 386 Silver Spring Metro Plaza 3 85.7% 652 45 697 184 881 84% 550 38 588 154 742 Two Reston Crescent 1 100.0% 183 2 185 233 418 84% 154 2 156 197 353 650 Massachusetts Avenue(2) 1 62.7% 301 25 326 93 419 51% 153 13 166 48 214 77 K Street(2) 1 100.0% 321 4 325 86 411 51% 164 2 166 43 209 799 Ninth Street(2) 1 96.1% 193 11 204 55 259 51% 99 5 104 28 132 1200 K Street(2) 1 100.0% 365 3 368 119 487 40% 145 1 146 48 194 1400 K Street(2) 1 100.0% 184 10 194 86 280 40% 73 4 77 34 111 1250 Connecticut Avenue(2) 1 87.9% 162 18 180 57 237 40% 65 7 72 22 94 Bethesda Crescent(2) 4 95.2% 262 22 284 148 432 40% 104 9 113 59 172 Victor Building 1 94.5% 294 23 317 110 427 40% 117 9 126 44 170 Reston Summit 2 96.3% 289 2 291 — 291 100% 289 2 291 — 291 25 91.1% 5,565 190 5,755 2,779 8,534 69% 3,751 100 3,851 2,062 5,913 (1) Parking square feet reflects the application of a consistent measurement methodology of 350 square feet per parking space (2) Represents jointly controlled entities

51 Appendix C CORE OFFICE PORTFOLIO LISTING (CONT'D)

Assets Under Management Proportionate

Number of Parking & Parking & (Square Feet in 000's) Properties Occupancy Office Retail Leasable Other(1) Total Own % Office Retail Leasable Other(1) Total United States Properties continued Los Angeles Figueroa at Wilshire 1 93.1% 1,032 7 1,039 272 1,311 47 % 488 3 491 129 620 Bank of America Plaza 1 91.5% 1,381 24 1,405 801 2,206 47 % 653 12 665 379 1,044 Ernst & Young Plaza 1 91.0% 904 7 911 665 1,576 47 % 428 3 431 315 746 FIGat7th 1 90.4% — 314 314 194 508 47 % — 149 149 91 240 Wells Fargo Center - North Tower 1 87.2% 1,324 77 1,401 501 1,902 47 % 626 37 663 237 900 Wells Fargo Center - South Tower 1 76.9% 1,122 3 1,125 596 1,721 47 % 531 1 532 282 814 The Gas Company Tower 1 91.8% 1,331 14 1,345 878 2,223 47 % 630 6 636 416 1,052 777 Tower 1 75.5% 1,025 — 1,025 370 1,395 47 % 485 — 485 175 660 Marina Towers(2) 2 91.9% 356 15 371 389 760 42 % 150 7 157 164 321 10 87.3% 8,475 461 8,936 4,666 13,602 47 % 3,991 218 4,209 2,188 6,397 Houston Total Plaza 1 93.0% 822 11 833 61 894 100 % 822 11 833 61 894 Heritage Plaza 1 98.3% 1,106 29 1,135 699 1,834 10 % 111 2 113 70 183 One Allen Center 1 82.1% 904 59 963 43 1,006 84 % 762 49 811 37 848 Two Allen Center 1 90.4% 979 7 986 59 1,045 84 % 825 6 831 50 881 Three Allen Center 1 92.3% 1,172 1 1,173 89 1,262 84 % 988 1 989 75 1,064 1600 Smith Street 1 50.3% 1,048 19 1,067 933 2,000 84 % 884 15 899 787 1,686 6 84.3% 6,031 126 6,157 1,884 8,041 69 % 4,392 84 4,476 1,080 5,556 Boston 75 State Street (2) 1 98.0% 811 24 835 242 1,077 26 % 211 6 217 63 280 15 Broad Street (2) 1 79.6% 72 3 75 3 78 51 % 37 1 38 2 40 2 96.5% 883 27 910 245 1,155 28 % 248 7 255 65 320 Denver Republic Plaza(2) 1 83.8% 1,279 59 1,338 511 1,849 50 % 639 30 669 255 924 1 83.8% 1,279 59 1,338 511 1,849 50 % 639 30 669 255 924 San Francisco 685 Market Street 1 97.2% 192 7 199 6 205 50 % 96 4 100 2 102 One Post Street 1 93.4% 406 18 424 — 424 25 % 102 4 106 — 106 2 94.6% 598 25 623 6 629 33 % 198 8 206 2 208 Total United States Properties 60 91.5% 40,304 1,639 41,943 10,754 52,697 56 % 22,317 862 23,179 6,057 29,236

(1) Parking square feet reflects the application of a consistent measurement methodology of 350 square feet per parking space (2) Represents jointly controlled entities

52 Appendix C CORE OFFICE PORTFOLIO LISTING (CONT'D)

Assets Under Management Proportionate

Number of Parking & Parking & (Square Feet in 000's) Properties Occupancy Office Retail Leasable Other(1) Total Own % Office Retail Leasable Other(1) Total Canada Properties Toronto Brookfield Place Bay Wellington Tower 1 100.0% 1,297 43 1,340 68 1,408 100 % 1,297 43 1,340 68 1,408 Retail and Parking 1 99.8% — 50 50 506 556 56 % — 28 28 283 311 22 Front Street 1 100.0% 136 7 143 1 144 100 % 136 7 143 1 144 Exchange Tower 1 97.4% 962 65 1,027 205 1,232 50 % 481 33 514 102 616 105 Adelaide Street West 1 100.0% 177 6 183 31 214 100 % 177 6 183 31 214 Hudson's Bay Centre 1 98.5% 532 218 750 175 925 100 % 532 218 750 175 925 First Canadian Place 1 99.2% 2,376 226 2,602 218 2,820 25 % 594 56 650 55 705 Bay Adelaide - West Tower 1 100.0% 1,157 14 1,171 165 1,336 50 % 577 8 585 83 668 Bay Adelaide - East Tower 1 99.9% 1,014 21 1,035 148 1,183 50 % 507 11 518 74 592 Bay Adelaide Retail (Below Grade) — 90.7% — 8 8 122 130 100 % — 8 8 122 130 2 Queen Street East 1 100.0% 460 16 476 71 547 25 % 115 4 119 18 137 10 99.3% 8,111 674 8,785 1,710 10,495 56 % 4,416 422 4,838 1,012 5,850 Calgary Bankers Hall 3 95.7% 1,941 222 2,163 481 2,644 50 % 971 110 1,081 241 1,322 Bankers Court 1 99.8% 256 7 263 70 333 50 % 128 4 132 34 166 Suncor Energy Centre 2 98.6% 1,708 24 1,732 349 2,081 50 % 854 12 866 174 1,040 Brookfield Place Calgary East Tower 1 81.7% 1,413 19 1,432 1 1,433 100 % 1,413 19 1,432 1 1,433 Fifth Avenue Place 2 84.9% 1,526 54 1,580 294 1,874 50 % 763 27 790 147 937 9 91.4% 6,844 326 7,170 1,195 8,365 59 % 4,129 172 4,301 597 4,898 Ottawa Place de Ville I 2 85.1% 571 12 583 364 947 25 % 143 3 146 91 237 Place de Ville II 2 95.5% 588 7 595 331 926 25 % 147 2 149 82 231 Other 1 100.0% — 3 3 — 3 100 % — 3 3 — 3 5 90.4% 1,159 22 1,181 695 1,876 25 % 290 8 298 173 471 Total Canadian Properties 24 95.4% 16,114 1,022 17,136 3,600 20,736 54 % 8,835 602 9,437 1,782 11,219

Australia Properties Sydney 680 George Street(2) 1 99.1% 730 2 732 143 875 24 % 176 — 176 35 211 Darling Park Complex 3 99.6% 1,096 106 1,202 258 1,460 30 % 329 32 361 77 438 52 Goulburn Street 1 100.0% 247 1 248 74 322 24 % 59 1 60 18 78 3 Spring Street 1 100.0% 78 — 78 5 83 100 % 78 — 78 5 83 Jessie St Centre 1 99.9% 576 4 580 126 706 74 % 426 4 430 93 523 7 99.6% 2,727 113 2,840 606 3,446 39 % 1,068 37 1,105 228 1,333 Melbourne Southern Cross East Tower(2) 1 100.0% 833 25 858 341 1,199 50 % 416 13 429 170 599 Southern Cross West Tower 1 99.9% 482 17 499 15 514 50 % 241 9 250 7 257 2 99.9% 1,315 42 1,357 356 1,713 50 % 657 22 679 177 856 (1) Parking square feet reflects the application of a consistent measurement methodology of 350 square feet per parking space (2) Represents jointly controlled entities

53 Appendix C CORE OFFICE PORTFOLIO LISTING (CONT'D)

Assets Under Management Proportionate

Number of Parking & Parking & (Square Feet in 000's) Properties Occupancy Office Retail Leasable Other(1) Total Own % Office Retail Leasable Other(1) Total Australia Properties continued Perth 235 St Georges Terrace 1 100.0 % 192 — 192 38 230 24 % 46 — 46 9 55 108 St Georges Terrace 1 88.9 % 403 10 413 40 453 50 % 201 6 207 20 227 Brookfield Place Tower 1 1 99.1 % 842 82 924 139 1,063 100 % 842 82 924 139 1,063 Brookfield Place Tower 2 1 94.6 % 359 — 359 40 399 100 % 359 — 359 40 399 4 96.1 % 1,796 92 1,888 257 2,145 81 % 1,448 88 1,536 208 1,744 Brisbane CBA Building 1 86.1 % 286 15 301 33 334 100 % 286 15 301 33 334 1 86.1 % 286 15 301 33 334 100 % 286 15 301 33 334 Total Australian Properties 14 98.0 % 6,124 262 6,386 1,252 7,638 56 % 3,459 162 3,621 646 4,267

U.K. Properties London 99 Bishopsgate(2) 1 97.8 % 334 6 340 12 352 20 % 67 1 68 2 70 Shoreditch 1 90.5 % 16 7 23 5 28 100 % 16 7 23 5 28 Aldgate Tower 1 100.0 % 316 — 316 5 321 10 % 32 — 32 — 32 1 London Wall Place(2) 1 100.0 % 304 — 304 2 306 50 % 152 — 152 1 153 2 London Wall Place(2) 1 50.8 % 178 10 188 5 193 50 % 89 5 94 3 97 Principal Place(2) 1 100.0 % 608 22 630 21 651 50 % 304 11 315 11 326 20 Bank Street(2) 1 100.0 % 547 — 547 — 547 50 % 273 — 273 — 273 40 Bank Street(2) 1 100.0 % 601 — 601 — 601 50 % 300 — 300 — 300 1 Churchill Place(2) 1 100.0 % 986 — 986 19 1,005 50 % 493 — 493 9 502 25 Churchill Place(2) 1 100.0 % 546 — 546 10 556 50 % 273 — 273 5 278 10 Cabot Square(2) 1 100.0 % 616 29 645 — 645 50 % 308 14 322 — 322 20 Cabot Square(2) 1 100.0 % 537 19 556 — 556 50 % 269 9 278 — 278 33 Canada Square(2) 1 100.0 % 544 — 544 19 563 50 % 272 — 272 9 281 7 Westferry Circus(2) 1 52.1 % 159 14 173 — 173 50 % 80 7 87 — 87 15 Westferry Circus(2) 1 100.0 % 171 — 171 — 171 50 % 86 — 86 — 86 10 Upper Bank Street(2) 1 100.0 % 995 5 1,000 — 1,000 5 % 50 — 50 — 50 Cabot Place(2) 1 96.9 % — 145 145 15 160 50 % — 72 72 8 80 Canada Place(2) 1 100.0 % — 74 74 1 75 49 % — 37 37 — 37 Jubilee Place(2) 1 95.8 % — 134 134 6 140 50 % — 67 67 3 70 Churchill Place(2) 1 100.0 % — 37 37 1 38 50 % — 18 18 1 19 Reuters Plaza(2) 1 100.0 % — 9 9 — 9 56 % — 5 5 — 5 Park Pavilion(2) 1 100.0 % — 23 23 — 23 48 % — 11 11 — 11 16-19 Canada Square(2) 1 99.3 % — 217 217 3 220 50 % — 108 108 2 110 One Canada Square(2) 1 86.6 % 1,198 23 1,221 4 1,225 50 % 599 11 610 3 613 Crossrail Place(2) 1 100.0 % — 98 98 — 98 50 % — 49 49 — 49 Canary Wharf Parking(2) 1 — % — — — 991 991 50 % — — — 495 495 26 96.2 % 8,656 872 9,528 1,119 10,647 44 % 3,663 432 4,095 557 4,652 Total U.K. Properties 26 96.2 % 8,656 872 9,528 1,119 10,647 44 % 3,663 432 4,095 557 4,652 (1) Parking square feet reflects the application of a consistent measurement methodology of 350 square feet per parking space (2) Represents jointly controlled entities

54 Appendix C CORE OFFICE PORTFOLIO LISTING (CONT'D)

Assets Under Management Proportionate

Number of Parking & Parking & (Square Feet in 000's) Properties Occupancy Office Retail Leasable Other(1) Total Own % Office Retail Leasable Other(1) Total Germany Properties Berlin A1(2) 1 85.5 % 332 25 357 28 385 25 % 83 6 89 7 96 A2(2) 1 100.0 % 16 239 255 47 302 25 % 4 60 64 12 76 A3(2) 1 78.8 % 3 9 12 34 46 25 % 1 2 3 8 11 A4(2) 1 82.7 % 105 19 124 42 166 25 % 26 5 31 11 42 B1(2) 1 98.4 % 194 31 224 11 235 25 % 49 7 56 3 59 B2(2) 1 96.0 % 34 10 44 9 53 25 % 8 3 11 2 13 B3(2) 1 81.9 % 6 37 44 107 151 25 % 2 9 11 27 38 B4(2) 1 96.8 % 145 58 203 48 251 25 % 36 15 51 12 63 B5(2) 1 8.8 % — 79 79 221 300 25 % — 20 20 55 75 B6(2) 1 88.0 % 143 55 198 81 279 25 % 36 14 50 20 70 B7(2) 1 99.2 % — 151 151 62 213 25 % — 38 38 15 53 B8(2) 1 86.4 % — 60 60 142 202 25 % — 15 15 36 51 B9(2) 1 100.0 % — 36 36 26 62 25 % — 9 9 6 15 C1(2) 1 96.2 % 397 — 397 108 505 25 % 99 — 99 27 126 A5,C2,C3(2) 1 — % — — — 203 203 25 % — — — 51 51 D1-D2(2) 1 81.2 % — 293 293 — 293 25 % — 73 73 — 73 16 89.1 % 1,375 1,102 2,477 1,169 3,646 25 % 344 276 620 292 912 Total German Properties 16 89.1 % 1,375 1,102 2,477 1,169 3,646 25 % 344 276 620 292 912

Brazil Properties São Paulo Faria Lima 1 100.0 % 276 — 276 209 485 51 % 141 — 141 107 248 1 100.0 % 276 — 276 209 485 51 % 141 — 141 107 248 Rio de Janeiro L'Oreal 1 100.0 % 197 16 213 64 277 67 % 131 11 142 43 185 1 100.0 % 197 16 213 64 277 67 % 131 11 142 43 185 Total Brazilian Properties 2 100.0 % 473 16 489 273 762 57 % 272 11 283 150 433

Total Core Properties 142 93.5 % 73,046 4,913 77,959 18,167 96,126 53 % 38,890 2,345 41,235 9,484 50,719 (1) Parking square feet reflects the application of a consistent measurement methodology of 350 square feet per parking space (2) Represents jointly controlled entities

55 Appendix D CORE RETAIL PORTFOLIO LISTING

Anchor Mall and Anchor GLA Strip Retail Freestanding GLA (BPR (Tenant Center Office Total Percentage Proportionate Property Name Own % Location GLA Owned) Owned) GLA GLA GLA(1) Leased GLA Key Tenants Consolidated Retail Properties

200 Lafayette 90% New York, NY 30 — — — — 30 100.0% 27

218 W 57th Street 90% New York, NY 35 — — — — 35 100.0% 32

605 North Michigan Avenue 90% Chicago, IL 58 — — — — 58 100.0% 52 Sephora, Chase Bank, Regus, Roots

530 Fifth Avenue 81% New York, NY 46 — — — — 46 100.0% 38 Chase Bank, Duane Reade, Vans

685 Fifth Avenue 88% New York, NY 24 — — — — 24 100.0% 21 Coach, Stuart Weitzman, Tag Heuer

830 N. Michigan Ave. 90% Chicago, IL 117 — — — — 117 100.0% 106 Uniqlo, Topshop

Beachwood Place 90% Beachwood, OH 326 317 247 97 — 988 98.7% 668 Dillard's, Nordstrom, Saks Fifth Avenue

Bellis Fair 90% Bellingham, WA 437 100 238 — — 776 88.2% 485 JCPenney, Kohl's, Macy's, Target, Dick's Sporting Goods

Brass Mill Center 90% Waterbury, CT 440 218 319 188 — 1,166 94.5% 764 Burlington Stores, JCPenney, Macy's, Regal Cinemas

Coastland Center 90% Naples, FL 341 276 315 — — 931 94.7% 556 Dillard's, JCPenney, Macy's

Columbia Mall 90% Columbia, MO 306 86 335 — — 728 87.9% 354 Dillard's, JCPenney, Target

Coral Ridge Mall 90% Coralville, IA 608 — 442 — — 1,051 96.6% 549 , Dillard's, JCPenney, Target, Home Goods, Scheels, Ulta

Crossroads Center 90% St. Cloud, MN 377 294 229 — — 900 96.6% 605 JCPenney, Macy's, Target, Scheels

Deerbrook Mall 90% Humble, TX 641 — 654 — — 1,294 95.9% 578 AMC Theaters, Dillard's, JCPenney, Macy's, Dick's Sporting Goods

Eastridge Mall 90% Casper, WY 281 214 76 — — 571 80.2% 447 JCPenney, Macy's, Target, Dick's Sporting Goods

Four Seasons Town Centre 90% Greensboro, NC 507 294 212 — — 1,013 97.1% 723 Dillard's, JCPenney, Round 1 Bowling & Amusement

Fox River Mall 90% Appleton, WI 600 30 565 — — 1,195 96.6% 569 JCPenney, Macy's, Target, Scheels

Grand Teton Mall 90% Idaho Falls, ID 214 199 125 93 — 631 91.0% 457 Dillard's, JCPenney, Macy's, Ross Dress For Less

Greenwood Mall 90% Bowling Green, KY 425 278 151 — — 854 94.1% 634 Dillard's, JCPenney, Belk

Hulen Mall 90% Ft. Worth, TX 393 — 597 — — 989 95.4% 354 Dillard's, Macy's West Des Moines, Jordan Creek Town Center 90% IA 749 156 198 264 — 1,366 98.6% 1,055 Dillard's, Von Maur, Century Theaters, Scheels Dillard's, JCPenney, Macy's, Nordstrom Rack, AMC Theaters, Dick's Sporting 90% Baton Rouge, LA 583 — 806 144 — 1,533 97.0% 656 Goods, Main Event

Mall St. Matthews 90% Louisville, KY 498 — 514 — — 1,012 94.6% 450 Dillard's, JCPenney, Cinemark

Mayfair 90% Wauwatosa, WI 633 289 360 — 309 1,591 96.4% 1,110 Macy's, Nordstrom, AMC Theaters

Meadows Mall 90% Las Vegas, NV 309 — 637 — — 946 97.2% 279 , Dillard's, JCPenney, Macy's

Mondawmin Mall 90% Baltimore, MD 386 — — — 74 459 99.8% 415 Ross Dress for Less, Marshalls, Shoppers Food & Pharmacy 56 (1) Excludes space under development Appendix D CORE RETAIL PORTFOLIO LISTING (CONT'D)

Anchor Mall and Anchor GLA Strip Retail Freestanding GLA (BPR (Tenant Center Office Total Percentage Proportionate Property Name Own % Location GLA Owned) Owned) GLA GLA GLA(1) Leased GLA Key Tenants Consolidated Retail Properties

Neshaminy Mall 90% Bensalem, PA 384 416 218 — — 1,018 93.0% 722 Barnes & Noble, Boscov's, AMC Theaters, Main Event

North Point Mall 90% Alpharetta, GA 410 540 363 — 24 1,337 93.0% 879 Dillard's, JCPenney, Macy's, Von Maur, American Girl

North Star Mall 90% San Antonio, TX 518 207 522 — — 1,248 98.2% 655 Dillard's, JCPenney, Macy's, Saks Fifth Avenue

Northtown Mall 90% Spokane, WA 439 242 242 — — 924 94.3% 615 JCPenney, Kohl's, Macy's, Regal Cinemas

Oakwood Center 90% Gretna, LA 400 182 332 — — 914 97.9% 525 Dillard's, JCPenney, Dick's Sporting Goods

Oakwood Mall 90% Eau Claire, WI 468 146 198 — — 812 93.3% 554 JCPenney, Hobby Lobby, Scheels

Oxmoor Center 85% Louisville, KY 318 296 271 — — 885 95.3% 523 Macy's, Von Maur, Dick's Sporting Goods

Paramus Park 90% Paramus, NJ 301 — 289 — — 591 97.2% 272 Macy's, Stew Leonard's

Park City Center 90% Lancaster, PA 508 515 385 — 7 1,415 92.1% 929 Boscov's, JCPenney, Kohl's

Peachtree Mall 90% Columbus, GA 385 222 201 — 13 821 98.2% 559 Dillard's, JCPenney, Macy's, At Home

Pecanland Mall 90% Monroe, LA 346 20 595 — — 961 92.8% 330 Belk, Dillard's, JCPenney, Dick's Sporting Goods

Pioneer Place 90% Portland, OR 326 — — — — 326 92.8% 295 We Work, Apple, H&M, Tiffany's, Zara, Louis Vuitton

Prince Kuhio Plaza 90% Hilo, HI 268 125 62 — — 454 93.7% 354 Macy's, TJ Maxx

Providence Place 85% Providence, RI 714 233 200 — 4 1,151 98.6% 810 Macy's, Providence Place Theater, Dave & Buster's

Quail Springs Mall 90% Oklahoma City, OK 451 160 360 — — 971 88.2% 552 Dillard's, JCPenney, Von Maur, Lifetime Fitness, AMC Theaters

River Hills Mall 90% Mankato, MN 373 180 174 — — 727 94.4% 499 JCPenney, Target, Scheels

Rivertown Crossings 90% Grandville, MI 630 — 636 — — 1,265 95.5% 568 JCPenney, Kohl's, Macy's, Dick's Sporting Goods

Sooner Mall 90% Norman, OK 243 135 137 — — 515 86.3% 341 Dillard's, JCPenney

Southwest Plaza 90% Littleton, CO 682 35 542 — 64 1,322 99.0% 704 Dillard's, JCPenney, Macy's, Target, Dick's Sporting Goods

Spokane Valley Mall 90% Spokane, WA 352 126 251 138 — 867 96.2% 556 JCPenney, Macy's, Regal Cinemas, Nordstrom Rack, Dick's Sporting Goods

Staten Island Mall 90% Staten Island, NY 828 50 467 83 — 1,428 97.1% 868 Macy's, JCPenney, Primark, AMC Theaters, Dave & Buster's

Stonestown Galleria 90% San Francisco, CA 409 428 — — — 837 97.6% 755 Nordstrom, Target, Regal Cinemas, Trader Joe's, Whole Foods The Shoppes At Buckland Hills 90% Manchester, CT 544 — 513 — — 1,057 97.3% 491 JCPenney, Macy's, Dick's Sporting Goods

The Streets At Southpoint 85% Durham, NC 608 — 726 — — 1,334 98.6% 518 Belk, JCPenney, Macy's, Nordstrom

The Woodlands Mall 90% Woodlands, TX 700 — 713 — 42 1,455 98.6% 669 Dillard's, JCPenney, Macy's, Nordstrom, Dick's Sporting Goods

Town East Mall 90% Mesquite, TX 464 — 809 — — 1,273 99.9% 419 Dillard's, JCPenney, Macy's, Dick's Sporting Goods

(1) 57 Excludes space under development Appendix D CORE RETAIL PORTFOLIO LISTING (CONT'D)

Anchor Mall and Anchor GLA Strip Retail Freestanding GLA (BPR (Tenant Center Office Total Percentage Proportionate Property Name Own % Location GLA Owned) Owned) GLA GLA GLA(1) Leased GLA Key Tenants Consolidated Retail Properties

Tysons Galleria 90% McLean, VA 294 260 252 — — 806 95.8% 500 Neiman Marcus, Saks Fifth Avenue

Valley Plaza Mall 90% Bakersfield, CA 550 311 292 — — 1,152 99.7% 776 JCPenney, Macy's, Target

Visalia Mall 90% Visalia, CA 179 257 — — — 436 94.4% 393 JCPenney, Macy's

Westlake Center 90% Seattle, WA 133 — — — — 133 99.6% 120 Saks Off Fifth, Nordstrom Rack

Willowbrook 90% Wayne, NJ 529 128 738 — — 1,395 98.9% 593 Bloomingdale's, Lord & Taylor, Macy's, Cinemark, Dave & Buster's

Total Consolidated Retail Count: 57 23,116 7,964 17,510 1,008 536 50,134 95.8% 29,329 Properties

Unconsolidated Retail Properties

85 Fifth Avenue 45% New York, NY 13 — — — — 13 100.0% 6 Anthropologie

522 Fifth Avenue 9% New York, NY 10 — — — — 10 N/A 1

730 Fifth Avenue 45% New York, NY 25 — — — 38 63 100.0% 28 Bulgari, Mikimoto, Piaget, Zegna Foodland Farms, Macy's, Neiman Marcus, Target, Bloomingdale's, Nordstrom, Ala Moana Center 45% Honolulu, HI 1,309 972 — 14 364 2,659 96.6% 1,200 Saks Fifth Avenue

Alderwood 45% Lynnwood, WA 588 — 706 39 — 1,333 98.6% 283 JCPenney, Macy's, Nordstrom, Loews Cineplex Altamonte Springs, Altamonte Mall 45% FL 475 364 312 — — 1,151 97.4% 379 Dillard's, JCPenney, Macy's, AMC Theaters

Apache Mall 46% Rochester, MN 410 206 163 — — 779 96.6% 284 JCPenney, Macy's, Scheels

Augusta Mall 46% Augusta, GA 497 — 597 — — 1,095 98.6% 229 Dillard's, JCPenney, Macy's, Dick's Sporting Goods Dillard's, JCPenney, Lifetime Fitness, Macy's, Star Cinema Grill, Dick's Sporting 46% Friendswood, TX 1,065 97 721 — — 1,882 99.6% 535 Goods, Dave & Buster's

Bayside Marketplace 11% Miami, FL 206 — — — 1 208 77.3% 22

Boise Towne Square 46% Boise, ID 422 426 248 115 — 1,210 92.1% 443 Dillard's, JCPenney, Kohl's, Macy's, Nordstrom Rack

Bridgewater Commons 32% Bridgewater, NJ 413 151 352 93 — 1,009 98.9% 207 Bloomingdale's, Lord & Taylor, Macy's, AMC Theaters

Carolina Place 45% Pineville, NC 416 325 349 — — 1,089 99.1% 334 Belk, Dillard's, JCPenney, Dave & Buster's

Christiana Mall 23% Newark, DE 625 — 641 — — 1,267 99.3% 141 JCPenney, Macy's, Nordstrom, Target, Cabela's, Cinemark

Clackamas Town Center 45% Happy Valley, OR 641 — 775 — — 1,415 98.4% 289 JCPenney, Macy's, Nordstrom, Century Theatres, Dave & Buster's

Columbiana Centre 46% Columbia, SC 295 145 361 — — 801 98.0% 203 Belk, Dillard's, JCPenney, Dave & Buster's

Coronado Center 46% Albuquerque, NM 599 196 281 — — 1,076 98.0% 366 JCPenney, Kohl's, Macy's, Dick's Sporting Goods

Cumberland Mall 46% Atlanta, GA 538 226 278 — — 1,042 100.0% 352 Macy's, Costco (1) Excludes space under development 58 Appendix D CORE RETAIL PORTFOLIO LISTING (CONT'D)

Anchor Mall and Anchor GLA Strip Retail Freestanding GLA (BPR (Tenant Center Office Total Percentage Proportionate Property Name Own % Location GLA Owned) Owned) GLA GLA GLA(1) Leased GLA Key Tenants Unconsolidated Retail Properties

Fashion Place 46% Murray, UT 466 162 338 — — 966 98.3% 289 Dillard's, Nordstrom, Macy's Dillard's, Macy's, Neiman Marcus, Nordstrom, Saks Fifth Avenue, Macy's Men, Fashion Show 45% Las Vegas, NV 844 272 762 — — 1,878 99.2% 504 Dick's Sporting Goods

First Colony Mall 45% Sugar Land, TX 545 — 619 — — 1,164 98.6% 246 Dillard's, JCPenney, Macy's, AMC Theaters, Dick's Sporting Goods

Florence Mall 45% Florence, KY 378 — 552 — — 930 90.3% 171 JCPenney, Macy's

Galleria At Tyler 45% Riverside, CA 553 — 468 — — 1,021 97.6% 250 JCPenney, Macy's, Nordstrom, AMC Theaters

Glenbrook Square 46% Fort Wayne, IN 429 556 221 — — 1,206 95.8% 453 JCPenney, Macy's

Glendale Galleria 45% Glendale, CA 508 305 525 — 138 1,476 98.6% 429 Bloomingdale's, Dick's Sporting Goods, JCPenney, Macy's, Target, Gold's Gym

Governor's Square 46% Tallahassee, FL 336 — 692 — — 1,027 94.2% 155 Dillard's, JCPenney, Macy's

Kenwood Towne Centre 45% Cincinnati, OH 519 241 401 — — 1,160 96.5% 343 Dillard's, Macy's, Louis Vuitton, Nordstrom, Tiffany Dillard's, JCPenney, Macy's, Dave & Buster's, AMC Theaters, Dick's Sporting Lynnhaven Mall 46% Virginia Beach, VA 653 150 381 — — 1,184 99.1% 370 Goods Market Place Shopping Center 46% Champaign, IL 507 235 150 — — 892 99.1% 342 JCPenney, Macy's , Dick's Sporting Goods, Kohl's

Miami Design District 20% Miami, FL 722 — — — 103 825 83.7% 166 Bulgari, Fendi, Gucci, Hermes, Louis Vuitton, Prada, Valentino

Mizner Park 23% Boca Raton, FL 160 80 — — 269 510 95.9% 117 Lord & Taylor, IPIC Theaters

Natick Mall 45% Natick, MA 924 88 558 — — 1,570 97.0% 456 Lord & Taylor, Macy's, Neiman Marcus, Nordstrom, Wegman's

Northbrook Court 45% Northbrook, IL 477 406 130 — — 1,013 94.1% 398 Lord & Taylor, Neiman Marcus, AMC Theaters

Northridge Fashion Center 46% Northridge, CA 664 257 557 — — 1,478 98.7% 424 JCPenney, Macy's, Pacific Theaters, Dick's Sporting Goods, Dave & Buster's

Oakbrook Center 43% Oak Brook, IL 1,158 386 468 — 263 2,275 98.3% 778 Macy's, Neiman Marcus, Nordstrom, Lifetime Fitness, KidZania, AMC Theatres

Oglethorpe Mall 46% Savannah, GA 401 221 316 — — 937 99.3% 286 Belk, JCPenney, Macy's

Otay Ranch Town Center 45% Chula Vista, CA 530 — 140 — — 670 93.6% 239 Macy's, AMC Theaters

Park Meadows 32% Lone Tree, CO 740 — 823 — — 1,563 97.9% 234 Dillard's, JCPenney, Macy's, Nordstrom, Dick's Sporting Goods

Park Place 46% Tucson, AZ 474 — 581 — — 1,056 99.0% 218 Dillard's, Macy's, Century Theatres Pembroke Pines, Pembroke Lakes Mall 46% FL 394 353 386 — — 1,134 98.1% 344 Dillard's, JCPenney, Macy's, AMC Theaters

Perimeter Mall 45% Atlanta, GA 506 222 831 — — 1,559 96.3% 329 Dillard's, Macy's, Nordstrom, Von Maur

Pinnacle Hills Promenade 45% Rogers, AR 375 99 162 302 73 1,012 92.4% 383 Dillard's, JCPenney, Malco Theatres, Dave & Buster's

Plaza Frontenac 50% St. Louis, MO 223 126 135 — — 484 96.1% 173 Neiman Marcus, Saks Fifth Avenue

(1) Excludes space under development 59 Appendix D CORE RETAIL PORTFOLIO LISTING (CONT'D)

Anchor Mall and Anchor GLA Strip Retail Own Freestanding GLA (BPR (Tenant Center Office Total Percentage Proportionate Property Name % Location GLA Owned) Owned) GLA GLA GLA(1) Leased GLA Key Tenants Unconsolidated Retail Properties

Ridgedale Center 46% Minnetonka, MN 374 205 596 — — 1,175 95.5% 266 JCPenney, Macy's, Nordstrom

Riverchase Galleria 46% Hoover, AL 528 330 610 — — 1,468 98.1% 395 Belk, JCPenney, Macy's, Von Maur

Saint Louis Galleria 66% St. Louis, MO 466 — 714 — — 1,180 98.8% 310 Dillard's, Macy's, Nordstrom

Stonebriar Centre 45% Frisco, TX 863 163 703 — — 1,729 99.2% 463 Dillard's, JCPenney, Macy's, Nordstrom, AMC Theaters, Dick's Sporting Goods

The Crossroads 46% Portage, MI 265 — 503 — — 768 93.5% 122 Burlington Stores, JCPenney, Macy's

The Gallery At Harborplace 46% Baltimore, MD 98 — — — 292 390 89.1% 180 Victoria Secret, Footlocker, Forever 21

The Grand Canal Shoppes 45% Las Vegas, NV 635 85 — — 37 757 98.2% 342 Barneys New York, Louis Vuitton, Tao Nightclub South Portland, 46% ME 496 121 378 — 1 995 98.7% 284 Best Buy, JCPenney, Macy's, Round 1 Bowling & Amusement JCPenney, Lord & Taylor, Macy's, Nordstrom, Main Event, Barnes & Noble, The Mall In Columbia 45% Columbia, MD 708 278 449 — — 1,435 96.6% 445 AMC Theaters

The Oaks Mall 46% Gainesville, FL 349 233 325 — — 907 95.8% 268 Belk, Dillard's, JCPenney

The Parks Mall at Arlington 46% Arlington, TX 761 — 749 — 1 1,511 99.7% 351 Dillard's, JCPenney, Macy's, Nordstrom Rack, Dick's Sporting Goods

The Shops at La Cantera 34% San Antonio, TX 624 — 628 — 73 1,325 98.4% 236 Dillard's, Macy's, Neiman Marcus, Nordstrom

The Shops at The Bravern 36% Bellevue, WA 169 125 — — — 294 87.0% 106 Neiman Marcus, Gucci, Hermes, Lifetime Fitness, Louis Vuitton The Shoppes at River Crossing 45% Macon, GA 418 — 333 — — 751 96.6% 189 Belk, Dillard's, Dick's Sporting Goods

Towson Town Center 32% Towson, MD 604 — 419 — — 1,023 91.5% 191 Macy's, Nordstrom

Tucson Mall 46% Tucson, AZ 625 — 641 36 — 1,302 94.1% 304 Dillard's, Dick's Sporting Goods, JCPenney, Macy's

One Union Square 45% San Francisco, CA 22 — — — 20 42 100.0% 19 Bulgari, Moncler

Shops at Merrick Park 50% Coral Gables, FL 412 — 330 — 101 844 98.3% 255 Neiman Marcus, Nordstrom

Water Tower Place 43% Chicago, IL 411 297 — — 89 797 97.0% 340 Macy's, American Girl

Westroads Mall 46% Omaha, NE 531 — 529 — — 1,060 97.1% 245 JCPenney, Von Maur, AMC Theaters, Dick's Sporting Goods

Whaler's Village 45% Lahaina, HI 110 — — — 9 120 98.3% 54 Lululemon, Louis Vuitton

White Marsh Mall 46% Baltimore, MD 443 257 466 — — 1,166 96.3% 322 JCPenney, Macy's, Boscov's, Macy's Home Store, Dave & Buster's

Willowbrook Mall 45% Houston, TX 532 — 984 — — 1,517 99.7% 240 Dillard's, JCPenney, Macy's, Dick's Sporting Goods

Woodbridge Center 46% Woodbridge, NJ 634 458 561 — — 1,653 96.2% 503 Boscov's, JCPenney, Lord & Taylor, Macy's, Dick's Sporting Goods Total Unconsolidated Retail Properties Count: 67 33,117 9,817 25,897 599 1,870 71,301 96.9% 19,826

Total Retail Properties Count: 124 56,233 17,781 43,407 1,607 2,407 121,435 96.5% 49,155

(1) Excludes space under development 60 GLOSSARY OF TERMS

Terms Description

Anchor Department stores whose merchandise appeals to a broad range of shoppers. Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates that are generally lower than the rents charged to mall store tenants. Average leasing net rent Average rent over the lease term on a per square foot basis including tenant expense reimbursements, less operating expenses being incurred for that space, but including the impact of straight-lining rent escalations or amortization of free rent periods. Average rent Represents average rent over the term consisting of base minimum rent and common area costs. Company FFO FFO before the impact of depreciation and amortization of non-real estate assets, transaction costs, gains (losses) associated with non-investment properties, imputed interest and the FFO that would have been attributable to the partnership's shares of GGP if all outstanding warrants of GGP were exercised. Prior to the third quarter of 2017, the adjustment assumed net settlement of the outstanding warrants. For the third quarter 2017, the adjustment is based on the cash settlement for all applicable warrants to reflect the partnership’s settlement of the warrants on such a basis during the fourth quarter of 2017. DFC Deferred financing costs. Expiring net rent Escalated cash rent at the end of the lease term on a per square foot basis including tenant expense reimbursements, less operating expenses being incurred for that space. Expiring rent Represents rent at the end of the lease consisting of base minimum rent and common area costs. Funds from Operations ("FFO") Income, including equity accounted income, before realized gains (losses) on investment property, fair value gains (losses) (including equity accounted fair value gains (losses)), unrealized fair value gains (losses) that arise as a result of reporting under IFRS, depreciation and amortization of real estate assets, income tax expense (benefit), and less non-controlling interests. Gross Leasable Area ("GLA") Total gross leasable space at 100%. In-place net rent For our office segment, the annualized amount of cash rent receivable from leases on a per square foot basis including tenant expense reimbursements, less operating expenses being incurred for that space, but excluding the impact of straight-lining rent escalations or amortization of free rent periods. In-place rent For our retail segment, the amount of cash consisting of base minimum rent and common area costs. Mall and freestanding Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores. Net Operating Income ("NOI") Revenues from commercial and hospitality operations of consolidated properties less direct property expenses. Office (as defined by Core Retail segment only) Leasable office space, either peripheral to a retail center or a stand-alone office building without a retail component. Operating Entity Subsidiaries of the operating partnership that hold interests, directly or indirectly, in BPY's real estate assets other than entities in which such subsidiaries hold interests for investment purposes only of less than 5% of the equity securities. Operating partnership Brookfield Property L.P. Proportionate Reflects proportionate share of the operating subsidiaries attributable to Unitholders. Realized gains Income earned on opportunistic investing activity when fund investments are realized, inclusive of associated change in carried interest to be due at a future date to the general partner of the relevant Brookfield Asset Management-sponsored funds Specialty leasing Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the company with 60 days notice. Strip center An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores. Tenant sales Comparative rolling twelve month sales for inline mall tenants that opened at less than 10,000 square feet. Unitholders Refers to holders of general partnership and limited partnership units of BPY, limited partner units of the operating partnership, limited partner units of Brookfield Office Properties Exchange LP and Class A shares of Brookfield Property REIT Inc.

61