Q2 2020 SupplementalInformation

S i x M o n t h s E n d e d J u n e 3 0 , 2 0 2 0

B R O O K F I E L D P R O P E R T Y P A R T N E R S L . P .

1

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, including as a result of the recent global economic shutdown caused by a strain of novel coronavirus ("COVID-19"); the ability to enter into new leases or renew leases on favourable terms; business competition; dependence on tenants’ financial condition; the use of debt to finance our business; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; uncertainties of real estate development or redevelopment; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; risks relating to our insurance coverage; the possible impact of international conflicts and other developments including terrorist acts; potential environmental liabilities; changes in tax laws and other tax related risks; dependence on management personnel; illiquidity of investments; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits therefrom; operational and reputational risks; catastrophic events, such as earthquakes, hurricanes or pandemics/epidemics; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States, as applicable. In addition, our future results may be impacted by risks associated with the global economic shutdown, and the related global reduction in commerce and travel and substantial volatility in stock markets worldwide, which may result in a decrease of cash flows and impairment losses and/or revaluations on our investments and real estate properties, and we may be unable to achieve our expected returns.

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

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS ACCOUNTING MEASURESThis 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 on equity accounted investments and the partnership's share of BSREP III Company FFO. Distributions from BSREP III, recorded as dividend income under IFRS, are removed from investment and other income for Company FFO presentation. 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.

2

TABLE OF CONTENTS

Page PageSummary of Results Same-Property Net Operating Income 22

Financial Overview 3 Historical Occupancy and Rent Metrics 23 Diversified Investment Strategy 4 Proportionate Leasing Activity 24 Core Office 5 Proportionate Lease Expiry Analysis 25 Core Retail 6 Development Sites 26 LP Investments 7 Core Retail

Consolidated Overview Net Operating Income and Key Performance Metrics 27 Proportionate Results from Operations by Segment 8 Signed Leases and Lease Expiry Analysis 28 Proportionate Financial Position by Segment 10 Redevelopment Sites 29 Proportionate Fair Value Continuity 11 LP InvestmentsProportionate Summary Cash Flow Information and Liquidity 13 Summary of Investments 30 Proportionate Debt Summary 14 BSREP Series 32 Proportionate Capital Securities 15 CorporateProportionate Preferred Equity 16 Foreign Currency Exposure 33 Per Unit Calculations 17 Management Fee and Incentive Distribution 34 Unit Information 19 Appendix A: Results from Operations 35

Operating Statistics Appendix B: Financial Position 36 Core Office Appendix C: Company FFO Reconciliation 37

Net Operating Income 21 Appendix D: Acquisition and Disposition Activity 38 Glossary of Terms 39

Note: Core Portfolio Additional Information will be posted on August 7, 2020 and includes our core office and core retail portfolio listings, debt details and top tenants

3

Summary of ResultsFINANCIAL OVERVIEW

Current Quarter Highlights

Company FFO and realized LP Investment gains (1)(2) Net income attributable to Unitholders

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

(US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019Office $ 13,534 $ 14,240 $ 126 $ 187 $ 261 $ 327 $ (158) $ 343 $ (92) $ 693 Retail 12,950 14,138 140 170 335 354 (920) (3) (1,218) 102 Core Operations 26,484 28,378 266 357 596 681 (1,078) 340 (1,310) 795 LP Investments 4,810 5,126 (8) 106 68 252 (105) (136) (129) (121) Corporate (5,798) (4,974) (80) (101) (163) (204) (70) (77) (300) (214) Unitholder equity $ 25,496 $ 28,530 $ 178 $ 362 $ 501 $ 729 $ (1,253) $ 127 $ (1,739) $ 460

Per Unit MetricsQuarter-to-date Year-to-date

(US$) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019Company FFO and realized LP Investment gains per unit(2)(3)(4) $ 0.18 $ 0.38 $ 0.51 $ 0.76 Company FFO per unit(3)(4) 0.18 0.35 0.50 0.66 Net income per unit(3)(4) (1.35) 0.13 (1.87) 0.48 Distributions per unit(3) 0.33 0.33 0.67 0.66 Unitholder equity per unit(5) $ 27.01 $ 28.89

Payout RatioLast twelve months ending

(US$) Jun. 30, 2020 Dec. 31, 2019 Dec. 31, 2018Company FFO per unit(3)(4) $ 1.23 $ 1.39 $ 1.48 Realized LP Investment gains per unit(2)(3) 0.10 0.18 0.49 Annual Earnings 1.33 1.57 1.97 Distributions per unit (1.33) (1.32) (1.26) Retained for property maintenance and growth per unit — 0.25 0.71 Payout Ratio 100 % 84 % 64 %(1) A reconciliation of FFO to Company FFO and realized LP Investment gains is included on page 8 and 9(2) 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. These gains are presented net of carried interest and other transaction costs(3) Per unit calculations are based on the basic number of units outstanding and detailed on page 17 and 18(4) Company FFO and realized LP Investment gains per unit, Company FFO per unit, and Net income per unit are reduced by preferred share dividends paid(5) Assumes conversion of mandatorily convertible preferred shares. Refer to page 17 for further detail

4

Summary of ResultsDIVERSIFIED INVESTMENT STRATEGY

Core Operations

▪ Our core business represents approximately 85% of our balance sheet and consists of:◦ 134 premier office properties totaling over 94 million square feet in gateway markets including New

York City, London, Toronto, Los Angeles, Washington D.C. and Berlin◦ 122 best-in-class retail properties totaling 120 million square feet throughout the United States including

730 Fifth Avenue in New York City, Ala Moana Center in Honolulu, Fashion Show Mall in Las Vegas, Oakbrook Mall in Chicago, Stonestown Galleria in San Francisco, Willowbrook Mall in New Jersey and Staten Island Mall in New York

◦ Approximately 9 million square feet of development projects underway▪ Our core business strategy is to invest in high-quality, well-located trophy assets maintaining high occupancy and providing stable earnings; and to periodically recycle capital out of these stable assets to reinvest into development, redevelopment and densification opportunities to create additional value

▪ High quality and global tenant base with limited tenant concentration

LP Investments

▪ Our LP investments represent approximately 15% of our balance sheet and consists of investments in various funds targeting a specific return profile including:

◦ BSREP I: A 31% interest in a $4.4B real estate fund targeting opportunistic returns; the fund is in its 9th year, is fully invested and is executing realizations

◦ BSREP II: A 26% interest in a $9.0B real estate fund targeting opportunistic returns; the fund is in its 6th year and is fully invested

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

◦ A blended 36% interest in two multifamily funds totaling $1.8B targeting value-add returns◦ A blended 13% interest in a series of real estate debt funds totaling $5.4B

▪ Our LP investment business strategy is to acquire high quality assets at a discount to replacement cost or intrinsic value, to execute clearly defined strategies for operational improvement and to achieve opportunistic returns through NOI growth and realized gains on exit

5

Highlights

▪ Leased 353K square feet on a proportionate basis (652K square feet on an AUM basis) during the quarter at average net rents of $40.13 per square foot, which represents a 16% increase over expiring leases in the period. We ended the quarter with occupancy at 92.3%, down from 93.3% due mainly to known expiries in the Calgary and Houston markets.

▪ The Core Office business generated Company FFO of $126M in the second quarter of 2020, compared to $187M in the same period in 2019. The prior year included a performance fee earned of $38M. The decrease was driven by lower NOI due to the global economic shutdown, including lower parking revenue and higher credit loss reserves, prior period disposition activity in Sydney and lower lease termination income. These decreases were partially offset by NOI from acquisition activity and our recently completed developments.

▪ Company FFO decreased by $9M as compared to the first quarter of 2020, driven by a $22M decrease to NOI, including lower NOI as a result of global economic shutdown, offset by lower interest and general and administrative expenses.

▪ Net loss of $158M includes unrealized property-level fair value losses of $274M, primarily in Houston, Calgary and Los Angeles, primarily due to a reduction in forecasted cashflows.

CORE OFFICE

Key Financial MetricsQuarter-to-date Year-to-date

(US$ Millions) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019

NOI $ 311 $ 331 $ 644 $ 644 Fee revenue 26 64 57 88 Company FFO 126 187 261 327

Net (loss) income attributable to Unitholders

(158) 343 (92) 693

Key Operational HighlightsQuarter-to-date Year-to-date

Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019

Operating margin 60.2 % 61.2 % 60.6 % 60.4 %Same property growth (8.3) % 0.4 % (2.5) % (0.4) %Same property growth in natural currency (6.3) % 3.2 % (0.8) % 2.9 %Occupancy 92.3 % 93.3 %Same property occupancy 92.3 % 92.2 %

Proportionate Financial Position(US$ Millions) Jun. 30, 2020 Dec. 31, 2019

Investment properties $ 33,787 $ 34,406 Total assets 36,782 37,783 Debt obligations 17,608 17,716 Total liabilities 20,922 21,218 Total equity 15,860 16,565

Summary of Results

6

CORE RETAIL

Highlights

▪ As of June 30, 2020, our same-property portfolio was 94.7% leased, with 7.4M square feet of leases commencing over the prior twelve months. Lease rates on these commencements were 6.5% higher than expiring rents on a suite-to-suite basis. This compares to 95.0% leased for the same period in the prior year.

▪ The Core Retail business generated Company FFO of $140M in the second quarter of 2020, compared to $170M in the same period in the prior year. The decrease was widely impacted by widespread mandated closures in our portfolio related to the global economic shutdown. In addition, fee revenue decreased as a result of acquiring our joint venture partners' interest in a group of assets as well as lower leasing volumes and property revenues due to the closures mentioned above. These decreases were partially offset by lower interest expense.

▪ Compared to the prior quarter, Company FFO decreased by $55M primarily due to the mandated closures mentioned above and the prior quarter included $30M of income from the sale of financial assets.

▪ Net loss of $920M was due to unrealized property-level fair value losses of $1,056M due to a reduction in forecasted cashflows.

Key Financial MetricsQuarter-to-date Year-to-date

(US$ Millions) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019

NOI $ 396 $ 418 $ 819 $ 848 Fee revenue 23 33 54 69 Company FFO 140 170 335 354

Net (loss) income attributable to Unitholders

(920) (3) (1,218) 102

Key Operational HighlightsQuarter-to-date Year-to-date

Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019

Operating margin 74.3 % 73.9 % 73.5 % 73.4 %Same property growth (7.6) % (1.4) % (5.4) % 0.1 %Leased 94.7 % 95.0 %Same property leased 94.7 % 95.0 %

Proportionate Financial Position(US$ Millions) Jun. 30, 2020 Dec. 31, 2019

Investment properties $ 33,968 $ 35,146 Total assets 35,495 36,403 Debt obligations 21,294 20,928 Total liabilities 22,070 21,763 Total equity 13,425 14,640

Summary of Results

7

Highlights

▪ The LP Investments business generated a Company FFO loss of $8M in the second quarter of 2020, compared to income of $106M in the prior year. Our hospitality portfolio was the most impacted sector by the global economic shutdown with Company FFO down $78M compared with the same period in the prior year as most of our hotels were required to close or operate at reduced capacity. In addition, the prior year included $27M in realized gains primarily from the sale of an office asset in the U.S.

▪ Company FFO and realized gains decreased by $84M compared to the first quarter of 2020. The current quarter reflects the negative impact of global economic shutdown on our hospitality portfolio. The prior quarter also included realized gains of $14M from the sale of an office asset.

▪ Net loss of $105M includes fair value losses of $52M primarily due to a reduction in forecasted cash flows in our hospitality and retail sectors.

LP INVESTMENTS

Key Financial MetricsQuarter-to-date Year-to-date

(US$ Millions) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019NOI $ 85 $ 189 $ 227 $ 367

Company FFO and realized LP Investment gains(1)

(8) 106 68 252

Net (loss) attributable to Unitholders (105) (136) (129) (121)

Proportionate Financial Position(US$ Millions) Jun. 30, 2020 Dec. 31, 2019

Investment properties $ 8,656 $ 8,828 Property, plant and equipment 2,200 2,216 Total assets 13,572 14,042 Debt obligations 7,407 7,348 Total liabilities 8,619 8,782 Total equity 4,953 5,260 (1) Realized LP Investment gains are presented net of carried interest and other transaction costs

Summary of Results

LP Investment Snapshot(US$ Millions) Fund Fund Invested ProjectedFund Size Year Capital Net IRRBSREP I $ 4,400 9 $ 872 19 %BSREP II 9,000 6 2,606 12 %BSREP III 15,000 3 540 15 %VAMF Funds 1,800 5 211 17 %Debt Funds 5,400 6 243 8 %Other n/m n/m 338 n/m

8

Consolidated OverviewPROPORTIONATE RESULTS FROM OPERATIONS BY SEGMENT

Quarter-to-dateCore Operations

Office Retail LP Investments Corporate Total

(US$ Millions) Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Commercial property and hospitality revenue $ 517 $ 541 $ 533 $ 566 $ 170 $ 359 $ — $ — $ 1,220 $ 1,466 Commercial property and hospitality expense (206) (210) (137) (148) (85) (170) — — (428) (528) NOI 311 331 396 418 85 189 — — 792 938 Investment and other income 15 7 2 4 9 13 2 4 28 28 Fee revenue 26 64 23 33 1 — — — 50 97 Interest expense (146) (147) (196) (218) (82) (107) (56) (65) (480) (537) Depreciation of non-real estate assets (2) (2) (6) (6) (4) (2) — — (12) (10) General and administrative expense (64) (62) (67) (68) (19) (19) (27) (44) (177) (193) Non-controlling interests (25) (26) (5) (2) (1) (4) — — (31) (32) FFO 115 165 147 161 (11) 70 (81) (105) 170 291 Depreciation of non-real estate assets 2 2 6 6 4 2 — — 12 10 Transaction costs 1 8 (13) 3 (1) 3 1 4 (12) 18 Gains/losses on non-investment properties — — — — — — — — — — Imputed interest 8 12 — — — 1 — — 8 13 BSREP III earnings — — — — — 3 — — — 3 Company FFO 126 187 140 170 (8) 79 (80) (101) 178 335 Company FFO and realized LP Investment gains(1) 126 187 140 170 (8) 106 (80) (101) 178 362

FFO 115 165 147 161 (11) 70 (81) (105) 170 291 Depreciation of real estate assets (1) — — — (23) (23) — — (24) (23) Fair value gains, net (290) 188 (1,072) (183) (77) (148) (11) (33) (1,450) (176) Income taxes 18 (10) 5 33 1 (9) 22 61 46 75 Non-controlling interests — — — (14) 5 (26) — — 5 (40) Net (loss) income attributable to Unitholders $ (158) $ 343 $ (920) $ (3) $ (105) $ (136) $ (70) $ (77) $ (1,253) $ 127 (1) Realized LP investment gains are presented net of carried interest and other transaction costs

9

Consolidated OverviewPROPORTIONATE RESULTS FROM OPERATIONS BY SEGMENT

Year-to-dateCore Operations

Office Retail LP Investments Corporate Total

(US$ Millions)Jun. 30,

2020Jun. 30,

2019Jun. 30,

2020Jun. 30,

2019Jun. 30,

2020Jun. 30,

2019Jun. 30,

2020Jun. 30,

2019Jun. 30,

2020Jun. 30,

2019

Commercial property and hospitality revenue $ 1,062 $ 1,066 $ 1,115 $ 1,156 $ 470 $ 712 $ — $ — $ 2,647 $ 2,934

Commercial property and hospitality expense (418) (422) (296) (308) (243) (345) — — (957) (1,075) NOI 644 644 819 848 227 367 — — 1,690 1,859 Investment and other income 25 21 39 5 40 40 4 6 108 72 Fee revenue 57 88 54 69 1 1 — — 112 158 Interest expense (302) (287) (423) (434) (183) (214) (116) (131) (1,024) (1,066) Depreciation of non-real estate assets (4) (4) (12) (12) (7) (5) — — (23) (21) General and administrative expense (135) (122) (134) (143) (36) (37) (53) (88) (358) (390)

Non-controlling interests (49) (51) (8) (5) (4) (7) — — (61) (63) FFO 236 289 335 328 38 145 (165) (213) 444 549 Depreciation of non-real estate assets 4 4 12 12 7 5 — — 23 21 Transaction costs 2 9 (12) 14 6 5 2 9 (2) 37 Gains/losses on non-investment properties 3 (1) — — — — — — 3 (1) Imputed interest 16 26 — — — 1 — — 16 27

BSREP III earnings(1) — — — — 3 9 — — 3 9 Company FFO 261 327 335 354 54 165 (163) (204) 487 642

Company FFO and realized LP Investment gains(2) 261 327 335 354 68 252 (163) (204) 501 729 FFO 236 289 335 328 38 145 (165) (213) 444 549 Depreciation of real estate assets (2) (1) — — (44) (48) — — (46) (49) Fair value gains, net (319) 448 (1,572) (237) (74) (157) (160) (61) (2,125) (7) Income taxes (7) (43) 19 25 (48) (25) 25 60 (11) 17

Non-controlling interests — — — (14) (1) (36) — — (1) (50)

Net (loss) income attributable to Unitholders $ (92) $ 693 $ (1,218) $ 102 $ (129) $ (121) $ (300) $ (214) $ (1,739) $ 460 (1) BSREP III is now accounted for as a financial asset which results in FFO being recognized in line with distributions received. As such, the BSREP III earnings adjustment picks up our proportionate share of the Company FFO(2) Realized LP investment gains are presented net of carried interest and other transaction costs

10

PROPORTIONATE FINANCIAL POSITION BY SEGMENT

Core Operations

Office Retail LP Investments Corporate Total

(US$ Millions)Jun. 30,

2020Dec. 31,

2019Jun. 30,

2020Dec. 31,

2019Jun. 30,

2020Dec. 31,

2019Jun. 30,

2020Dec. 31,

2019Jun. 30,

2020Dec. 31,

2019AssetsCommercial properties $ 30,114 $ 28,362 $ 33,968 $ 35,146 $ 8,067 $ 8,286 $ — $ — $ 72,149 $ 71,794

Commercial developments 3,673 6,044 — — 589 542 — — 4,262 6,586

Property, plant and equipment 235 236 78 82 2,200 2,216 — — 2,513 2,534

Cash and cash equivalents 786 844 384 444 260 259 31 40 1,461 1,587

Other assets 1,974 2,297 1,065 731 2,416 2,444 139 84 5,594 5,556

Assets held for sale — — — — 40 295 — — 40 295

Total assets 36,782 37,783 35,495 36,403 13,572 14,042 170 124 86,019 88,352 LiabilitiesCorporate borrowings — — — — — — 2,642 2,050 2,642 2,050

Asset-level debt obligations 17,410 17,619 15,679 15,665 7,354 7,323 — — 40,443 40,607

Subsidiary borrowings, non-recourse to BPY 198 97 5,615 5,263 53 25 — — 5,866 5,385

Capital securities — — — — 145 145 1,721 1,722 1,866 1,867

Deferred tax liabilities 1,060 1,080 53 68 411 382 34 101 1,558 1,631

Other liabilities 2,254 2,422 723 767 624 680 857 790 4,458 4,659

Liabilities associated with assets held for sale — — — — 32 227 — — 32 227

EquityPreferred equity - partnership — — — — — — 699 420 699 420

Non-controlling interests 2,326 2,325 475 502 143 134 15 15 2,959 2,976

Equity attributable to Unitholders 13,534 14,240 — 12,950 14,138 4,810 5,126 (5,798) (4,974) 25,496 28,530

Total liabilities and equity $ 36,782 $ 37,783 $ 35,495 $ 36,403 $ 13,572 $ 14,042 $ 170 $ 124 $ 86,019 $ 88,352

Consolidated Overview

11

Consolidated OverviewPROPORTIONATE FAIR VALUE CONTINUITY

Quarter-to-dateBalance sheet

(US$ Millions) Mar. 31, 2020 Invest.(1) Acquisitions Dispositions Reclass FX Profit & Loss(2) Jun. 30, 2020Commercial properties(3)

Core Office $ 27,463 $ 87 $ 18 $ (256) $ 2,774 $ 411 $ (383) $ 30,114 Core Retail 34,792 113 174 — (23) (32) (1,056) 33,968 LP Investments 8,104 40 2 (33) (3) (10) (33) 8,067

70,359 240 194 (289) 2,748 369 (1,472) 72,149 Commercial developments

Core Office 6,082 201 — — (2,771) 52 109 3,673 LP Investments 520 49 6 — (1) 34 (19) 589

6,602 250 6 — (2,772) 86 90 4,262 Total investment properties $ 76,961 $ 490 $ 200 $ (289) $ (24) $ 455 $ (1,382) $ 76,411 Other fair value gains (losses)(4) (68) Total fair value losses $ (1,450)

(1) Represents investments in our assets through capital expenditures, tenant improvements and redevelopment initiatives(2) Represents changes in value as a result of amount and timing of cash flows at the property level due to leasing activity, leasing assumptions and investment horizon. In addition, includes the impact of changes in discount and terminal capitalization rates(3) Included in property, plant and equipment on our balance sheet are $2.2B of hospitality assets that are revalued once a year using the depreciated replacement cost method. Each quarter our hospitality assets are tested for impairments. During Q2 2020, we recorded $136M of impairments, $112M which was recognized through OCI and the balance through other fair value losses(4) Other fair value losses primarily includes mark-to-market losses on derivatives and hospitality impairment

Valuation Metrics for Commercial PropertiesJun. 30, 2020 Mar. 31, 2020

(US$)Discount

rateTerminal

cap rateHold period

(years)Capitali-

zation rate

Implied going-in capitali-

zation rate(1)

Implied value per

leasable sq. ft./unit(2)

Discountrate

Terminal cap rate

Hold period (years)

Capitali-zation rate

Implied going-in capitali-

zation rate(1)

Implied value per leasable

sq. ft./unit(2)

Core Office 6.2 % 5.2 % 11 4.2 % $ 679 6.3 % 5.3 % 11 4.4 % $ 682 Core Retail 6.8 % 5.2 % 10 4.7 % 874 6.8 % 5.2 % 10 5.0 % 901 LP Investments Office 9.7 % 7.3 % 7 239 9.9 % 7.3 % 7 241 Retail 8.6 % 6.9 % 10 219 8.7 % 6.9 % 10 220 Mixed-use 7.4 % 5.3 % 10 463 7.4 % 5.3 % 10 449

Logistics 5.8 % 305 5.8 % 302 Multifamily 5.0 % 194 5.0 % 191 Triple Net Lease 6.2 % 331 6.3 % 328 Self-storage 5.6 % 121 5.6 % 120 Student Housing 4.9 % 126 4.9 % 125

Manufactured Housing 5.5 % 78 5.5 % 77

(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 21 and 27(2) For retail assets, the leasable square feet exclude all anchor space. For multifamily, student housing and manufactured housing assets, the relevant calculation compares the value of commercial properties to the number of units, beds or sites, respectively, rather than square feet

12

Consolidated OverviewPROPORTIONATE FAIR VALUE CONTINUITY (Cont'd)

Year-to-dateBalance sheet

(US$ Millions) Dec. 31, 2019 Invest.(1) Acquisitions Dispositions Reclass FX Profit & Loss(2) Jun. 30, 2020Commercial properties(3)

Core Office $ 28,362 $ 170 $ 34 $ (403) $ 2,950 $ (681) $ (318) $ 30,114 Core Retail 35,146 213 174 (11) 20 (32) (1,542) 33,968 LP Investments 8,286 77 11 (37) 11 (277) (4) 8,067

71,794 460 219 (451) 2,981 (990) (1,864) 72,149 Commercial developments

Core Office 6,044 545 53 (21) (2,920) (201) 173 3,673 LP Investments 542 90 21 — (42) (16) (6) 589

6,586 635 74 (21) (2,962) (217) 167 4,262 Total investment properties $ 78,380 $ 1,095 $ 293 $ (472) $ 19 $ (1,207) $ (1,697) $ 76,411 Other fair value (losses) gains(4) (428) Total fair value losses $ (2,125)

(1) Represents investments in our assets through capital expenditures, tenant improvements and redevelopment initiatives(2) Represents changes in value as a result of amount and timing of cash flows at the property level due to leasing activity, leasing assumptions and investment horizon. In addition, includes the impact of changes in discount and terminal capitalization rates(3) Included in property, plant and equipment on our balance sheet are $2.2B of hospitality assets that are revalued once a year using the depreciated replacement cost method. Each quarter our hospitality assets are tested for impairments. During 2020, we recorded $171M of impairments, $140M which was recognized through OCI and the balance through fair value losses.(4)Other fair value losses primarily includes mark-to-market losses on derivatives and hospitality impairments

13

Consolidated OverviewPROPORTIONATE SUMMARY CASH FLOW INFORMATION AND LIQUIDITY

Proportionate Summary Cash Flow InformationQuarter-to-date Year-to-date

(US$ Millions) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019Company FFO $ 178 $ 335 $ 487 $ 642 Distributions paid (326) (316) (644) (636) Unit repurchases (41) (56) (142) (445) Investments (463) (835) (1,026) (1,521) Disposals 66 1,149 118 1,549 Debt repayments (461) (2,116) (1,443) (2,527) Proceeds from financings 754 3,376 1,939 4,649 Draws (repayments) on corporate and funds subscription facilities 548 (565) 894 (333) Issuance of limited partner units — — — 14 Proceeds from (purchase of) financial assets, net 82 (294) 132 (351) Change in working capital and other, net (657) (1,036) (441) (1,487) Change in proportionate cash (320) (358) (126) (446) Proportionate cash at beginning of period 1,781 1,969 1,587 2,057 Proportionate cash at end of period $ 1,461 $ 1,611 $ 1,461 $ 1,611 Proportionate availability under credit facilities 2,794 3,410 Proportionate availability under construction facilities 1,685 1,185 Group-wide liquidity $ 5,940 $ 6,206

14

PROPORTIONATE DEBT SUMMARY

Jun. 30, 2020 Deferred financing

costs(US$ Millions)(US$ Millions) Avg. term Avg. rate Total 2020 (1) 2021(1) 2022 2023 2024 Thereafter % FloatingCore Office 4.9 3.11 % $ 17,608 $ 992 $ 2,860 $ 1,738 $ 1,399 $ 3,162 $ 7,603 $ (146) 21.8 %Weighted average interest rate 3.11 % 2.59 % 3.12 % 2.65 % 3.17 % 2.27 % 3.63 %% floating 21.8 % 11.1 % 19.3 % 31.0 % 60.1 % 11.2 % 19.3 %Core Retail 3.8 3.76 % 21,294 1,117 3,293 2,815 3,667 3,283 7,154 (35) 29.9 %Weighted average interest rate 3.76 % 3.64 % 3.57 % 3.71 % 3.24 % 4.28 % 3.91 %% floating 29.9 % 9.1 % 26.5 % 34.8 % 59.3 % 8.6 % 27.6 %LP Investments 4.3 3.52 % 7,407 160 322 781 874 2,036 3,276 (42) 58.1 %Weighted average interest rate 3.52 % 3.13 % 2.79 % 3.65 % 3.54 % 3.10 % 4.51 %% floating 58.1 % 92.5 % 59.2 % 35.6 % 48.1 % 56.2 % 65.4 %Corporate 3.8 2.95 % 2,642 — 295 — 374 1,694 294 (15) 47.1 %Weighted average interest rate 2.95 % — % 4.12 % — % 4.34 % 2.27 % 3.93 %% floating 47.1 % — % — % — % — % 73.9 % — %Total 4.3 3.44 % $ 48,951 $ 2,269 $ 6,770 $ 5,334 $ 6,314 $ 10,175 $ 18,327 $ (238) 32.2 %Maturity as a % of total 100.0 % 4.6 % 13.8 % 10.8 % 12.8 % 20.7 % 37.3 %Weighted average interest rate 3.44 % 3.15 % 3.37 % 3.38 % 3.35 % 3.23 % 3.90 %(1) $1.29 billion of forward starting swaps are in place to hedge the impact of changing interest rates on certain planned refinancings during these periods

Consolidated Overview

15

Consolidated Overview

Cumulative

(US$ Millions) Entity Authorized Outstanding dividend rate Jun. 30, 2020 Dec. 31, 2019Class A Preferred Equity Units Series 1 (1) Brookfield Property L.P. 24,000,000 24,000,000 6.25 % $ 580 $ 574 Class A Preferred Equity Units Series 2(1) Brookfield Property L.P. 24,000,000 24,000,000 6.50 % 550 546 Class A Preferred Equity Units Series 3(1) Brookfield Property L.P. 24,000,000 24,000,000 6.75 % 534 530 Class A Senior Preferred Shares Series 1 Brookfield Property Split Corp. 1,000,000 842,534 5.25 % 21 23 Class A Senior Preferred Shares Series 2 Brookfield Property Split Corp. 1,000,000 556,746 5.75 % 10 13 Class A Senior Preferred Shares Series 3 Brookfield Property Split Corp. 1,000,000 790,982 5.00 % 15 18 Class A Senior Preferred Shares Series 4 Brookfield Property Split Corp. 1,000,000 594,994 5.20 % 11 18 Class B Series 1(2) Brookfield Office Properties Inc. 3,600,000 3,600,000 70% of bank prime — — Class B Series 2(2) Brookfield Office Properties Inc. 3,000,000 3,000,000 70% of bank prime — — Series A Preferred Shares Rouse Properties L.P. 5,600,000 5,600,000 5.00 % 71 71 Preferred Capital BSREP II MH B LLC — — 9.00 % 64 64 Preferred Shares BSREP II Vintage Estate Partners LLC 10,000 10,000 5.00 % 10 10

Total $ 1,866 $ 1,867 (1) Series 1, 2 and 3 are mandatorily convertible into units after seven, ten and twelve years, respectively(2) Class B capital securities are owned by Brookfield Asset Management. Brookfield Office Properties Inc. has an offsetting loan receivable against these securities

PROPORTIONATE CAPITAL SECURITIES

16

Consolidated Overview

Cumulative

(US$ Millions) Entity Outstanding dividend rate Jun. 30, 2020 Dec. 31, 2019Class A Series 1 Brookfield Property Partners L.P. 7,360,000 6.50 % $ 178 $ 178 Class A Series 2 Brookfield Property Partners L.P. 10,000,000 6.38 % 242 242 Class A Series 3 Brookfield Property Partners L.P. 11,500,000 5.75 % 279 — Class A Various BPY holding entities 200,004 5.00 % 15 15 Class AAA Series N Brookfield Office Properties Inc. 11,000,000 3.78 % 257 257 Class AAA Series P Brookfield Office Properties Inc. 12,000,000 4.16 % 287 287 Class AAA Series R Brookfield Office Properties Inc. 8,883,425 4.16 % 227 227 Class AAA Series S Brookfield Office Properties Inc. 1,116,575 3 mo. T-Bill+ 3.48% 14 14 Class AAA Series T Brookfield Office Properties Inc. 10,000,000 5.38 % 250 250 Class AAA Series V(1) Brookfield Office Properties Inc. 1,290,789 70% of bank prime 18 18 Class AAA Series W(2) Brookfield Office Properties Inc. 1,884,427 70% of bank prime 27 27 Class AAA Series Y(3) Brookfield Office Properties Inc. 1,242,911 70% of bank prime 18 18 Class AAA Series Z(4) Brookfield Office Properties Inc. 600,000 30-day BA+ 0.4% 7 7 Class AAA Series AA Brookfield Office Properties Inc. 12,000,000 4.71 % 261 261 Class AAA Series CC Brookfield Office Properties Inc. 8,000,000 6.00 % 155 155 Class AAA Series EE Brookfield Office Properties Inc. 11,000,000 5.10 % 206 206 Class AAA Series GG Brookfield Office Properties Inc. 11,000,000 4.85 % 196 196 Class AAA Series II Brookfield Office Properties Inc. 10,000,000 4.85 % 190 190 Series C BP US REIT LLC 8,000 8.00 % 80 80 Series A Brookfield DTLA Fund Office Trust Investor Inc. 9,357,465 7.63 % 133 133 Series D Brookfield Property REIT Inc. 532,750 6.50 % 27 27 Series E Brookfield Property REIT Inc. 502,658 7.00 % 25 25 Series K(5) Brookfield Property REIT Inc. 653,825 — 17 44 Series A Brookfield Property REIT Inc. 10,000,000 6.38 % 242 242

Total $ 3,351 $ 3,099 (1) 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(2) 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(3) 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(4) 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(5) Series K shares are entitled to distributions identical to those paid on Brookfield Property REIT Inc. Class A Stock

PROPORTIONATE PREFERRED EQUITY

17

Consolidated OverviewPER UNIT CALCULATIONS

Book Value per UnitJun. 30, 2020 Dec. 31, 2019

(US$ Millions, except per unit amounts) Unitholder equityNumber of

units Per unit Unitholder equityNumber of

units Per unitBasic book value per unit $ 25,496 935.5 $ 27.25 $ 28,530 945.4 $ 30.18 Dilutive effect of conversion of preferred shares(1) 1,664 70.1 23.74 1,650 70.1 23.54 Fully diluted book value per unit $ 27,160 1,005.6 $ 27.01 $ 30,180 1,015.5 $ 29.72 (1) Represents preferred shares that are mandatorily convertible into units after seven, ten and twelve years and which were issued in Q4 2014; $265M of the preferred shares was classified in equity at the time of issuance

Company FFO per UnitQuarter-to-date

Jun. 30, 2020 Jun. 30, 2019

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

Averagenumber of

units Per unit Company FFO

Average number of

units Per unitBasic $ 167 935.6 $ 0.18 $ 332 952.1 $ 0.35 Dilutive effect of conversion of preferred shares(2) 29 70.1 0.41 29 70.1 0.41

196 1,005.7 0.19 361 1,022.2 0.35 Dilutive effect of conversion of capital securities and options(3) — — — 2 4.5 0.44 Fully-diluted per Management $ 196 1,005.7 $ 0.19 $ 363 1,026.7 $ 0.35 (1) Company FFO is reduced by $11M of preferred dividends paid in the current period(2) Represents preferred shares that are mandatorily convertible into units at a price of $25.70 and the associated carry(3) Capital securities were fully redeemed during the second quarter of 2019

Net Income per UnitQuarter-to-date

Jun. 30, 2020 Jun. 30, 2019

(US$ Millions, except per unit amounts)

Net income attributable to Unitholders (1)

Averagenumber of

units Per unit

Net income attributable to

UnitholdersAverage number of

units Per unitBasic(2) $ (1,264) 935.6 $ (1.35) $ 124 952.1 $ 0.13 Dilutive effect of conversion of preferred shares(3) 29 70.1 0.41 29 70.1 0.41

(1,235) 1,005.7 (1.23) 153 1,022.2 0.15 Dilutive effect of conversion of capital securities and options(4) — — — 2 4.5 0.44 Fully-diluted per Management $ (1,235) 1,005.7 $ (1.23) $ 155 1,026.7 $ 0.15 Fully-diluted per IFRS(5)(6) $ (1,264) 1,005.7 $ (1.26) $ 124 1,022.3 $ 0.12 (1) Net income attributable to Unitholders is reduced by $11M of preferred dividends paid in the current period(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 June 30, 2020 was $(1.26) (2019 – $0.12)(3) Represents preferred shares that are mandatorily convertible into units at a price of $25.70 and the associated carry(4) Capital securities were fully redeemed during the second quarter of 2019(5) Excludes the add back to earnings of the carry on the mandatorily convertible preferred shares, as required under IFRS(6) For the three months ended June 30, 2019, the conversion of capital securities would be anti-dilutive and, as such, are excluded from the calculation of fully-diluted earnings per unit under IFRS

18

Consolidated OverviewPER UNIT CALCULATIONS

Company FFO per UnitYear-to-date

Jun. 30, 2020 Jun. 30, 2019

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

Averagenumber of

units Per unit Company FFOAverage number of

units Per unitBasic $ 467 939.5 $ 0.50 $ 639 961.4 $ 0.66 Dilutive effect of conversion of preferred shares(2) 59 70.1 0.84 59 70.1 0.84

526 1,009.6 0.52 698 1,031.5 0.68 Dilutive effect of conversion of capital securities and options(3) — — — 8 13.1 0.61 Fully-diluted per Management $ 526 1,009.6 $ 0.52 $ 706 1,044.6 $ 0.68 (1) Company FFO is reduced by $20M of preferred dividends paid in the current period(2) Represents preferred shares that are mandatorily convertible into units at a price of $25.70 and the associated carry(3) Capital securities were fully redeemed during the second quarter of 2019

Net Income per UnitYear-to-date

Jun. 30, 2020 Jun. 30, 2019

(US$ Millions, except per unit amounts)

Net income attributable to Unitholders (1)

Averagenumber of

units Per unit

Net income attributable to

UnitholdersAverage number of

units Per unitBasic(2) $ (1,759) 939.5 $ (1.87) $ 457 961.4 $ 0.48 Dilutive effect of conversion of preferred shares(3) 59 70.1 0.84 59 70.1 0.84

(1,700) 1,009.6 (1.68) 516 1,031.5 0.50 Dilutive effect of conversion of capital securities and options(4) — — — 8 13.1 0.61 Fully-diluted per Management $ (1,700) 1,009.6 $ (1.68) $ 524 1,044.6 $ 0.50 Fully-diluted per IFRS(5)(6) $ (1,759) 1,009.6 $ (1.74) $ 457 1,031.6 $ 0.44 (1) Net income attributable to Unitholders is reduced by $20M of preferred dividends paid in the current period(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 six months ended June 30, 2020 was $(1.74)(2019 – $0.44)(3) Represents preferred shares that are mandatorily convertible into units at a price of $25.70 and the associated carry(4) Capital securities were fully redeemed during the second quarter of 2019(5) Excludes the add back to earnings of the carry on the mandatorily convertible preferred shares, as required under IFRS(6)For the six months ended June 30, 2019, the conversion of capital securities would be anti-dilutive and, as such, are excluded from the calculation of fully-diluted earnings per unit under IFRS

19

UNIT INFORMATION

Unit Distributions Current policy:

▪ Distribution of US$0.3325 per unit for the June 1, 2020 to August 31, 2020 period (US$1.33 per unit annualized)

▪ Record date - last business day of February, May, August and November▪ Payment date - last business day of March, June, September and

December

Earnings Announcements Brookfield Property Partners' financial results are scheduled to be announced on the following dates:

▪ Third quarter 2020 results on November 6, 2020▪ Fourth quarter 2020 results on February 3, 2021▪ First quarter 2021 results on May 6, 2021

Units OutstandingJun. 30, 2020 Dec. 31, 2019

Brookfield Property Partners L.P. limited partnership units 495,100,832 504,981,844 Brookfield Property Partners L.P. general partnership units 138,875 138,875 Total Brookfield Property Partners L.P. units(1) 495,239,707 505,120,719 Limited partner units of the operating partnership held by Brookfield Asset Management 437,409,102 437,409,102 Limited partner units of Brookfield Office Properties Exchange LP 2,833,793 2,883,835 Total units outstanding 935,482,602 945,413,656 (1) Brookfield Asset Management has economic interests in approximately 87.1M BPY L.P. units and 3.0M of Brookfield Property REIT Inc. units as at June 30, 2020, bringing Brookfield Asset Management's economic interest to approximately 527.7M units, or approximately 56.4%

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

NASDAQ (USD) TSX (CAD)

NASDAQ (USD) TSX (CAD)

NASDAQ (USD) TSX (CAD)

NASDAQ (USD) TSX (CAD)

NASDAQ (USD) TSX (CAD)

High $ 13.95 $ 18.65 $ 20.13 $ 26.38 $ 20.52 $ 27.03 $ 20.58 $ 27.25 $ 21.22 $ 28.49 Low $ 7.10 $ 10.05 $ 7.11 $ 10.34 $ 17.99 $ 23.60 $ 18.26 $ 24.26 $ 18.12 $ 24.50 Close $ 9.89 $ 13.45 $ 8.06 $ 11.36 $ 18.28 $ 23.73 $ 20.30 $ 26.89 $ 18.93 $ 24.74 Volume 186,547,500 114,413,128 187,426,500 102,478,719 59,298,300 29,183,057 51,862,900 24,706,419 77,183,700 32,837,936

Consolidated Overview

Consolidated Overview

21

Core OfficeNET OPERATING INCOME

Total Net Operating IncomeQuarter-to-date Year-to-date % of Total

(Millions in source currency unless otherwise noted) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019 (Current QTD)United States $ 141.4 $ 156.2 $ 296.6 $ 306.8 48.6 %Canada in C$ 73.9 79.1 153.7 155.9 in US$ 53.4 59.1 112.7 116.9 18.4 %Australia in A$ 39.0 65.2 78.8 118.4 in US$ 25.7 45.7 51.9 83.6 8.8 %United Kingdom in £ 51.5 40.6 104.9 79.9 in US$ 63.9 52.2 132.2 103.4 22.0 %Germany in € 3.2 3.5 6.2 7.2 in US$ 3.5 3.9 6.8 8.1 1.2 %Brazil in R$ 16.3 14.9 32.4 28.0 in US$ 3.0 3.8 6.6 7.3 1.0 %Total Cash NOI 290.9 320.9 606.8 626.1 100.0 %Straight-line rental income 19.9 10.0 37.1 18.0 Total NOI (US$) $ 310.8 $ 330.9 $ 643.9 $ 644.1

% o

f Tot

al (Q

TD)

8.9%

18.8%

8.2%

6.5%

3.3% 2.9%

9.2% 8.9%

5.8%

22.0%

5.5%

8.8%

16.2%

7.3% 6.9%

5.5%

3.8%

9.4%8.7%

7.9%

16.3%

9.2%

Q2 2020 Q2 2019

Midtown New York

Downtown New York

Washington, D.C.

Los AngelesHouston

Other USToronto

CalgaryPerth London

Other

0

5

10

15

20

25

Composition of Net Operating Income by City

22

SAME-PROPERTY NET OPERATING INCOMECore Office

Same-Property Net Operating IncomeGrowth Quarter-to-date Year-to-date % of Total

(Millions in source currency unless otherwise noted) (QoQ) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019 (Current QTD)United States (7.1) % $ 147.4 $ 158.6 $ 309.5 $ 311.6 52.7 %Canada in C$ (7.0) % 73.6 79.1 154.3 156.9 in US$ (10.2) % 53.1 59.1 113.2 117.7 19.0 %Australia in A$ — % 39.6 39.6 79.7 78.9 in US$ (6.1) % 26.0 27.7 52.4 55.7 9.3 %United Kingdom in £ (6.8) % 38.1 40.9 80.1 80.6 in US$ (9.9) % 47.4 52.6 101.0 104.2 16.9 %Germany in € (14.7) % 2.9 3.4 5.9 6.8 in US$ (15.8) % 3.2 3.8 6.5 7.7 1.1 %Brazil in R$ 8.3 % 15.7 14.5 31.7 28.7 in US$ (21.6) % 2.9 3.7 6.4 7.5 1.0 %Total same-property NOI (US$) $ 280.0 $ 305.5 $ 589.0 $ 604.4 100.0 %Percent of same-property NOI growth (8.3) % (2.5) %Percent of same-property NOI growth excluding the impact of FX (6.3) % (0.8) %

% o

f Tot

al (Q

TD)

9.6%

19.4%

8.9%

7.3%

4.6%

2.9%

9.5% 9.1%

6.2%

16.9%

5.6%

9.4%

18.0%

7.9% 7.8%

5.8%

3.1%

9.7% 9.2%

6.1%

17.2%

5.8%

Q2 2020 Q2 2019

Midtown New York

Downtown New York

Washington, D.C.

Los AngelesHouston

Other USToronto

CalgaryPerth London

Other

0

4

8

12

16

20

24

Composition of Same-Property Net Operating Income by City

23

HISTORICAL OCCUPANCY AND RENT METRICS

Historical Occupancy and Rent Metrics (Assets Under Management)Q2 2020 Q1 2020 Q2 2019

OccupancyIn-Place Net

RentsMarket Net

Rents

Avg. Remaining

Lease Term (years) Occupancy

In-Place Net Rents

Market Net Rents Occupancy

In-Place Net Rents

Market Net Rents

Midtown New York 96.3 % $ 49.09 $ 55.90 11.9 95.3 % $ 49.07 $ 59.04 96.3 % $ 46.66 $ 61.68 Downtown New York 97.1 % 35.61 44.97 9.3 97.1 % 35.70 44.69 95.3 % 34.80 43.49 Washington, D.C. 89.6 % 32.47 22.36 5.1 89.4 % 32.30 22.31 86.5 % 32.14 26.52 Los Angeles 82.2 % 27.82 28.92 6.7 82.1 % 27.63 28.50 84.9 % 26.54 28.00 Houston 79.6 % 23.48 24.32 6.4 79.9 % 23.51 25.40 83.5 % 23.73 25.00 Denver 87.1 % 25.05 20.00 5.1 89.0 % 24.18 21.00 83.6 % 24.64 21.00 San Francisco 89.0 % 53.23 53.00 5.0 86.5 % 52.42 55.00 82.4 % 48.41 54.00 United States 89.9 % 33.75 36.29 8.0 89.7 % 33.66 36.77 89.7 % 32.22 36.35 Toronto 98.7 % 33.87 37.00 7.0 99.0 % 33.91 37.00 99.2 % 33.18 37.00 Calgary 90.5 % 31.66 18.00 10.8 92.9 % 31.94 19.00 92.1 % 32.48 21.00 Ottawa 91.1 % 21.06 21.00 6.8 91.2 % 21.11 21.00 90.4 % 22.45 19.00 Canada 94.7 % 32.51 28.23 8.7 95.9 % 32.66 28.60 95.6 % 32.56 29.48 in US$ (2) 23.95 20.79 24.06 21.07 23.98 21.71 Melbourne 99.8 % 63.28 57.88 2.4 99.8 % 61.54 58.37 99.9 % 60.85 54.39 Perth 96.3 % 80.46 58.06 6.3 96.1 % 78.47 58.06 96.4 % 78.17 57.73 Brisbane 90.2 % 69.66 58.71 4.4 90.2 % 68.60 58.72 86.1 % 67.56 56.29 Australia 97.2 % 74.68 58.05 5.0 97.1 % 72.82 58.19 96.9 % 70.99 68.86 in US$ (1) 51.55 40.07 50.27 40.17 49.00 47.53 London 95.0 % 50.73 55.25 12.5 95.1 % 50.72 56.54 94.8 % 46.51 51.17 in US$ (1) 62.91 68.52 62.90 70.12 57.68 63.46 Berlin 96.5 % 22.34 41.81 7.9 96.5 % 22.36 41.81 91.2 % 25.25 39.02 in US$ (1) 25.10 46.97 25.12 46.97 28.36 43.84 São Paulo 100.0 % 288.44 288.44 3.4 100.0 % 288.44 288.44 100.0 % 268.81 268.81 Rio de Janeiro 100.0 % 168.93 168.93 7.5 100.0 % 168.93 168.93 100.0 % 158.60 158.60 Brazil 100.0 % 228.47 228.47 5.5 100.0 % 228.47 228.47 100.0 % 213.51 213.51 in US$ (1) 41.72 41.72 41.72 41.72 38.99 38.99 Total 92.3 % $ 36.50 $ 37.56 8.6 92.5 % $ 35.84 $ 37.62 92.1 % $ 33.55 $ 36.04 Mark-to-market 2.9 % 5.0 % 7.4 %(1) Using the spot rate at June 30, 2020 for all periods presented

Core Office

24

Core OfficePROPORTIONATE LEASING ACTIVITY

Quarter-to-dateMar. 31, 2020 Quarter-to-date leasing activity Jun. 30, 2020

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 (Sq. ft. in net rent (Sq. ft. in net rent net rent (Sq. ft. in (Sq. ft. in net rent net rent(Local currency) 000's) (per sq. ft.) 000's) (per sq. ft.) 000's) (per sq. ft.) (per sq. ft.) 000's) 000's) (per sq. ft.) (per sq. ft.)Midtown New York 3,181 $ 49.07 (1) $ 33.64 24 $ 47.91 $ 54.76 — 3,204 $ 49.09 $ 55.90 Downtown New York 6,714 35.70 (30) 66.85 26 53.48 58.18 — 6,710 35.61 44.97 Washington, D.C. 3,466 32.30 (52) 30.89 51 31.93 33.24 — 3,465 32.47 22.36 Los Angeles 3,474 27.63 (60) 29.76 65 28.40 33.88 — 3,479 27.82 28.92 Houston 3,436 23.51 (64) 26.59 47 23.45 23.65 — 3,419 23.48 24.32 Denver 595 24.18 (51) 26.52 37 29.71 31.30 — 581 25.05 20.00 San Francisco 184 52.42 — — 4 81.10 91.36 — 188 53.23 53.00 United States 21,050 33.66 (258) 32.89 254 33.63 36.85 — 21,046 33.75 36.29 Toronto 4,788 33.91 (72) 39.29 44 41.49 42.53 — 4,760 33.87 37.00 Calgary 3,975 31.94 (100) 43.24 14 15.19 15.19 — 3,889 31.66 18.00 Ottawa 272 21.11 — — — — — — 272 21.06 21.00 Canada 9,035 32.66 (172) 41.59 58 35.14 35.93 — 8,921 32.51 28.23 in US$(1) 24.06 30.63 25.88 26.47 23.95 20.79 Melbourne 677 61.54 (1) 125.05 1 113.35 122.80 — 677 63.28 57.88 Perth 1,451 78.47 (1) 212.64 3 60.39 65.05 — 1,453 80.46 58.06 Brisbane 135 68.60 — — — — — — 135 69.66 58.71 Australia 2,263 72.82 (2) 168.85 4 73.63 79.49 — 2,265 74.68 58.05 in US$(1) 50.27 116.56 50.83 54.87 51.55 40.07 London 5,301 50.72 (26) 55.79 36 67.41 67.41 — 5,311 50.73 55.25 in US$(1) 62.90 69.19 83.60 83.60 62.91 68.52 Berlin 525 22.36 (1) 26.20 1 37.28 37.28 — 525 22.34 41.81 in US$(1) 25.12 29.43 41.88 41.88 25.10 46.97 São Paulo 141 288.44 — — — — — — 141 288.44 288.44 Rio de Janeiro 142 168.93 — — — — — — 142 168.93 168.93 Brazil 283 228.47 — — — — — — 283 228.47 228.47 in US$(1) 41.72 — — — 41.72 41.72 Total 38,457 $ 36.36 (459) $ 34.46 353 $ 37.67 $ 40.13 — 38,351 $ 36.50 $ 37.56 (1) Using the spot rate at June 30, 2020 for all periods presented

25

Core Office

Jun. 30, 2020 Current 2020 2021 2022 2023 2024 2025 Thereafter Total(1)

(Local currency) (Sq. ft. in

000's) (Sq. ft. in

000's)

Net rent (per

sq. ft.)(2) (Sq. ft. in

000's)

Net rent (per

sq. ft.)(2) (Sq. ft. in

000's)

Net rent (per

sq. ft.)(2) (Sq. ft. in

000's)

Net rent (per

sq. ft.)(2) (Sq. ft. in

000's)

Net rent (per

sq. ft.)(2) (Sq. ft. in

000's)

Net rent (per

sq. ft.)(2) (Sq. ft. in

000's)

Net rent (per

sq. ft.)(2) (Sq. ft. in

000's)Midtown New York 99 — $ — 2 $ 47 8 $ 30 2 $ 59 17 $ 39 55 $ 67 3,120 $ 59 3,303 Downtown New York 209 — — 113 52 418 33 85 49 205 45 270 38 5,619 44 6,919 Washington, D.C. 378 149 28 756 30 287 34 422 32 207 30 219 34 1,425 47 3,843 Los Angeles 756 88 28 218 30 283 30 483 29 287 33 378 34 1,742 39 4,235 Houston 1,057 155 24 110 26 641 23 273 27 259 27 117 27 1,864 27 4,476 Denver 88 6 23 28 18 5 27 142 27 6 37 3 33 391 29 669 San Francisco 18 9 13 4 68 81 54 9 59 15 67 4 65 66 81 206 United States 2,605 407 26 1,231 32 1,723 30 1,416 31 996 34 1,046 36 14,227 45 23,651 Toronto 72 117 42 285 36 545 30 220 35 362 36 617 36 2,614 36 4,832 Calgary 419 22 40 30 27 180 30 53 33 75 42 282 38 3,247 36 4,308 Ottawa 26 — 75 4 12 5 13 1 28 24 19 — 45 238 22 298 Canada 517 139 42 319 35 730 30 274 35 461 36 899 37 6,099 35 9,438 in US$ 31 26 22 26 27 27 26 Melbourne 2 2 129 281 68 141 63 2 138 247 65 2 148 2 213 679 Perth 35 9 64 26 65 158 84 51 76 82 83 68 93 1,059 104 1,488 Brisbane 14 11 76 18 78 20 113 7 80 — — 38 69 41 73 149 Australia 51 22 76 325 68 319 77 60 79 329 69 108 86 1,102 103 2,316 in US$ 52 47 53 55 48 59 71 London 336 — — 80 43 118 51 225 46 214 55 162 51 4,512 53 5,647 in US$ — 53 63 57 68 63 66 Berlin 18 3 24 24 27 29 25 51 25 71 23 28 26 319 22 543 in US$ 26 30 28 28 26 29 25 São Paulo — — — — — — — — — 141 288 — — — — 141 Rio de Janeiro — — — — — — — — — — — — — 142 169 142 Brazil — — — — — — — — — 141 288 — — 142 169 283 in US$ — — — — 53 — 31

Total 3,527 571 $ 28 1,979 $ 34 2,919 $ 32 2,026 $ 34 2,212 $ 39 2,243 $ 35 26,401 $ 45 41,878 Total % expiring 8.4 % 1.4 % 4.7 % 7.0 % 4.8 % 5.3 % 5.4 % 63.0 % 100.0 %End of prior year 7.6 % 2.6 % 4.0 % 8.2 % 4.4 % 5.0 % 6.0 % 62.2 % 100.0 %Difference 0.8 % (1.2) % 0.7 % (1.2) % 0.4 % 0.3 % (0.6) % 0.8 %(1) Excludes developments(2) Net rent represents cash rent in year of expiry

PROPORTIONATE LEASE EXPIRY ANALYSIS

26

DEVELOPMENT SITES

Expected date of accounting stabilization

ProportionatePercent pre-

leased

Area currently under constructionJun. 30, 2020 Cost

Yield on cost Assets under management Proportionate

(Local currency Millions and sq. ft. in 000's) Location Total To-dateOffice

Manhattan West Retail New York City Q2 2021 $ 117 $ 84 5 % 50 % 70 39 Wood Wharf - Office London Q1 2022 £ 125 £ 53 8 % 44 % 423 211 ICD Brookfield Place Dubai Q1 2022 AED 1,599 AED 1,354 8 % 24 % 1,091 545 1 The Esplanade Perth Q2 2023 A$ 331 A$ 77 7 % 63 % 608 304 Bay Adelaide North Toronto Q3 2023 C$ 498 C$ 172 6 % 89 % 820 820 Two Manhattan West New York City Q4 2023 $ 1,329 $ 469 6 % 25 % 1,955 1,095

Office - Redevelopment388 George Street Sydney Q1 2022 A$ 185 A$ 111 6 % 53 % 441 221 1100 Avenue of the Americas New York City Q2 2022 $ 113 $ 52 6 % 95 % 376 136

Multifamily - RentalTwo Blue Slip New York City Q2 2021 $ 347 $ 297 5 % n/a 348 331 Wood Wharf - 8 Water Street London Q4 2021 £ 46 £ 41 5 % n/a 131 66 Newfoundland London Q1 2022 £ 267 £ 244 4 % n/a 545 273 Halley Rise - Phase I (1) Washington, D.C. Q1 2023 $ 157 $ 59 6 % n/a 359 359 755 Figueroa Los Angeles Q2 2024 $ 257 $ 45 7 % n/a 791 374

Multifamily - Condominium (2)(3)

Southbank Place London Q4 2020 £ 110 £ 97 20 % n/a 401 100 Wood Wharf - One Park Drive London Q2 2021 £ 232 £ 191 30 % n/a 430 215

Hotel (2)

Pendry Manhattan West New York City Q2 2023 $ 157 $ 95 5 % n/a 184 103 Active developments 8,973 5,192 Office - 10 Bank St London 857 428 Office - Elizabeth Quay Australia 1,024 1,024 Multifamily - Rental (various) Houston 495 495 Multifamily (various) London 557 231 Halley Rise - Mixed-use Washington, D.C. 2,396 2,396 Active planning 5,329 4,574 Future developments 11,516 8,008 Total commercial developments 25,818 17,774 (1) Includes retail square feet that is 94% leased to Wegmans Food Market(2) Completion date and anticipated return on cost are presented instead of cash stabilization and yield on cost, respectively, for these developments(3) Multifamily-condominium are classified as inventory and hotel developments are classified as PP&E on the balance sheet

Core Office

Commercial DevelopmentsProportionate balance

(US $ Millions) Jun. 30, 2020 Dec. 31, 2019Active developments $ 2,649 $ 4,929 Active planning 307 227 Future developments 717 888 Total core office commercial developments $ 3,673 $ 6,044

27

NET OPERATING INCOME AND KEY PERFORMANCE METRICS

Commercial Property Net Operating IncomeQuarter-to-date(1) Year-to-date(1)

(US$ Millions unless otherwise noted) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019Same-property NOI $ 367.6 $ 398.0 $ 757.0 $ 800.2

Percent of same-property NOI growth -7.6 % -5.4 %Non same-property NOI 28.6 19.9 62.4 47.7 Total NOI 396.2 417.9 819.4 847.9 Less: straight-line rental income(2) (7.7) (14.1) (20.6) (33.0)

Total cash NOI $ 388.5 $ 403.8 $ 798.8 $ 814.9 (1) Amounts reflected on a consolidated basis for all periods presented(2) The decrease in straight-line rent is due to the impact of acquisition accounting applied at date of acquisition of GGP Inc.

Key Performance Metrics(US$ and sq. ft. in 000's) Jun. 30, 2020 Jun. 30, 2019Number of properties 122 123 Leasable sq. ft.:

Assets under management 120,073 120,903 Proportionate 50,493 49,255

Same-property:Leased 94.7 % 95.0 %Occupancy 94.1 % 93.5 %Permanent occupancy 90.2 % 90.2 %

Core Retail

28

SIGNED LEASES AND LEASE EXPIRY ANALYSIS

Leasing Activity - All LeasesTrailing 12 months commencements

Jun. 30, 2020# of leases Sq. ft. in 000's Term

(in years)Initial rentper sq. ft.

Average rent per sq. ft.(US$)

New and renewal leases 1,303 4,923 7.2 $ 51.83 $ 54.67 Percent in lieu/gross 502 2,459 4.6 N/A N/A

Total leases 1,805 7,382 6.3 $ 51.83 $ 54.67

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

New and renewal leasesJun. 30, 2020

# of leases Sq. ft. in 000's Term (in years)

Initial rentper sq. ft.

Expiring rent per sq. ft. Initial rent spread

(US$)Trailing 12 months commencements 1,032 3,701 6.9 $ 52.48 $ 49.26 $ 3.22 6.5 %(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

Jun. 30, 2020 Number of expiring

leases

Expiring GLA at 100%

(sq. ft. in 000's)

Percent of total

Expiring rent(in thousands)

Expiring rent per sq. ft.

(US$)Specialty leasing 958 2,218 4.2 % $ 38,520 $ 17.37 2020 1,075 3,071 5.8 % 173,387 56.45 2021 1,732 5,957 11.2 % 318,411 53.45 2022 1,630 6,316 11.9 % 319,778 50.63 2023 1,353 5,709 10.7 % 330,945 57.97 2024 1,344 6,999 13.2 % 387,203 55.32 2025 1,132 4,978 9.4 % 365,454 73.41 2026 842 3,967 7.5 % 291,213 73.41 2027 667 3,702 7.0 % 265,202 71.63 2028 588 3,065 5.7 % 198,220 64.68 Subsequent 1,235 7,174 13.4 % 412,788 57.54 Total 12,556 53,156 100.0 % $ 3,101,121 $ 58.34 Vacant space 1,325 3,014 Mall and freestanding GLA 13,881 56,170

Core Retail

29

REDEVELOPMENT SITES

Jun. 30, 2020Stabilized

Year

Expectedreturn on

investment

Proportionate cost

(US$ Millions) Location Description Total To-date

Active redevelopmentsAlderwood Lynnwood, WA Sears Redevelopment - Residential 2022 5-6% $ 13 $ 2

Stonestown Galleria San Francisco, CA Anchor Redevelopment for Retail and Entertainment 2022 7-8% 148 84

Tysons Galleria McLean, VA Macy's Redevelopment for theater and multi level small shop expansion

2023 6-7% 109 18

Other Projects Various 2020-2023 7-9% 189 52

Active redevelopments $ 459 $ 156 Active planning

Oxmoor Center Louisville, KY Sears Redevelopment for Entertainment and Restaurants 2024 6-7% 30

Northridge Northridge, CA Residential 2025 6-7% 53

Cumberland Atlanta, GA Residential 2024 6-7% 19

Ala Moana Honolulu, HI Residential Tower 2025 5-7% 166

Other Projects Various 2021-2025 7-9% 93

Active planning $ 361

Total retail redevelopments $ 820 $ 156

Core Retail

30

SUMMARY OF INVESTMENTSLP Investments

Current Quarter Highlights

Quarter-to-date Year-to-date

NOI Company FFO NOI Company FFO

(US$ Millions) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019Office $ 29 $ 33 $ 5 $ 5 $ 62 $ 66 $ 10 $ 10 Retail 21 24 12 17 43 48 26 32 Logistics 1 1 — — 1 1 — — Multifamily 10 18 4 5 22 35 28 27 Hospitality (21) 61 (40) 38 5 114 (38) 65 Triple Net Lease 20 23 9 6 41 47 17 12 Alternative Real Estate 18 19 5 6 38 38 13 13 Mixed-use 7 9 2 4 14 17 4 8 Finance Funds — 1 4 3 1 1 7 6 BSREP III — — — 3 — — 3 9 Corporate — — (9) (8) — — (16) (17) Total $ 85 $ 189 $ (8) $ 79 $ 227 $ 367 $ 54 $ 165

Commercial properties Invested capitalLast 12 months realized gains(1)

(US$ Millions) Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2020Office $ 2,374 $ 2,485 $ 966 $ 1,110 $ 53 Retail 1,436 1,488 852 1,027 (7) Logistics 26 26 25 20 — Multifamily 833 870 493 491 57 Hospitality(2) — — 630 796 — Triple Net Lease 1,268 1,291 388 341 (13) Alternative Real Estate 1,498 1,503 648 606 (3) Mixed-use 632 623 186 173 — Finance Funds — — 219 195 1 BSREP III (3) — — 540 417 8 Corporate — — (137) (50) (2) Total $ 8,067 $ 8,286 $ 4,810 $ 5,126 $ 94 (1) Net of carried interest(2) Hospitality assets are recorded separately from commercial properties within property, plant and equipment (3) BSREP III is accounted for as a financial asset on the balance sheet

31

SUMMARY OF INVESTMENTS (CONT'D)

Key Performance Metrics(1)

Jun. 30, 2020 Area

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

Unit of measurement Occupancy %

Office 112 43,493 12,821 Sq. ft. 81.0 %Retail 41 25,487 8,380 Sq. ft. 86.0 %Logistics 1 357 84 Sq. ft. 100.0 %Multifamily 45 14,509 3,951 Units 93.9 %Hospitality 129 26,319 6,877 Rooms n/aTriple Net Lease 271 15,180 3,931 Sq. ft. 99.3 %Alternative Real Estate Self-storage 100 8,514 2,122 Sq. ft. 84.4 % Student Housing 50 18,799 4,758 Beds 99.0 % Manufactured Housing 136 32,424 8,289 Sites 88.3 %Mixed-use 7 5,643 1,367 Sq. ft. 93.2 %(1)Excludes BSREP III investments

LP Investments

Summary of Hospitality Properties

Assets under management ProportionateNumber of

(US$ Millions) properties # of rooms Own % # of rooms

North America 9 7,517 26 % 1,955 United Kingdom 6 4,819 27 % 1,315 Extended Stay (North America) 113 13,550 26 % 3,471 Australia 1 433 31 % 136

Total 129 26,319 26 % 6,877

▪ Most of our hospitality investments were closed for a portion, or all of, Q2 2020, as a result of mandated closures and travel restrictions put in place, with the exception of our North American extended-stay portfolio of 113 properties in BSREP II. This portfolio operated at 68% occupancy during Q2. Average occupancy for the balance of our hotels was less than 10%, though we have already seen some upticks in the third quarter as certain restrictions have been lifted.

32

LP Investments BSREP Series

Sector Composition

51%

23%

19%

3%

4%

Sector Composition

23%

20%

18%

16%

15%

6%

2%

Sector Composition

28%

7%

12%9%

5%5%4%

30%

nOffice nRetail n Multifamily nMixed-use n Hospitality

nLogistics nAlternative nUncommitted capital

BSREP I• $4.4B Fund• BPY has a 31% interest• BPY consolidates this fund• Fund is in year 9• Projected returns:

◦ 23.0% gross IRR◦ 2.6x multiple of capital

• 9 realizations to date

BSREP II• $9.0B Fund• BPY has a 26% interest• BPY consolidates this fund• Fund is in year 6• Projected returns:

◦ 15.0% gross IRR◦ 2.0x multiple of capital

• 2 realizations to date

BSREP III• $15.0B Fund• BPY has a 7% interest• BPY accounts for its interest in

this fund as a financial asset• Fund is in year 3• Projected returns:

◦ 18.0% gross IRR◦ 2.0x multiple of capital

• 30% of capital remains to be invested

33

FOREIGN CURRENCY EXPOSURE

Jun. 30, 2020(US$ Millions) USD GBP BRL AUD INR CAD KRW RMB EUR AED Other TotalNet equity - US$ $ 16,970 $ 5,146 $ 605 $ 1,343 $ 332 $ 225 $ 155 $ 141 $ 379 $ 198 $ 2 $ 25,496 FX contracts - US$ 347 (147) — — (7) 122 (134) (163) (16) — (2) — Net unhedged - US$ 17,317 4,999 605 1,343 325 347 21 (22) 363 198 — 25,496

% of total equity 67.9% 19.6% 2.5% 5.3% 1.3% 1.4% 0.1% (0.1%) 1.4% 0.8% —% End of prior year - US$ 23,614 1,928 695 1,342 373 252 — (9) 149 186 — 28,530

% of total equity 82.6 % 6.8 % 2.5 % 4.7 % 1.3 % 0.9 % — % — % 0.5 % 0.7 % — %

Corporate

34

CorporateMANAGEMENT FEE AND INCENTIVE DISTRIBUTION

▪ Performance-based fees paid to Brookfield Asset Management on BPY’s interests in Brookfield Asset Management-sponsored funds are offset against the incentive distribution. The amount available for the offset is calculated as the accumulated performance fees incurred since BPY’s spin-out in April 2013, less any prior gross incentive distribution offsets taken.

Management Fee(US$ Millions, except per unit amounts) No. of units Price Amount Current market value 933.6 $ 9.98 $ 9,319 Preferred equity units 2,386 Recourse debt, net of cash 2,621 Current market capitalization 14,326 Less: initial capitalization 11,468

Increased market capitalization $ 2,858 Minimum fee 14.1 Fee on increased market capitalization 8.9

Available creditable operating payments (8.9)

Total Management Fee $ 14.1

▪ Our total management fee paid in the second quarter of 2020 was $14.1M compared to $14.1M in the prior quarter and $25.9M in the prior year

Incentive Distribution(US$ Millions, except per unit amounts) Per unit Participation(1) AmountCurrent annual distribution 1.33First distribution hurdle >1.10 15 % 4.1

Second distribution hurdle >1.20 25 % 10.1 Incentive distribution 14.2

Fee credits(2) (14.2)

Incentive distribution $ — (1) Incentive distributions based upon increases in distributions paid to unitholders over pre-defined thresholds - 15% participation by Brookfield in distributions over $1.10 per unit - 25% participation by Brookfield in distributions over $1.20 per unitIncentive distributions equate to 18% and 33% of limited partner distributions increases over the first and second hurdles, respectively(2) BPY has $146M of credits, which represent incentive fees paid on investments in Brookfield-sponsored funds, that are available to offset current and future incentive distributions

35

RESULTS FROM OPERATIONSAppendix A

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

(US$ Millions) Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019 Jun. 30, 2020 Jun. 30, 2019

Commercial property and hospitality revenue $ 1,351 $ 1,889 $ 1,220 $ 1,466 $ 3,121 $ 3,854 $ 2,647 $ 2,934 Commercial property and hospitality expense (551) (785) (428) (528) (1,321) (1,627) (957) (1,075) NOI 800 1,104 792 938 1,800 2,227 1,690 1,859 Share of equity accounted income - FFO 151 208 — — 365 445 — — Investment and other income 27 79 28 28 90 113 108 72 Fee revenue 50 58 50 97 113 122 112 158 Interest expense (599) (710) (480) (537) (1,308) (1,456) (1,024) (1,066) Depreciation of non-real estate assets (17) (15) (12) (10) (35) (31) (23) (21) General and administrative expense (195) (219) (177) (193) (391) (442) (358) (390) Non-controlling interests (47) (214) (31) (32) (190) (429) (61) (63) FFO 170 291 170 291 444 549 444 549 Depreciation of non-real estate assets 12 10 12 10 23 21 23 21 Transaction costs(1) (12) 18 (12) 18 (2) 37 (2) 37 Gains/losses on non-investment properties — — — — 3 (1) 3 (1) Imputed interest(2) 8 13 8 13 16 27 16 27 BSREP III earnings(3) — 3 — 3 3 9 3 9 Company FFO 178 335 178 335 487 642 487 642 Company FFO and realized LP Investments gains(4) 178 362 178 362 501 729 501 729 FFO 170 291 170 291 444 549 444 549 Depreciation of real estate assets (66) (70) (24) (23) (135) (139) (46) (49) Fair value gains, net (803) (1,092) (1,450) (176) (1,113) (722) (2,125) (7) Share of equity accounted income - non-FFO (908) 618 — — (1,158) 645 — — Income taxes 48 62 46 75 (113) (26) (11) 17 Non-controlling interests 306 318 5 (40) 336 153 (1) (50) Net (loss) income attributable to Unitholders $ (1,253) $ 127 $ (1,253) $ 127 $ (1,739) $ 460 $ (1,739) $ 460 (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) BSREP III is accounted for as a financial asset which results in FFO being recognized only when distributions are received. This adjustment reflects our proportionate share of BSREP III's Company FFO(4) Realized LP investment gains are presented net of carried interest and other transaction costs

36

Appendix BFINANCIAL POSITION

IFRS Proportionate

(US$ Millions, except per unit amounts) Jun. 30, 2020

Dec. 31, 2019

Jun. 30, 2020

Dec. 31, 2019

AssetsCommercial properties $ 71,474 $ 71,565 $ 72,149 $ 71,794 Commercial developments 2,607 3,946 4,262 6,586 Equity accounted investments 19,425 20,764 — — Property, plant and equipment 6,772 7,278 2,513 2,534 Cash and cash equivalents 1,530 1,438 1,461 1,587 Other assets(1) 6,540 6,265 5,594 5,556 Assets held for sale 137 387 40 295 Total assets 108,485 111,643 86,019 88,352 LiabilitiesCorporate borrowings 1,846 1,902 2,642 2,050 Asset-level debt obligations 46,910 47,466 40,443 40,607 Subsidiary borrowings, non-recourse to BPY(2) 6,667 6,022 5,866 5,385 Capital securities 3,055 3,075 1,866 1,867 Deferred tax liabilities 2,491 2,515 1,558 1,631 Other liabilities(3) 5,867 5,588 4,458 4,659 Liabilities associated with assets held for sale 70 140 32 227 EquityPreferred equity - partnership 699 420 699 420 Preferred shares - subsidiaries 3,009 3,032 2,652 2,679 Non-controlling interests in subsidiaries and properties 12,375 12,953 307 297 Equity attributable to Unitholders 25,496 28,530 25,496 28,530 Total liabilities and equity 108,485 111,643 86,019 88,352 Unitholder equity per unit(4) $ 27.01 $ 29.72 $ 27.01 $ 29.72 (1) Other assets includes goodwill of $980M and $1,041M on an IFRS basis and $314M and $389M on a proportionate basis as at June 30, 2020 and December 31, 2019, respectively(2) Subsidiary borrowings includes GGP Inc. acquisition debt of $35M (L+225bps) maturing in 2021, $2,000M (L+225bps) maturing in 2023 and $1,960M (L+250bps) maturing in 2025 on an IFRS basis(3) Not included in other liabilities is an accrual of approximately $285M related to carried interest due to the general partner of Brookfield Asset Management-sponsored funds based on hypothetical liquidation of these funds as at June 30, 2020(4) Assumes conversion of mandatorily convertible preferred shares. Refer to page 17 for further detail

37

COMPANY FFO RECONCILIATIONAppendix C

Quarter-to-DateJun. 30, 2020 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 $ 311 $ — $ 311 $ 396 $ — $ 396 $ 85 $ — $ 85 $ — $ — $ — $ 792 $ — $ 792 Investment and other income 15 — 15 2 — 2 9 — 9 2 — 2 28 — 28 Fee revenue 26 — 26 23 — 23 1 — 1 — — — 50 — 50 BSREP III earnings — — — — — — — — — — — — — — — Interest expense (146) 8 (138) (196) (13) (209) (82) (2) (84) (56) — (56) (480) (7) (487) Depreciation and amortization of non-real estate assets (2) 2 — (6) 6 — (4) 4 — — — — (12) 12 —

General and administrative expense (64) 1 (63) (67) — (67) (19) 1 (18) (27) 1 (26) (177) 3 (174)

Non-controlling interests (25) — (25) (5) — (5) (1) — (1) — — — (31) — (31)

FFO/Company FFO $ 115 $ 11 $ 126 $ 147 $ (7) $ 140 $ (11) $ 3 $ (8) $ (81) $ 1 $ (80) $ 170 $ 8 $ 178

38

ACQUISITION AND DISPOSITION ACTIVITY

DispositionsFor the three months endingJun. 30, 2020

Interest Sold BPY Direct Interest

LP Investment Fund Interest

BPY Interest in Fund

% of BPY Interest Sold

Property BPY Share

(US$, Millions) Assets Location Sales Price Sales Price Net Proceeds (USD)

LP InvestmentsBSREP I 3 Various (US) 100 % 12 % 45 % 30 % 26 % $ 10 $ 3 $ 2 BSREP II 10 Various (US) 100 % — % 100 % 26 % 26 % $ 234 $ 60 $ 19

Total Dispositions 13 $ 21

Appendix D

AcquisitionsFor the three months endingJun. 30, 2020 BPY Direct

InterestLP Investment

Fund InterestBPY Interest

in FundBPY Ownership

AcquiredGross Purchase BPY Share

(US$, Millions) Assets Location Price Purchase PriceLP Investments

BSREP II 2 Various (Int'l) — % 100 % 29 % 29 % $ 24 $ 7 BSREP III 10 Various (Int'l) — % 94 % 7 % 6 % $ 522 31

Total Acquisitions 12 $ 38

▪ During the second quarter we disposed of 13 assets for net proceeds of $21M.

39

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 on equity accounted investments and the partnership’s share of BSREP III Company FFO. The partnership accounts for the investment in BSREP III as a financial asset and income (loss) of the fund is not presented in the partnership’s results. Distributions from BSREP III, recorded as dividend income under IFRS, are removed from investment and other income for Company FFO presentation.

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.

Leased Includes leases within definition of occupancy below, as well as leases and license agreements signed for vacant space but not yet paying rent

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.

Occupancy (as defined by Core Retail segment only)

Includes leases as defined in permanent occupancy, as well as cancelable license agreements for greater than or equal to 1 year where tenants are either physically in the space, paying rent but vacated, or paying rent but not yet opened.

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.

Permanent occupancy Includes leases where tenants are either physically in the space, paying rent but vacated, or paying rent but not yet opened

Proportionate Reflects proportionate share of the operating subsidiaries attributable to Unitholders.

Realized LP Investment gains Income earned on 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 per square foot 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, FV LTIP units of the operating partnership and Class A shares of Brookfield Property REIT Inc.