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Brookfield Property Partners

INVESTOR DAY

SEPTEMBER 26 , 2018

Agenda

Overview & BPY’s 5-Year EvolutionBrian Kingston, Senior Managing Partner & CEO

3

GGP & the U.S. Retail OpportunityBrian Kingston, Senior Managing Partner & CEO

22

Financial UpdateBryan Davis, Managing Partner & CFO

45

Brookfield’s Multifamily BusinessRic Clark, Senior Managing Partner & Chairman

59

2

3

Brookfield Property Partners (“BPY”)

was launched in 2013 as

Brookfield’s primary vehicle

to make investments

across all strategies in real estate

4

At the time of launch, approximately

80% of BPY’s invested capital

was held in the form of other

public real estate securities…

Major acquisitions in the past five years…

5

2014$30B

2015$12B

2016$3B

2017$6B

2018$40B

Total Assets

Q2 2013

~$31B

Total Assets

TODAY

~$90B

Invested capital by sector

6

41%

42%

17%

Office Retail LP Invesments

51%

44%

5%

Office Retail LP Investments

2018

• Multifamily

• Logistics

2013

• Multifamily

• Logistics

• Hospitality

• Triple Net Lease

• Self-Storage

• Student Housing

• Manufactured

Housing

20%DIRECT

100%DIRECT

One of the world’s largest, highest quality portfolios

7

First Canadian Place

Toronto

Canary Wharf

London

Brookfield Place

New York

Potsdamer Platz

Berlin

Fashion Show

Las Vegas

8

~$90B Property AUM

UK & EUROPE

$11.7B

BRAZIL

$0.9BASIA & AUSTRALIA

$6.7B

CANADA

$4.7B

UNITED STATES

$63.1B

Projects delivered over the past 24 months…

9

London Wall Place

London

The Eugene

New York

Principal Place

London

5 Manhattan West

New York

One Blue Slip

Brooklyn

4.2M SFPREMIER

OFFICE SPACE

1,200APARTMENT

UNITS

Projects on schedule for delivery in 2019

10

1 Bank Street

London

1 Manhattan West

New York

Camarillo

Los Angeles

655 New York Ave

Washington DC

100 Bishopsgate

London

ICD Brookfield Place

Dubai

5.6M SFPREMIER

OFFICE SPACE

~3,500APARTMENT

UNITS

Capital deployment & recycling

11

1

Target Sector / Geography

4

Strategic Exits to Maximize Returns

2

Identify Opportunities / Invest Capital

3

Create Maximum Value

Case Study: IDI Gazeley projected to return 30% IRR in 5 years

• Assembled a 42M SF global logistics business through the acquisition of 3 industrial

companies in North America and Europe

12

30M SFCOMPLETED

DEVELOPMENT

30%PROJECTED

GROSS IRR

3.1xPROJECTED

GROSS MOC

50M SFAREA LEASED

16%RENT INCREASED

88 – 95%CHANGE IN OPERATING

OCCUPANCY 2013-2017

Case Study: Simply Self Storage returned 46% IRR in 2.5 years

• Acquired 90-asset, 6.8M SF portfolio and operating company in early 2016 and grew

business to over 200 assets totaling ~16M SF

13

$1.3BGROSS SALE PRICE*

$162MNET PROCEEDS TO BPY**

46%GROSS IRR

2.6xGROSS MOC

32%VALUE INCREASED PSF

*Partial sale of business

**Includes proceeds from portfolio refinancing following transaction

Five-year asset sales recap

• In BPY’s first 5 years, we have completed over $47B of gross asset sales that were

transacted at an average 4% premium over our carrying IFRS values

14

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2013 2014 2015 2016 2017

($’M @100%)

Gross Sales Price IFRS Value

Opportunistic real estate funds track record

15

GGP Acquisition

Closes

Fund Inception

Total

Equity

BPY

Stake

Projected

Gross IRR

Projected

Gross MOC

RE Opportunity Fund I 2006 11.0% 1.9x

RE Opportunity Fund II 2007 20.0% 2.1x

RE Turnaround Fund 2009 38.6% 2.3x

Strategic Real Estate

Partners I 2012 $4.5B 30% 25.0% 2.7x

Strategic Real Estate

Partners II2015 $9.0B 25% 19.0% 2.2x

Total 26.0% 2.2x

16

POLLING QUESTION #1

BPY trades at a 30% discount to NAV.

What more can we do?

A. Reduce leverage

B. Buy back our units

C. Simplify our business

D. Improve disclosure / investor communication

Investment and Operating Segments

17

High-quality core office assets

18

* Last 12 Months at June 30, 2018

Grace Building

New York

Amex House

Sydney

First Canadian Place

Toronto

Canary Wharf

London

Brookfield Place

New York

Eichhornstraße 3

Berlin

FL3500

São Paulo

46MPROPORTIONATE

OFFICE SF

93%OCCUPANCY

$1.4BPROPORTIONATE

NOI*

Highly productive best-in-class malls and urban retail

19

GGP Acquisition

Closes

The Shops at LaCantera

San Antonio

Fashion Show

Las Vegas

Oakbrook

Illinois

Stonebriar Centre

Frisco

* Last 12 Months at June 30, 2018 (proportionate NOI post closing of GGP, adjusted for asset sales at closing)

122MPREMIER

RETAIL SF

95%NOI-WEIGHTED TOTAL

OCCUPANCY

$1.7BPROPORTIONATE

NOI*

LP investments in mispriced assets with upside to earn outsized returns

20

The Diplomat Resort & Spa

Florida

Wynyard Place

Sydney

Center Parcs

U.K.

Conrad Hotel

Seoul

1,400+NO. OF PROPERTY

INTERESTS

$5.8BINVESTED CAPITAL

IN BAM PRIVATE FUNDS

$781MPROPORTIONATE

NOI*

* Last 12 Months at June 30, 2018

21

POLLING QUESTION #2

Which sector do you think offers

the best risk-adjusted returns over the next 5 years?

A. Office

B. Retail

C. Industrial

D. Multifamily

GGP & the U.S. Retail Opportunity

22

GGP transaction summary

23

1Shareholder approval

July 26, 2018

Acquisition completed

August 28, 2018

2Offer price

$23.50/share

3Issued 160M of

BPR shares &

110M of BPY units

BPY’s public float

increased by ~$6B

The acquisition of GGP plays to Brookfield’s core investing principles

24

Acquire high-quality assets

Invest on a value basis

Enhance value through operations

Contrarian

Large-scale/Multifaceted

25

GGP owns 8% of the high-quality retail space in the U.S.

92%OTHERS

8%OWNED BY GGP

1.2B SF (4 SF Per Person)

of High-Quality Retail GLA in the U.S.

U.K.

Australia

Canada

U.S.

Retail GLA

(SF Per Person)

24

16

11

5


26




Contrarian


Doubling down on retail by capturing opportunistic market window…

27

2015 2016 2017 2018

Regional Mall Index Performance*

*Source: FTSE NAREIT

2015 2016 2017 2018 Aug 2018

March 2018

GGP price agreed

July 2016

Peak


28




Contrarian


29

We are uniquely positioned to capitalize on value-add opportunities…

Complete Redevelopment Initiatives

Identify and Execute Densification Opportunities

Optimize Tenant Mix

Drive Operating

Performance

Oakbrook Center

Oakbrook, Illinois

Ala Moana

Honolulu, Hawaii

Village of Merrick Park

Coral Gables, Florida

Brookfield can control the redevelopment

process across multiple asset classes and

capitalize on the value-add beyond retail

30

From retail centers to mixed-use, live-work-play destinations…

31

Ma

ll P

rod

uc

tivit

y

Land Value

We tailor value creation strategy for malls with different attributes…

AVOID

EXPAND DENSIFY

REDEVELOP

32

Ma

ll P

rod

uc

tivit

y

Land Value

Value Creation Strategy

EXPAND

Baybrook Mall (TX)

Case Study 1 – Baybrook Mall Expansion

Post Development Yield on Cost 7.5%

33

Acquired Land for

Lifestyle Center

Expanded

Power Center

Added Outdoor F&B

and Entertainment

Before After

DENSIFY

Ala Moana Center (HI)

34

Ma

ll P

rod

uc

tivit

y

Land Value


EXPAND

Baybrook Mall (TX)

Case Study 2 – Ala Moana Center Densification

Phase 1 Yield on Cost 9.6% / Phase 2 Yield on Cost 6.9%

35

Replaced Anchor Added Residential Density Placemaking

Before After

REDEVELOP

NewPark Mall (CA)

DENSIFY

Ala Moana Center (HI)

36

Ma

ll P

rod

uc

tivit

y

Land Value


EXPAND

Baybrook Mall (TX)

Case Study 3 – NewPark Mall Redevelopment

Phase 1 Yield on Cost 8.5% / Phase 2 Yield on Cost 7.1%

37

Before After

Replaced

Anchor

Redeveloped

Vacant Box

Developed Land to

Highest & Best Use

Create value via redevelopment initiatives…

Average Yield on Cost 7.9% - 8.8%

38

Historical

Redevelopment

Projects Under

Redevelopment

$1.1BTOTAL

COST

8.8%YIELD

ON COST

$1.6BESTIMATED

COST

7.9%YIELD

ON COST


39




Contrarian


40

POLLING QUESTION #3

Today, e-commerce makes up less than 10% of total retail

sales in the U.S. What do you think the percentage will be

in five years?

A. Less than 10%

B. 10%-20%

C. 20%-30%

D. More than 30%

E-Commerce Brick-and-Mortar ONE Channel

E-commerce vs Brick-and-Mortar? NOT a Zero-Sum Game…

93% of all retail sales are owed all or in part to brick-and-mortar presence*

41

Amazon Bonobos Rent the Runway

Online-to-offline examples

* U.S. Census Bureau


42




Contrarian


Funding Sources

The purchase of GGP was supported by $10B of equity and $5B of

acquisition financing

43

Sources

Acquisition Financing $2.5B

Bridge Financing to Asset Sales $2.5B

Partner Equity $4.0B

BPY Equity $6.0B

Total Capital $15.0B

We adhere to Brookfield’s five core investing principles…

44




Contrarian


45

Financial Update

Bryan Davis

Chief Financial Officer, Brookfield Property Partners

46

Another year under our belts…

Earnings and distribution growth for

five consecutive years since launch

Annual CFFO growth of 9%

Annual distribution growth of 6%

Reduced payout ratio from 90%

of CFFO to our target of 80%

2014 2015 2016 2017

$1.06

$1.12

$1.00

$1.18

$1.11

$1.18

$1.36

$1.44

$1.26

$1.50+

9%CAGR

2018

6%CAGR

CFFO Distribution (per unit)

47

Generating significant LP investment gains…

2014 2015 2016 2017

$0.14

$0.37

$0.08

$0.66

We have earned realized gains from our

LP investments in private funds

In the early years, these gains were from

the sale of individual assets or smaller

portfolios

As these funds mature, and investment-

level business plans are executed, the

pace and size of realizations will

increase

Realized Gains on LP Investments (per unit)

48

Future Earnings Growth

Achieve annual CFFO growth for the

next 5 years with target of 7%-9%

Realize significant earnings from our LP

investments including, on average,

$500 million in annual realized gains

Earnings provide ample coverage for

distributions

Earnings growth will support distribution

growth in line with target of 5%-8%

annually

2018 2019 2020 2021

$2.15+

2022

$2.65+

CFFO Realized Gains Distributions

$1.70+

$1.26

$1.50+

$2.00+

(per unit)

49

Main drivers of earnings growth are unchanged…

Annual CFFO growth between 2017 and 2022 continues to be driven by:

• Achieving same property growth of 2-3%

• Completion of active developments on time and budget:

$1.18In US$ millions

$0

$100

$200

$300

$400

$500

$600

2017 2018 2019 2020 2021 2022

Office Retail Urban multifamily Condo sales

Cumulative Development NOI

50

LP Investments – BSREP I

• What does this mean for BPY?

Size of Fund BPY Share Called from LPs Net IRR Net MOC

BSREP I $4.4B 30% $4.9B 21% 2.3x

1) Including co-invest

In US$ millions

$0

$1,000

$2,000

$3,000

$4,000

$0

$1,000

$2,000

$3,000

$4,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Cumulative capital Cumulative FFO Cumulative gains

Profit1

$1.9B

51

LP Investments – Layering on BSREP II

Size of Fund BPY Share Called from LPs Net IRR Net MOC

BSREP I $4.4B 30% $4.9B 21% 2.3x

BSREP II 9.0B 25% 6.0B 17% 1.8x

In US$ millions

1) Including co-invest

$0

$1,000

$2,000

$3,000

$4,000

$0

$1,000

$2,000

$3,000

$4,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Cumulative capital Cumulative FFO Cumulative gains

Profit1

$4.1B

52

Significant liquidity will be generated from LP Investments

Until the end of last year, we were investing a significant portion of our available liquidity

into LP investments in funds

• Now these investments will be generating liquidity:

In US$ millions 2012-2017 2018-2022

Net capital (invested) returned $ (2,700) $ 2,700

Profit 1,000. 3,100

Net cash (outflow) inflow $ (1,700) $ 5,800

Available to:

• Recycle into core businesses

• Buy back shares

• Fund distributions

• De-lever balance sheet

• Reinvest into new funds

53

What about the next 15 years?

Even as we invest capital into each new fund, this investing strategy will continue to

produce significant cash flows:

In US$ millions 2012-2017 2018-2022 2023-2027 2028-2032

BSREP I & II $ (2,700) $ 2,700.

Profit 1,000. 3,100.

Future Opportunity Funds (4,500) 1,000 (400)

Profit 900. 4,100 4,200.

Net cash (outflow) inflow $ (1,700) $ 2,200 $ 5,100 $ 3,800.

Liquidity

$11B

54

Payout Ratio

Target payout ratio leaves sufficient retained cash to protect distribution levels, sustain

properties and fund future growth:

In US$ millions2022

Forecasted CFFO $ 2,300

Annual realized gains from LP investments 600

Annual earnings $ 2,900

Distributions at target payout (1,800)

Available to maintain properties and fund growth $ 1,100

55

Financing Strategy

Our approach is to put an appropriate amount of leverage on each asset to provide the

best risk-adjusted return on your equity

Raise debt in local currency with primarily

fixed interest rates

Use of minimal amounts of “consolidated” leverage

Focus on non-recourse, asset-level debt

Maintain a well-laddered debt maturity profile

Focus on maintaining our

investment-grade credit rating for the long term

56

Path to achieving leverage targets

Long-term goal is to maintain a proportionate debt-to-capital ratio of 50% and debt-to-

EBITDA of <11x

• Conversion of $500 million of capital securities into equity

• Acquisition of GGP improves credit metrics once acquisition debt is repaid

In US$ millions Current1 Pro Forma

Net debt $ 36,000 $ 43,000

Capitalization 61,000 74,000

EBITDA 2,600 3,400

Debt to capital 59% 58%

Debt to EBITDA 13.8X 12.6X

1) Q2’18 EBITDA annualized

57

Near-term path to leverage targets

Focused on making progress to achieve target credit metrics

• Completion of active development pipeline

• Mandatory conversion of $1.8 billion of capital securities into BPY units

• Repayment of credit facilities and remaining capital securities

• Increase in equity value

In US$ millions Pro Forma Target

Net debt $ 43,000 $ 40,000

Capitalization 74,000 80,000

EBITDA 3,400 3,800

Debt-to-capital 58% 50%

Debt-to-EBITDA 12.6X 10.5X

58

BPY = compelling investment opportunity

$ 20

Narrowing

Discount1,2,3Today

$ 55

$ 48

$ 35

Current

Discount1,2

$ 20 $ 20

$ 6 $ 6

2022

$ 22

$ 9

1) Using forecasted 2022 CFFO

2) Distributions assumed at 80% of forecasted 2022 CFFO

3) Using consensus NAV implied multiple

An investment today has the potential

to offer a very attractive return to

shareholders

Yield backed by cash flow from a

portfolio of high-quality assets

Entry point at discount to average

analyst NAV of ~$29 per unit

Potential for significant appreciation

15%CAGR

25%CAGR

Investment Current Yield Appreciation

Brookfield Multifamily

59

Ric Clark

Chairman, Brookfield Property Partners

Cities across the globe are expanding rapidly1

Over the next ~30 years, the world’s population is expected to become dramatically

more urban

1) Source: U.N.

29% 67%54%

Urban Population

Worldwide Urban Population

U.S. Urban Population

60

125M1950

258M2014

350M2050

725M1950 3.9B

20146.0B

2050

U.S. homeownership rate1

Homeownership rates in the U.S. have decreased over the last decade. The Q1’18

rate was equal to long-term level of 64%, close to the lowest level since 1965

61

34.0%

35.0%

36.0%

37.0%

38.0%

39.0%

40.0%

41.0%

42.0%

43.0%

44.0%

60.0%

61.0%

62.0%

63.0%

64.0%

65.0%

66.0%

67.0%

68.0%

69.0%

70.0%

U.S. All Age Groups- Homeownership Rate (left axis)

Under 35 years - Homeownership Rate (right axis)

64.0%Q1’18

35.6%Q1’18

43.3%Q1’05

69.1%Q1’05

> 35 years

All age groups

1) Unless otherwise noted, source: U.S. Census Bureau (1Q 2018)

2) Source: Wall Street Journal (February 16, 2018)

3) Source: Wall Street Journal (February 27, 2018)

Price pressure to rent vs. own1

On average, from 2000-2016, home purchase prices in the U.S. have increased

by more than 100% in some markets

62

1) Source: St. Louis Federal Reserve GEOFRED

Prices Decreased

25% Increase

50% Increase

100% Increase

More Than 100% Increase

No Data Available

U.S. apartment occupancy growth1,2

Apartment occupancies are above the long-term average, driven by strong

demographics creating 10 million renters over the past 12 years

63

85.0%

85.5%

86.0%

86.5%

87.0%

87.5%

88.0%

88.5%

89.0%

89.5%

90.0%

90.5%

91.0%

91.5%

92.0%

92.5%

93.0%

93.5%

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

Occupancy Occupancy Forecast

1) Source for all information on this slide is Axiometrics (1Q 2018).

2) Projections reflected herein have been prepared based on various estimations and assumptions made by a third party, including estimations and assumptions about events that have not

occurred, any of which may prove to be incorrect. Due to various risks, uncertainties and changes beyond the control of the third party, actual results could differ materially. In addition, industry

experts may disagree with the estimations and assumptions used in preparing the projections. No assurance, representation or warranty is made by any person that any of the projections are

accurate or will be achieved and you should not place undue reliance on the projections. Please refer to the Notice to Recipients for additional information regarding third party sources.

U.S. apartment supply and demand

• The U.S. housing shortage continues in coastal markets

64

Supply1

as of 1Q 2018

Demandas of 1Q 2018

U.S. / Global Markets

1) Source: U.S. Census Bureau (1Q 2018)

2) Source: Axiometrics (1Q 2018)

3) Source: U.S. Federal Reserve (1Q 2018)

4) Source: U.S. Bureau of Labor Statistics (1Q 2018)

5) Source: CBRE Global Investor Survey (1Q 2018)

• 94.5% apartment occupancy

(near 14-year high)2

• 64.0% homeownership rate

(4-quarter average) (52-year low)1

• 100% apartment supply absorbed during

past seven years2

• 10.0M new renter households created

from 2005 through 20171

• $1.4 trillion in U.S. student debt3

• 5 million young adults living with parents

above 25-year average1

• Favorable demographics: Millennials,

Baby Boomers, Gen Z, and Immigrants1

• Total U.S. Housing Starts

− 1.2M 12-month average

− 93% of 25-year average of 1.3M

− 886,000 average post-recession

(2008-2017); 67% of 25-year average

• Single-Family Starts

− 863,000 12-month average

− 612,000 average post-recession

(2008-2017); 60% of 25-year average

• Multifamily Rental Starts


− Renter demand absorbing new

supply: occupancy remains near 95%

• Condo (for-sale multifamily) Starts


− 60% below 25-year average

• Median age of U.S. rental stock is

40 years old

• Steady U.S. job recovery

since last recession4

• Low cap rates with rising

interest rates3

• High capital flows to U.S.

real estate5

BPY’s multifamily footprint

• We continue to be one of the largest owners of residential apartment properties in the

U.S., with assets located in diverse, urban and suburban locations in over 20 states

65

Units1

~35,000

MANHATTAN MULTIFAMILY

Manhattan, NY

Properties1

~120Equity2

~$1.9 billion Gross Asset Value2

~$3.6 billion

GREENPOINT LANDING

Brooklyn, NY

L SEVEN APARTMENTS

San Francisco, CA

NIIDO ORLANDO

Kissimmee, FL

1) Units and properties on a 100% basis.

2) Equity and GAV as of Q2’18 on an IFRS basis at BPY’s share

BPY multifamily properties by state

3 properties

22 properties

1 property

2 properties

10 properties

4 properties

3 properties

2 properties

5 properties

5 properties

7 properties

5 properties

2 properties

10 properties

15 properties

3 properties

6 properties

7 properties

5 properties

0 1000 2000 3000 4000 5000 6000 7000

AZ

CA

CO

CT

FL

GA

IN

MA

MD

MI

NC

NJ

NV

NY

OH

OR

TX

VA

WA

Units

66

Multifamily platform growth

Our multifamily portfolio has grown strongly since 2010 through acquisition and

development activities in urban and suburban locations

67

2014

Acquired Manhattan

Multifamily Portfolio

$330 million equity

invested to date

Acquired Ginkgo

Multifamily in 2012

and Palmetto

Multifamily in 2013

Total equity invested

of $192 million

(realized)

U.S. Multifamily

Value Add Fund II

$849 million equity

invested to date

2016

U.S. Multifamily

Value Add Fund III

$127 million equity

invested to date

Acquired land for

Greenpoint Landing,

Studio Plaza and

Andorra developments

2017

U.S. Multifamily Value

Add Fund I

$315 million equity

invested to date (realized)

20112010

Acquired Fairfield

(Investment

Company and

Service Company)

Acquisition of The

Alexander and 8500

Sunset Boulevard

$122 million equity

invested to date

20132012

Acquired Associated

Estates Realty

$848 million equity

invested to date

NYC Tristate

Multifamily

Developments

$67 million equity

invested to date

2015 2018

Opening of The

Eugene at

Manhattan West, a

844-unit luxury

building

Opening of One Blue

Slip, the first of four

multifamily towers at

Greenpoint Landing

Select investments shown above.

Multifamily development profile

We are developing in core markets that are supply constrained and have high

barriers to entry, with +14,000 units in our development pipeline

68

• Located in

downtown LA

financial district

• 781-unit high rise

development

across 64 stories

• Completed

schematic design

and working

through

completion of

entitlements, with

target scenario of

early 2019

construction

• Brookfield

development

located on the

waterfront in

Greenpoint,

Brooklyn

• Unobstructed

views of Manhattan

• Five towers in total

• 2,040 units

UNDER

CONSTRUCTION PLANNING STAGESCOMPLETED

The Eugene

$791 million1

MANHATTAN, NY

• Located on the

West side of

Manhattan

• Brookfield

completed in

2017

• First development

as part of

Brookfield’s

“Manhattan West”

• 844 units, 675

market rate and

169 affordable

• Market-rate units

96% leased

755 Figueroa

$515 million1

LOS ANGELES, CA

Greenpoint Landing

$1.6 billion1

BROOKLYN, NY

One Blue Slip

$287 million1

BROOKLYN, NY

Mott Haven

$950 million1

BRONX, NY

Halley Rise

$1.4 billion1

RESTON, VA

• Two-phased,

4.3 acre

development,

located on the

Harlem River

shoreline in the

South Bronx

• one of the

largest private

developments in

the history of the

Bronx

• Seven towers

• 1,300+ units

• First market rate

building completed

as part of the

Greenpoint

Landing Master

Plan

• 359 market rate

units, Brookfield

completed in 2018

• Opened in

September, 2018,

lease up is

ongoing, achieving

projected rents at

below market

concessions

• 24-acre site in

Fairfax County

• Six development

blocks totaling

3.6 million SF,

incl. ~1,300 MF

apts., 450K SF

retail, and 5+

acres of parks

• Completed

schematic

design, and

received county

board approval

July 2018

1) Reflects total cost

Opportunity zones

More than 8,700 census tracts across the U.S. have been qualified as distressed

communities, making private investments eligible for Opportunity Zone tax benefits

69

Map source: Economic Innovation Group

Typical resident services & amenities

More and more, we are seeing buildings that are enhanced by technology and

curated amenities, providing convenience, service and social connectivity

70

• Gym

• Common room / party room

• Shared workspace

• Mail and package center

• Pool (in warmer climates)

• Parking garage/spaces

• Laundry in unit

• Dog runs

• Bike storage and repair

• On-site property manager

• On-site leasing

• Fresh paint and cleaning prior to move in

• 5-10 year capital plan

Typical Building

Services & Amenities

Enhanced Offerings at

Luxury/High-Rise Buildings

• Concierge services

• Resident event coordinator

• Package delivery management

• Personal shopper

• Pet grooming

• Rock-climbing wall

• Rooftop terrace

• Spa / massage center

• Wine cellar

• Yoga / aerobics / wellness classes

• Car-sharing service

• Dry cleaning / laundry service

• Child-care service

New innovations in resident services

Latch

Smart Access Technology

71

Hello Alfred

Personal Concierge

Via

Ride Share Platform

72

GGP Acquisition

Closes

Multifamily Rental Location Units Completion ($M) Cost1 Yield

The Eugene Manhattan 844 2017 414 5%

One Blue Slip Greenpoint 359 2018 273 6%

Village Gateway Camarillo 450 2018 127 7%

Studio Plaza Silver Spring 399 2019 106 7%

Water St. / George St. London 352 2019 200 5%

Greenpoint Bldg. F Greenpoint 421 2020 358 6%

Newfoundland London 636 2020 329 4%

TOTAL 3,461

1) Represents BPY’s proportionate share of investment.

Multifamily Condo Location Units Completion ($M) Cost1 Yield

Principal Place London 301 2019 251 17%

Southbank Place London 777 2019 296 20%

10 Park Drive London 345 2019 156 31%

One Park Drive London 468 2021 292 30%

TOTAL 1,891

Planned Units

Projects in Planning Phase 6,400

11,752TOTAL COMPLETED, ACTIVE AND PLANNED

Recently completed, active and planned developments

Q&A

73

74

Important Cautionary Notes

All amounts are in U.S. dollars unless otherwisespecified. Unless otherwise indicated, the statistical andfinancial data in this document is presented as of June30, 2018.

This presentation contains “forward-looking information”within the meaning of applicable securities laws andregulations. Forward-looking statements includestatements that are predictive in nature, depend upon orrefer to future events or conditions, include statementsregarding our operations, business, financial condition,expected financial results, performance, prospects,opportunities, priorities, targets, goals, ongoingobjectives, strategies and outlook, as well as the outlookfor North American and international economies for thecurrent fiscal year and subsequent periods, and includewords such as “expects,” “anticipates,” “plans”, “believes,”“estimates”, “seeks,” “intends,” “targets,” “projects,”“forecasts,” “likely,” or negative versions thereof and othersimilar expressions, or future or conditional verbs such as“may,” “will,” “should,” “would” and “could”.

Forward-looking statements include, without limitation,statements about target earnings and distribution growth,the growth potential of our existing and new investments,return on invested capital, gains on mark-to-marketreleasing and occupancy, targeted same-store growthand returns on redevelopment and development projects,the ability to recycle capital, the availability of suitableinvestment opportunities, and the availability of financingand our financing strategy.

Although we believe that our anticipated future results,performance or achievements expressed or implied bythe forward-looking statements and information are basedupon reasonable assumptions and expectations, thereader should not place undue reliance on forward-looking statements and information because they involveknown and unknown risks, uncertainties and otherfactors, many of which are beyond our control, which maycause our actual results, performance or achievements todiffer materially from anticipated future results,performance or achievement expressed or implied bysuch forward-looking statements and information.

Factors that could cause actual results to differ materiallyfrom those contemplated or implied by forward-lookingstatements include, but are not limited to: risks incidentalto the ownership and operation of real estate propertiesincluding local real estate conditions; the impact orunanticipated impact of general economic, political andmarket factors in the countries in which we do business;the ability to enter into new leases or renew leases onfavorable terms; business competition; dependence ontenants’ financial condition; the use of debt to finance ourbusiness; the behavior of financial markets, includingfluctuations in interest and foreign exchanges rates;uncertainties of real estate development orredevelopment; global equity and capital markets and theavailability of equity and debt financing and refinancingwithin these markets; risks relating to our insurancecoverage; the possible impact of international conflictsand other developments including terrorist acts; potentialenvironmental liabilities; changes in tax laws and othertax related risks; dependence on management personnel;illiquidity of investments; the ability to complete andeffectively integrate acquisitions into existing operationsand the ability to attain expected benefits therefrom;operational and reputational risks; catastrophic events,such as earthquakes and hurricanes; and other risks andfactors detailed from time to time in our documents filedwith the securities regulators in Canada and the UnitedStates.

We caution that the foregoing list of important factors thatmay affect future results is not exhaustive. When relyingon our forward-looking statements or information,investors and others should carefully consider theforegoing factors and other uncertainties and potentialevents. Except as required by law, we undertake noobligation to publicly update or revise any forward-lookingstatements or information, whether written or oral, thatmay be as a result of new information, future events orotherwise.

In considering investment performance informationcontained herein, prospective investors should bear inmind that past performance is not necessarily indicativeof future results and there can be no assurance thatcomparable results will be achieved, that an investment

will be similar to the historic investments presented herein(because of economic conditions, the availability ofinvestment opportunities or otherwise), that targetedreturns, diversification or asset allocations will be met orthat an investment strategy or investment objectives willbe achieved.

This presentation includes estimates regarding marketand industry data that is prepared based on itsmanagement's knowledge and experience in the marketsin which we operate, together with information obtainedfrom various sources, including publicly availableinformation and industry reports and publications. Whilewe believe such information is reliable, we cannotguarantee the accuracy or completeness of thisinformation and we have not independently verified anythird-party information.

This presentation makes reference to net operatingincome (“NOI”), funds from operations (“FFO”), andCompany funds from operations (“CFFO”). NOI, FFO andCFFO do not have any standardized meaning prescribedby International Financial Reporting Standards (“IFRS”)and therefore may not be comparable to similar measurespresented by other companies. The Partnership usesNOI, FFO and CFFO to assess its operating results.These measures should not be used as alternatives toNet Income and other operating measures determined inaccordance with IFRS but rather to provide supplementalinsights into performance. Further, these measures donot represent liquidity measures or cash flow fromoperations and are not intended to be representative ofthe funds available for distribution to unitholders either inaggregate or on a per unit basis, where presented.

For further reference, specific definitions of NOI, FFO,and CFFO are available in the Partnership’s pressreleases announcing its financial results each quarter.

Brookfield Property Partners

INVESTOR DAY

SEPTEMBER 26 , 2018

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