BPYPP

Brookfield Property Partners L.P. Preferred Limited Partnership Units Series P represent preferred equity interests in Brookfield Property Partners L.P., carrying priority for distributions and liquidation proceeds over common units but ranking junior to all debt. Series P preferred units provide income from Brookfield Property Partners' diversified global real estate portfolio including office towers, shopping centers, industrial warehouses, hotels, multifamily residential properties, and other commercial real estate assets across North America, Europe, Brazil, Australia, and other markets. Series P preferred units pay fixed quarterly distributions as specified in partnership agreements. Distributions to Series P must be paid before any distributions to common unitholders, providing income priority typical of preferred securities. Preferred unitholders generally lack voting rights except under specific circumstances such as prolonged distribution non-payment or partnership actions adversely affecting preferred rights. The units are perpetual securities with no maturity date, though Brookfield Property Partners may redeem them after an initial non-call period at its option. Following Brookfield's take-private transaction, Series P and other preferred units continue trading publicly despite common units being delisted. Series P preferred units suit income investors seeking regular quarterly distributions, capital structure priority, and exposure to Brookfield's global real estate operations and expertise. Securities' credit profile reflects portfolio property performance including tenant occupancy, rent growth, lease expirations and renewal activity, property valuations, ability to service debt and fund distributions, and Brookfield Asset Management's support as manager and sponsor. Preferred unit prices fluctuate with interest rate changes (inverse correlation), credit spreads based on real estate market conditions and company-specific factors, and structural considerations following the privatization. Investors should understand implications of holding publicly-traded preferred securities in partnership with privatized common equity, including reduced disclosure transparency, governance considerations, and limited exit mechanisms beyond public market trading. Investment involves real estate market risks, property operating risks, leverage amplifying volatility, interest rate sensitivity, redemption risk, and preferred security characteristics including limited upside participation and junior position to debt while senior to common equity.