Brookfield Property Partners

REITWEEK INVESTOR PRESENTATION

JUNE 3 , 2020

2

Brookfield Property Partners (“BPY”)

• Brookfield Asset Management’s (“Brookfield”) primary vehicle

to make investments across all strategies in real estate

• Our goal is to be the leading global owner and operator of

high-quality real estate, generating an

attractive total return for our unitholders comprised of:

1

Current yield supported

by stable cash flow from

a diversified portfolio

2

Distribution growth

in-line with earnings

growth

3

Capital appreciation

of our asset base

3

Investment Highlights

Irreplaceable Core Assets

in diverse, supply-constrained markets

Strong Financial Position

with ample liquidity

Outsized Growth

in earnings and shareholder distributions

Unique Access

to Brookfield’s diversified private real estate funds

Proven Strategy & Sponsor

Alternative asset manager with global expertise,

investing discipline and access to capital

Principal Place, London

Ala Moana, Honolulu Radian Residences, Boston

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Core Office and Core Retail

Diversified Investment Strategy

Stable cash flows on core portfolios enhanced by investment in opportunistic

strategies

LP Investments

Brookfield Place, New York Fashion Show Mall, Las Vegas Simply Self Storage, Osprey, FL

Targeting Core+ Returns

• Approximately 85% of BPY’s balance sheet

• Invested in high-quality, well-located trophy assets and development projects

Targeting Opportunistic Returns

• Approximately 15% of BPY’s balance sheet

• Invested in mispriced portfolios and/or properties with significant value-add

5

Global Investor with Local Expertise

UNITED STATES3

$135B

ASIA PACIFIC

$20B

BRAZIL

$3B

EUROPE & MIDDLE EAST

$35B

CANADA

$9B

1) At the Brookfield Property Group level which includes assets of BPY and Brookfield-managed funds.

2) Employee figures are as of December 31, 2019.

3) AUM in the Bahamas are included within our US AUM figure.

~$202B Total RE AUM1 | 30 Offices | ~22K Operating Employees2

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Iconic assets in gateway markets

Shops at Merrick Park, MiamiBrookfield Place, New York

Ala Moana, HonoluluBrookfield Place, Toronto

Irreplaceable Core Assets

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Irreplaceable Core Assets

Premium Assets Hold Their Values Through Cycles

0%

20%

40%

60%

80%

100%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Brookfield Office Occupancy

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Brookfield Retail Occupancy

$0.00

$20.00

$40.00

$60.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Brookfield Office Average In-Place Net Rent

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Brookfield Retail Average In-Place Rent1

1) Reflects retail tenants <10K square feet.

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Unique Access to High Growth/High Return Strategies

Office & Multifamily Development

Over the next 3 years, our development program will deliver an additional $400M of

annual NOI

• The pre-eminent office and multifamily

development franchise in the world’s most

dynamic cities

• Over the past 10 years, we have

developed1:

New York: 7.9 million sq. ft

London: 5.4 million sq. ft.

Toronto: 3.2 million sq. ft.

Calgary: 1.4 million sq. ft.

Perth: 1.3 million sq. ft.

Sydney: 1.1 million sq. ft.

Dubai: 1.1 million sq. ft.

Total: 21.4 million sq. ft.

The Eugene

New York

Principal Place

London

5 Manhattan West

New York

One Blue Slip

Brooklyn

1) Includes completed projects and those currently under construction

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Unique Access to High Growth/High Return Strategies

Retail Redevelopment

• Our 2,000-person development team combined with our national

retail footprint provides us with the ability to redevelop our shopping

centers into dynamic live/work/play urban environments

Ala Moana Center

AfterBefore

10

0

100

200

300

400

500

600

700

800

2015 2016 2017 2018 2019

$ M

illio

ns

CFFO & Realized Gains from LP Investments2

Unique Access to High Growth/High Return Strategies

Private Funds Investing

• Brookfield is a leading global real estate

manager with $200 billion of real estate

assets under management and a top-

quartile performance track record

‒ 25% gross IRR1 since 2006

• BPY’s $5 billion investment in these funds

gives investors exposure to investment

strategies typically reserved for pension

and sovereign wealth fund clients

1) Represents average gross investment returns in Brookfield-sponsored private opportunistic and value-add real estate funds

2) Realized LP Investment gains are presented net of carried interest and other transaction costs

11

Track Record of Earnings and Distribution Growth

Annual CFFO and realized gains

growth of 7% since 2014

Annual distribution growth of 6%

since 2014, in line with earnings

growth

2014

$1.00

$1.13

$1.32

$1.57

2019

CFFO and realized gains Distributions (per unit)

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Strong Financial Position

• We finance primarily at the asset level and on a non-recourse basis

‒ 8% of total debt is recourse to BPY

• Well-laddered debt maturity profile

‒ Average term to maturity of 5 years

• Ample Liquidity

‒ Total liquidity of $7.2 billion

• Actively recycle capital from mature assets where value has been maximized

‒ Over the past 5 years we have generated approximately $13 billion of net

proceeds from asset sales at a premium to IFRS carrying values

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COVID-19 Update

Primary focus during this period has been on the safety of our people, our customers

and tenants, and the communities in which we do business

We have recently shifted our focus to gradually reopening our retail centers and

office buildings, with an unwavering commitment to ensuring the health and safety of

all occupants (119 centers open as of May 31, 2020)

While retail and hospitality have been materially impacted, April and May rent

collections in our office, multifamily and other sectors was largely unaffected

Liquidity position remains strong with more than $7 billion available in undrawn credit

lines and cash on hand; near-term debt maturities very manageable and secured by

strong-performing assets with non-recourse mortgages

Contractual, recurring cash flows and access to liquidity continue to support our

current distribution payout of $1.33 per annum

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Looking Forward - Office

• A recent (post-COVID-19) survey1 indicated that only 12% of the U.S. workforce would

rather work from home full-time, and 70% prefer to work in the office all five days of

the week

• With social distancing norms and post-COVID-19 health & safety protocols established,

tenants are beginning to rethink office space layouts to provide more personal space

for their employees which could increase companies’ physical footprints

1) Source: Gensler Research Institute Work From Home Survey - May 2020

15

Retail Market Update

Brick and mortar and e-commerce combine to create omnichannel sales network

Customer

Acquisition

Point of

Sale

Returns

Center

Brand

Building

Pickup

Location

Distribution

Center

Total

Store

Value

BRAND AWARENESSIncreases retention and drives sales

across all channels (Halo Effect)

FLOW OF SALESReduces shipping costs and leads to

incremental sales

LAST MILE DISTRIBUTIONReduces supply chain costs and

leads to incremental sales

16

Stores Drive Revenue at Scale

1) Target CEO on CNBC 11/20/2019

Sources: Coresight Research “Fast Retail: Opportunities for Digitally Native Brands” 2019, JLL Retail “Digital Brands Get Physical” 2018, Peloton IPO Filings, Chain XY, Aggdata,

TrueVentures, Vox, Retail Insider, Marketwatch

$171M $184M

$349M

$719M

$0M

$250M

$500M

$750M

2016 2017 2018 2019

Case Study: Location Growth Drives Outsized Revenue Growth

new store locations have been

announced for the Top 100 Digital-

native Brands over the next five years

Est. Peloton Revenue

and Physical Stores by

Year

524new stores have opened since 2017

across 22 leading Digital-native Brands

Store Expansion by the Numbers

850

# of Stores Annual Revenue (M)

73

42

24

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Digitally native brands expanding physical store fleets to amplify revenue expansion

• Costs reduced by 40%1 when moving digital fulfillment from distribution centers to stores

• Costs reduced by 90%1 when customers order online and pick up at a store

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Even for industry leaders in shipping, fulfillment costs are a key hurdle to

profitability as their fulfillment expense growth outpaces digital sales growth

Source: Amazon 2018 Annual Report

2017

Marketplace Sales

$91.4B

2016

Fulfillment Expenses$(17.6)B

$23.0B

$108.4B

$31.9B

$(25.2)B

$123.0B

$42.7B

$(34.0)B

2018

Online Store Sales

Amazon Digital Sales and Fulfillment Expenses2016 - 2018

Fulfillment Expense as a

% of Digital Sales15% 18% 21%

+35%

Growth Rate

+86%

+93%

Amazon’s fulfillment expense ratio of

21% is significantly more costly than

the Brookfield Properties average

occupancy cost of 13.5%

Amazon continues to make significant investments in physical retail (e.g., Whole Foods, Amazon 4-star) and is

prioritizing marketplace sales (vs. owned inventory) to offset burgeoning fulfillment and operating costs related to

Digital commerce

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For omni-channel retailers, the most profitable model is to buy online and pick up in-store

Source: “Shopping Centers: America’s First and Foremost Marketplace,” ICSC, October 2014.

Initial Sale Return LossAdditional

Purchase Net Sale

$1.00

$1.00

$1.00

$0.30

$0.23

$0.23

$0.23

$0.18

$1.07

$.95

$.77

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The Importance of the Store

$1.32

$1.57

“Our stores are more productive than ever and that’s going to fuel our profitability over time.

Everything revolves around our stores.”

-Target Corp. CEO Brian Cornell, May 21, 2020

“Ease of discovery for customers is important for the brand. More than half of store sales involve an online journey. More than a third of online

sales involve an in-store journey.

“Order pick-up is our most profitable transaction.”

-Nordstrom CEO Erik Nordstrom, November 21, 2019

“Many customers find significant value in picking up their purchases in our stores, whether it is

because they want it right away or simply want to control the timing. In fact, we have seen 7 straight quarters of growth for in-store pick-up as a percentage of online sales and more than 40% of our online revenue is now picked up

in our stores.

“There's a unique benefit of picking up in-store –you can get it in less than an hour.”

-Best Buy CEO Hubert Joly, November 20, 2019

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We have expansive coverage of both consumers and retailers

We’ve got the Stores

64% of the U.S. population lives within a one-hour

driving distance from one of our malls

Brookfield Retail has relationships across nearly

3,000 retailers across every retail category,

generating over $33B in annual revenue

Expansive Coverage

830MANNUAL VISITS

20%OF U.S. ADULTS HAVE

VISITED OUR MALLS IN

THE PAST 3 MONTHS

Source: Brookfield Properties BI, Nielsen Local

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The New Downtown

Our centers function as the “new downtown” in the communities we serve

Community:

People are evolving past the early infatuation

with social media and re-focusing on in-person

connections and experiences.

• Convenience:

As people’s lives become increasingly busy,

consumers prize time as the new luxury.

Consumers will no longer tolerate “dead time,”

(e.g. drive time, faster distribution).

Our mini-cities create urbanicity in the suburbs and a new gathering spot in mid-tier metros by

offering a mix of residential, work, entertainment, fitness and outdoor spaces that elevate the

efficiency and ease of lifestyle for patrons.

Jordan Creek Town Center, Des Moines, IA Kenwood Towne Center, Cincinnati, OH

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Marketplaces of The Future

FOOD & BEVERAGE

OMNI CHANNEL

PERSONAL CARE

BIG BOX

HOME FURNISHINGS ELECTRONICS

ENTER TAINMENT

GROCERY

HEALTH & WELLNESS

We curate the best retailers to provide consumers

the most compelling shopping, dining, and

entertainment experiences

Multi-Use Developments are complete ecosystems

including residential, office, and hotel uses within our

retail centers

Mizner Park, Boca Raton, FL Stonebriar Center, Frisco, TX

Shops at Merrick Park, Coral Gables, FL Oakbrook Center, Oak Brook, IL

Ala Moana, Honolulu, HI Natick Mall, Natick, MA

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A purchase of BPY units today represents

the opportunity to invest in an irreplaceable,

high-quality diversified real estate

portfolio at a substantial discount to intrinsic

value

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A Highly Compelling Investment Opportunity

We see tremendous value in BPY units today above

the current dislocated trading price

$14.55 Core Office

($5.80) Corporate

$5.38 LP Investments

$14.76 Core Retail

NAV = $28.521

BPY worth ~$14 per

unit before any value

ascribed to Core

Retail

~$11 current

unit price

~$20 research

analysts’ consensus

NAV

1) Includes the impact of the conversion of preferred shares

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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 March31, 2020.

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 availability of suitable investment opportunities, andthe availability of financing and 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 and

market factors in the countries in which we do business,including as a result of the recent novel coronavirusoutbreak; the ability to enter into new leases or renewleases on favorable terms; business competition;dependence on tenants’ financial condition; the use ofdebt to finance our business; the behavior of financialmarkets, including fluctuations in interest and foreignexchange rates; uncertainties of real estate developmentor redevelopment; global equity and capital markets andthe availability of equity and debt financing andrefinancing within these markets; risks relating to ourinsurance coverage; the possible impact of internationalconflicts and other developments including terrorist acts;potential environmental liabilities; changes in tax laws andother tax related risks; dependence on managementpersonnel; illiquidity of investments; the ability tocomplete and effectively integrate acquisitions intoexisting operations and the ability to attain expectedbenefits therefrom; operational and reputational risks;catastrophic events, such as earthquakes, hurricanes orpandemics/epidemics; and other risks and factorsdetailed from time to time in our documents filed with thesecurities regulators in Canada and the United States. Inaddition, our future results may be impacted by risksassociated with a global pandemic caused by a novelstrain of coronavirus, COVID-19, and the related globalreduction in commerce and travel and substantial volatilityin stock markets worldwide, which may result in adecrease of cash flows and impairment losses and/orrevaluations on our investments and real estateproperties, and we may be unable to achieve ourexpected returns.

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.

The valuations and projections included herein do notcurrently include any estimated negative impact of thenovel coronavirus outbreak in China, Europe, the UnitedStates or other countries, and the related economicramifications. Given the significant level of uncertaintywith this dynamic and evolving situation, we expect that

our performance could be materially adversely impacted.

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 investmentwill 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 L.P. 2020