Supplemental 2016-Q1/media/Files/B/Brookfield-BPY-IR-V2/... · Key Metrics Year-to-date (US$) Mar....

Brookfield Property Partners L.P. NYSE: BPY TSX: BPY.UN

Supplemental InformationFor the quarter ended March 31

2016

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Brookfield Property Partners L.P.

FORWARD-LOOKING STATEMENTSThis supplemental information package contains “forward-looking information” within the meaning of Canadian provincial securities laws and applicable regulations and forward-looking statements within the meaning of “safe

harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include

statements regarding our operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook, as well as the outlook

for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”,

“forecasts”, “likely”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the

reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause

our actual results, performance or achievements to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: risks incidental to the ownership and operation of real estate properties

including local real estate conditions; the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the ability to enter into new leases or renew leases on favourable

terms; business competition; dependence on tenants’ financial condition; the use of debt to finance our business; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; uncertainties of

real estate development or redevelopment; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; risks relating to our insurance coverage; the possible impact

of international conflicts and other developments including terrorist acts; potential environmental liabilities; changes in tax laws and other tax related risks; dependence on management personnel; illiquidity of investments; the

ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits therefrom; operational and reputational risks; catastrophic events, such as earthquakes and hurricanes;

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

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements or information, investors and others should carefully consider the foregoing

factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a

result of new information, future events or otherwise.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS ACCOUNTING MEASURESThis supplemental information package makes reference to net operating income ("NOI"), funds from operations ("FFO") and Company funds from operations (“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. 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, 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 plus the FFO that would have been

attributable to the partnership's shares of General Growth Properties, Inc. ("GGP") if all outstanding warrants of GGP were exercised on a cashless basis. It also includes dilution adjustments to undiluted FFO as a result of the

net settled warrants. 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.

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TABLE OF CONTENTS

Page PageSummary of Results Operating Statistics (cont'd)

Financial Overview 3 Core Office (cont'd)Platform Overview 4 Historical Rents 24Core Office 5 Proportionate Leasing Activity 25Core Retail 6 Proportionate Lease Expiry Analysis 26Opportunistic 7 Top Tenants 27Corporate 8 Development Sites 28

Consolidated Overview Debt 29Income Statement 9 Capital Expenditures 32Balance Sheet 11 Core RetailProportionate Fair Value Continuity 13 Net Operating Income & Key Performance Metrics 33Proportionate Cash Flow & Liquidity 14 Signed Leases & Lease Expiry Analysis 34Proportionate Debt Summary 15 Top Tenants 35Capital Securities & Preferred Equity 16 Development Sites 36Per Unit Calculations 17 OpportunisticUnit Information 18 Summary of Opportunistic Investments 37

Operating Statistics CorporateCore Office Foreign Currency Exposure 38

Net Operating Income 20 Management Fee 39Summary of Properties 22 Glossary of Terms 40Historical Occupancy 23

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Summary of ResultsFINANCIAL OVERVIEW(1)

Current Quarter HighlightsYear-to-date

Invested capital Company FFO(2) Net income attributable to Unitholders(US$ Millions) Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015Core Office $ 15,884 $ 15,984 $ 149 $ 143 $ 83 $ 794Core Retail 8,750 8,579 111 103 210 147Other Opportunistic 4,233 4,251 73 54 111 76Corporate (7,038) (6,856) (116) (119) (153) (184)Unitholder equity $ 21,829 $ 21,958 $ 217 $ 181 $ 251 $ 833

Key MetricsYear-to-date

(US$) Mar. 31, 2016 Mar. 31, 2015Company FFO per unit(3) $ 0.31 $ 0.25Net income per unit(3) 0.35 1.17Company FFO and realized gains per unit(3,4) 0.75 0.56Distributions per unit(3) 0.28 0.27

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Unitholder equity per unit(5) $ 29.93 $ 30.09Commercial properties 52,023 51,973Commercial developments 4,650 4,264Total assets 66,267 65,543Corporate borrowings 1,142 1,632Funds subscription facilities 659 776Asset-level borrowings 28,071 27,385Subsidiary borrowings 1,292 1,370

(1) Certain investments have been reclassified between segments due to the nature of the investments and the anticipated hold period. As a result, comparative periods have been re-cast on a re-segmented basis(2) A reconciliation of FFO to Company FFO is included on page 9(3) Per unit calculations are based on the basic number of units outstanding and detailed on page 17(4) Realized gains for 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 gainsadjustments(5)Assumes conversion of mandatorily convertible preferred shares. Refer to page 17 for further detail

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Summary of ResultsPLATFORM OVERVIEW

CORE OFFICE

▪ 153 premier office properties totaling 101.5 million square feet in gateway markets including New York City, London, Toronto, LosAngeles, Sydney and Berlin.

▪ 8.5 million square feet of development projects currently underway.

▪ Primarily consists of our wholly-owned subsidiary Brookfield Office Properties Inc. (“BPO”) and a 50/50 joint venture interest in CanaryWharf Group plc (“Canary Wharf”), as well as urban multifamily development sites currently under construction.

CORE RETAIL

▪ 128 best-in-class retail properties totaling 125.8 million square feet throughout the United States through our 34% fully-dilutedinterest in GGP.

OPPORTUNISTIC

▪ Includes investments in Brookfield-sponsored opportunity funds, through which we own interests in:

▪ 104 office properties comprising 22.7 million square feet of office space in the United States, United Kingdom, Braziland India.

▪ Approximately 27.5 million square feet of retail space across 43 properties across the United States and in select Brazilianmarkets.

▪ Over 54.5 million square feet of industrial space across 206 properties, primarily consisting of modern logistics assetsin North America and Europe.

▪ Over 39,500 multifamily units across North America.▪ 27 hospitality properties in North America, Europe and Australia with over 18,200 rooms.▪ Over 300 properties leased to car dealerships in North America under triple net lease arrangements (“CARS”).▪ Over 100 self-storage properties comprising 8.7 million square feet across the United States.

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Summary of Results

HIGHLIGHTS

▪ The Core Office platform generated Company FFO of $149M in the firstquarter of 2016, compared to $143M in the same period in 2015. Theincrease of $6M was driven by same-property growth, particularly inlower Manhattan, where we started to recognize rent on leases signedat Brookfield Place New York, offset by the impact of foreign exchangeand asset dispositions.

▪ Company FFO decreased by $11M from the fourth quarter of 2015 asa result of asset dispositions during and subsequent to the fourthquarter and higher fee revenue recognized in the prior quarter.

▪ Company FFO and realized gains of $428M reflect gains on twosignificant asset sales in the quarter: Royal Centre in Vancouver andWorld Square Retail in Sydney.

▪ Equity attributable to Unitholders decreased by $100M since the prioryear-end as capital raised through asset sales was allocated to othersegments.

CORE OFFICE

Proportionate Income StatementQuarter-to-date Year-to-date

(US$ Millions) Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015Revenue $ 630 $ 607 $ 630 $ 607Direct expenses (262) (255) (262) (255)NOI 368 352 368 352Investment and other income 5 17 5 17Fee revenue 14 13 14 13Interest expense (171) (171) (171) (171)General and administrative expense (42) (42) (42) (42)Non-controlling interests (25) (26) (25) (26)Company FFO 149 143 149 143Company FFO and realized gains 428 183 428 183

FFO 144 140 144 140Fair value gains, net (60) 770 (60) 770Income taxes (10) (118) (10) (118)Non-controlling interests 9 2 9 2Net income attributable to Unitholders $ 83 $ 794 $ 83 $ 794

Proportionate Balance Sheet(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Commercial properties $ 33,008 $ 33,123Commercial developments 3,803 3,447Cash and cash equivalents 715 595Other assets 1,648 1,465Assets held for sale 260 507Total assets 39,434 39,137Debt obligations 17,766 17,379Deferred tax liabilities 1,150 1,191Other liabilities 2,652 2,503Liabilities associated with assets held for sale 53 105Total liabilities 21,621 21,178Non-controlling interests 1,929 1,975Equity attributable to Unitholders $ 15,884 $ 15,984

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Summary of ResultsCORE RETAIL

HIGHLIGHTS

▪ The Core Retail platform generated Company FFO of $111M in the firstquarter of 2016, compared to $103M in the same period in 2015 drivenby 4.4% same-property NOI growth and interest expense savings.

▪ Compared to the prior quarter, Company FFO decreased by $20M, dueto the impact of seasonality as the fourth quarter is typically thestrongest as a result of holiday shopping.

▪ Equity attributable to Unitholders increased by $171M compared toDecember 31, 2015 driven by positive net income, including valuationgains on the GGP warrants we hold, partially offset by dividendsreceived from GGP.


(US$ Millions) Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015Revenue $ 228 $ 219 $ 228 $ 219Direct expenses (59) (58) (59) (58)NOI 169 161 169 161Investment and other income 2 8 2 8Fee revenue 6 6 6 6Net contribution from GGP warrants 13 11 13 11Interest expense (58) (63) (58) (63)General and administrative expense (18) (18) (18) (18)Non-controlling interests (3) (2) (3) (2)Company FFO 111 103 111 103Company FFO and realized gains 135 272 135 272

FFO 103 88 103 88Fair value gains, net 104 59 104 59Income taxes 3 — 3 —Net income attributable to Unitholders $ 210 $ 147 $ 210 $ 147

Proportionate Balance Sheet(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Commercial properties $ 12,562 $ 12,521Commercial developments 175 224Cash and cash equivalents 104 164Other assets 2,606 2,428Total assets 15,447 15,337Debt obligations 5,636 5,722Deferred tax liabilities (3) —Other liabilities 880 827Total liabilities 6,513 6,549Non-controlling interests 184 209Equity attributable to Unitholders $ 8,750 $ 8,579

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Summary of Results

HIGHLIGHTS

▪ Our Opportunistic platform generated Company FFO of $73M in thefirst quarter of 2016, compared to $54M in the same period in 2015.This increase was primarily due to acquisition activity:

▪ In the third quarter of 2015, we acquired interests in Associated EstatesRealty Corp. (“Associated Estates”) with a portfolio of 12,800multifamily units across the United States and Center Parcs Group(“Center Parcs UK”), which operates five short-stay holiday resorts inthe United Kingdom.

▪ In the fourth quarter of 2015, we acquired a portfolio of office assetsin Rio de Janeiro and São Paulo.

▪ In the first quarter of 2016, we acquired a portfolio of self-storage assetsin the United States.

▪ Company FFO increased by $5M compared to the fourth quarter of2015 as a result of the impact of seasonality in our hospitality portfolioin North America, where the Atlantis had a strong quarter due to thetiming of the Easter holiday. This was partially offset by seasonality inour opportunistic retail portfolio, where the fourth quarter is typicallythe strongest.

▪ During the quarter, we reclassified our portfolio of hotel assets inGermany, as well as certain industrial and multifamily assets in theUnited States, to assets held for sale.

▪ Equity attributable to Unitholders decreased by $18M, as a result ofthe impact of foreign exchange on our Center Parcs portfolio, partiallyoffset by our investment in a self-storage business during the quarter.

OPPORTUNISTIC


(US$ Millions) Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015Revenue $ 309 $ 219 $ 309 $ 219Direct expenses (161) (119) (161) (119)NOI(1) 148 100 148 100Investment and other income 10 14 10 14Interest expense (67) (48) (67) (48)General and administrative expense (16) (11) (16) (11)Non-controlling interests (2) (1) (2) (1)Company FFO(1) 73 54 73 54Company FFO and realized gains 84 62 84 62

FFO 64 67 64 67Fair value gains, net 85 28 85 28Income taxes (5) (5) (5) (5)Depreciation of real estate assets (22) (12) (22) (12)Non-controlling interests (11) (2) (11) (2)Net income attributable to Unitholders $ 111 $ 76 $ 111 $ 76

(1) Please refer to page 37 for additional information by asset class

Proportionate Balance Sheet(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Commercial properties $ 6,453 $ 6,329Commercial developments 672 593Hospitality assets 2,089 2,336Cash and cash equivalents 253 241Other assets 1,356 1,306Assets held for sale 446 88Total assets 11,269 10,893Debt obligations 5,961 5,654Other liabilities 759 749Liabilities associated with assets held for sale 136 41Total liabilities 6,856 6,444Non-controlling interests 180 198Equity attributable to Unitholders $ 4,233 $ 4,251

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Summary of ResultsCORPORATE

HIGHLIGHTS

▪ During the first quarter of 2016, Company FFO was $(116)M ascompared to $(119)M in the prior year.

▪ Interest expense during the first quarter of 2016 remained flatcompared to the prior year as interests savings on the repayment ofthe BPO acquisition facility during the fourth quarter of 2015 wereoffset by draws on subscription facilities used to fund acquisitions inthe second real estate opportunity fund.

▪ The decrease in general and administrative expense of $3M is primarilya result of a decrease in asset management fees to Brookfield AssetManagement Inc. (“Brookfield Asset Management”) as a result ofhigher capitalization in the first quarter of 2015 due to a higher tradingprice of the partnership’s units.

▪ Funds subscription facilities decreased to $659M at March 31, 2016 asa result of capital called during the quarter.

▪ The decrease in equity of $182M was primarily the result of increasein deferred tax liabilities attributed to the Corporate segment. Thisincrease primarily relates to deferred taxes on the increase in thevaluation of GGP warrants and during the quarter.


(US$ Millions) Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015Interest expense $ (69) $ (69) $ (69) $ (69)General and administrative expense (47) (50) (47) (50)Company FFO (116) (119) (116) (119)Company FFO and realized gains (116) (119) (116) (119)

FFO (116) (119) (116) (119)Fair value gains, net 18 (12) 18 (12)Income taxes (55) (53) (55) (53)Net income attributable to Unitholders $ (153) $ (184) $ (153) $ (184)

Proportionate Balance Sheet(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Cash and cash equivalents $ 46 $ 77Other assets 71 99Total assets 117 176Debt obligations 1,142 1,632Funds subscription facilities 659 776Capital securities(1) 2,887 2,880Deferred tax liabilities 1,386 1,215Other liabilities 1,056 504Total liabilities 7,130 7,007Non-controlling interests 25 25Equity attributable to Unitholders $ (7,038) $ (6,856)

(1) Refer to page 16 for details

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Consolidated OverviewINCOME STATEMENT

Year-to-dateIFRS Proportionate

(US$ Millions) Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015Commercial property and hospitality revenue $ 1,212 $ 1,080 $ 1,167 $ 1,045Commercial property and hospitality expense (576) (533) (482) (432)NOI 636 547 685 613Share of equity accounted income - FFO 218 171 — —Investment and other income 25 60 23 50Fee revenue 10 9 20 19Interest expense (416) (374) (365) (351)Depreciation and amortization of non-real estate assets (5) (5) (6) (5)General and administrative expense (131) (110) (132) (121)Non-controlling interests (142) (122) (30) (29)FFO 195 176 195 176Depreciation and amortization of non-real estate assets 6 5 6 5Transaction costs(1) 9 — 9 —Gains/losses associated with non-investment properties (6) (11) (6) (11)Net contribution from GGP warrants(2) 13 11 13 11Company FFO 217 181 217 181Company FFO and realized gains 531 398 531 398

FFO 195 176 195 176Depreciation and amortization of real estate assets (59) (31) (22) (12)Fair value gains, net 337 828 147 845Share of equity accounted income - non-FFO (88) 93 — —Income taxes (87) (179) (67) (176)Non-controlling interests (47) (54) (2) —Net income attributable to Unitholders $ 251 $ 833 $ 251 $ 833

(1) Transaction costs for the first quarter of 2016 primarily relate to the acquisitions of our self-storage portfolio and a Brazilian office portfolio(2) Represents incremental FFO that would have been attributable to the partnership's shares of GGP, if all outstanding warrants of GGP had been exercisedon a cashless basis. It also includes the dilution adjustments to FFO as a result of the net settled warrants

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Consolidated OverviewPROPORTIONATE INCOME STATEMENT BY SEGMENT

Year-to-dateCore Office Core Retail Opportunistic Corporate Total

(US$ Millions) Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015Commercial property and hospitality revenue $ 630 $ 607 $ 228 $ 219 $ 309 $ 219 $ — $ — $ 1,167 $ 1,045Commercial property and hospitality expense (262) (255) (59) (58) (161) (119) — — (482) (432)NOI 368 352 169 161 148 100 — — 685 613Investment and other income 5 17 8 5 10 28 — — 23 50Fee revenue 14 13 6 6 — — — — 20 19Interest expense (171) (171) (58) (63) (67) (48) (69) (69) (365) (351)Depreciation and amortization of non-real estate assets (4) (3) (1) (1) (1) (1) — — (6) (5)General and administrative expense (43) (42) (18) (18) (24) (11) (47) (50) (132) (121)Non-controlling interests (25) (26) (3) (2) (2) (1) — — (30) (29)FFO 144 140 103 88 64 67 (116) (119) 195 176Depreciation and amortization of non-real estate assets 4 3 1 1 1 1 — — 6 5Transaction costs 1 — — — 8 — — — 9 —Gains/losses associated with non-investment properties — — (6) 3 — (14) — — (6) (11)Net contribution from GGP warrants(1) — — 13 11 — — — — 13 11Company FFO 149 143 111 103 73 54 (116) (119) 217 181Company FFO and realized gains 428 183 135 272 84 62 (116) (119) 531 398

FFO 144 140 103 88 64 67 (116) (119) 195 176Depreciation and amortization of real estate assets — — — — (22) (12) — — (22) (12)Fair value gains, net (60) 770 104 59 85 28 18 (12) 147 845Income taxes (10) (118) 3 — (5) (5) (55) (53) (67) (176)Non-controlling interests 9 2 — — (11) (2) — — (2) —Net income attributable to Unitholders $ 83 $ 794 $ 210 $ 147 $ 111 $ 76 $ (153) $ (184) $ 251 $ 833

(1) Represents incremental FFO that would have been attributable to the partnership's shares of GGP, if all outstanding warrants of GGP had been exercised on a cashless basis. It also includes the dilution adjustments to FFO as aresult of the net settled warrants

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Consolidated OverviewBALANCE SHEET

IFRS Proportionate(US$ Millions) Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Dec. 31, 2015Commercial properties $ 40,298 $ 39,111 $ 52,023 $ 51,973Commercial developments 2,901 2,488 4,650 4,264Equity accounted investments 17,202 17,638 — —Hospitality assets 4,925 5,016 2,089 2,336Participating loan interests 498 449 — —Cash and cash equivalents 1,237 1,035 1,118 1,077Other assets(1) 5,522 5,324 5,681 5,298Assets held for sale 1,254 805 706 595Total assets 73,837 71,866 66,267 65,543Corporate debt obligations 1,142 1,632 1,142 1,632Funds subscription facilities 1,583 1,594 659 776Asset-level debt obligations 27,127 25,938 28,071 27,385Subsidiary borrowings 1,276 1,362 1,292 1,370Capital securities 4,073 4,031 3,326 3,307Deferred tax liabilities 3,277 3,107 2,804 2,693Other liabilities 3,582 3,027 4,637 3,858Liabilities associated with assets held for sale 478 242 189 157Total liabilities 42,538 40,933 42,120 41,178Preferred shares 1,679 1,675 1,527 1,525Non-controlling interests in subsidiaries and properties 7,791 7,300 791 882Non-controlling interests 9,470 8,975 2,318 2,407Equity attributable to Unitholders $ 21,829 $ 21,958 $ 21,829 $ 21,958Unitholder equity per unit(2) $ 29.93 $ 30.09 $ 29.93 $ 30.09

(1) Other assets includes GGP warrants of $1,533M and $1,364M at March 31, 2016 and December 31, 2015, respectively, as well as goodwill of $865M and$888M on an IFRS basis and $803M and $837M on a proportionate basis as of March 31, 2016 and December 31, 2015, respectively.(2) Assumes conversion of mandatorily convertible preferred shares. Refer to page 17 for further detail

12


Consolidated OverviewPROPORTIONATE BALANCE SHEET BY SEGMENT

Core Office Core Retail Opportunistic Corporate Total(US$ Millions) Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Dec. 31, 2015Commercial properties $ 33,008 $ 33,123 $ 12,562 $ 12,521 $ 6,453 $ 6,329 $ — $ — $ 52,023 $ 51,973Commercial developments 3,803 3,447 175 224 672 593 — — 4,650 4,264Hospitality assets — — — — 2,089 2,336 — — 2,089 2,336Cash and cash equivalents 715 595 104 164 253 241 46 77 1,118 1,077Other assets 1,648 1,465 2,606 2,428 1,356 1,306 71 99 5,681 5,298Assets held for sale 260 507 — — 446 88 — — 706 595Total assets 39,434 39,137 15,447 15,337 11,269 10,893 117 176 66,267 65,543Corporate debt obligations — — — — — — 1,142 1,632 1,142 1,632Funds subscription facilities — — — — — — 659 776 659 776Asset-level debt obligations 16,609 16,103 5,636 5,722 5,826 5,560 — — 28,071 27,385Subsidiary borrowings 1,157 1,276 — — 135 94 — — 1,292 1,370Capital securities 439 427 — — — — 2,887 2,880 3,326 3,307Deferred tax liabilities 1,150 1,191 (3) — 271 287 1,386 1,215 2,804 2,693Other liabilities 2,213 2,076 880 816 488 462 1,056 504 4,637 3,858Liabilities associated with assets held for sale 53 105 — 11 136 41 — — 189 157Total liabilities 21,621 21,178 6,513 6,549 6,856 6,444 7,130 7,007 42,120 41,178Non-controlling interests 1,929 1,975 184 209 180 198 25 25 2,318 2,407Equity attributable to Unitholders $ 15,884 $ 15,984 $ 8,750 $ 8,579 $ 4,233 $ 4,251 $ (7,038) $ (6,856) $ 21,829 $ 21,958

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Consolidated OverviewPROPORTIONATE FAIR VALUE CONTINUITY

Year-to-dateBalance sheet

(US$ Millions) Dec. 31, 2015 Invest.(1) Acq./Disp. Reclass FX Profit & Loss(2) Mar. 31, 2016Commercial properties

Core Office $ 33,123 $ 132 $ 17 $ (582) $ 317 $ 1 $ 33,008Core Retail 12,521 5 (7) 40 — 3 12,562Opportunistic 6,329 21 76 (122) 68 81 6,453

51,973 158 86 (664) 385 85 52,023Held for sale 568 1 (601) 617 1 33 619

52,541 159 (515) (47) 386 118 52,642Commercial developments

Core Office 3,447 334 52 — (30) — 3,803Core Retail 224 9 — (58) — — 175Opportunistic 593 48 64 (36) 3 — 672

4,264 391 116 (94) (27) — 4,650Held for sale — — — 16 — — 16

4,264 391 116 (78) (27) — 4,666Total investment properties $ 56,805 $ 550 $ (399) $ (125) $ 359 $ 118 $ 57,308Other fair value (losses) gains(3) 29Total fair value gains $ 147

(1) Represents investments in our assets through capital expenditures and tenant improvements(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 andterminal capitalization rates(3) Other fair value (losses) gains primarily relate to mark-to-market adjustments on certain derivatives and our investment in GGP warrants

Valuation Metrics for Commercial PropertiesQ1 2016 Q4 2015

(US$)Discount

rateTerminal cap

rateHold period

(years)Capitalization

rate

Implied going-in capitali-

zation rate(1)

Implied valueper leasablesquare foot/

unit(2)Discount

rateTerminal cap

rateHold period

(years)Capitalization

rate

Implied going-in capitali-

zation rate(1)

Implied valueper leasablesquare foot/

unit(2)

Core Office 6.5% 5.6% 11 4.3% $ 641 6.4% 5.5% 11 4.3% $ 637Core Retail 7.4% 5.8% 10 5.3% 879 7.4% 5.8% 10 5.3% 864Opportunistic Office 11.0% 8.1% 5 5.9% 125 11.1% 8.1% 6 5.9% 141Opportunistic Retail 7.4% 6.1% 365 7.3% 6.0% 363Industrial 7.5% 6.6% 10 6.3% 45 7.5% 6.7% 10 6.3% 41Multifamily 5.2% 4.8% 152 5.1% 4.8% 140Triple Net Lease 6.4% 6.4% 281 6.3% 6.4% 282Self-storage 6.5% 5.8% 113 n/a n/a —

(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 20 and 33(2) For retail assets, the leasable square feet exclude anchors. For multifamily assets, the relevant calculation compares the value of commercial properties to the number of units (in thousands) rather than square feet

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Consolidated OverviewPROPORTIONATE SUMMARY STATEMENT OF CASH FLOWS AND LIQUIDITY

Proportionate Summary of Cash FlowsQuarter Year-to-date

(US$ Millions) M M Mar. 31, 2016 Mar. 31, 2015Company FFO $21 $18 $ 217 $ 181Distributions paid (19) (18) (199) (189)Unit repurchases (7) — (7) —Investments (83) (2,) (832) (2,263)Disposals 68 38 682 388Debt repayments (2,) (48) (2,242) (483)Proceeds from financings 2,6 28 2,625 285Draws (repayments) on corporate and funds subscription facilities (47) (76) (478) (76)Proceeds from (purchase of) financial assets, net 10 23 105 230Change in corporate restricted cash — 1,8 — 1,800Change in working capital and other, net 17 17 170 171Change in proportionate cash 41 44 41 44Proportionate cash at beginning of period 1,0 95 1,077 955Proportionate cash at end of period $1,1 $99 $ 1,118 $ 999

Proportionate Liquidity(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Corporate cash and cash equivalents $ 46 $ 77Available committed corporate credit facilities 1,318 368Available subordinated credit facilities 333 174Corporate liquidity 1,697 619Proportionate cash retained at subsidiaries 1,072 1,000Proportionate availability under construction facilities 2,086 1,983Proportionate availability under subsidiary credit facilities 262 536Group-wide liquidity $ 5,117 $ 4,138

15


Consolidated OverviewPROPORTIONATE DEBT SUMMARY

Mar. 31, 2016 Deferredfinancing

costs(US$ Millions) Avg. term Avg. rate Total 2016 2017 2018 2019 2020 Thereafter % FloatingCore Office 5.3 4.20% $ 17,766 $ 1,626 $ 3,424 $ 2,757 $ 2,172 $ 1,190 $ 6,757 $ (160) 35.0%Weighted average interest rate 4.20% 4.15% 5.17% 3.59% 3.03% 3.61% 4.45%% floating 35.0% 64.5% 22.7% 80.9% 80.5% 25.4% 2.3%Core Retail 5.8 4.09% 5,636 105 205 601 652 860 3,233 (20) 17.4%Weighted average interest rate 4.09% 4.47% 5.18% 2.67% 3.89% 3.86% 4.36%% floating 17.4% 2.2% 2.1% 76.7% 43.2% 21.6% 2.1%Opportunistic 4.2 4.87% 5,961 413 812 454 1,206 328 2,781 (33) 51.6%Weighted average interest rate 4.87% 3.37% 4.30% 4.24% 4.58% 4.19% 5.58%% floating 51.6% 83.3% 61.2% 48.1% 80.9% 75.7% 28.9%Corporate 2.0 2.01% 1,801 671 — — 1,134 — — (4) 100.0%Weighted average interest rate 2.01% 1.79% —% —% 2.14% —% —%% floating 100.0% 100.0% —% —% 100.0% —% —%Total 5.0 4.15% $ 31,164 $ 2,815 $ 4,441 $ 3,812 $ 5,164 $ 2,378 $ 12,771 $ (217) 38.7%Maturity as a % of total 100.0% 9.0% 14.2% 12.1% 16.5% 7.6% 40.6%Weighted average interest rate 4.15% 3.47% 4.85% 3.52% 3.31% 3.78% 4.66%

16


Consolidated OverviewCAPITAL SECURITIES & PREFERRED EQUITY

Capital Securities

Cumulative

(US$ Millions) Entity Authorized Outstanding dividend rate Mar. 31, 2016 Dec. 31, 2015

Class A Preferred Equity Units Series 1 (1) Brookfield Property L.P. 24,000,000 24,000,000 6.25% $ 534 $ 532

Class A Preferred Equity Units Series 2 (1) Brookfield Property L.P. 24,000,000 24,000,000 6.50% 518 516

Class A Preferred Equity Units Series 3 (1) Brookfield Property L.P. 24,000,000 24,000,000 6.75% 507 506

Class B Junior Preferred Shares Brookfield BPY Holdings Inc. 30,000,000 30,000,000 5.75% 750 750

Class C Junior Preferred Shares Brookfield BPY Holdings Inc. 20,000,000 20,000,000 6.75% 500 500

Class A Senior Preferred Shares Series 1 Brookfield Property Split Corp. 1,000,000 925,390 5.25% 22 23




Class AAA Series G (2) Brookfield Office Properties Inc. 6,000,000 3,251,889 5.25% 81 84

Class AAA Series H (2) Brookfield Office Properties Inc. 8,000,000 6,994,244 5.75% 134 128

Class AAA Series J (2) Brookfield Office Properties Inc. 8,000,000 6,617,439 5.00% 128 125

Class AAA Series K (2) Brookfield Office Properties Inc. 8,000,000 4,995,414 5.20% 96 90

Class B Series 1(3) Brookfield Office Properties Inc. 3,600,000 3,600,000 70% of bank prime — —

Class B Series 2(3) Brookfield Office Properties Inc. 3,000,000 3,000,000 70% of bank prime — —

Total $ 3,326 $ 3,307

(1) Series 1, 2 and 3 are mandatorily convertible into units after seven, ten and twelve years, respectively(2) As of March 31, 2016, BPY and its subsidiaries own 1,003,549, 1,000,000, 1,000,000, and 1,004,586 shares of the Series G, Series H, Series J and Series K capital securities, respectively, which has been reflected as a reduction in outstanding shares of each series(3) Class B capital securities are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities

Preferred Equity

Cumulative

(US$ Millions) Entity Outstanding dividend rate Mar. 31, 2016 Dec. 31, 2015

Class A Various BPY holding entities 200,004 5.00% $ 25 $ 25

Class A redeemable voting(1) Brookfield Office Properties Inc. — 7.50% — —

Class AA Series E(2) Brookfield Office Properties Inc. 299 70% of bank prime — —

Class AAA Series N Brookfield Office Properties Inc. 11,000,000 6.15% 257 257

Class AAA Series P Brookfield Office Properties Inc. 12,000,000 5.15% 287 287

Class AAA Series R Brookfield Office Properties Inc. 10,000,000 5.10% 247 247

Class AAA Series T Brookfield Office Properties Inc. 10,000,000 4.60% 250 250

Class AAA Series V(3) Brookfield Office Properties Inc. 1,290,789 70% of bank prime 18 18

Class AAA Series W(4) Brookfield Office Properties Inc. 1,884,427 70% of bank prime 27 27

Class AAA Series X(5) Brookfield Office Properties Inc. — 30-day BA + 0.4% — —

Class AAA Series Y(6) Brookfield Office Properties Inc. 1,242,911 70% of bank prime 18 18

Class AAA Series Z(7) Brookfield Office Properties Inc. 600,000 30-day BA + 0.4% 7 7

Class AAA Series AA Brookfield Office Properties Inc. 12,000,000 4.75% 261 261

Series A Brookfield DTLA Fund Office Trust Investor Inc. 9,357,469 7.63% 124 122

Various IDI Realty, LLC 6 6

Total $ 1,527 $ 1,525

(1) As of March 31, 2016, BPY and its subsidiaries own all 13,797,320 of the Class A redeemable voting preferred shares, which has been reflected as a reduction in outstanding shares(2) BPY and its subsidiaries own 1,999,701 of the Class AA Series E preferred shares, which has been reflected as a reduction in outstanding shares(3) BPY and its subsidiaries own 514,700 of the Class AAA Series V preferred shares, which has been reflected as a reduction in outstanding shares(4) BPY and its subsidiaries own 1,932,100 of the Class AAA Series W preferred shares, which has been reflected as a reduction in outstanding shares(5) BPY and its subsidiaries own all 300 of the Class AAA Series X preferred shares, which has been reflected as a reduction in outstanding shares(5) 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(6) 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

17


Consolidated OverviewPER UNIT CALCULATIONS

Book Value per UnitMar. 31, 2016 Dec. 31, 2015

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

units Per unit Unitholder equityNumber of

units Per unit

Basic book value per unit $ 21,829 711.1 $ 30.70 $ 21,958 711.4 $ 30.87Dilutive effect of conversion of preferred shares(1) 1,559 70.0 22.27 1,554 70.0 22.20

23,388 781.1 29.93 23,512 781.4 30.09Dilutive effect of conversion of capital securities(2) 824 39.5 20.86 802 38.1 21.05Fully diluted book value per unit $ 24,212 820.6 $ 29.51 $ 24,314 819.5 $ 29.67

(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(2) Certain series of capital securities can be settled in cash, at the option of the partnership or its subsidiaries which issued such capital securities, which has been the past practice of the partnership and its subsidiaries to avoiddilution associated with issuing units

Company FFO per UnitYear-to-date

Mar. 31, 2016 Mar. 31, 2015

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

Averagenumber of

units Per unit Company FFOAverage number of

units Per unit

Basic $ 217 711.2 $ 0.31 $ 181 712.8 $ 0.25Dilutive effect of conversion of preferred shares(1) 29 70.0 0.41 29 70.0 0.41

246 781.2 0.31 210 782.8 0.27Dilutive effect of conversion of capital securities and options 10 38.3 0.26 9 40.1 0.22Fully-diluted per Management $ 256 819.5 $ 0.31 $ 219 822.9 $ 0.27

(1) Represents preferred shares that are mandatorily convertible into units at a price of $25.70 and the associated carry; at the Company FFO level, the conversion of such units would be anti-dilutive

Net Income per UnitYear-to-date

Mar. 31, 2016 Mar. 31, 2015

(US$ Millions, except per unit amounts)

Net incomeattributable to

Unitholders

Averagenumber of

units Per unit

Net incomeattributable to

UnitholdersAverage number of

units Per unit

Basic(1) $ 251 711.2 $ 0.35 $ 833 712.8 $ 1.17Dilutive effect of conversion of preferred shares(2) 29 70.0 0.41 29 70.0 0.41

280 781.2 0.36 862 782.8 1.10Dilutive effect of conversion of capital securities and options 10 38.3 0.26 9 40.1 0.22Fully-diluted per Management $ 290 819.5 $ 0.35 $ 871 822.9 $ 1.06Fully-diluted per IFRS $ 261 819.5 $ 0.32 $ 842 822.9 $ 1.02

(1) 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 forthe three months ended December 31, 2015 was $0.32 (December 31, 2014 – $1.06)(2) Represents preferred shares that are mandatorily convertible into units at a price of $25.70 and the associated carry

18


Consolidated OverviewUNIT INFORMATION

Unit DistributionsCurrent policy:

▪ Distribution of US$0.28 per unit for the March 1, 2016 to May 31, 2016 period(US$1.12 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 AnnouncementsBrookfield Property Partners' financial results are scheduled tobe announced on the following dates:

▪ Second quarter 2016 results on August 5, 2016▪ Third quarter 2016 results on November 2, 2016▪ Fourth quarter 2016 results on February 3, 2017

Units OutstandingMar. 31, 2016 Dec. 31, 2015

Brookfield Property Partners L.P. limited partnership units 261,486,082 261,486,211Brookfield Property Partners L.P. general partnership units 138,875 138,875Total Brookfield Property Partners L.P. units(1) 261,624,957 261,625,086Limited partner units of the operating partnership held by BAM 437,409,102 437,409,102Limited partner units of Brookfield Office Properties Exchange LP 12,097,662 12,378,737Total units outstanding 711,131,721 711,412,925

(1) Brookfield Asset Management has economic interests in approximately 45.4M BPY L.P. units as of March 31, 2016,bringing Brookfield Asset Management's economic interest to approximately 482.8M units, or approximately 67.9%

Unit Trading StatisticsJan. 1, 2016 - Mar. 31, 2016 Oct. 1, 2015 - Dec. 31, 2015 Jul. 1, 2015 - Sep. 30, 2015 Apr. 1, 2015 - Jun. 30, 2015 Jan. 1, 2015 - Mar. 31, 2015 NYSE (USD) TSX (CAD) NYSE (USD) TSX (CAD) NYSE (USD) TSX (CAD) NYSE (USD) TSX (CAD) NYSE (USD) TSX (CAD)

High $ 23.42 C$ 32.22 $ 24.20 C$ 32.25 $ 23.12 C$ 30.07 $ 24.90 C$ 31.02 $ 26.54 C$ 33.12Low $ 18.69 C$ 26.00 $ 21.24 C$ 28.30 $ 19.89 C$ 26.02 $ 21.80 C$ 26.78 $ 22.63 C$ 26.40Close $ 23.18 C$ 29.99 $ 23.24 C$ 32.22 $ 21.46 C$ 28.67 $ 22.05 C$ 27.62 $ 24.25 C$ 30.86Volume 11,465,500 11,100,400 7,624,300 10,204,800 12,785,700 12,780,200 8,438,100 9,394,500 13,590,400 11,309,000

Operating Statistics

20


Core OfficeNET OPERATING INCOME

Quarter-to- Year-to-date % of Total(Millions in source currency unless otherwise noted) Mar. Mar. Mar. 31, 2016 Mar. 31, 2015 (Current YTD)United States

Midtown New York $39.9 $37.2 $ 39.9 $ 37.2 10.9%Downtown New York 62.6 47.5 62.6 47.5 17.0%Washington, D.C. 26.1 32.8 26.1 32.8 7.1%Los Angeles 26.2 23.5 26.2 23.5 7.1%Houston 21.6 22.4 21.6 22.4 5.9%Denver 6.7 5.7 6.7 5.7 1.8%Boston 3.3 5.1 3.3 5.1 0.9%San Francisco 2.1 1.5 2.1 1.5 0.6%Seattle — 1.9 — 1.9 —

188. 177. 188.5 177.6 51.3%Canada

Toronto 37.8 37.5 37.8 37.5 7.5%Calgary 24.8 25.2 24.8 25.2 4.9%Ottawa 2.4 2.5 2.4 2.5 0.5%Other 1.6 2.9 1.6 2.9 0.3%

in C$ 66.6 68.1 66.6 68.1in US$ 48.6 55.0 48.6 55.0 13.2%Australia

Sydney 41.2 40.4 41.2 40.4 8.1%Perth 26.3 22.8 26.3 22.8 5.2%Melbourne 8.0 19.9 8.0 19.9 1.6%Brisbane 3.6 4.1 3.6 4.1 0.7%Canberra 1.2 1.4 1.2 1.4 0.2%New Zealand 0.3 3.4 0.3 3.4 0.1%

in A$ 80.6 92.0 80.6 92.0in US$ 58.3 72.1 58.3 72.1 15.9%United Kingdom

London 44.9 30.0 44.9 30.0 17.4%in £ 44.9 30.0 44.9 30.0in US$ 64.3 45.4 64.3 45.4 17.4%Germany

Berlin 5.2 — 5.2 — 1.6%in € 5.2 — 5.2 —in US$ 5.8 — 5.8 — 1.6%Brazil

São Paulo 8.0 6.6 8.0 6.6 0.6%in R$ 8.0 6.6 8.0 6.6in US$ 2.1 2.3 2.1 2.3 0.6%Total NOI 367. 352. 367.6 352.4 100.0%Less: straight-line rental income (21.) (17.) (21.5) (17.0)Total cash NOI $346. $335. $ 346.1 $ 335.4

21


Core OfficeSAME-PROPERTY NET OPERATING INCOME

Quarter-to- Year-to-date(Millions in source currency unless otherwise noted) Mar. Mar. Mar. 31, 2016 Mar. 31, 2015United States

Midtown New York $39.2 $34.1 $ 39.2 $ 34.1Downtown New York 62.4 45.5 62.4 45.5Washington, D.C. 26.1 24.2 26.1 24.2Los Angeles 23.9 23.4 23.9 23.4Houston 21.3 22.1 21.3 22.1Denver 6.7 5.6 6.7 5.6Boston 3.3 2.8 3.3 2.8San Francisco 2.1 1.5 2.1 1.5

185. 159. 185.0 159.2Canada

Toronto 35.1 37.1 35.1 37.1Calgary 24.8 25.2 24.8 25.2Ottawa 2.4 2.2 2.4 2.2

in C$ 62.3 64.5 62.3 64.5in US$ 45.5 52.0 45.5 52.0Australia

Sydney 38.9 37.9 38.9 37.9Perth 23.1 22.4 23.1 22.4Melbourne 7.8 8.3 7.8 8.3Brisbane 3.6 3.9 3.6 3.9Canberra 1.2 1.2 1.2 1.2New Zealand 0.3 0.4 0.3 0.4

in A$ 74.9 74.1 74.9 74.1in US$ 54.2 58.3 54.2 58.3United Kingdom

London 30.8 26.6 30.8 26.6in £ 30.8 26.6 30.8 26.6in US$ 44.1 40.3 44.1 40.3Brazil

São Paulo 8.0 6.6 8.0 6.6in R$ 8.0 6.6 8.0 6.6in US$ 2.1 2.3 2.1 2.3Total same-property NOI (US$) $330. $312. $ 330.9 $ 312.1Percent of same-property NOI growth 6.0 6.0%Percent of same-property NOI growth excluding the impact of FX 10.4 10.4%

22


Core OfficeSUMMARY OF PROPERTIES

Mar. 31, 2016 Number ofproperties

Assets under management Proportionate(Sq. ft. in 000's) Office Retail Leasable Parking Total Own % Leasable TotalUnited StatesMidtown New York 5 6,208 225 6,433 118 6,551 59% 3,796 3,861Downtown New York 7 12,416 448 12,864 543 13,407 97% 12,459 12,991Washington, D.C. 29 6,015 243 6,258 3,411 9,669 71% 4,260 6,861Los Angeles 9 8,475 461 8,936 4,666 13,602 47% 4,209 6,397Houston 6 6,056 132 6,188 1,885 8,073 69% 4,503 5,583Boston 2 883 27 910 245 1,155 51% 464 589Denver 2 2,568 75 2,643 1,092 3,735 51% 1,336 1,887San Francisco 1 187 12 199 6 205 100% 199 205Total United States 61 42,808 1,623 44,431 11,966 56,397 68% 31,226 38,374

CanadaToronto 11 8,532 732 9,264 1,706 10,970 69% 6,420 7,583Calgary 8 5,332 301 5,633 1,194 6,827 50% 2,817 3,415Ottawa 6 1,701 29 1,730 804 2,534 25% 434 634Other 1 — 3 3 — 3 100% 3 3Total Canada 26 15,565 1,065 16,630 3,704 20,334 57% 9,674 11,635

Australia & New ZealandSydney 11 3,818 240 4,058 760 4,818 62% 2,517 2,990Melbourne 2 1,311 46 1,357 343 1,700 50% 678 850Perth 4 1,809 82 1,891 227 2,118 84% 1,587 1,778Brisbane 2 509 11 520 69 589 79% 412 465Canberra 1 175 2 177 70 247 100% 177 247New Zealand 3 254 22 276 29 305 100% 276 305Total Australia & New Zealand 23 7,876 403 8,279 1,498 9,777 68% 5,647 6,635

London 26 8,767 872 9,639 1,172 10,811 47% 4,425 5,044Berlin 16 1,375 1,101 2,476 1,171 3,647 50% 1,239 1,823São Paulo 1 276 — 276 209 485 51% 141 248Total 153 76,667 5,064 81,731 19,720 101,451 63% 52,352 63,759

23


Core OfficeHISTORICAL OCCUPANCY

Historical Occupancy by Country (Assets under Management)

Q1 2016 Q4 2015(1) Q3 2015 Q2 2015 Q1 2015Five-quarter

averageMidtown New York 91.1% 94.2% 94.4 % 93.6 % 94.5 % 93.6 %Downtown New York 93.2% 94.0% 92.6 % 92.3 % 93.5 % 93.1 %Washington, D.C. 86.6% 87.4% 87.8 % 88.6 % 88.1 % 87.7 %Los Angeles 86.5% 86.5% 86.4 % 85.1 % 85.4 % 86.0 %Houston 90.9% 90.5% 91.2 % 91.8 % 91.8 % 91.2 %Boston 99.6% 99.9% 99.7 % 99.4 % 98.4 % 99.4 %Denver 91.4% 89.3% 89.0 % 88.1 % 83.4 % 88.2 %San Francisco 97.2% 92.3% 92.3 % 92.7 % 92.7 % 93.4 %United States 90.3% 90.9% 90.7 % 90.3 % 90.5 % 90.5 %Toronto 92.0% 92.2% 94.3 % 93.4 % 93.4 % 93.1 %Calgary 96.8% 97.3% 97.6 % 97.6 % 97.9 % 97.4 %Ottawa 94.7% 95.4% 95.3 % 95.3 % 94.3 % 95.0 %Vancouver and other 100.0% 93.7% 91.6 % 91.5 % 91.1 % 93.6 %Canada 93.9% 94.2% 95.5 % 95.0 % 95.0 % 94.7 %Sydney 99.3% 99.6% 99.3 % 99.0 % 99.0 % 99.2 %Melbourne 99.9% 99.9% 94.7 % 97.8 % 96.3 % 97.7 %Perth 88.6% 88.0% 93.4 % 93.4 % 89.4 % 90.6 %Brisbane 83.6% 81.8% 86.3 % 86.2 % 85.8 % 84.7 %Canberra 100.0% 100.0% 100.0 % 100.0 % 100.0 % 100.0 %New Zealand 39.6% 42.4% 45.4 % 39.7 % 47.7 % 43.0 %Australia & New Zealand 94.0% 94.1% 94.8 % 95.1 % 94.3 % 94.5 %London 97.9% 97.8% 97.0 % 96.2 % 95.9 % 97.0 %Berlin 77.4% 74.7%São Paulo 100.0% 100.0% 100.0 % 100.0 % 100.0 % 100.0 %Total 92.0% 92.3% 92.9 % 92.6 % 92.5 % 92.5 %

(1) Restated for remeasurements performed during the first quarter of 2016

24


Core OfficeHISTORICAL RENTS

Historical Average In-place Net Rents Historical Average Market Net Rents(Local currency) Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015Midtown New York $ 44.54 $ 44.14 $ 42.54 $ 42.55 $ 42.60 $ 72.00 $ 72.00 $ 72.00 $ 70.00 $ 70.00Downtown New York 31.05 30.61 30.06 30.59 29.59 45.00 45.00 45.00 43.00 43.00Washington, D.C. 28.95 28.80 28.06 28.64 29.85 32.00 32.00 32.00 32.00 32.00Los Angeles 24.34 24.17 24.00 23.57 23.29 24.00 24.00 24.00 24.00 24.00Houston 21.45 21.36 21.25 20.99 20.87 22.00 23.00 25.00 26.00 27.00Boston 23.28 23.26 23.28 23.19 22.65 34.00 34.00 33.00 33.00 33.00Denver 21.87 21.79 21.58 21.57 21.51 22.00 22.00 22.00 22.00 21.50San Francisco 47.64 45.30 44.70 42.91 42.68 50.00 50.00 49.00 48.00 46.00United States 29.81 29.59 29.32 29.44 29.12 39.57 39.87 40.86 39.77 39.63Toronto 30.81 28.74 30.51 30.35 29.64 32.00 32.00 32.00 32.00 33.00Calgary 32.12 32.67 32.67 31.16 30.68 26.00 26.00 28.00 30.00 33.00Ottawa 20.50 20.43 20.50 20.50 20.56 18.00 18.00 18.00 18.00 19.00Vancouver and other 25.45 23.88 23.68 23.54 23.35 18.00 25.00 25.00 25.00 26.00Canada 30.74 29.23 30.30 29.74 29.17 29.53 29.27 29.67 30.00 31.94

in US$(1) 23.64 22.48 23.30 22.87 22.43 22.71 22.51 22.82 23.07 24.56Sydney 60.85 62.17 61.02 60.40 56.18 72.84 81.70 80.39 78.86 78.30Melbourne 49.52 48.61 47.63 46.87 46.86 43.30 43.00 42.17 41.95 41.80Perth 70.60 70.72 69.01 68.72 66.08 59.00 58.90 60.30 60.76 61.30Brisbane 55.93 56.31 58.41 57.37 55.20 53.40 52.90 53.05 53.03 53.10Canberra 35.37 35.35 35.35 33.75 33.74 32.30 31.85 31.85 31.97 32.00New Zealand 8.57 9.61 10.44 8.10 9.69 24.10 25.10 24.37 25.92 25.90Australia & New Zealand 59.74 60.28 57.05 57.05 56.44 61.58 65.97 62.04 62.04 61.44

in US$(1) 45.74 46.16 43.68 43.68 43.22 47.15 50.51 47.50 47.50 47.04London 43.29 42.78 43.21 43.12 43.01 48.15 67.50 44.34 44.12 41.62

in US$(1) 62.16 61.43 62.05 61.92 61.76 69.14 96.93 63.68 63.35 59.76Berlin 25.25 24.96 27.88 26.20

in US$(1) 28.74 28.41 31.73 29.82São Paulo 233.24 211.00 211.00 211.00 211.00 120.50 121.00 211.00 211.00 211.00

in US$(1) 64.93 58.74 58.74 58.74 58.74 33.55 33.69 58.74 58.74 58.74Total $ 33.41 $ 32.90 $ 33.18 $ 32.96 $ 32.60 $ 39.75 $ 42.49 $ 40.61 $ 39.85 $ 39.66Current mark-to-market opportunity 19.0%

(1) Using the spot rate at March 31, 2016 for all periods presented

25


PROPORTIONATE LEASING ACTIVITY

Year-to-dateDec. 31, 2015 Year-to-date leasing activity Mar. 31, 2016

Total Year one Average Acq. (disp.)Leased Avg. in-place expiries Expiring Leasing leasing leasing additions Leased Avg. in-place Avg. mkt. Avg.

(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 lease term(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.) (years)Midtown New York 3,609 $ 44.14 (102) $ 32.84 1 $ 74.96 $ 74.96 — 3,508 $ 44.54 $ 72.00 11.5Downtown New York 11,699 30.61 (135) 30.01 32 37.12 40.62 — 11,596 31.05 45.00 11.0Washington, D.C. 3,641 28.80 (654) 29.06 636 29.77 30.35 — 3,623 28.95 32.00 5.8Los Angeles 3,637 24.17 (64) 24.62 67 25.30 28.22 — 3,640 24.34 24.00 6.7Houston 3,997 21.36 (43) 21.30 68 23.45 24.93 — 4,022 21.45 22.00 4.2Boston 425 23.26 (4) 21.07 4 41.85 42.29 37 462 23.28 34.00 5.7Denver 1,191 21.79 — — 29 21.54 22.88 — 1,220 21.87 22.00 6.2San Francisco 184 45.30 (5) 32.36 15 60.73 69.30 — 194 47.64 50.00 6.0United States 28,383 29.59 (1,007) 28.94 852 29.56 30.68 37 28,265 29.81 39.57 8.6Toronto 5,848 28.74 (178) 38.40 136 33.21 34.14 — 5,806 30.81 32.00 7.4Calgary 2,740 32.67 (16) 30.65 3 11.00 11.00 — 2,727 32.12 26.00 9.9Ottawa 412 20.43 (3) 12.49 — — — — 409 20.50 18.00 7.5Other 548 23.88 (1) 50.00 1 50.00 50.00 (545) 3 25.45 18.00 5.4Canada 9,548 29.23 (198) 37.44 140 32.86 33.75 (545) 8,945 30.74 29.53 8.2in US$(1) 22.48 28.79 25.27 25.95 23.64 22.71Sydney 2,599 62.17 (53) 48.89 43 44.41 47.42 (84) 2,505 60.85 72.84 5.0Melbourne 678 48.61 — — — — — — 678 49.52 43.30 4.7Perth 1,409 70.72 — — 6 46.45 54.49 — 1,415 70.60 59.00 9.6Brisbane 349 56.31 — — 5 30.20 34.32 — 354 55.93 53.40 3.2Canberra 177 35.35 — — — — — — 177 35.37 32.30 1.2New Zealand 117 9.61 (8) 25.55 — — — — 109 8.57 24.10 2.5Australia & New Zealand 5,329 60.28 (61) 45.83 54 43.32 46.99 (84) 5,238 59.74 61.58 5.9in US$(1) 46.16 35.09 33.17 35.98 45.74 47.15London 4,322 42.78 (61) 37.08 66 38.25 35.27 — 4,327 43.29 48.15 11.8United Kingdom 4,322 42.78 (61) 37.08 66 38.25 35.27 — 4,327 43.29 48.15 11.8in US$(1) 61.43 53.25 54.93 50.65 62.16 69.14Berlin 925 24.96 (26) 10.67 59 25.52 25.52 — 958 25.25 27.88 4.8Germany 925 24.96 (26) 10.67 59 25.52 25.52 — 958 25.25 27.88 4.8in US$(1) 28.41 12.14 29.04 29.04 28.74 31.73São Paulo 141 211.00 — — — — — — 141 233.24 120.50 7.9Brazil 141 211.00 — — — — — — 141 233.24 120.50 7.9in US$(1) 58.74 — — — 64.93 33.55Total 48,648 $ 32.90 (1,353) $ 29.97 1,171 $ 30.62 $ 31.40 (592) 47,874 $ 33.41 $ 39.75 8.4

(1) Using the spot rate at March 31, 2016 for all periods presented

Core Office

26


Core OfficePROPORTIONATE LEASE EXPIRY ANALYSIS

Mar. 31, 2016 Current 2016 2017 2018 2019 2020 2021 2022 & beyond 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


000's)

Net rent(per


000's)

Net rent(per


000's)

Net rent(per


000's)

Net rent(per


000's)

Net rent(per


000's)

Midtown New York 288 138 $ 45 241 $ 26 97 $ 29 241 $ 51 48 $ 48 61 $ 56 2,682 $ 51 3,796

Downtown New York 863 317 25 529 29 145 29 95 30 631 36 685 35 9,194 42 12,459

Washington, D.C. 637 195 26 220 27 330 33 265 29 526 32 823 31 1,264 43 4,260

Los Angeles 569 136 28 276 26 391 21 320 31 184 30 256 30 2,077 32 4,209

Houston 481 310 20 219 23 518 23 465 23 1,270 24 230 17 1,010 27 4,503

Boston 2 6 20 29 25 148 24 17 27 13 30 27 25 222 29 464

Denver 116 32 23 90 16 34 20 256 22 31 24 99 25 678 27 1,336

San Francisco 5 — — — — 1 90 4 18 36 35 7 70 146 64 199

United States 2,961 1,134 27 1,604 26 1,664 25 1,663 30 2,739 29 2,188 31 17,273 41 31,226

Toronto 614 75 28 240 35 366 33 587 26 830 34 428 35 3,280 33 6,420

Calgary 90 162 26 31 28 71 42 40 42 139 42 54 43 2,230 34 2,817

Ottawa 25 2 26 9 18 1 18 22 23 2 27 142 23 231 19 434

Other — — — — — — — 1 27 — — — — 2 25 3

Canada 729 239 27 280 34 438 34 650 27 971 35 624 33 5,743 33 9,674

in US$ 21 26 26 21 27 25 25

Sydney 12 370 72 190 62 260 71 326 61 83 49 96 83 1,180 72 2,517

Melbourne — 6 99 1 112 1 96 246 45 3 137 281 67 140 47 678

Perth 172 5 79 54 66 13 88 119 74 1 200 16 85 1,207 101 1,587

Brisbane 58 119 38 11 98 8 59 53 55 54 65 62 71 47 100 412

Canberra — — — 177 37 — — — — — — — — — — 177

New Zealand 167 — — — — 108 8 — — 1 59 — — — — 276

Australia & New Zealand 409 500 64 433 53 390 54 744 57 142 58 455 72 2,574 85 5,647

in US$ 49 41 41 44 44 55 65

London 98 133 42 81 43 267 45 46 67 231 42 144 50 3,425 44 4,425

United Kingdom 98 133 42 81 43 267 45 46 67 231 42 144 50 3,425 44 4,425

in US$ 60 62 65 96 60 72 63

Berlin 281 29 22 85 23 355 28 115 24 17 40 5 51 352 23 1,239

Germany 281 29 22 85 23 355 28 115 24 17 40 5 51 352 23 1,239

in US$ 25 26 32 27 46 58 26

São Paulo — — — — — — — — — — — — — 141 233 141

Brazil — — — — — — — — — — — — — 141 233 141

in US$ — — — — — — 65

Total 4,478 2,035 $ 34 2,483 $ 30 3,114 $ 31 3,218 $ 32 4,100 $ 31 3,416 $ 35 29,508 $ 42 52,352

Total % expiring 8.6% 3.9% 4.7% 5.9% 6.1% 7.8% 6.5% 56.5% 100.0%

End of prior year 8.2% 4.7% 4.9% 7.1% 6.2% 7.9% 5.3% 55.7% 100.0%

Difference 0.4% (0.8%) (0.2%) (1.2%) (0.1%) (0.1%) 1.2% 0.8%

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

27


Core OfficeTOP TENANTS

Tenant Primary location Credit rating(1) Year of expiry(2)Total

(sq. ft. in 000's) Exposure (%)(3)

1 Government and Government Agencies Various AAA/AA+ Various 5,760 6.9%2 Barclays London BBB 2033 2,058 2.4%3 Morgan Stanley NY/Toronto/London A- 2029 1,948 2.4%4 CIBC World Markets(4) Calgary/NY/Toronto A+ 2035 1,445 1.8%5 Suncor Energy Inc. Calgary/Houston A- 2028 1,335 1.6%6 Bank of Montreal Calgary/Toronto A+ 2023 1,130 1.4%7 Bank of America | Merrill Lynch Denver/NY/LA/Toronto/D.C. A/A- 2023 1,108 1.4%8 Deloitte Calgary/Houston/LA/Toronto Not Rated 2029 1,042 1.3%9 Royal Bank of Canada Various AA- 2026 1,037 1.3%

10 JPMorgan Chase & Co. Denver/Houston/LA/NY A+ 2023 1,007 1.2%11 BHP Billiton Perth A+ 2027 750 0.9%12 Commonwealth Bank Brisbane/Melbourne/Sydney AA- 2022 724 0.9%13 KPMG Perth/Sydney/Toronto/Berlin Not Rated 2025 724 0.9%14 PricewaterhouseCoopers Calgary/LA/Perth/Sydney Not Rated 2026 713 0.9%15 Ernst & Young Denver/LA/Sydney Not Rated 2028 712 0.9%16 Time Inc. NY BB- 2033 696 0.9%17 Hudson's Bay Company NY/Toronto B+ 2033 659 0.8%18 Devon Energy Houston BBB+ 2020 638 0.8%19 Chevron Houston AA 2019 635 0.8%20 CIB Properties Limited London Not Rated 2026 563 0.7%

Total 24,684 30.2%

(1) From Standard & Poor's Rating Services, Moody's Investment Services, Inc. or DBRS Limited(2) Reflects year of maturity related to lease(s) and is calculated based on a weighted average basis based on square feet where applicable(3) Prior to considering partnership interests in partially-owned properties(4) CIBC World Markets leases 1.1 million square feet at 300 Madison Avenue in New York, of which they sublease 925,000 square feet to PricewaterhouseCoopers LLP and 100,000 square feet toSumitomo Corporation of America

28


Core OfficeDEVELOPMENT SITES

Active Developments

Expected date ofcash stabilization

Proportionate

Percent pre-leased

Area currently under constructionMar. 31, 2016 Cost

Yield on costAssets underManagement Proportionate(Local currency Millions and sq. ft. in 000's) Location Total To-date

OfficeBrookfield Place East Tower Calgary Q3 2018 C$ 799 C$ 442 7% 71% 1,400 1,400L'Oréal Brazil Headquarters Rio de Janeiro Q3 2018 R$ 137 R$ 60 12% 100% 197 92Principal Place - Commercial London Q1 2020 £ 365 £ 216 8% 69% 621 621London Wall Place London Q2 2020 £ 190 £ 116 9% 73% 505 253One Manhattan West New York City Q4 2020 $ 1,063 $ 227 6% 25% 2,117 1,186100 Bishopsgate London Q4 2021 £ 802 £ 323 7% 38% 938 9381 Bank Street London Q1 2023 £ 247 £ 58 7% 40% 715 358

MultifamilyThree Manhattan West New York City Q3 2018 $ 414 $ 235 5% n/a 587 329Newfoundland London Q4 2020 £ 242 £ 74 4% n/a 546 273Principal Place - Residential London n/a £ 181 £ 49 n/a n/a 303 152Shell Centre - Residential London n/a £ 164 £ 57 n/a n/a 529 132

Active developments 8,458 5,734

Total Development DensityMar. 31, 2016 Number of Assets under

management Proportionate(Sq. ft. in 000's) Location sitesActive developments 10 8,458 5,734Active planningUnited StatesManhattan West New York City — 2,296 1,2861810 Main Houston 1 262 262Camarillo Camarillo, CA 1 413 413Greenpoint Landing New York City 1 584 555Westcreek Houston 1 399 399United Kingdom10 Bank Street London 1 857 428Shell Centre London — 879 220North Quay London 1 2,390 1,195One Park Place London 1 680 340Wood Wharf London 1 4,924 2,462United Arab EmiratesICD Brookfield Place Dubai 1 1,079 540Active planning 9 14,763 8,100Future developmentUnited States 7 5,049 4,173Canada 5 3,452 2,526Future development 12 8,501 6,699Total developments 31 31,722 20,533

29


Core OfficeDEBT

Mar. 31, 2016 Proportionate Mortgagedetails(US$ Millions) Location Rate Maturity date IFRS Total 2016 2017 2018 2019 2020 Thereafter

United States

Mezzanine Financing Various 5.94% April 2016 $ 200 $ 169 $ 169 $ — $ — $ — $ — $ — Floating

Three Allen Center Houston 6.12% May 2016 155 131 131 — — — — — Fixed

1600 Smith Street Houston 2.94% May 2016 139 117 117 — — — — — Floating

One Allen Center Houston 2.94% May 2016 117 99 99 — — — — — Floating

Two Ballston Plaza(1) Washington, D.C. 2.94% May 2016 44 — — — — — — — Floating

The Gas Company Tower Los Angeles 5.10% August 2016 458 217 217 — — — — — Fixed

Silver Spring Metro Plaza Washington, D.C. 2.59% September 2016 98 83 83 — — — — — Floating

200 Vesey Street New York 2.75% December 2016 225 225 225 — — — — — Floating

1801 California Street Denver 3.69% December 2016 205 105 105 — — — — — Floating

200 Liberty Street New York 5.83% February 2017 310 310 — 310 — — — — Fixed

Wells Fargo Center - North Tower Los Angeles 5.70% April 2017 550 260 — 260 — — — — Fixed

One Liberty Plaza New York 6.14% August 2017 801 801 — 801 — — — — Fixed

685 Market Street San Francisco 2.74% October 2017 55 55 — 55 — — — — Floating

One & Two Reston Crescent Washington, D.C. 2.19% December 2017 71 60 — 60 — — — — Floating

Manhattan West New York 5.90% April 2018 122 122 — — 122 — — — Fixed

Two Allen Center Houston 6.45% May 2018 191 161 — — 161 — — — Fixed

Three Bethesda Metro Center Washington, D.C. 2.04% June 2018 109 109 — — 109 — — — Floating

Retail and Winter Garden New York 3.19% June 2018 325 325 — — 325 — — — Floating

1201 Louisiana Street Houston 4.65% November 2018 91 91 — — 91 — — — Fixed

Greenpoint Landing New York 3.94% November 2018 73 73 — — 73 — — — Floating

Wells Fargo Center - South Tower Los Angeles 2.24% December 2018 290 137 — — 137 — — — Floating

One North End Avenue New York 3.19% December 2018 157 157 — — 157 — — — Floating

Potomac Tower Washington, D.C. 4.50% January 2019 81 81 — — — 81 — — Fixed

FIGat7th Los Angeles 2.69% September 2019 35 17 — — — 17 — — Floating

2001 M Street Washington, D.C. 3.19% October 2019 81 68 — — — 68 — — Floating

777 Tower Los Angeles 2.14% November 2020 200 95 — — — — 95 — Floating

Ernst & Young Tower Los Angeles 3.93% November 2020 184 87 — — — — 87 — Fixed

601 South 12th Street Washington, D.C. 4.18% November 2020 55 55 — — — — 55 — Fixed

701 South 12th Street Washington, D.C. 4.18% November 2020 45 45 — — — — 45 — Fixed

1550 & 1560 Wilson Boulevard Washington, D.C. 2.09% January 2021 53 45 — — — — — 45 Floating

One New York Plaza New York 3.05% March 2021 750 632 — — — — — 632 Fixed

601 Figueroa Los Angeles 3.49% July 2023 250 118 — — — — — 118 Fixed

Sunrise Tech Park Washington, D.C. 3.70% July 2023 40 34 — — — — — 34 Fixed

Bank of America Plaza Los Angeles 4.05% September 2024 400 189 — — — — — 189 Fixed

250 Vesey Street New York 3.77% November 2025 600 600 — — — — — 600 Fixed

225 Liberty Street New York 4.66% February 2026 900 900 — — — — — 900 Fixed

701 9th Street Washington, D.C. 6.73% December 2028 144 144 — — — — — 144 Fixed

300 Madison Avenue New York 7.26% April 2032 327 327 — — — — — 327 Fixed

United States properties 4.49% $ 8,931 $ 7,244 $ 1,146 $ 1,486 $ 1,175 $ 166 $ 282 $ 2,989

(1) Represents debt associated with assets held for sale

30


Core OfficeDEBT (CONT’D)


Canada

Hudson's Bay Centre Toronto 2.27% May 2016 $ 75 $ 75 $ 75 $ — $ — $ — $ — $ — Floating

2 Queen Street East Toronto 5.64% December 2017 22 22 — 22 — — — — Fixed

Brookfield Place Calgary East(1) Calgary 2.59% November 2017 133 133 — 133 — — — — Floating

Bay Adelaide East Toronto 2.72% December 2017 235 235 — 235 — — — — Floating

Bay Wellington Tower Toronto 3.24% January 2020 379 379 — — — — 379 — Fixed

22 Front Street Toronto 6.24% October 2020 13 13 — — — — 13 — Fixed

Bankers Court Calgary 4.96% November 2020 32 32 — — — — 32 — Fixed

Queen's Quay Terminal Toronto 5.40% April 2021 62 62 — — — — — 62 Fixed

Fifth Avenue Place Calgary 4.71% August 2021 120 120 — — — — — 120 Fixed

Bay Adelaide West Toronto 4.43% December 2021 288 288 — — — — — 288 Fixed

Exchange Tower Toronto 4.03% April 2022 82 82 — — — — — 82 Fixed

105 Adelaide Toronto 3.87% May 2023 27 27 — — — — — 27 Fixed

Bankers Hall Calgary 4.38% November 2023 223 223 — — — — — 223 Fixed

First Canadian Place Toronto 3.56% December 2023 59 59 — — — — — 59 Fixed

Jean Edmonds Towers(2) Ottawa 6.79% January 2024 12 — — — — — — — Fixed

Place de Ville I Ottawa 3.75% June 2025 16 16 — — — — — 16 Fixed

Place de Ville II Ottawa 3.75% June 2025 18 18 — — — — — 18 Fixed

Suncor Energy Centre Calgary 5.19% August 2033 200 200 — — — — — 200 Fixed

Canadian properties 3.89% $ 1,996 $ 1,984 $ 75 $ 390 $ — $ — $ 424 $ 1,095

Australia

10 Shelley Street Sydney 4.00% April 2016 $ 105 $ 105 $ 105 $ — $ — $ — $ — $ — Floating

235 St Georges Terrace Perth 4.00% March 2017 35 35 — 35 — — — — Floating

52 Goulburn Street Sydney 5.26% July 2017 46 46 — 46 — — — — Fixed/floating

Southern Cross West Tower Melbourne 5.26% November 2017 61 61 — 61 — — — — Fixed/floating

Brookfield Prime Property Fund pool Various 7.63% June 2017 244 244 — 244 — — — — Fixed

One Shelley Street Sydney 4.25% January 2018 147 147 — — 147 — — — Floating

324 Queen Street (ANZ Centre) Brisbane 4.35% January 2018 21 21 — — 21 — — — Floating

Brookfield Place Tower 2 Perth 4.40% June 2018 163 163 — — 163 — — — Floating

Brookfield Place Perth 3.78% July 2018 498 498 — — 498 — — — Floating

Southern Cross East Tower Melbourne 3.75% June 2019 153 153 — — — 153 — — Floating

King Street Wharf Retail Sydney 3.75% June 2019 34 34 — — — 34 — — Floating

240 Queen Street (CBA Building) Brisbane 3.75% June 2019 87 87 — — — 87 — — Floating

Australian properties 4.60% $ 1,594 $ 1,594 $ 105 $ 386 $ 829 $ 274 $ — $ —

United Kingdom

20 Canada Square London 6.31% July 2017 $ 409 $ 409 $ — $ 409 $ — $ — $ — $ — Fixed

Leadenhall Court London 3.00% August 2018 43 43 — — 43 — — — Floating

Moor Place London 2.59% December 2019 198 198 — — — 198 — — Floating

Principal Place - Commercial(1) London 2.90% April 2020 168 168 — — — — 168 — Floating

United Kingdom properties 4.52% $ 818 $ 818 $ — $ 409 $ 43 $ 198 $ 168 $ —

Brazil

Faria Lima 3500 São Paulo 11.65% October 2034 $ 82 $ 42 $ — $ — $ — $ — $ — $ 42 Floating

Brazilian properties 11.65% $ 82 $ 42 $ — $ — $ — $ — $ — $ 42

(1) Development debt(2) Represents debt associated with assets held for sale

31


Core OfficeDEBT (CONT’D)


Corporate

Senior Notes — 4.30% January 2017 $ 154 $ 154 $ — $ 154 $ — $ — $ — $ — Fixed

Senior Notes — 4.00% April 2018 115 115 — — 115 — — — Fixed

$1B Corporate Revolver — 2.17% January 2019 892 892 — — — 892 — — Floating

Corporate 2.63% 1,161 $ 1,161 $ — $ 154 $ 115 $ 892 $ — $ —

Other jointly controlled properties

IAG House Sydney 4.00% April 2016 $ — $ 71 $ 71 $ — $ — $ — $ — $ — Fixed/floating

Marina Towers Los Angeles 5.84% July 2016 — 15 15 — — — — — Fixed

Jessie St Centre Sydney 4.70% December 2016 — 99 99 — — — — — Fixed

Alinga Street Canberra 4.70% December 2016 — 24 24 — — — — — Fixed

Darling Park Complex Sydney 4.00% March 2017 — 152 — 152 — — — — Floating

424/434 West 33rd Street New York 2.50% July 2017 — 39 — 39 — — — — Fixed

245 Park Avenue New York 3.88% November 2017 — 408 — 408 — — — — Fixed

1400 K Street Washington, D.C. 5.30% February 2018 — 21 — — 21 — — — Fixed

1250 Connecticut Avenue Washington, D.C. 2.14% June 2018 — 24 — — 24 — — — Floating

Victor Building Washington, D.C. 2.14% June 2018 — 62 — — 62 — — — Floating

London Wall Place(1) London 3.26% June 2018 — 63 — — 63 — — — Floating

One Manhattan West(1) New York 3.19% November 2018 — 34 — — 34 — — — Floating

Manhattan West(1) New York 3.19% November 2018 — 155 — — 155 — — — Floating

Potsdamer Platz Berlin 1.25% December 2018 — 220 — — 220 — — — Floating

15 Broad Street Boston 1.70% March 2019 — 9 — — — 9 — — Fixed

Five Manhattan West New York 3.19% July 2019 — 299 — — — 299 — — Floating

799 9th Street Washington, D.C. 2.14% June 2020 — 39 — — — — 39 — Floating

1200 K Street Washington, D.C. 5.88% February 2021 — 55 — — — — — 55 Fixed

Bethesda Crescent Washington, D.C. 5.58% February 2021 — 24 — — — — — 24 Fixed

The Grace Building New York 3.61% June 2021 — 378 — — — — — 378 Fixed

77 K Street Washington, D.C. 4.58% June 2022 — 45 — — — — — 45 Fixed

650 Massachusetts Avenue Washington, D.C. 3.21% June 2022 — 37 — — — — — 37 Fixed

Republic Plaza Denver 4.24% December 2022 — 139 — — — — — 139 Fixed

75 State Street Boston 3.50% May 2025 — 158 — — — — — 158 Fixed

99 Bishopsgate London 3.41% July 2025 — 52 — — — — — 52 Fixed

Three Manhattan West(1) New York 2.39% November 2049 — 68 — — — — — 68 Floating

Canary Wharf London 4.69% Apr 2016 - Jul 2034 — 2,393 91 — 16 334 277 1,675 Fixed

Other jointly controlled properties 4.03% — $ 5,083 $ 300 $ 599 $ 595 $ 642 $ 316 $ 2,631

Total before deferred financing costs $ 14,582 $ 17,926 $ 1,626 $ 3,424 $ 2,757 $ 2,172 $ 1,190 $ 6,757

Deferred financing costs (119) (160)

Total $ 14,463 17,766

Weighted average interest rate 4.20% 4.15% 5.17% 3.59% 3.03% 3.61% 4.45%

(1) Development debt

32


Core OfficeCAPITAL EXPENDITURES

Propo ProportionateQuarter-to- Year-to-date

(US$ Millions) Mar. Mar. Mar. 31, 2016 Mar. 31, 2015

Leasing commissions $ 6 $ 24 $ 6 $ 24Tenant improvements 41 70 41 70

Commercial property tenant installation costs 47 94 47 94

Construction costs 288 320 288 320Interest capitalized 29 22 29 22Property taxes and other 2 4 2 4

Development and redevelopment investments 319 346 319 346

Recoverable(1) 2 3 2 3Non-recoverable(2) 20 20 20 20Capital expenditures $ 22 $ 23 $ 22 $ 23

(1) Recoverable capital expenditures represent improvements to an asset or reconfiguration of space to increase rentable area orincrease current rental rates(2) Non-recoverable expenditures are those required to extend the service life of an asset

33


Core RetailNET OPERATING INCOME & KEY PERFORMANCE METRICS

Commercial Property Net Operating IncomeQuarter-to- Year-to-date

(Millions in source currency unless otherwise noted) Mar Mar. Mar. 31, 2016 Mar. 31, 2015Same-property NOI $166. $15 $ 166.2 $ 159.2

Percent of same-property NOI growth 4.4% 4.4%Non same-property NOI 3.0 1.6 3.0 1.6Total NOI $169. $16 $ 169.2 $ 160.8Less: straight-line rental income (2.2) (2.) (2.2) (2.0)Total cash NOI $167. $15 $ 167.0 $ 158.8

Key Performance Metrics(US$ and sq. ft. in 000's) Mar. 31, 2016Number of properties 128Leasable sq. ft.:

Assets under management 125,806Proportionate 30,609

Occupancy 95.2%Average in-place rents 61.25Tenant sales per square foot 584

34


Core RetailSIGNED LEASES AND LEASE EXPIRY ANALYSIS

Leasing Activity - All Leases Commencement 2016 Commencement 2017

Mar. 31, 2016 Sq. ft. in 000's

Term(in years)

Initial rentper sq. ft.

Average rentper sq. ft. # of leases Sq. ft. in 000's

Term(in years)

Initial rentper sq. ft.

Average rentper sq. ft.(US$) # of leases

New and renewal leases 1,085 4,140 7.7 $ 60.51 $ 67.49 78 689 11.1 $ 35.08 $ 38.87Percent in lieu/gross 153 996 5.4 n/a n/a 11 140 5.5 n/a n/a Total leases 1,238 5,136 7.3 $ 60.51 $ 67.49 89 829 10.2 $ 35.08 $ 38.87

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

New and renewal leasesMar. 31, 2016

Sq. ft. in 000'sTerm

(in years)Initial rentper sq. ft.

Average rentper sq. ft.

Expiring rentper sq. ft.(US$) # of leases Initial rent spread Average rent spread

Commencement 2016 853 2,525 6.8 $ 69.35 $ 77.34 $ 61.89 $ 7.46 12.1% $ 15.45 25.0%Commencement 2017 69 307 6.4 53.05 58.97 45.27 7.78 17.2% 13.70 30.3%

(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

Mar. 31, 2016 Number ofexpiring leases

Expiring GLA at100%

(sq. ft. in 000's) Percent of totalExpiring rent

(in thousands)Expiring rent

per sq. ft.(US$)Specialty leasing 1,061 2,174 4.2% $ 47,206 $ 21.742016 1,188 3,610 6.9% 212,625 58.902017 1,976 6,416 12.3% 354,888 55.312018 1,631 5,630 10.8% 351,444 62.422019 1,307 5,528 10.6% 326,752 59.112020 1,108 4,050 7.8% 252,198 62.262021 958 3,701 7.1% 238,373 64.402022 867 3,563 6.8% 234,022 65.672023 924 3,807 7.3% 277,054 72.772024 867 4,226 8.1% 309,818 73.31Subsequent 1,557 9,417 18.1% 621,594 66.01Total 13,444 52,122 100.0% $ 3,225,974 $ 61.89Vacant space 1,046 2,211Mall and freestanding GLA 14,490 54,333

35


Core RetailTOP TENANTS

Tenant Primary DBA Exposure(1)

1 Limited Brands, Inc. Victoria's Secret, Bath & Body Works, PINK, Henri Bendel 3.7%2 The Gap, Inc. Gap, Banana Republic, Old Navy 2.8%3 Foot Locker, Inc. Footlocker, Champs Sports, Footaction USA 2.7%4 Forever 21, Inc. Forever 21 2.1%5 Abercrombie & Fitch Stores, Inc. Abercrombie, Abercrombie & Fitch, Hollister 2.1%6 Express, Inc. Express, Express Men 2.0%7 Ascena Retail Group Dress Barn, Justice, Lane Bryant, Maurices, Ann Taylor, Loft 1.8%8 Signet Jewelers Limited Zales, Gordon's, Kay, Jared 1.6%9 Genesco Inc. Journeys, Lids, Underground Station, Johnston & Murphy 1.5%

10 Luxottica Group S.p.A. Lenscrafters, Sunglass Hut, Pearle Vision 1.5%Total 21.8%

(1) Percent of minimum rents, tenant recoveries and other

36


Core RetailDEVELOPMENT SITES

Mar. 31, 2016 StabilizedYear

Proportionate cost Expectedreturn on

investment(US$ Millions) Location Description Total To-date

Active developments

Staten Island Mall Staten Island, New York Expansion 2019 $ 57.5 $ 4.8 8-9%

Other Various 2017 - 2018 63.0 19.6 6-8%

Active developments 120.5 24.4

In planning

New Mall Development Norwalk, Connecticut Ground up development 2020 82.4 12.8 8-10%

Ala Moana Center Honolulu, Hawaii Anchor repositioning 2018 15.4 10.1 9-10%

Other Various TBD 83.8 26.3 8-9%

In planning 181.6 49.2

Total retail developments $ 302.1 $ 73.6

37


OpportunisticSUMMARY OF OPPORTUNISTIC INVESTMENTS

Key Performance MetricsMar. 31, 2016 Area

(US$ and sq. ft. in 000's) No. of properties Assets undermanagement Proportionate

Unit ofmeasurement Occupancy %

Opportunistic Office 104 22,695 6,984 Sq. ft. 80.7%Opportunistic Retail 43 27,493 4,516 Sq. ft. 91.2%Industrial 206 54,557 16,924 Sq. ft. 89.4%Multifamily 140 39,549 11,417 Units 94.3%Hospitality 27 18,214 6,074 Rooms n/aTriple Net Lease 320 16,443 4,218 Sq. ft. 99.8%Self-storage 108 8,698 2,459 Sq. ft. 85.5%Finance Funds n/a n/a n/a n/a n/a

Summary of Hospitality Properties

Avg. daily rate per room Revenue per available roomAssets undermanagement ProportionateNumber of

properties Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015 # of rooms Own % # of rooms

North America 9 $ 268 $ 276 $ 208 $ 217 8,266 26% 2,082United Kingdom(1) 5 188 — 182 — 4,133 32% 1,325Germany(1) 10 92 — 49 — 4,517 50% 2,259Australia(1) 3 141 138 108 108 1,298 31% 408Total 27 18,214 34% 6,074

(1) Using the average quarter-to-date exchange rate for the three months ended March 31, 2016 for all periods presented

Current Quarter HighlightsYear-to-date

Invested capital NOI Company FFO(US$ Millions) Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015Office $ 515 $ 501 $ 14 $ 7 $ 10 $ 8Retail 778 786 25 23 8 11Industrial 557 510 14 9 6 2Multifamily 863 878 22 13 12 10Hospitality 917 1,078 54 30 24 13Triple Net Lease 381 381 18 18 8 8Self-storage 108 — 1 — 1 —Finance Funds 114 117 — — 4 2Total Opportunistic $ 4,233 $ 4,251 $ 148 $ 100 $ 73 $ 54

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CorporateFOREIGN CURRENCY EXPOSURE

Mar. 31, 2016(US$ Millions) USD GBP AUD/NZD EUR BRL RMB INR CAD HKD TotalNet equity - US$ $ 13,267 $ 5,118 $ 1,924 $ 715 $ 467 $ 198 $ 143 $ 27 $ (30) $ 21,829FX contracts - US$ 4,988 (3,004) (1,077) (638) (107) (162) — — — —Net unhedged - US$ 18,255 2,114 847 77 360 36 143 27 (30) 21,829

% of total equity 83.5% 9.7% 3.9% 0.4% 1.6% 0.2% 0.7% 0.1% (0.1%)End of prior year - US$ 17,338 2,558 1,413 226 442 36 138 (193) — 21,958Difference - US$ 917 (444) (566) (149) (82) — 5 220 (30) (129)

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CorporateMANAGEMENT FEE

HIGHLIGHTS

▪ Our total management fee paid in the first quarter of 2016 was $34.7M,as compared to $33.5M in the prior quarter.

▪ The main driver of fluctuations in the fee include:

▪ Higher available creditable operating payments; and

▪ Increase in the five-day weighted average unit price prior toquarter-end of $0.04.

(US$ Millions, except per unit amounts) No. of units Price AmountInitial market value of BPY units 466.3 $ 21.91 $ 10,218Corporate capital securities

Class B and Class C preferred shares(1) 1,250Class A preferred equity 25

Recourse debt, net of cash (25)Initial capitalization 11,468 A

Current market value of BPY units 711.1 $ 22.94 16,316Corporate capital securities

Class B and Class C preferred shares(1) 1,250Preferred equity units(2) 1,800Class A preferred equity 25

Recourse debt, net of cash 1,627Current capitalization 21,018 B

Minimum fee ($50M annually) 12.5Fee on increased market capitalization ((B - A) x 0.3125%) 29.8Available creditable operating payments (7.6)Total management fee(3) $ 34.7

(1) Refer to page 16 for details on these preferred shares(2) Preferred shares of $1,800M were issued in the fourth quarter of 2014 in connection with the jointventure in Canary Wharf Group and are comprised of three series of Class A preferred equity units thatare mandatorily convertible into units after seven, ten and twelve years, respectively, based on tranche(3) Total management fee consists of a base management fee ("Base") equal to 0.125% of current marketcapitalization per quarter, subject to a minimum of $12.5M, and an equity enhancement distribution("EED") equal to 0.3125% of the change in capitalization since initial capitalization. The EED is reduced bythe amount the Base exceeds the minimum of $12.5M. The total fee is reduced by the amount of similarfees paid by BPY for capital invested in Brookfield-sponsored funds

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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, orenter 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, butincluding 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 plusthe FFO that would have been attributable to the partnership's shares of GGP if all outstanding warrants of GGP were exercised on a cashless basis.

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 thatspace.

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 valuegains (losses)), unrealized fair value gains (losses) that arise as a result of reporting under IFRS, depreciation and amortization of real estate assets, income taxexpense (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, lessoperating expenses being incurred for that space, but excluding the impact of straight-lining rent escalations or amortization of free rent periods.

In-place rent For our retail segment, the amount of cash consisting of base minimum rent and common area costs.

Mall and freestanding Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchorstores.

Net Operating Income ("NOI") Revenues from commercial and hospitality operations of consolidated properties less direct property expenses.

Office (as defined by Retail segment only) Leasable office space, either peripheral to a retail center or a stand-alone office building without a retail component.

Operating Entity Subsidiaries of the operating partnership that hold interests, directly or indirectly, in BPY's real estate assets other than entities in which such subsidiaries holdinterests for investment purposes only of less than 5% of the equity securities

Operating partnership Brookfield Property L.P.

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

Service Recipient BPY, the operating partnership and its primary holding subsidiaries and any wholly-owned subsidiary thereof excluding any operating entity

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 60days 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 mayconnect the storefronts, but a strip center does not have enclosed walkways linking the stores.

Tenant sales Comparative rolling twelve month sales for inline mall tenants that opened at less than 10,000 square feet.

Unitholders Refers to holders of general partnership and limited partnership units of BPY, limited partner units of the operating partnership and limited partner units ofBrookfield Office Properties Exchange LP.

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