Supplemental Information 2012/media/Files/B/...1 Brookfield Property Partners L.P. FORWARD-LOOKING...

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

Supplemental Information For the quarter ended September 30

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Brookfield Property Partners L.P.

FORWARD-LOOKING STATEMENTS

This 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 MEASURES This 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 cash-less basis. It also includes dilution adjustments to undiluted FFO as a result of the net settled warrants. Refer to last page of this supplemental package for certain definitions.

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TABLE OF CONTENTS

Page Page

Financial Overview Retail Segment (Cont'd)

Current Quarter Highlights 4 Leasing Metrics 35

Income Statement 5 Top Tenants 36

Balance Sheet 8 Developments 37

Components of Net Asset Value 10 Debt 38

Fair Value Continuity 11 Industrial Segment

Summary Statement of Cash Flows 13 Financial Overview 40

Office Segment Summary of Properties 41

Financial Overview 15 Developments and Land 42

Net Operating Income 16 Debt 43

Summary of Properties 18 Multi-family and Hotels Segment

Historical Occupancy 19 Financial Overview 45

Historical Rents 20 Summary of Properties 46

Leasing Activity 21 Debt 47

Lease Expiry Analysis 23 Corporate

Top Tenants 24 Financial Overview 49

Development Sites 25 Capital Recycling 50

Debt 26 Liquidity 51

Capital Expenditures 29 Proportionate Debt Summary 52

Retail Segment Foreign Currency Hedge Position 53

Financial Overview 31 Capital Securities & Preferred Equity 54

Net Operating Income 32 Per Unit Information 55

Portfolio Summary 33 Unit Information 56

Historical Metrics 34 Glossary of Terms 57

Financial Overview

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Financial Overview CURRENT QUARTER HIGHLIGHTS

Key Pro-forma(1)

Proportionate Metrics

(US$ Millions, except per unit information) Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013

Office 350$ 209$ 889$ 630$

Retail 193 147 569 444

Industrial 12 15 24 23

Multi-family & Hotels 30 24 91 84

Net operating income (NOI) 585 395 1,573 1,181

Office 145 89 410 288

Retail 101 68 319 205

Industrial 9 5 14 5


Corporate (91) (47) (239) (134)

Funds from operations (FFO) 172$ 124$ 544$ 401$ Per unit 0.24$ 0.27$ 0.83$ 0.86$

Depreciation and amortization of non-real estate assets 7 4 19 14 Transaction costs 6 - 18 2 Gains/losses associated with non-investment properties 5 - (41) (2)

Net contribution from GGP warrants(2) 9 4 28 10

Company FFO 199$ 132$ 568$ 425$

Per unit 0.28$ 0.28$ 0.87$ 0.91$

Net income attributable to Unitholders 978$ 235$ 2,242$ 805$

Per unit 1.37$ 0.50$ 3.43$ 1.73$

(US$ Millions, except per unit information) Sep. 30, 2014 Dec. 31, 2013

Office 34,193$ 17,512$

Retail 16,072 15,185

Industrial 896 893

Multi-family & Hotels 2,406 2,078

Corporate 172 97

Total Assets 53,739$ 35,765$

Total Debt 26,209 16,294

Equity attributable to Unitholders 18,774 13,624

Per unit 26.33$ 25.23$

Equity attributable to Unitholders, pre-tax 21,099 14,708

Per unit 29.60$ 27.23$

(1)

(2)

Year-to-dateQuarter-to-date

As at

Represents the 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 cash-less basis. It also includes the dilution adjustments to FFO as a result of the net settled warrants

Prior periods are presented on a pro-forma basis to reflect the results of operations for the period prior to the Spin-off of the partnership from Brookfield

Asset Management Inc. ("Brookfield Asset Management" or "BAM") (January 1, 2013 - April 14, 2013) on a basis consistent with the presentation

subsequent to the Spin-off on April 15, 2013

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Financial Overview INCOME STATEMENT

Income Statement

(US$ Millions) Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013

Commercial property and hospitality revenue 982$ 1,015$ 1,003$ 654$ 2,986$ 3,134$ 2,701$ 2,005$

Commercial property and hospitality expense (505) (524) (418) (259) (1,565) (1,636) (1,128) (824)

NOI 477 491 585 395 1,421 1,498 1,573 1,181

Share of equity accounted income - FFO 111 103 - - 384 302 - -

Investment and other revenue 52 27 19 5 307 109 133 50

Fee revenue 6 6 13 8 17 23 36 24

Interest expense (298) (275) (309) (199) (893) (818) (828) (612)

Depreciation and amortization of non-real estate assets (8) (8) (7) (4) (28) (30) (19) (14)

Administration and other expense (90) (100) (99) (60) (269) (211) (275) (176)

Non-controlling interests - FFO (78) (120) (30) (21) (395) (433) (76) (52)

FFO 172 124 172 124 544 440 544 401

Depreciation and amortization of non-real estate assets 8 8 7 4 28 30 19 14

Transaction costs 20 - 6 - 31 2 18 2

Gains/losses associated with non-investment properties 5 - 5 - (138) (4) (41) (2)

Net contribution from GGP warrants 9 4 9 4 28 10 28 10

Non-controlling interests - Company FFO (15) (4) - - 75 (14) - -

Company FFO 199$ 132$ 199$ 132$ 568$ 464$ 568$ 425$

FFO 172 124 172 124 544 440 544 401

Depreciation and amortization of real estate assets (29) (32) (11) (10) (85) (97) (32) (30)

Fair value gains, net 781 185 917 170 2,363 775 2,346 611

Share of equity accounted income - non-FFO 146 46 - - 402 241 - -

Income taxes (105) (60) (106) (47) (794) (355) (620) (163)

Non-controlling interests - non-FFO 13 (28) 6 (2) (188) (287) 4 (14)

Net income attributable to Unitholders 978$ 235$ 978$ 235$ 2,242$ 717$ 2,242$ 805$

(1)

Quarter-to-date Year-to-date

IFRS Proportionate IFRS Proportionate (1)

Prior period proportionate results are presented on a pro-forma basis to reflect the results of operations for the period prior to the Spin-off of the partnership from Brookfield Asset Management (January 1, 2013 - April 14, 2013) on a basis

consistent with the presentation subsequent to the Spin-off on April 15, 2013

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Financial Overview PROPORTIONATE INCOME STATEMENT BY SEGMENT

Proportionate Quarter-to-date Income Statement

(US$ Millions) Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013

Commercial property and hospitality revenue 612$ 338$ 263$ 205$ 14$ 16$ 114$ 95$ -$ -$ 1,003$ 654$

Commercial property and hospitality expense (262) (129) (70) (58) (2) (1) (84) (71) - - (418) (259)

NOI 350 209 193 147 12 15 30 24 - - 585 395

Investment and other revenue 7 5 1 (2) 6 - 3 1 2 1 19 5

Fee revenue 8 4 5 4 - - - - - - 13 8

Interest expense (157) (94) (76) (61) (3) (3) (16) (13) (57) (28) (309) (199)

Depreciation and amortization of non-real estate assets (4) (2) (1) (1) - (1) (2) - - - (7) (4)

Administration and other expense (31) (18) (20) (15) (6) (5) (6) (2) (36) (20) (99) (60)

Non-controlling interests - FFO (28) (15) (1) (4) - (1) (1) (1) - - (30) (21)

FFO 145 89 101 68 9 5 8 9 (91) (47) 172 124

Depreciation and amortization of non-real estate assets 4 2 1 1 - 1 2 - - - 7 4

Transaction costs - - 1 - - - 5 - - - 6 -

Gains/losses associated with non-investment properties - - 5 - - - - - - - 5 -

Net contribution from GGP warrants - - 9 4 - - - - - - 9 4

Company FFO 149$ 91$ 117$ 73$ 9$ 6$ 15$ 9$ (91)$ (47)$ 199$ 132$

FFO 145 89 101 68 9 5 8 9 (91) (47) 172 124

Depreciation and amortization of real estate assets - - - - - - (11) (10) - - (11) (10)

Fair value gains, net 869 163 44 6 11 11 (7) (5) - (5) 917 170

Income taxes (83) (23) 1 (12) (1) (1) - - (23) (11) (106) (47)

5 (5) 2 6 (2) (2) 1 (1) - - 6 (2)

Net income attributable to Unitholders 936$ 224$ 148$ 68$ 17$ 13$ (9)$ (7)$ (114)$ (63)$ 978$ 235$

CorporateMulti-family & HotelsRetailOffice TotalIndustrial

Non-controlling interests - non-FFO

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Financial Overview PROPORTIONATE INCOME STATEMENT BY SEGMENT, CONT’D

Proportionate Year-to-date Income Statement (1)

(US$ Millions) Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013

Commercial property and hospitality revenue 1,543$ 1,023$ 780$ 623$ 37$ 32$ 341$ 327$ -$ -$ 2,701$ 2,005$

Commercial property and hospitality expense (654) (393) (211) (179) (13) (9) (250) (243) - - (1,128) (824)

NOI 889 630 569 444 24 23 91 84 - - 1,573 1,181

Investment and other revenue 71 35 35 10 13 - 9 2 5 3 133 50

Fee revenue 21 13 15 11 - - - - - - 36 24

Interest expense (401) (285) (224) (188) (8) (12) (47) (40) (148) (87) (828) (612)

Depreciation and amortization of non-real estate assets (11) (7) (3) (2) (1) (1) (4) (4) - - (19) (14)

Administration and other expense (89) (58) (69) (59) (13) (5) (8) (4) (96) (50) (275) (176)

Non-controlling interests - FFO (70) (40) (4) (11) (1) - (1) (1) - - (76) (52)

FFO 410 288 319 205 14 5 40 37 (239) (134) 544 401

Depreciation and amortization of non-real estate assets 11 7 3 2 1 1 4 4 - - 19 14

Transaction costs 11 1 2 - - 1 5 - - - 18 2

Gains/losses associated with non-investment properties (43) (2) 2 - - - - - - - (41) (2)

Net contribution from GGP warrants - - 28 10 - - - - - - 28 10

Company FFO 389$ 294$ 354$ 217$ 15$ 7$ 49$ 41$ (239)$ (134)$ 568$ 425$

FFO 410 288 319 205 14 5 40 37 (239) (134) 544 401

Depreciation and amortization of real estate assets - - - - - - (32) (30) - - (32) (30)

Fair value gains, net 1,869 500 423 115 52 39 2 (21) - (22) 2,346 611

Income taxes (357) (70) (4) (75) (4) (1) (2) (1) (253) (16) (620) (163)

10 (10) (2) 2 (5) (5) 1 (1) - - 4 (14)

Net income attributable to Unitholders 1,932$ 708$ 736$ 247$ 57$ 38$ 9$ (16)$ (492)$ (172)$ 2,242$ 805$

(1)

Non-controlling interests - non-FFO

Multi-family & Hotels Corporate TotalOffice Retail Industrial

Prior periods are presented on a pro-forma basis to reflect the results of operations for the period prior to the Spin-off of the partnership from Brookfield Asset Management (January 1, 2013 - April 14, 2013) on a basis consistent with the presentation

subsequent to the Spin-off on April 15, 2013

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Financial Overview BALANCE SHEET

Balance Sheet

(US$ Millions) Sep. 30, 2014 Dec. 31, 2013 Sep. 30, 2014 Dec. 31, 2013

Commercial properties 33,184$ 31,679$ 43,622$ 28,817$

Commercial developments 3,283 2,474 3,160 1,371

Equity accounted investments 9,788 9,281 - -

Hotel assets 2,219 2,432 1,031 865

Investment in Canary Wharf 1,317 1,027 1,317 1,027

Participating loan interests 639 747 - -

Cash and cash equivalents 1,304 1,368 1,065 726

Other assets 3,746 3,438 3,544 2,959

Total assets 55,480 52,446 53,739 35,765

Corporate debt obligations 3,811 1,157 3,805 839

Asset-level debt obligations 19,832 20,483 22,404 15,455

Capital securities 2,450 2,369 1,852 1,559

Deferred tax liabilities 2,271 1,532 2,325 1,084

Other liabilities 2,024 1,915 2,309 1,534

Total liabilities 30,388 27,456 32,695 20,471

Preferred shares 1,415 1,639 1,399 819

Non-controlling interests in subsidiaries and properties 4,903 9,727 871 851

Non-controlling interests 6,318 11,366 2,270 1,670

Equity attributable to Unitholders 18,774$ 13,624$ 18,774$ 13,624$

ProportionateIFRS

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Financial Overview PROPORTIONATE BALANCE SHEET BY SEGMENT

Proportionate Balance Sheet

(US$ Millions) Sep. 30, 2014 Dec. 31, 2013 Sep. 30, 2014 Dec. 31, 2013 Sep. 30, 2014 Dec. 31, 2013 Sep. 30, 2014 Dec. 31, 2013 Sep. 30, 2014 Dec. 31, 2013 Sep. 30, 2014 Dec. 31, 2013

Commercial properties 28,384$ 14,322$ 13,749$ 13,076$ 606$ 651$ 883$ 768$ -$ -$ 43,622$ 28,817$

Commercial developments 2,675 1,044 208 149 225 178 52 - - - 3,160 1,371

Hotel assets - - - - - - 1,031 865 - - 1,031 865

Investment in Canary Wharf 1,317 1,027 - - - - - - - - 1,317 1,027

Cash and cash equivalents 730 317 152 228 23 19 112 145 48 17 1,065 726

Other assets 1,087 802 1,963 1,732 42 45 328 300 124 80 3,544 2,959

Total assets 34,193 17,512 16,072 15,185 896 893 2,406 2,078 172 97 53,739 35,765

Corporate debt obligations - - - - - - - - 3,805 839 3,805 839

Asset-level debt obligations 13,983 7,433 6,474 6,173 337 330 1,610 1,519 - - 22,404 15,455

Capital securities - - - - - - - - 1,852 1,559 1,852 1,559

Deferred tax liabilities 1,358 518 119 111 8 5 7 - 833 450 2,325 1,084

Other liabilities 1,292 639 713 625 42 37 128 94 134 139 2,309 1,534

Total liabilities 16,633 8,590 7,306 6,909 387 372 1,745 1,613 6,624 2,987 32,695 20,471

Non-controlling interests 1,867 1,012 311 572 51 58 16 3 25 25 2,270 1,670

Equity attributable to Unitholders 15,693$ 7,910$ 8,455$ 7,704$ 458$ 463$ 645$ 462$ (6,477)$ (2,915)$ 18,774$ 13,624$

TotalRetailOffice Multi-family & Hotels CorporateIndustrial

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Financial Overview COMPONENTS OF NET ASSET VALUE

Proportionate Quarter-to-date Net Asset Value

(US$ Millions) Office Retail Industrial Multi-family Total Office Retail Industrial Multi-family Total

Commercial properties

Net operating income 350$ 193$ 12$ 11$ 566$ 335$ 192$ 6$ 8$ 541$

Adjust for non-recurring income (5) - (1) - (6) (3) - - - (3)

Adjust for acquisitions and dispositions(1) (2) 2 1 - 1 14 1 1 1 17

Adjust for straight-line rent (17) (4) - - (21) (17) (6) - - (23)

326 191 12 11 540 329 187 7 9 532

Annualized(2) 1,304 753 48 44 2,149 1,316 754 28 36 2,134

Commercial properties 28,384 13,749 606 883 43,622 28,609 13,671 605 865 43,750

Implied going-in capitalization rate 4.6% 5.5% 7.9% 5.0% 4.9% 4.6% 5.5% 4.6% 4.2% 4.9%

Leasable square feet (in thousands)/units(3) 53,134 19,359 14,545 6,024 53,405 19,313 14,253 6,001

Implied value per leasable square foot/unit (3) 534$ 710$ 42$ 147$ 536$ 708$ 42$ 144$

Other assets and liabilities

Commercial developments 2,675$ 208$ 225$ 52$ 3,160$ 2,919$

Hotel assets 1,031 865

Investment in Canary Wharf 1,317 1,207

GGP warrants 1,076 1,074

Cash and cash equivalents 1,065 1,240

Other assets 2,468 2,411

Debt obligations (26,209) (26,039)

Capital securities (1,852) (1,875)

Other liabilities (2,309) (2,513)

Non-controlling interests (2,270) (2,546)

Net other assets and liabilities (pre-tax) (22,523)$ (23,257)$

Deferred tax liabilities (2,325) (2,171)

Equity attributable to Unitholders 18,774$ 18,322$

per unit 26.33$ 25.69$

Fee revenue

Recurring fee revenue 8$ 5$ -$ -$ 13$ 5$ 5$ -$ 13$

Annualized 52 52

(1) Adjusts for acquisitions and dispositions that occurred during the quarter to reflect full quarter NOI associated with those acquisitions and dispositions(2) Annualized is calculated as current quarter multiplied by four with the exception of the Retail segment which is based on a rolling four quarters at our current ownership due to the impact of seasonality(3) For retail assets, the leasable square feet exclude anchors. For multi-family assets, the relevant calculation compares the value of commercial properties to the number of units rather than square feet

Valuation Metrics for Commercial Properties

Office Retail Industrial Multi-family Office Retail Industrial Multi-family

Discount rate 7.0% 7.7% 7.9% 7.1% 7.7% 7.9%

Terminal cap rate 5.9% 5.9% 7.2% 6.0% 5.9% 7.3%

Hold period (years) 11 10 10 11 10 10

Capitalization rate 5.6% 5.7%

Q2 2014Q3 2014

Q3 2014 Q2 2014

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Financial Overview FAIR VALUE CONTINUITY

Fair Value Continuity

Jun. 30, Profit & Sep. 30,

(US$ Millions) 2014 Invest.(1) Acq./Disp. Reclass FX Loss(2) 2014


Office 28,609$ 205$ (364)$ -$ (666)$ 600$ 28,384$

Retail 13,671 44 69 - (75) 40 13,749

Industrial 605 4 3 (5) (9) 8 606

Multi-family 865 3 24 - (9) - 883

43,750 256 (268) (5) (759) 648 43,622

Commercial developments

Office 2,487 195 - - (97) 90 2,675

Retail 178 31 1 - (2) - 208

Industrial 208 15 - 5 (6) 3 225

Multi-family 46 6 - - - - 52

2,919 247 1 5 (105) 93 3,160

Total investment properties 46,669$ 503$ (267)$ -$ (864)$ 741$ 46,782$

Other fair value gains(3) 176

Total fair value gains 917$

(1) Represents investments in our assets through capital expenditures and tenant improvements(2)

(3) Other fair value gains primarily relate to gains on our investments in Canary Wharf Group plc ("Canary Wharf"), China Xintiandi ("CXTD") and GGP warrants

Represents changes in value as a result of amount and timing of cash flows at the property level due to leasing activity, leasing assumptions and investment horizon. In addition,

includes the impact of changes in discount and terminal capitalization rate

Proportionate quarter-to-date

Balance sheet

12


Financial Overview FAIR VALUE CONTINUITY, CONT’D

Fair Value Continuity

Dec. 31, Profit & Sep. 30,

(US$ Millions) 2013 Invest.(1) Acq./Disp.(2) Reclass FX Loss(3) 2014


Office 14,322$ 512$ 12,594$ -$ (379)$ 1,335$ 28,384$

Retail 13,076 356 154 - (32) 195 13,749

Industrial 651 5 (91) - (8) 49 606

Multi-family 768 17 75 - (3) 26 883

28,817 890 12,732 - (422) 1,605 43,622

Commercial developments

Office 1,044 466 1,007 - (56) 214 2,675

Retail 149 59 - - (1) 1 208

Industrial 178 60 (12) - (4) 3 225

Multi-family - 19 33 - - - 52

1,371 604 1,028 - (61) 218 3,160

Total investment properties 30,188$ 1,494$ 13,760$ -$ (483)$ 1,823$ 46,782$

Other fair value gains(4) 523

Total fair value gains 2,346$

(1) Represents investments in our assets through capital expenditures and tenant improvements(2) Includes impact of additional ownership interest in Brookfield Office Properties Inc. ("BPO")(3)

(4) Other fair value gains primarily relate to gains on our investments in Canary Wharf, CXTD and GGP warrants

Proportionate year-to-date

Balance sheet

Represents changes in value as a result of amount and timing of cash flows at the property level due to leasing activity, leasing assumptions and investment horizon. In addition,

includes the impact of changes in discount and terminal capitalization rate

13


Financial Overview SUMMARY STATEMENT OF CASH FLOWS

Proportionate Summary of Cash Flows

(US$ Millions) Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013

Company FFO 199$ 132$ 568$ 425$

Distributions paid (178) (136) (485) (213)

Subsidiary redemptions (260) - (260) (98)

Investments (1,083) (429) (7,165) (1,071)

Disposals 589 609 1,649 869

Debt repayments (464) (1,289) (1,598) (3,286)

Proceeds from financings 934 778 2,647 3,259

Draws (repayments) on corporate credit facilities 127 302 2,061 368

Proceeds from equity issuance - - 3,293 -

Purchase of financial assets, net - (13) (50) (13)

Change in working capital, net (39) 159 (321) (94)

Change in proportionate cash (175) 113 339 146

Proportionate cash at beginning of period 1,240 628 726 595

Proportionate cash at end of period 1,065$ 741$ 1,065$ 741$


Office Segment

15


Office Segment

HIGHLIGHTS

The Office platform generated Company FFO of $149M in the

third quarter of 2014, compared to $91M in same period in 2013.

The increase of $58M was primarily driven by the additional

ownership in BPO of 100% on a weighted average basis for the

current quarter compared to 49% in the prior year, which

accounted for approximately $80M. Additionally, interest expense

decreased, all else being equal, as the prior year included a break

fee associated with an early refinancing on an asset in Calgary and

we are currently benefitting from interest rate reductions in

Australia. Offsetting these increases to Company FFO is the impact

of the Bank of America/Merrill Lynch (“BAML”) lease expiry at

Brookfield Place New York in October 2013, which results in

approximately $40M of lost NOI.

Equity attributable to Unitholders increased by $7.8B since year-

end primarily attributable to an incremental investment to fund

the merger with BPO. This accounted for $5.1B of the increase.

We also recorded $1.9B of fair value gains over the last nine

months which were primarily driven by increased leasing activity

and strong market conditions in the United States and Europe.

Acquired interest in one asset during the quarter in São Paulo for

$100M of equity.

Disposed of two assets during the quarter raising net proceeds of

$229M, including 125 Old Broad Street in London.

Executed five financings totaling $780M at an average rate of

3.9%, raising new proceeds of $181M.

FINANCIAL OVERVIEW

PLATFORM OVERVIEW

Own, manage and develop premier office properties in the United States,

Canada, Australia and the United Kingdom.

The segment also includes our approximate 22% interest in Canary Wharf, as

well as our portfolio of office development projects.

Proportionate Income Statement


NOI 350$ 209$ 889$ 630$

Investment and other revenue 7 5 28 33

Fee revenue 8 4 21 13

Interest expense (157) (94) (401) (285)

Administration and other expense (31) (18) (78) (57)

Non-controlling interests - FFO (28) (15) (70) (40)

Company FFO 149 91 389 294

FFO 145 89 410 288

Fair value gains, net 869 163 1,869 500

Income tax expense (83) (23) (357) (70)

Non-controlling interests - non-FFO 5 (5) 10 (10)


Proportionate Balance Sheet(US$ Millions) Sep. 30, 2014 Dec. 31, 2013

Commercial properties 28,384$ 14,322$

Commercial developments 2,675 1,044

Investment in Canary Wharf 1,317 1,027


Total assets 34,193 17,512

Debt obligations 13,983 7,433

Other liabilities 2,650 1,157

Total liabilities 16,633 8,590

Non-controlling interests 1,867 1,012



16


Office Segment NET OPERATING INCOME

Commercial Property Net Operating Income% of Total

Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 (Current QTD)

Core Properties

United States

Midtown New York 37.2$ 16.7$ 89.8$ 51.2$ 10.7%

Downtown New York 47.3 42.7 116.5 128.7 13.7%

Washington, D.C. 35.3 18.0 88.1 52.6 10.2%

Houston 23.3 12.0 58.3 34.9 6.7%

Los Angeles 22.5 9.1 56.8 27.1 6.5%

Denver 5.6 3.8 15.6 11.4 1.6%

Boston 5.6 2.2 12.7 5.9 1.6%

Seattle 1.8 1.5 4.6 4.9 0.5%

San Francisco 2.2 - 3.2 - 0.6%

180.8 106.0 445.6 316.7 52.1%

Canada

Toronto 39.2 19.9 98.4 61.2 10.4%

Calgary 26.2 12.7 64.6 38.0 6.9%

Ottawa 2.2 1.0 5.5 2.7 0.6%

Vancouver 3.1 1.8 7.8 5.3 0.8%

in C$ 70.7 35.4 176.3 107.2

in US$ 64.9 34.1 161.2 104.8 18.7%

Australia

Sydney 38.2 28.2 98.7 79.6 10.2%

Perth 24.3 12.1 60.1 36.0 6.5%

Melbourne 19.9 9.7 49.6 29.0 5.3%

Brisbane 2.7 5.1 12.5 13.5 0.7%

Canberra 0.6 1.9 3.5 4.4 0.2%

New Zealand 0.8 1.8 8.4 8.4 0.2%

in A$ 86.5 58.8 232.8 170.9

in US$ 79.5 54.0 213.9 167.8 23.1%

United Kingdom

London 12.3 5.8 33.9 16.2 5.9%

in £ 12.3 5.8 33.9 16.2

in US$ 20.6 11.0 56.6 27.1 5.9%

Brazil

São Paulo 1.6 - 1.6 - 0.2%

in R$ 1.6 - 1.6 -

in US$ 0.7 - 0.7 - 0.2%

Total Core NOI 346.5 205.1 878.0 616.4 100.0%

Opportunistic Properties 3.4 4.0 10.7 13.5

Total NOI 349.9$ 209.1$ 888.7$ 629.9$


(Millions in source currency unless otherwise noted)

17


Office Segment SAME PROPERTY NET OPERATING INCOME

Same Property Net Operating Income

Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013

United States

Midtown New York 18.0$ 16.5$ 51.9$ 50.7$

Downtown New York 21.0 42.1 63.8 127.7

Boston 2.8 2.2 7.3 5.9

Washington, D.C. 16.3 16.6 49.5 48.4

Houston 11.2 9.6 32.9 27.9

Los Angeles 4.9 4.3 15.0 12.2

Denver 0.8 0.6 2.3 1.4

Seattle 0.9 0.8 2.7 2.6

75.9 92.7 225.4 276.8

Canada

Toronto 19.2 19.8 59.0 61.2

Calgary 12.9 12.8 38.6 38.0

Ottawa 1.1 1.0 3.3 2.7

Vancouver 1.5 1.8 4.7 5.3

in C$ 34.7 35.4 105.6 107.2

in US$ 31.9 34.1 96.6 104.8

Australia

Sydney 21.5 20.8 61.7 61.6

Melbourne 9.7 9.5 29.2 28.8

Perth 12.1 12.0 35.5 35.7

Brisbane 4.5 4.4 12.5 13.5

Canberra 1.4 1.4 3.5 4.4

New Zealand 1.6 2.6 5.8 4.7

in A$ 50.8 50.7 148.2 148.7

in US$ 47.0 46.4 136.1 146.0

United Kingdom

London 6.5 5.3 18.7 15.6

in £ 6.5 5.3 18.7 15.6

in US$ 10.9 8.2 31.2 24.1

Total Same Property NOI (US$) 165.7$ 181.4$ 489.3$ 551.7$

Percent of same property NOI growth (8.7%) (11.3%)

Percent of same property NOI growth excluding the impact of FX (8.2%) (9.0%)

2.0% 2.5%



Percent of same property NOI growth excluding the impact of FX

and BAML lease expiry

18


Office Segment SUMMARY OF PROPERTIES

Summary of PropertiesSep. 30, 2014

(Sq. ft. in 000's) Occupancy Office Retail Leasable Parking Total Own % Leasable Total

Core properties

United States

Midtown New York 4 91.1% 6,022 221 6,243 106 6,349 71% 4,442 4,511

Downtown New York 7 92.5% 12,432 458 12,890 547 13,437 97% 12,485 13,021

Washington, D.C. 30 89.6% 5,976 259 6,235 3,449 9,684 86% 5,342 8,349

Los Angeles 9 83.2% 8,475 471 8,946 4,656 13,602 47% 4,213 6,397

Houston 7 93.8% 6,481 120 6,601 2,084 8,685 70% 4,851 6,099

Boston 1 96.9% 771 25 796 236 1,032 100% 796 1,032

Denver 2 74.2% 2,595 48 2,643 1,092 3,735 51% 1,335 1,887

Seattle 2 91.7% 695 4 699 157 856 50% 349 428

San Francisco 1 85.4% 187 12 199 6 205 100% 199 205

Total United States 63 89.2% 43,634 1,618 45,252 12,333 57,585 73% 34,012 41,929

Canada

Toronto 12 92.8% 8,002 745 8,747 1,850 10,597 65% 5,668 6,896

Calgary 8 99.9% 5,330 304 5,634 1,194 6,828 50% 2,818 3,414

Ottawa 6 93.3% 1,711 32 1,743 805 2,548 25% 436 638

Vancouver 1 88.9% 488 94 582 258 840 100% 582 840

Other 1 100.0% - 3 3 - 3 100% 3 3

Total Canada 28 95.1% 15,531 1,178 16,709 4,107 20,816 57% 9,507 11,791

Australia and New Zealand

Sydney 13 98.7% 3,814 427 4,241 893 5,134 61% 2,608 3,157

Melbourne 3 98.7% 1,981 81 2,062 606 2,668 79% 1,660 2,111

Perth 3 99.5% 1,453 83 1,536 193 1,729 80% 1,230 1,385

Brisbane 2 86.1% 509 11 520 70 590 79% 412 465

Canberra 1 100.0% 174 2 176 69 245 100% 176 245

New Zealand 5 70.3% 449 45 494 202 696 100% 494 696

Total Australia & New Zealand 27 96.6% 8,380 649 9,029 2,033 11,062 73% 6,580 8,059

London 4 98.4% 990 34 1,024 37 1,061 100% 1,024 1,061

São Paulo 1 100.0% 276 - 276 209 485 51% 141 248

Total Core properties 123 91.7% 68,811 3,479 72,290 18,719 91,009 69% 51,264 63,088

Opportunistic properties

Los Angeles 19 67.4% 3,380 - 3,380 - 3,380 26% 870 870

San Diego 3 67.4% 462 - 462 - 462 28% 129 129

San Francisco / San Jose 39 57.0% 1,823 - 1,823 - 1,823 29% 524 524

Denver 2 81.2% 582 - 582 - 582 22% 129 129

Seattle 4 62.6% 365 - 365 - 365 22% 81 81

Dallas 6 33.7% 457 - 457 - 457 30% 137 137

Total Opportunistic properties 73 63.4% 7,069 - 7,069 - 7,069 26% 1,870 1,870

Total portfolio 196 89.1% 75,880 3,479 79,359 18,719 98,078 66% 53,134 64,958

ProportionateNumber of

properties

Assets under management

19


Office Segment HISTORICAL OCCUPANCY

Historical Occupancy by Country (Assets under Management)

Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013

Five-Quarter

Average

Midtown New York 91.1% 88.9% 89.7% 89.4% 87.9% 89.4%

Downtown New York 92.5% 88.3% 80.7% 78.5% 95.0% 87.0%

Washington, D.C. 89.6% 89.8% 90.1% 90.2% 87.0% 89.3%

Los Angeles 83.2% 85.3% 83.9% 84.5% 88.8% 85.1%

Houston 93.8% 93.8% 92.3% 91.7% 89.3% 92.2%

Boston 96.9% 78.3% 77.2% 77.1% 74.6% 80.8%

Denver 74.2% 75.8% 76.8% 77.1% 71.4% 75.1%

Seattle 91.7% 90.8% 90.0% 89.3% 88.7% 90.1%

San Francisco 85.4% 77.2% 74.6% 75.9% 78.3%

United States 89.2% 87.9% 85.4% 84.8% 89.0% 87.3%

Toronto 92.8% 91.7% 93.3% 94.3% 94.3% 93.3%

Calgary 99.9% 99.8% 99.9% 99.8% 99.7% 99.8%

Ottawa 93.3% 93.6% 96.1% 96.3% 99.7% 95.8%

Vancouver and other 88.9% 88.0% 88.1% 88.1% 96.9% 90.0%

Canada 95.1% 94.5% 95.6% 96.1% 96.8% 95.6%

Sydney 98.7% 98.6% 98.4% 97.0% 97.1% 98.0%

Melbourne 98.7% 98.3% 98.7% 99.4% 99.4% 98.9%

Perth 99.5% 99.0% 98.4% 99.5% 99.6% 99.2%

Brisbane 86.1% 85.6% 85.6% 89.3% 89.3% 87.2%

Canberra 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

New Zealand 70.3% 96.1% 96.5% 96.7% 96.7% 91.3%

Australia & New Zealand 96.6% 97.7% 97.6% 97.6% 97.6% 97.4%

London 98.4% 94.4% 94.2% 94.9% 94.5% 95.3%

São Paulo 100.0%

Total Core 91.7% 90.8% 89.5% 89.3% 92.3% 90.7%

Opportunistic 63.4% 67.0% 69.5% 72.1% 69.5% 68.3%

Total 89.1% 88.6% 87.9% 88.0% 90.6% 88.8%

20


Office Segment HISTORICAL RENTS

(Local currency) Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013

Midtown New York 38.94$ 37.64$ 37.68$ 39.02$ 38.37$ 65.00$ 65.00$ 65.00$ 63.00$ 62.00$

Downtown New York 28.97 27.80 28.02 27.70 29.78 39.00 37.00 35.00 33.00 32.00

Washington, D.C. 29.34 29.17 29.09 29.15 28.56 32.00 32.00 32.00 32.00 32.00

Los Angeles 23.48 23.36 23.28 23.10 22.86 22.00 22.00 22.00 22.00 22.00

Houston 20.03 19.83 19.56 19.61 17.81 27.00 26.00 25.00 24.00 23.00

Boston 24.02 24.32 24.03 24.03 23.85 28.00 27.00 26.00 26.00 26.00

Denver 20.49 20.46 20.06 19.95 20.25 20.00 20.00 20.00 20.00 20.00

Seattle 21.03 20.46 20.28 20.19 20.05 25.00 24.00 22.00 21.00 20.00

San Francisco 22.20 19.52 18.44 17.98 42.00 41.00 41.00 41.00

United States 27.87 27.12 26.98 26.79 27.15 36.58 35.48 34.31 32.66 33.10

Toronto 28.92 29.12 28.71 29.04 29.17 33.00 33.00 33.00 33.00 33.00

Calgary 30.02 29.80 29.89 28.87 28.34 36.00 36.00 36.00 36.00 36.00

Ottawa 20.69 20.16 20.32 20.37 18.49 19.00 19.00 20.00 21.00 21.00

Vancouver and other 22.31 22.15 22.18 22.30 21.78 30.00 30.00 32.00 32.00 32.00

Canada 28.51 28.53 28.32 28.21 27.97 33.13 33.13 33.27 32.76 32.72

in US$ 25.46 25.48 25.29 25.20 24.98 29.59 29.59 29.72 29.26 29.22

Sydney 56.51 56.49 55.30 52.60 51.86 76.51 70.65 69.90 67.54 66.15

Melbourne 45.48 45.28 44.48 41.29 40.76 40.45 40.07 40.16 39.35 39.35

Perth 65.03 66.24 64.24 64.32 64.00 63.23 64.36 65.16 68.52 68.52

Brisbane 54.12 52.99 52.70 51.45 50.46 53.13 50.05 50.57 50.96 50.96

Canberra 33.40 33.40 33.40 38.54 38.54 31.66 28.67 28.67 31.27 31.27

New Zealand 21.68 20.69 21.25 24.64 25.47 27.55 19.86 20.72 20.72 20.72

Australia & New Zealand 52.60 52.02 49.94 46.95 41.88 59.26 55.61 60.94 56.76 56.33

in US$ 46.00 45.50 43.68 41.06 36.62 51.83 48.64 53.30 49.64 49.27

London 41.56 43.49 45.73 43.68 43.58 49.83 51.33 60.00 49.22 46.91

in US$ 67.38 70.51 74.14 70.82 70.66 80.79 83.21 97.28 79.80 76.05

São Paulo 202.29 202.29

in US$ 82.53 82.53

Total Core 30.86$ 31.38$ 31.19$ 31.65$ 30.91$ 38.38$ 38.41$ 39.16$ 36.84$ 36.80$

Current mark-to-market opportunity 24.4%

Opportunistic 14.41$ 14.89$ 15.45$ 15.16$ 15.68$ 14.88$ 14.64$ 14.91$ 14.65$ 14.42$

Historical Average In-place Net Rents Historical Average Market Net Rents

21


Office Segment LEASING ACTIVITY

Quarter-to-date Proportionate Leasing Activity

Year one Average Acq.

Avg. in-place Total Expiring leasing leasing (disp.) Avg. in-place Avg. mkt. Avg.

Leased net rent(1) expiries net rent Leasing net rent net rent additions Leased net rent net rent lease term

(Local currency) (Sq. ft. in 000's) (per sq. ft.) (Sq. ft. in 000's) (per sq. ft.) (Sq. ft. in 000's) (per sq. ft.) (per sq. ft.) (Sq. ft. in 000's) (Sq. ft. in 000's) (per sq. ft.) (per sq. ft.) (years)

Midtown New York 3,896 37.64$ (100) 28.06$ 221 52.63$ 57.71$ - 4,017 38.94$ 65.00$ 11.1

Downtown New York 10,986 27.80 (289) 21.58 829 41.66 47.53 - 11,526 28.97 39.00 11.2

Washington, D.C. 4,783 29.17 (91) 27.91 80 30.37 34.11 - 4,772 29.34 32.00 5.8

Los Angeles 3,593 23.36 (138) 24.52 47 22.68 24.63 - 3,502 23.48 22.00 6.3

Houston 4,517 19.83 (188) 15.94 190 22.78 25.53 - 4,519 20.03 27.00 5.0

Boston 623 24.32 (13) 21.95 161 22.28 26.88 - 771 24.02 28.00 7.4

Denver 1,009 20.46 (29) 23.19 8 25.28 27.02 - 988 20.49 20.00 6.0

Seattle 317 20.46 (12) 21.24 15 23.19 26.86 - 320 21.03 25.00 4.3

San Francisco 154 19.52 (3) 14.35 19 41.96 48.58 - 170 22.20 42.00 3.8

United States 29,878 27.12 (863) 22.27 1,570 37.53 42.52 - 30,585 27.87 36.58 8.5

Toronto 5,248 29.12 (112) 23.66 150 29.14 29.76 - 5,286 28.92 33.00 6.4

Calgary 2,811 29.80 (80) 25.14 83 34.40 38.20 - 2,814 30.02 36.00 10.8

Ottawa 408 20.16 (137) 12.11 136 16.07 16.07 - 407 20.69 19.00 6.1

Vancouver and other 515 22.15 (2) 42.39 7 33.31 33.87 - 520 22.31 30.00 8.6

Canada 8,982 28.53 (331) 19.35 376 25.65 26.75 - 9,027 28.51 33.13 7.9

in US$ 25.48 17.28 22.91 23.89 25.46 29.59

Sydney 2,567 56.49 (21) 67.15 23 49.87 56.44 - 2,569 56.51 76.51 5.4

Melbourne 1,645 45.28 (13) 60.09 17 - - - 1,649 45.48 40.45 5.7

Perth 1,222 66.24 (58) 75.21 62 69.00 77.29 - 1,226 65.03 63.23 9.6

Brisbane 376 52.99 (11) 111.23 6 50.47 58.26 - 371 54.12 53.13 4.1

Canberra 176 33.40 - - - - - - 176 33.40 31.66 2.8

New Zealand 474 20.69 (128) 17.97 1 18.05 18.05 - 347 21.68 27.55 3.0

Australia & New Zealand 6,460 52.02 (231) 43.62 109 52.71 59.25 - 6,338 52.60 59.26 6.0

in US$ 45.50 38.15 46.10 51.82 46.00 51.83

London 1,270 43.49 (106) 44.87 165 42.33 42.43 (322) 1,007 41.56 49.83 10.3

United Kingdom 1,270 43.49 (106) 44.87 165 42.33 42.43 (322) 1,007 41.56 49.83 10.3

in US$ 70.51 72.75 68.63 68.79 67.38 80.79

São Paulo - - - - - - - 141 141 202.29 202.29 10.0

Brazil - - - - - - - 141 141 202.29 202.29 10.0

in US$ - - - - 82.53 82.53

Total Core 46,590 30.54 (1,531) 27.08 2,220 37.79 41.77 (181) 47,098 30.86 38.38 8.1

Opportunistic 1,262 14.65 (85) 13.23 56 15.91 13.99 (76) 1,157 14.41 14.88 3.6

Total 47,852 30.12$ (1,616) 26.35$ 2,276 37.26$ 41.10$ (257) 48,255 30.47$ 37.82$ 8.0

(1) Restated for the impact of foreign exchange

Jun. 30, 2014 Quarter-to-date leasing activity Sep. 30, 2014

22


Office Segment LEASING ACTIVITY, CONT’D

Year-to-date Proportionate Leasing Activity

Year one Average Acq.

Avg. in-place Total Expiring leasing leasing (disp.) Avg. in-place Avg. mkt.

Leased(1) net rent(2) expiries net rent Leasing net rent net rent additions Leased net rent net rent

(Local currency) (Sq. ft. in 000's) (per sq. ft.) (Sq. ft. in 000's) (per sq. ft.) (Sq. ft. in 000's) (per sq. ft.) (per sq. ft.) (Sq. ft. in 000's) (Sq. ft. in 000's) (per sq. ft.) (per sq. ft.)

Midtown New York 1,803 39.02$ (137) 29.77$ 225 52.89$ 58.14$ 2,126 4,017 38.94$ 65.00$

Downtown New York 4,883 27.70 (567) 26.36 2,206 33.84 39.32 5,004 11,526 28.97 39.00

Washington, D.C. 2,409 29.15 (256) 27.45 212 26.81 29.79 2,407 4,772 29.34 32.00

Los Angeles 1,780 23.10 (236) 24.57 192 23.31 27.37 1,766 3,502 23.48 22.00

Houston 2,424 19.61 (382) 17.17 491 22.94 24.80 1,986 4,519 20.03 27.00

Boston 307 24.03 (26) 29.64 182 23.76 27.99 308 771 24.02 28.00

Denver 832 19.95 (77) 22.56 37 25.28 27.35 196 988 20.49 20.00

Seattle 156 20.19 (13) 21.82 19 23.57 27.09 158 320 21.03 25.00

San Francisco 76 17.98 (6) 21.61 25 40.53 46.00 75 170 22.20 42.00

United States 14,670 26.79 (1,700) 24.31 3,589 31.96 36.59 14,026 30,585 27.87 36.58

Toronto 2,722 29.04 (449) 28.33 320 21.91 25.47 2,693 5,286 28.92 33.00

Calgary 1,406 28.87 (105) 26.00 106 33.53 37.02 1,407 2,814 30.02 36.00

Ottawa 210 20.37 (150) 13.09 137 16.13 16.13 210 407 20.69 19.00

Vancouver and other 258 22.30 (10) 35.50 15 33.42 34.16 257 520 22.31 30.00

Canada 4,596 28.21 (714) 24.89 578 22.97 25.60 4,567 9,027 28.51 33.13

in US$ 25.20 22.23 20.52 22.87 25.46 29.59

Sydney 1,705 52.60 (407) 49.89 389 49.09 49.65 882 2,569 56.51 76.51

Melbourne 828 41.29 (27) 55.44 24 49.83 55.64 824 1,649 45.48 40.45

Perth 613 64.32 (68) 74.28 72 68.80 77.19 609 1,226 65.03 63.23

Brisbane 386 51.45 (24) 70.28 9 49.39 56.23 - 371 54.12 53.13

Canberra 176 38.54 - - - - - - 176 33.40 31.66

New Zealand 710 24.64 (129) 17.96 3 18.83 19.11 (237) 347 21.68 27.55

Australia & New Zealand 4,418 46.95 (655) 47.11 497 51.80 53.86 2,078 6,338 52.60 59.26

in US$ 41.06 41.20 45.30 47.11 46.00 51.83

London 916 43.68 (129) 45.46 186 41.28 42.76 34 1,007 41.56 49.83

United Kingdom 916 43.68 (129) 45.46 186 41.28 42.76 34 1,007 41.56 49.83

in US$ 70.82 73.70 66.93 69.33 67.38 80.79

São Paulo - - - - - - - 141 141 202.29 202.29

Brazil - - - - - - - 141 141 202.29 202.29

in US$ - - - - 82.53 82.53

Total Core 24,600 30.70 (3,198) 29.30 4,850 33.30 37.29 20,846 47,098 30.86 38.38

Opportunistic 1,056 15.33 (226) 22.78 159 15.14 12.61 168 1,157 14.41 14.88

Total 25,656 30.07$ (3,424) 28.87$ 5,009 32.72$ 36.51$ 21,014 48,255 30.47$ 37.82$

(1) Has been restated to reflect the impact of remeasurements which are performed annually in the first quarter(2) Restated for the impact of foreign exchange

Dec. 31, 2013 Year-to-date leasing activity Sep. 30, 2014

23


Office Segment LEASE EXPIRY ANALYSIS

Proportionate Lease Expiry Analysis(1,2)

Sep. 30, 2014 Current Total

(Sq. ft. in

000's)

(Sq. ft. in

000's)

Net rent

(per sq. ft.)

(Sq. ft. in

000's)

Net rent

(per sq. ft.)

(Sq. ft. in

000's)

Net rent

(per sq. ft.)

(Sq. ft. in

000's)

Net rent

(per sq. ft.)

(Sq. ft. in

000's)

Net rent

(per sq. ft.)

(Sq. ft. in

000's)

Net rent

(per sq. ft.)

(Sq. ft. in

000's)

Net rent

(per sq. ft.)

(Sq. ft. in

000's)

Midtown New York 425 12 30$ 343 26$ 229 16$ 28 54$ 254 26$ 524 36$ 2,627 51$ 4,442

Downtown New York 959 27 19 698 21 666 27 556 29 68 27 13 30 9,498 41 12,485

Washington, D.C. 570 135 31 435 24 265 27 215 29 1,295 33 362 34 2,065 43 5,342

Los Angeles 711 23 21 204 23 289 26 364 27 440 26 323 31 1,859 30 4,213

Houston 332 24 23 295 20 238 20 396 21 755 20 441 23 2,370 23 4,851

Boston 25 - - 9 33 5 41 29 31 254 23 24 32 450 30 796

Denver 347 2 7 76 18 17 22 90 16 50 23 257 22 496 26 1,335

Seattle 29 - 40 34 18 39 23 66 28 54 25 34 25 93 24 349

San Francisco 29 - - 18 18 12 37 - - 95 23 9 35 36 34 199

United States 3,427 223 27 2,112 22 1,760 24 1,744 26 3,265 27 1,987 30 19,494 39 34,012

Toronto 382 69 34 268 37 514 27 365 30 322 29 627 26 3,121 33 5,668

Calgary 4 19 37 103 31 219 23 31 28 71 42 53 44 2,318 34 2,818

Ottawa 29 1 24 1 17 146 16 1 28 1 20 21 23 236 23 436

Vancouver and other 65 - - 64 25 47 27 22 28 27 35 45 27 315 20 585

Canada 480 89 35 436 34 926 24 419 30 421 32 746 27 5,990 32 9,507

in US$ 31 30 21 27 29 24 29

Sydney 39 21 84 107 67 498 62 228 63 273 71 326 61 1,116 69 2,608

Melbourne 11 9 104 78 47 46 62 68 51 4 74 506 45 938 59 1,660

Perth 4 95 59 5 71 7 75 68 68 13 88 120 76 918 101 1,230

Brisbane 41 1 55 135 46 10 90 11 98 8 59 51 54 155 74 412

Canberra - - - - - - - 176 36 - - - - - - 176

New Zealand 147 49 24 65 20 19 21 37 17 82 25 1 21 94 20 494

Australia & New Zealand 242 175 54 390 48 580 61 588 52 380 61 1,004 54 3,221 74 6,580

in US$ 47 42 53 45 53 47 65

London 17 - - 6 17 72 49 49 50 96 35 7 28 777 41 1,024

United Kingdom 17 - - 6 17 72 49 49 50 96 35 7 28 777 41 1,024

in US$ - 28 79 81 57 45 66

São Paulo - - - - - - - - - - - - - 141 321 141

Brazil - - - - - - - - - - - - - 141 321 141

in US$ - - - - - - 131

Total Core 4,166 487 35$ 2,944 26$ 3,338 29$ 2,800 31$ 4,162 30$ 3,744 33$ 29,623 41$ 51,264

Opportunistic 713 115 11 249 16 154 14 150 19 189 16 117 19 183 21 1,870

Total 4,879 602 30$ 3,193 25$ 3,492 28$ 2,950 30$ 4,351 29$ 3,861 33$ 29,806 41$ 53,134

Total % expiring 9.2% 1.1% 6.0% 6.6% 5.6% 8.2% 7.3% 56.0% 100.0%

End of prior year 12.0% 6.1% 7.5% 6.8% 6.0% 8.4% 6.3% 46.9% 100.0%

Difference (2.8%) (5.0%) (1.5%) (0.2%) (0.4%) (0.2%) 1.0% 9.1%

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

2019 2020 & beyond

(Local currency)

Remaining 2014 2015 2016 2017 2018

24


Office Segment TOP TENANTS

Top 20 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 6,023 8.2%

2 CIBC World Markets(4) Calgary/Houston/Midtown NY/Toronto A+ 2034 1,429 2.0%

3 Suncor Energy Inc. Calgary BBB+ 2028 1,299 1.8%

4 Morgan Stanley Denver/Downtown NY/Toronto A- 2030 1,196 1.7%

5 Bank of Montreal Calgary/Toronto A+ 2023 1,137 1.6%

6 Bank of America/Merrill Lynch Denver/Downtown NY/Los Angeles/Toronto/Washington, D.C. A- 2022 1,083 1.5%

7 Royal Bank of Canada Boston/Calgary/Downtown NY/LA/Toronto/Vancouver/Washington, D.C. AA- 2026 1,010 1.4%

8 JPMorgan Chase & Co. Denver/Downtown NY/Houston/Los Angeles/Midtown NY A 2022 888 1.2%

9 PricewaterhouseCoopers Calgary/Houston/Los Angeles/Perth/Sydney Not Rated 2026 887 1.2%

10 Imperial Oil Calgary AAA 718 1.0%

11 Commonwealth Bank Brisbane/Melbourne/Sydney AA- 2022 718 1.0%

12 KPMG Los Angeles/Perth/Sydney/Toronto Not Rated 2025 670 0.9%

13 BHP Billiton Perth A+ 2027 661 0.9%

14 EnCana Corporation Calgary/Denver BBB 649 0.9%

15 Devon Energy Houston BBB+ 2020 641 0.9%

16 Chevron Houston AA 636 0.9%

17 Deloitte Calgary/Houston/Toronto Not Rated 2022 616 0.9%

18 Macquarie Group Calgary/Houston/Perth/Sydney/Toronto BBB 2023 572 0.8%

19 Cadwalader, Wickersham & Taft LLP Downtown NY/Houston Not Rated 2024 561 0.8%

20 Cleary, Gottlieb, Steen & Hamilton LLP Downtown NY Not Rated 2031 552 0.8%

Total 21,946 30.4%

(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 to

Sumitomo Corporation of America

25


Office Segment DEVELOPMENT SITES

Office Development Density

Sep. 30, 2014 Number of

(Sq. ft. in 000's) Location sites

Active developments(1) 7 4,553 4,301

In planning

United States

Manhattan West New York City - 5,000 5,000

United Kingdom

100 Bishopsgate London 1 950 950

Principal Place Residential London 1 255 128

Active planning 2 6,205 6,078

Held for development

United States

1501 Tremont Place Denver 1 733 733

Block 173 Denver 1 600 600

Reston Crescent Washington 1 724 610

1500 Smith Street Houston 1 500 422

Five Allen Center Houston 1 1,100 927

Allen Center Clay Street Houston 1 600 506

755 Figueroa Los Angeles 1 792 375

Canada

Bay Adelaide North Toronto 1 825 825

Brookfield Place III Toronto 1 800 432

Bankers West Parkade Calgary 1 250 125

Brookfield Place West Tower Calgary 1 1,000 1,000

300 Queen Street Ottawa 1 577 144

Held for development 12 8,501 6,699

Total office developments 21 19,259 17,078

(1) Refer to table below

Active Developments

Sep. 30, 2014

(Local Currency Millions) Location (Sq. ft. in 000's) Total To-date

Manhattan West(1) New York City 680$ 598$

Bay Adelaide East Toronto 980 Q2 2017 63% 463C$ 292C$ 7%

Brookfield Place East Tower Calgary 1,400 Q3 2018 71% 799C$ 181C$ 7%

Brookfield Place Tower 2 Perth 366 Q1 2016 40% 338A$ 138A$ 8%

London Wall Place London 505 Q1 2017 61% 185£ 55£ 8%

Principal Place Commercial London 621 Q4 2019 69% 372£ 80£ 8%

Giroflex São Paulo 681 Q1 2018 - 597R$ 516R$ 10%

Active developments 4,553

(1) Total cost representative of the cost of the platform upon which the five million square foot site will be constructed

Assets under

Management Proportionate

Percent pre-

leased

Proportionate

Area currently

under

construction

Expected date

of cash

stabilization

Cost

Yield on cost

26


Office Segment DEBT

Office Debt

Location Rate IFRS Total

Remainder

2014 2015 2016 2017 2018 Thereafter

Mortgage

details

Core properties

United States

2001 M Street: Lender12001 M Street Washington, D.C. 5.25% December 2014 42$ 35$ 35$ -$ -$ -$ -$ -$ Fixed

200 Vesey Street: Lender1200 Vesey Street New York 2.44% December 2015 225 225 - 225 - - - - Floating

One Reston Crescent: Lender1One & Two Reston Crescent Washington, D.C. 1.94% December 2015 73 62 - 62 - - - - Floating

Trizec Corporate 84%: Lender1Mezzanine Financing Various 5.65% January 2016 200 169 - - 169 - - - Floating

1250 Connecticut Ave: Lender11250 Connecticut Avenue Washington, D.C. 5.86% January 2016 50 42 - - 42 - - - Fixed

1550 & 1560 Wilson Boulevard: Lender11550 & 1560 Wilson Boulevard Washington, D.C. 2.65% January 2016 60 51 - - 51 - - - Floating

Victor Building: Lender1Victor Building Washington, D.C. 5.39% February 2016 98 83 - - 83 - - - Fixed

One New York Plaza: Lender1One New York Plaza New York 5.50% March 2016 358 302 - - 302 - - - Fixed

1600 Smith Street: Lender11600 Smith Street Houston 3.41% May 2016 129 109 - - 109 - - - Floating

Continental Center II: Lender1Continental Center II Houston 3.41% May 2016 24 20 - - 20 - - - Floating

One Allen Center: Lender1One Allen Center Houston 3.41% May 2016 108 91 - - 91 - - - Floating

Three Allen Center: Lender1Three Allen Center Houston 6.12% May 2016 159 134 - - 134 - - - Fixed

Two Ballston Plaza: Lender1Two Ballston Plaza Washington, D.C. 3.41% May 2016 40 34 - - 34 - - - Floating

2401 Pennsylvania Avenue: Lender12401 Pennsylvania Avenue Washington, D.C. 2.35% May 2016 30 25 - - 25 - - - Floating

The Gas Company Tower: Lender1The Gas Company Tower Los Angeles 5.10% August 2016 458 217 - - 217 - - - Fixed

Silver Spring Metro Plaza: Lender1Silver Spring Metro Plaza Washington, D.C. 2.30% September 2016 99 83 - - 83 - - - Floating

1801 California Street: Lender11801 California Street Denver 3.40% December 2016 182 93 - - 93 - - - Floating

200 Liberty Street: Lender1200 Liberty Street New York 5.83% February 2017 310 310 - - - 310 - - Fixed

Wells Fargo Center - North Tower: Lender1Wells Fargo Center - North Tower Los Angeles 5.70% April 2017 550 260 - - - 260 - - Fixed

650 Massachusetts Avenue: Lender1650 Massachusetts Avenue Washington, D.C. 2.90% March 2017 89 89 - - - 89 - - Floating

Metropolitan Park East & West: Lender1Metropolitan Park East & West Seattle 3.75% June 2017 133 67 - - - 67 - - Fixed

One Liberty Plaza: Lender1One Liberty Plaza New York 6.14% September 2017 818 818 - - - 818 - - Fixed

685 Market Street: Lender1685 Market Street San Francisco 2.46% October 2017 52 52 - - - 52 - - Floating

799 9th Street: Lender1799 9th Street Washington, D.C. 3.39% December 2017 78 78 - - - 78 - - Fixed

Manhattan West: Lender3Manhattan West(1) New York 2.66% January 2018 263 263 - - - - 263 - Floating

1400 K Street: Lender11400 K Street Washington, D.C. 5.30% February 2018 51 43 - - - - 43 - Fixed

Manhattan West: Lender2Manhattan West(1) New York 5.90% April 2018 122 122 - - - - 122 - Fixed

Two Allen Center: Lender1Two Allen Center Houston 6.45% May 2018 196 165 - - - - 165 - Fixed

225 Liberty Street: Lender4225 Liberty Street New York 3.41% June 2018 467 467 - - - - 467 - Floating

250 Vesey Street: Lender3250 Vesey Street New York 3.41% June 2018 382 382 - - - - 382 - Floating

Three Bethesda Metro Center: Lender2Three Bethesda Metro Center Washington, D.C. 1.75% June 2018 110 110 - - - - 110 - Floating

75 State Street: Lender275 State Street Boston 1.96% September 2018 200 200 - - - - 200 - Floating

1201 Louisiana Street: Lender11201 Louisiana Street Houston 4.65% November 2018 93 93 - - - - 93 - Fixed

Wells Fargo Center - South Tower: Lender1Wells Fargo Center - South Tower Los Angeles 1.96% December 2018 290 137 - - - - 137 - Floating

One North End Avenue: Lender1One North End Avenue New York 2.90% December 2018 143 143 - - - - 143 - Floating

Potomac Tower: Lender1Potomac Tower Washington, D.C. 4.50% January 2019 83 83 - - - - - 83 Fixed

Five Manhattan West: Lender2Five Manhattan West New York 2.90% July 2019 400 400 - - - - - 400 Floating

FIGat7th: Lender1FIGat7th Los Angeles 2.40% September 2019 35 17 - - - - - 17 Floating

777 Tower: Lender1777 Tower Los Angeles 1.86% November 2020 200 95 - - - - - 95 Floating

Ernst & Young Tower DTLA: Lender1Ernst & Young Tower Los Angeles 3.93% November 2020 185 88 - - - - - 88 Fixed

601 and 701 South 12th Street: Lender3601 South 12th Street Washington, D.C. 4.18% November 2020 55 55 - - - - - 55 Fixed

601 and 701 South 12th Street: Lender4701 South 12th Street Washington, D.C. 4.18% November 2020 45 45 - - - - - 45 Fixed

1200 K Street: Lender11200 K Street Washington, D.C. 5.88% February 2021 128 108 - - - - - 108 Fixed

Bethesda Crescent: Lender1Bethesda Crescent Washington, D.C. 5.58% February 2021 60 51 - - - - - 51 Fixed

77 K Street: Lender277 K Street Washington, D.C. 4.58% June 2022 110 110 - - - - - 110 Fixed

601 Figueroa DTLA: Lender1601 Figueroa Los Angeles 3.49% July 2023 250 118 - - - - - 118 Fixed

Sunrise Tech Park: Lender2Sunrise Tech Park Washington, D.C. 3.70% July 2023 40 34 - - - - - 34 Fixed

Bank of America plaza DTLA: Lender2Bank of America Plaza Los Angeles 4.05% September 2024 400 189 - - - - - 189 Fixed

701 9th Avenue: Lender1701 9th Street Washington, D.C. 6.73% December 2028 147 147 - - - - - 147 Fixed

300 Madison Avenue: Lender1300 Madison Avenue New York 7.26% April 2032 358 358 - - - - - 358 Fixed

United States properties 4.42% 9,178$ 7,472$ 35$ 287$ 1,453$ 1,674$ 2,125$ 1,898$

(1) Represents development assets

Sep. 30, 2014

(US$ Millions) Maturity date

Proportionate

27


Office Segment DEBT, CONT’D

Office Debt


Remainder

2014 2015 2016 2017 2018 Thereafter

Mortgage

details

Core properties

Canada

First Canadian Place: Lender2First Canadian Place Toronto 5.37% December 2014 62$ 62$ 62$ -$ -$ -$ -$ -$ Fixed

Hudson's Bay Centre: Lender1Hudson's Bay Centre Toronto 2.99% May 2015 89 89 - 89 - - - - Fixed

Royal Centre: Lender2Royal Centre Vancouver 3.33% June 2015 126 126 - 126 - - - - Fixed

Brookfield Place Calgary West Tower: Lender1Brookfield Place West Tower(1) Calgary 3.10% May 2016 45 45 - - 45 - - - Floating

2 Queen Street East: Lender12 Queen Street East Toronto 5.64% December 2017 26 26 - - - 26 - - Fixed

Bay Adelaide East: Lender1Bay Adelaide East(1) Toronto 3.13% December 2018 109 109 - - - - 109 - Floating

Bay Wellington Tower: Lender3Bay Wellington Tower Toronto 3.24% January 2020 455 455 - - - - - 455 Fixed

22 Front Street: Lender122 Front Street Toronto 6.24% October 2020 16 16 - - - - - 16 Fixed

Bankers Court: Lender1Bankers Court Calgary 4.96% November 2020 39 39 - - - - - 39 Fixed

Queen's Quay Terminal: Lender1Queen's Quay Terminal Toronto 5.40% April 2021 75 75 - - - - - 75 Fixed

Fifth Avenue Place: Lender1Fifth Avenue Place Calgary 4.71% August 2021 146 146 - - - - - 146 Fixed

Bay Adelaide West: Lender1Bay Adelaide West Toronto 4.43% December 2021 345 345 - - - - - 345 Fixed

Exchange Tower: Lender2Exchange Tower Toronto 4.03% April 2022 101 101 - - - - - 101 Fixed

HSBC Building: Lender2HSBC Building Toronto 4.06% January 2023 38 38 - - - - - 38 Fixed

105 Adelaide: Lender2105 Adelaide Toronto 3.87% May 2023 32 32 - - - - - 32 Fixed

Bankers Hall: Lender3Bankers Hall Calgary 4.38% November 2023 266 266 - - - - - 266 Fixed

Jean Edmonds Towers: Lender1Jean Edmonds Towers Ottawa 6.79% January 2024 14 14 - - - - - 14 Fixed

SUNCOR Energy Centre: Lender3Suncor Energy Centre Calgary 5.19% August 2033 241 241 - - - - - 241 Fixed

Canadian properties 4.15% 2,225$ 2,225$ 62$ 215$ 45$ 26$ 109$ 1,768$

Australia

One Shelley StreetOne Shelley Street Sydney 7.00% January 2016 169$ 169$ -$ -$ 169$ -$ -$ -$ Fixed/floating

KPMG TowerKPMG Tower Sydney 4.58% March 2016 120 120 - - 120 - - - Fixed/floating

ANZ CentreANZ Centre Brisbane 4.77% January 2017 24 24 - - - 24 - - Floating

235 St Georges Terrace: Lender4235 St Georges Terrace Perth 4.52% March 2017 40 40 - - - 40 - - Floating

Brookfield Prime Property FundBrookfield Prime Property Fund pool debt Various 7.11% June 2017 454 454 - - - 454 - - Fixed/floating

52 Goulburn Street52 Goulburn Street Sydney 5.45% July 2017 52 52 - - - 52 - - Fixed/floating

Southern Cross West TowerSouthern Cross West Tower Melbourne 5.45% November 2017 70 70 - - - 70 - - Fixed/floating

Brookfield Place Tower 2: Lender2Brookfield Place Tower 2(1) Perth 4.92% June 2018 37 37 - - - - 37 - Floating

Brookfield Place: Lender6Brookfield Place Perth 4.30% July 2018 568 568 - - - - 568 - Floating

Southern Cross East TowerSouthern Cross East Tower Melbourne 4.40% June 2019 267 267 - - - - - 267 Fixed/floating

King Street Wharf RetailKing Street Wharf Retail Sydney 4.39% June 2019 39 39 - - - - - 39 Fixed/floating

CBA Building CBA Building Brisbane 4.27% June 2019 101 101 - - - - - 101 Fixed/floating

Australian properties 5.32% 1,941$ 1,941$ -$ -$ 289$ 640$ 605$ 407$

United Kingdom

Leadenhall Court: Lender1Leadenhall Court London 2.81% April 2015 49$ 49$ -$ 49$ -$ -$ -$ -$ Floating

20 Canada Square 20 Canada Square London 6.31% July 2017 462 462 - - - 462 - - Fixed

99 Bishopsgate: Lender199 Bishopsgate London 4.27% September 2017 213 213 - - - 213 - - Fixed

United Kingdom properties 5.47% 724$ 724$ -$ 49$ -$ 675$ -$ -$

Brazil

Faria LimaFaria Lima São Paulo 10.04% October 2034 112$ 57$ -$ 3$ 3$ 3$ 3$ 45$ Floating

Giroflex(1) São Paulo 12.32% Jun/Oct 2016/2028 101 101 9 34 17 2 4 35 Floating

Brazilian properties 11.50% 213$ 158$ 9$ 37$ 20$ 5$ 7$ 80$

(1) Represents development assets

Sep. 30, 2014


Proportionate

28


Office Segment DEBT, CONT’D

Office Debt


Remainder

2014 2015 2016 2017 2018 Thereafter

Mortgage

details

Core properties

Other jointly controlled properties

MUEMultiplex European Property Fund Various 3.03% October 2014 -$ 78$ 78$ -$ -$ -$ -$ -$ Floating

IAG HouseIAG House Sydney 4.58% March 2016 - 81 - - 81 - - - Fixed/floating

Marina Towers: Lender1Marina Towers Los Angeles 5.84% April 2016 - 16 - - 16 - - - Fixed

Jessie St CentreJessie St Centre Sydney 5.23% December 2016 - 114 - - 114 - - - Floating

Alinga StreetAlinga Street Canberra 5.23% December 2016 - 27 - - 27 - - - Floating

Darling Park Complex: Lender4Darling Park Complex Sydney 4.52% March 2017 - 175 - - - 175 - - Floating

245 Park Avenue: Lender1245 Park Avenue New York 3.88% November 2017 - 408 - - - 408 - - Fixed

The Grace BuildingThe Grace Building New York 3.61% June 2021 - 378 - - - - - 378 Fixed

Republic Plaza: Lender3Republic Plaza Denver 4.24% December 2022 - 140 - - - - - 140 Fixed

Other jointly controlled properties 4.07% -$ 1,417$ 78$ -$ 238$ 583$ -$ 518$

Core properties 4.60% 14,281$ 13,937$ 184$ 588$ 2,045$ 3,603$ 2,846$ 4,671$

Opportunistic properties Various 4.52% Feb-Nov 2016-2022 425$ 160$ -$ -$ 62$ 31$ 54$ 13$ Fixed/floating

Total before deferred financing costs 14,706$ 14,097$ 184$ 588$ 2,107$ 3,634$ 2,900$ 4,684$

Deferred financing costs (114)

Total 13,983$

Weighted average interest rate 4.60% 4.70% 3.30% 4.93% 5.49% 3.65% 4.50%

Sep. 30, 2014


Proportionate

29


Office Segment CAPITAL EXPENDITURES

Capital Expenditures


Leasing commissions 30$ 6$ 64$ 16$

Tenant improvements 74 19 172 50

Commercial property tenant installation costs 104 25 236 66

Construction costs 162 50 329 99

Interest capitalized 22 8 51 21

Property taxes and other 2 1 4 4

Development and redevelopment investments 186 59 384 124

Recoverable 13 1 21 5

Non-recoverable 95 24 204 48

Capital expenditures 108$ 25$ 225$ 53$

Year-to-date

Proportionate

Quarter-to-date

Retail Segment

31


Retail Segment FINANCIAL OVERVIEW

PLATFORM OVERVIEW

Consists of our 33% fully-diluted interest in GGP and our 34% interest in

Rouse Properties, Inc. (“Rouse”), which together own, manage, lease and

redevelop high-quality regional malls in the United States. The Retail

platform also includes assets in Brazil and Australia.

The segment also includes our interest in the preferred securities,

convertible into CXTD ordinary shares, and warrants to subscribe to

ordinary shares of Shui On Land, the parent company of CXTD.

HIGHLIGHTS

The Retail platform generated Company FFO of $117M in the third

quarter of 2014, compared to $73M in the same period in 2013.

The increase of $44M was partially the result of an increase in

ownership of GGP to 33%, on a fully diluted basis, compared to

24% in the prior period, accounting for $20M of the increase. Also

contributing to the increase, we achieved 4.7% same-store NOI

growth compared to the prior year, excluding the impact of

foreign exchange, which was driven by a 15.8% increase in initial

suite-to-suite leasing spreads. Additionally, we recorded

investment income of $3M related to our investment in CXTD in

the current period.

Equity attributable to Unitholders increased by $751M compared

to Q4 2013 driven by fair value gains of $423M recognized in the

first nine months of 2014 and a $157M investment in CXTD in

China offset by dividends received from GGP and Rouse.

Invested in five assets during the quarter investing $79M of

equity.

Disposed of three assets during the quarter raising net proceeds

of $12M.

Executed eight financings totaling $249M at an average rate of

4.0%.



NOI 193$ 147$ 569$ 444$





Net contribution from GGP warrants 9 4 28 10

Company FFO 117 73 354 217

FFO 101 68 319 205

Fair value gains, net 44 6 423 115

Income tax expense 1 (12) (4) (75)

Non-controlling interests - non-FFO 2 6 (2) 2

Net income attributable to Unitholders 148$ 68$ 736$ 247$


Commercial properties 13,749$ 13,076$

Commercial developments 208 149




Other liabilities 832 736


Non-controlling interests 311 572



32


Retail Segment NET OPERATING INCOME

Commercial Property Net Operating Income

Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013

United States 182.4$ 137.1$ 537.2$ 410.1$

Brazil in R$ 20.1 18.4 58.2 50.7

in US$ 8.8 8.0 25.4 23.9

Australia in A$ 2.3 2.6 6.9 10.3

in US$ 2.1 2.3 6.3 10.1

Total NOI 193.3$ 147.4$ 568.9$ 444.1$

Same Property Net Operating Income

Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013

United States 135.1$ 128.6$ 400.9$ 382.7$

Brazil in R$ 19.7 19.5 55.9 54.6

in US$ 8.7 9.4 24.4 25.7

Australia in A$ 2.3 2.3 6.9 6.9

in US$ 2.1 2.1 6.3 6.8

Total Same Property NOI (US$) 145.9$ 140.1$ 431.6$ 415.2$

Percent of same property NOI growth 4.1% 3.9%

Percent of same property NOI growth excluding the impact of FX 4.7% 4.5%





33


Retail Segment PORTFOLIO SUMMARY

Portfolio Summary by Country

(Leasable sq. ft. in 000's) Strip Center Office Total Own % Total

United States 65,985 22,750 58,451 147,186 1,673 2,428 151,287 26% 39,373

Brazil 2,864 - - 2,864 - - 2,864 22% 636

Australia 584 - - 584 - - 584 100% 584

Total Retail 69,433 22,750 58,451 150,634 1,673 2,428 154,735 26% 40,593

Operating Metrics(1)

(US$) Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013

United States 157 155 522$ 524$

Brazil 8 8 716 700

Australia 1 1

Total malls 166 164 526$ 527$

(1) Excludes assets that are being de-leased in preparation for redevelopment

Sep. 30, 2014

Total mall

Assets under management Proportionate

Number of malls Tenant sales per sq. ft.

Mall and

freestanding

Anchor

(company

owned)

Anchor

(tenant

owned)

34


Retail Segment HISTORICAL METRICS

Historical Occupancy by Country

Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013

Five-Quarter

Average

United States 95.5% 95.2% 94.8% 95.9% 95.5% 95.4%

Brazil 95.1% 95.7% 95.8% 95.7% 95.8% 95.6%

Total 95.5% 95.2% 94.9% 95.9% 95.5% 95.4%

Historical Average In-place Rents

(US$) Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013

United States 54.15$ 54.34$ 53.04$ 52.91$ 52.29$

Brazil 45.92 45.81 44.65 44.10 42.90

Total 53.35$ 53.53$ 52.24$ 51.79$ 50.93$

Historical Tenant Sales per Square Foot

(US$) Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013

United States 522$ 521$ 524$ 522$ 524$

Brazil 716 651 616 683 700

Total 526$ 523$ 525$ 525$ 527$

35


Retail Segment LEASING METRICS

Total Proportionate Lease Expiry Analysis(1)

Current Total

(Sq. ft. in

000's)

(Sq. ft. in

000's)

Rent (per

sq. ft.)

(Sq. ft. in

000's)

Rent (per

sq. ft.)

(Sq. ft. in

000's)

Rent (per

sq. ft.)

(Sq. ft. in

000's)

Rent (per

sq. ft.)

(Sq. ft. in

000's)

Rent (per

sq. ft.)

(Sq. ft. in

000's)

Rent (per

sq. ft.)

(Sq. ft. in

000's)

Rent (per

sq. ft.)

(Sq. ft. in

000's)

United States 861 344 51$ 2,018 53$ 2,036 53$ 1,974 54$ 1,817 59$ 1,734 56$ 7,644 58$ 18,428

Brazil 32 127 39 88 64 54 69 66 55 46 74 72 54 151 15 636

Australia - - - - - 584 7 - - - - - - - - 584

Total 893 471 48$ 2,106 53$ 2,674 43$ 2,040 54$ 1,863 59$ 1,806 56$ 7,795 57$ 19,648

Total % expiring 4.5% 2.4% 10.7% 13.6% 10.4% 9.5% 9.2% 39.7% 100.0%

(1) Represents regional malls only and excludes leases on traditional anchor stores and specialty leasing agreements

2019 2020 & beyond

Sep. 30, 2014

(US$)

Remaining 2014 2015 2016 2017 2018

Year-to-date Proportionate Leasing Activity

Initial Average Initial Average Expiring

Sep. 30, 2014 Number of Sq. ft. Term rent rent Number of Sq. ft. Term rent rent rent

(US$) leases in 000's (years) ($ psf) ($ psf) leases in 000's (years) ($ psf) ($ psf) ($ psf) ($ psf) % ($ psf) %

United States 2,919 3,431 6.8 49.99$ 54.68$ 2,005 1,823 6.2 57.97$ 64.01$ 49.88$ 8.09$ 16.2% 14.13$ 28.3%

Brazil 265 67 5.4 62.07 64.59 158 41 5.2 70.78 73.64 69.09 1.69 2.4% 4.55 6.6%

Total 3,184 3,498 50.22$ 54.87$ 2,163 1,864 58.25$ 64.22$ 50.30$ 7.95$ 15.8% 13.92$ 27.7%

Initial rent spread Average rent spread

Signed Leases Suite to Suite Spreads on Leases

36


Retail Segment TOP TENANTS

Top 10 Tenants

Tenant Primary DBA Exposure(1)

1 L Brands, Inc. Victoria's Secret, Bath & Body Works, PINK 3.4%

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 2.2%

5 Abercrombie & Fitch Stores, Inc. Abercrombie, Abercrombie & Fitch, Hollister, Gilly Hicks 2.0%

6 Signet Jewelers Limited Zales, Gordon's, Kay, Jared 1.6%

7 Express, Inc. Express, Express Men 1.5%

8 Genesco Inc. Journeys, Lids, Underground Station, Johnston & Murphy 1.5%

9 Luxottica Group S.p.A. Lenscrafters, Sunglass Hut, Pearle Vision 1.5%

10 American Eagle Outfitters, Inc. American Eagle, Aerie 1.5%

Total 20.7%

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

37


Retail Segment DEVELOPMENTS

Retail Developments

Sep. 30, 2014

Expected

return on

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

Mayfair Mall Wauwatosa, Wisconsin Anchor addition Q3 2015 20.9$ 7.3$ 6-8%

Ridgedale Center Minnetonka, Minnesota Anchor addition and expansion Q3 2015 30.7 12.2 8-9%

Southwest Plaza Littleton, Colorado Redevelopment Q4 2015 21.0 3.3 9-10%

Ala Moana Center Honolulu, Hawaii Anchor addition and expansion Q4 2015 165.6 99.0 9-10%

Other Various Various 159.3 54.7 8-10%

Active developments 397.5$ 176.5$

In Planning

Staten Island Mall Staten Island, New York Expansion TBD 45.1$ 1.0$ 10-11%

New Mall Development Norwalk, Connecticut Ground up development TBD 82.3 10.8 8-10%

Ala Moana Center Honolulu, Hawaii Anchor repositioning TBD 24.6 - 9-10%

Other Various TBD 83.0 1.6 8-9%

Active planning 235.0$ 13.4$

Total retail developments 632.5$ 189.9$

Completion

Date

Proportionate cost

38


Retail Segment DEBT

Retail Debt

Avg. Rate IFRS Total

Remainder

2014 2015 2016 2017 2018 Thereafter % Floating

United States 4.22% -$ 6,223$ 31$ 262$ 320$ 368$ 707$ 4,535$ 14.4%

Brazil 12.94% 602 215 - - - 10 - 205 100.0%

Australia 10.88% 39 39 39 - - - - - -

Total before deferred financing costs 4.54% 641$ 6,477$ 70$ 262$ 320$ 378$ 707$ 4,740$ 17.2%


Total 6,474$

Proportionate

Sep. 30, 2014

(US$ Millions)

Industrial Segment

40


Industrial Segment

HIGHLIGHTS

The Industrial platform generated Company FFO of $9M in the third

quarter of 2014, compared to $6M in the same period in 2013. The

overall growth in the segment was a result of the acquisition of our

interest in IDI in October 2013 and a development gain in the current

quarter, offset by reduced NOI from the sale of our interest in an

industrial portfolio in North America, which was sold in the first

quarter of 2014.

The decrease of $5M in equity attributable to Unitholders was mainly

driven by the disposition mentioned above offset by valuation gains

recognized through the year.

Acquired interests in five assets during the quarter investing $14M of

equity.

Disposed of seven assets during the quarter raising net proceeds of

$11M.

FINANCIAL OVERVIEW

PLATFORM OVERVIEW

Platform primarily consists of investments in industrial real estate companies IDI

Realty, LLC (“IDI”) and Gazeley Limited (“Gazeley”).

Assets are geographically diversified, with investments in North America and

Europe.

Our Industrial platform now consists of over 48 MSF of operating assets in

strategic locations in North America and Europe.



NOI 12$ 15$ 24$ 23$

Investment and other income 6 - 13 -



Non-controlling interests - FFO - (1) (1) -

Company FFO 9 6 15 7

FFO 9 5 14 5

Fair value gains, net 11 11 52 39


Non-controlling interests - non-FFO (2) (2) (5) (5)

Net income attributable to Unitholders 17$ 13$ 57$ 38$


Commercial properties 606$ 651$

Commercial developments 225 178

Other assets 65 64

Total assets 896 893

Debt obligations 337 330


Total liabilities 387 372


Equity attributable to Unitholders 458$ 463$


41


Industrial Segment SUMMARY OF PROPERTIES

Industrial Portfolio

Number of

Assets under

management

properties Occupancy Sq. ft. in 000's Own % Sq. ft. in 000's

United States

AtlantaAtlanta 12 94.9% 5,371 30% 1,609

Cincinnati/IndianapolisCincinnati/Indianapolis 10 92.1% 4,823 30% 1,445

Texas BorderTexas Border 38 84.6% 4,715 30% 1,413

DallasDallas 10 91.4% 3,480 30% 1,043

MemphisMemphis 7 82.7% 3,130 30% 938

Los AngelesLos Angeles 11 95.6% 2,826 30% 847

ChicagoChicago 9 90.3% 2,538 30% 760

New JerseyNew Jersey 3 100.0% 2,445 30% 733

Pennsylvania, Maryland, VirginiaPennsylvania, Maryland, Virginia 4 88.3% 1,602 30% 480

Houston, Austin, San AntonioHouston, Austin, San Antonio 12 100.0% 1,497 30% 448

South FloridaSouth Florida 11 88.8% 1,407 30% 422

Central FloridaCentral Florida 1 59.5% 386 30% 116

Other U.S.Other U.S. 2 87.4% 1,322 30% 396

Mexico 36 81.9% 5,906 30% 1,770

Canada 2 59.3% 456 30% 137

Germany 13 100.0% 2,906 31% 914

France 5 99.6% 1,224 31% 385

Italy 3 100.0% 1,306 31% 411

Spain 2 77.2% 501 31% 158

United Kingdom 1 100.0% 383 31% 120

Total 192 90.4% 48,224 30% 14,545

Sep. 30, 2014

Proportionate

42


Industrial Segment DEVELOPMENTS AND LAND

Industrial Developments

Sep. 30, 2014

(Sq. ft. in 000's)

Developments under construction(1) 9,938 2,595

Land

United States 42,600 12,763

United Kingdom 8,397 2,645

France 6,821 2,149

Germany 2,907 916

Italy 1,190 375

China 768 242

Spain 246 78

Land 62,929 19,168

Total industrial developments 72,867 21,763

(1) Refer to table below

Developments Under Construction

Sep. 30, 2014

(US$ Millions) (Sq. ft. in 000's) Total To-date

United States 8,273 Q1 2016 120$ 50$ 7%

France 876 Q2 2015 19 8 8%

Italy 507 Q4 2014 14 14 10%

United Kingdom 282 Q1 2015 7 6 8%

Developments under construction 9,938 160$ 78$ 7%

Assets under

Management

Proportionate to

Unitholders

Area currently

under

construction

Expected date of

cash

stabilization

Proportionate

Cost

Yield on cost

43


Industrial Segment DEBT

Industrial Debt


Remainder


North America 5.28% 825$ 247$ 3$ 13$ 72$ 45$ 22$ 92$ 40.7%

Europe 1.74% 286 91 28 5 - 2 38 18 72.2%

Total before deferred financing costs 4.34% 1,111$ 338$ 31$ 18$ 72$ 47$ 60$ 110$ 49.2%


Total 336$

Proportionate

Sep. 30, 2014

(US$ Millions)

Multi-family and Hotels Segment

45


Multi-family and Hotels Segment

HIGHLIGHTS

The Multi-family and Hotels platform generated Company FFO of

$15M in the third quarter of 2014, compared to $9M in the same

period in 2013. The increase is primarily driven by stronger

performance in our hotel investments as compared to 2013.

Equity attributable to Unitholders increased by $183M since year-

end, which was a result of an increased interest in our Australian

hotel portfolio, which is held through BPO, along with additional

hotel investments in the third quarter.

Acquired interest in four multi-family assets and four hotel

investments during the quarter investing $92M of equity.

Disposed of one multi-family asset during the quarter raising net

proceeds of $4M.

Executed five financings totaling $41M at an average rate of 3.2%.

FINANCIAL OVERVIEW

PLATFORM OVERVIEW

Platform primarily consists of investments in multi-family and hotel

properties.

Our Multi-family and Hotels segment now consists of over 23,000

multi-family units and 8,850 hotel rooms.



Multi-family assets 11$ 10$ 27$ 26$

Hotel assets 19 14 64 58

NOI 30 24 91 84





Company FFO 15 9 49 41

FFO 8 9 40 37

Depreciation of non-real estate assets (11) (10) (32) (30)

Fair value gains, net (7) (5) 2 (21)

Income tax expense - - (2) (1)

Non-controlling interests - non-FFO 1 (1) 1 (1)

Net income attributable to Unitholders (9)$ (7)$ 9$ (16)$


Commercial properties 883$ 768$

Commercial developments 52 -

Hotel assets 1,031 865

Other assets 440 445






Equity attributable to Unitholders 645$ 462$


46


Multi-family and Hotels Segment SUMMARY OF PROPERTIES

Hotel Summary of Properties

Number of

properties Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013 # of rooms Own % # of rooms

North America 6 247$ 240$ 190$ 184$ 6,960 29% 1,995

Australia 5 166 153 132 118 1,890 31% 595

Total 11 8,850 29% 2,590

Sep. 30, 2014

Assets under

management ProportionateRevenue per available roomAvg. daily rate per room

Multi-family Summary of Properties

Number of

Assets under

management

properties Occupancy # of units Own % # of units

United States

NCNorth Carolina 20 93.4% 5,024 29% 1,442

TXTexas 14 94.9% 4,053 24% 985

VAVirginia 7 94.9% 3,288 28% 921

FLFlorida 9 95.8% 2,720 21% 572

SCSouth Carolina 7 93.5% 1,740 30% 521

WAWashington 6 93.0% 1,409 23% 319

AZArizona 3 93.1% 1,298 26% 332

COColorado 4 93.8% 1,212 22% 268

GAGeorgia 3 96.3% 1,038 21% 217

MDMaryland 2 99.0% 433 32% 138

CTConnecticut 2 93.9% 394 23% 92

MAMassachusetts 2 94.7% 304 24% 72

NVNevada 1 92.7% 240 37% 89

Canada 2 61.9% 202 28% 56

Total 82 94.1% 23,355 26% 6,024

Proportionate

Sep. 30, 2014

47


Multi-family and Hotels Segment DEBT

Multi-family & Hotels Debt


Remainder


Multi-family 3.39% 1,021$ 576$ -$ 40$ 83$ 91$ 100$ 262$ 53.7%

Hotels 5.69% 2,449 1,043 - 18 4 249 195 577 55.3%

Total before deferred financing costs 4.88% 3,470$ 1,619$ -$ 58$ 87$ 340$ 295$ 839$ 54.7%


Total 1,610$

Proportionate

Sep. 30, 2014

(US$ Millions)

Corporate

49


Corporate

HIGHLIGHTS

Company FFO from Corporate is largely comprised of corporate

interest expense and general and administrative expenses

including the equity enhancement fee. During the third quarter of

2014, Company FFO from Corporate was ($91M) as compared to

($47M) in the prior year.

Interest expense relates to various capital securities and preferred

shares issued by certain holding companies, as well as interest on

corporate-level credit facilities. The increase of $29M in interest

expense for the current period is primarily a result of a $1.5B draw

on the acquisition facility put in place to fund the cash portion of

the BPO merger and draws on our corporate credit facilities to

fund new investments.

Administration and other expense includes asset management

fees and equity enhancement fees payable to Brookfield Asset

Management, as well as other corporate costs recorded in the

current period. The increase in administration and other expense

of $16M is primarily a result of a $14M equity enhancement fee in

the current quarter.

FINANCIAL OVERVIEW



Investment and other revenue 2$ 1$ 5$ 3$



Company FFO (91) (47) (239) (134)

Fair value gains, net - (5) - (22)


Net income attributable to Unitholders (114)$ (63)$ (492)$ (172)$

Proportionate Balance Sheet

(US$ Millions) Sep. 30, 2014 Dec. 31, 2013

Cash and cash equivalents 48$ 17$

Other assets 124 80

Total assets 172 97

Debt obligations 3,805 839

Capital securities 1,852 1,559

Deferred tax liabilities 833 450




Equity attributable to Unitholders (6,477)$ (2,915)$


50


Corporate CAPITAL RECYCLING

TRANSACTIONS

Disposed of interest in 13 assets totaling $570M on a proportionate basis, generating $256M of net proceeds during the quarter.

Dispositions in the Office segment include the sale of 125 Old Broad Street in London and an opportunistic office asset in Indiana.

Acquired interest in 19 assets during the quarter, for a total of approximately $285M of equity invested.

Dispositions

(US$ Millions) Sales price

Value at prior

quarter-end Net proceeds

Office 2 523$ 499$ 229$

Retail 3 20 19 12

Industrial 7 17 17 11


Total 13 570$ 545$ 256$

Acquisitions

(US$ Millions) Purchase price Debt Equity invested

Office 1 163$ 63$ 100$

Retail 5 93 14 79

Industrial 5 14 - 14


Total 19 511$ 226$ 285$

No. of

investments

No. of

divestitures

Proportionate

Proportionate

51


Corporate

HIGHLIGHTS

On September 30, 2014, BPO redeemed its Class AAA Series L

preferred shares which yielded 6.75% for C$288M or C$25.00 per

share.

On October 23, 2014, BPO issued 12.0M Series AA preferred shares in

the amount of C$300M at a price of C$25.00 per share, yielding

4.75% per annum for the initial period ending December 31, 2019.

LIQUIDITY

LIQUIDITY STRATEGY

The nature of our asset base and the quality of our cash flows enable

us to maintain a stable and low cost capital structure.

We attempt to maintain sufficient liquidity at all times to enable us to

take advantage of attractive opportunities as they arise, withstand

sudden adverse changes in economic circumstances and maintain a

relatively high payout of our FFO to Unitholders.

Principal sources of liquidity are cash flows from our operations,

undrawn credit facilities and access to public and private capital

markets.

Liquidity

(US$ Millions) Sep. 30, 2014 Dec. 31, 2013

Corporate cash and cash equivalents 48$ 17$

Available committed corporate credit facilities 549 909

Available subordinated credit facility 279 855

Corporate liquidity 876 1,781

Proportionate cash retained at subsidiaries 1,017 709

Proportionate availability under construction facilities 1,054 496

Proportionate availability under subsidiary credit facilities 343 301

Group-wide liquidity 3,290$ 3,287$

52


Corporate PROPORTIONATE DEBT SUMMARY

Total Proportionate Debt Summary

Avg. Term Avg. Rate Total

Remainder


Office 4.2 4.60% 14,097$ 184$ 588$ 2,107$ 3,634$ 2,900$ 4,684$ 44.1%


% floating 44.1% 47.3% 63.4% 61.7% 27.1% 85.0% 21.6%

Retail 6.7 4.54% 6,477 70 262 320 378 707 4,740 17.2%


% floating 17.2% 0.1% 0.1% 0.8% 11.3% 77.5% 10.8%

Industrial 3.7 4.34% 338 31 18 72 47 60 110 49.2%


% floating 49.2% 90.0% 26.3% 82.9% 22.7% 21.5% 45.5%

Multi-family and Hotels 4.8 4.88% 1,619 - 58 87 340 295 839 54.7%

Weighted average interest rate 4.88% - 4.76% 2.60% 4.36% 5.15% 5.23%

% floating 54.7% - 60.9% 84.5% 78.5% 87.5% 30.1%

Corporate 2.0 2.62% 3,813 - 274 2,300 201 1,038 - 91.8%

Total before deferred financing costs 4.5 4.31% 26,344$ 285$ 1,200$ 4,886$ 4,600$ 5,000$ 10,373$ 45.1%


Total 26,209$

Maturity as a % of total 100.0% 1.1% 4.6% 18.5% 17.5% 19.0% 39.3%


Sep. 30, 2014

(US$ Millions)

53


Corporate FOREIGN CURRENCY HEDGE POSITION

OVERVIEW AND STRATEGY

To the extent that is economic to do so, we hedge our equity investments and/or cash flows exposed to foreign currencies.

The following principles form the basis of our foreign currency hedging strategy:

We leverage any natural hedges that may exist within our operations.

We utilize local currency debt financing to the extent possible.

We may utilize derivative contracts to the extent that natural hedges are insufficient.

CAD is naturally hedged by preferred shares, capital securities and corporate debt at BPO.

Net Investment Hedges

Sep. 30, 2014

(US$ Millions) USD AUD/NZD BRL CAD GBP EUR Total

Net equity - US$ 13,494$ 2,388$ 546$ (178)$ 2,325$ 199$ 18,774$

FX contracts - US$ 2,961 (1,284) - - (1,525) (152) -

Net unhedged - US$ 16,455 1,104 546 (178) 800 47 18,774

% of unhedged equity - 46.2% - - 34.4% 23.6%

% of total equity 87.5% 5.9% 2.9% (0.9%) 4.3% 0.3%

Dec. 31, 2013

(US$ Millions) USD AUD/NZD BRL CAD GBP EUR Total

Net equity - US$ 9,798$ 1,530$ 447$ (110)$ 1,652$ 307$ 13,624$

FX contracts - US$ 1,966 (477) - - (1,195) (294) -

Net unhedged - US$ 11,764 1,053 447 (110) 457 13 13,624

% of unhedged equity - 68.8% - - 27.7% 4.2%

% of total equity 86.3% 7.7% 3.3% (0.8%) 3.4% 0.1%

54


Corporate CAPITAL SECURITIES & PREFERRED EQUITY

Capital Securities

Cumulative

(US$ Millions) Entity Authorized Outstanding dividend rate

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 1,000,000 5.25% 25 -




Class AAA Series G (1) Brookfield Office Properties Inc. 6,000,000 3,350,000 5.25% 85 54

Class AAA Series H (1) Brookfield Office Properties Inc. 8,000,000 7,000,000 5.75% 157 92

Class AAA Series J (1) Brookfield Office Properties Inc. 8,000,000 7,000,000 5.00% 157 92

Class AAA Series K (1) Brookfield Office Properties Inc. 8,000,000 4,980,000 5.20% 111 71

Total 1,852$ 1,559$

(1)

Preferred Equity

Cumulative

(US$ Millions) Entity Outstanding dividend rate

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

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

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

Class AAA Series L Brookfield Office Properties Inc. - 6.75% - 127

Class AAA Series N Brookfield Office Properties Inc. 11,000,000 6.15% 257 126

Class AAA Series P Brookfield Office Properties Inc. 12,000,000 5.15% 287 141

Class AAA Series R Brookfield Office Properties Inc. 10,000,000 5.10% 247 122

Class AAA Series T Brookfield Office Properties Inc. 10,000,000 4.60% 250 123

Class AAA Series V(3) Brookfield Office Properties Inc. 1,290,789 70% of bank prime 18 9

Class AAA Series W(4) Brookfield Office Properties Inc. 1,884,427 70% of bank prime 27 13

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 9

Class AAA Series Z(7) Brookfield Office Properties Inc. 600,000 30-day BA+ 0.4% 7 3

Series A Brookfield DTLA Fund Office Trust Investor Inc. 9,357,469 7.63% 257 120

Various IDI Realty, LLC 6 -

Total 1,399$ 819$

(1)

(2)

(3)

(4)

(5)

(6)

(7)

As of September 30, 2014, 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

BPY and its subsidiaries own 1,997,701 of the Class AA Series E preferred shares, which has been reflected as a reduction in outstanding shares

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

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

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

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

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

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

As of September 30, 2014, BPY and its subsidiaries own 1,050,000, 1,000,000, 1,000,000, and 1,020,000 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

55


Corporate PER UNIT INFORMATION

Equity per Unit(US$ Millions except per unit information) Sep. 30, 2014 Dec. 31, 2013

Equity attributable to:

Limited partners 5,782$ 2,528$

General partner 4 4

12,284 11,092

Limited partner units of Brookfield Office Properties Exchange LP 704 -

Equity attributable to Unitholders 18,774 13,624

Number of units outstanding 712.9 540.1

Equity attributable to Unitholders per unit 26.33$ 25.23$

Earnings per UnitProportionate

(US$ Millions except per unit information) Sep. 30, 2014 Sep. 30, 2013 Sep. 30, 2014 Sep. 30, 2013

Net income attributable to:

Limited partners 335$ 39$ 664$ 138$

General partner - - - -

Limited partner units of the operating partnership held by BAM 600 196 1,501 667

Limited partner units of Brookfield Office Properties Exchange LP 43 - 77 -


Average number of units outstanding 712.9 466.3 653.2 466.3

Net income attributable to Unitholders per unit 1.37$ 0.50$ 3.43$ 1.73$

Limited partner units of the operating partnership held by BAM

Year-to-dateQuarter-to-date

56


Corporate UNIT INFORMATION

Unit Dividends Earnings AnnouncementsCurrent policy as at September 30, 2014:

∙

∙ Fourth quarter 2014 results on February 4, 2015

∙ Record date - last business day of February, May, August and November. ∙ First quarter 2015 results on April 30, 2015

∙ Payment date - last business day of March, June, September and December. ∙ Second quarter 2015 results on August 4, 2015

Units OutstandingSep. 30, 2014 Dec. 31, 2013

Brookfield Property Partners L.P. limited partnership units 244,217,886 102,522,251

Brookfield Property Partners L.P. general partnership units 138,875 138,875

Total Brookfield Property Partners L.P. units(1) 244,356,761 102,661,126

437,409,102 437,409,102

Limited partner units of Brookfield Office Properties Exchange LP 31,153,785 -

Total units outstanding 712,919,648 540,070,228

(1) B

Unit Trading Statistics

NYSE (USD) TSX (CAD) NYSE (USD) TSX (CAD) NYSE (USD) TSX (CAD) NYSE (USD) TSX (CAD) NYSE (USD) TSX (CAD) NYSE (USD) TSX (CAD)

Initial 30 day VWAP(1) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 21.91$ 22.23C$

High 21.94$ 23.90C$ 20.87$ 22.64C$ 20.23$ 22.26C$ 20.50$ 21.88C$ 21.49$ 22.25C$ 23.99$ 24.70C$

Low 20.21$ 21.66C$ 18.65$ 20.52C$ 18.19$ 20.41C$ 18.85$ 19.59C$ 18.80$ 19.47C$ 19.07$ 20.10C$

Close 21.07$ 23.55C$ 20.87$ 22.29C$ 18.70$ 20.57C$ 19.94$ 21.24C$ 19.38$ 19.99C$ 20.30$ 21.30C$

Volume 20,768,200 16,340,000 60,202,086 28,756,934 28,326,335 14,087,272 8,989,861 3,061,195 5,954,678 2,203,076 22,776,113 12,703,715

(1) CCalculated as the initial 30-day volume-weighted average price ("VWAP") following the Spin-off of the partnership on April 15, 2013

Apr. 15, 2013 - Jun. 30, 2013Jul. 1, 2013 - Sep. 30, 2013Jul. 1, 2014 - Sep. 30, 2014

Distribution of US$0.25 per unit for the September 1, 2014 to November 30, 2014

period (US$1.00 per unit annualized).

Brookfield Property Partners' financial results are scheduled to be announced on

the following dates:

Limited partner units of the operating partnership held by BAM

Apr. 1, 2014 - Jun. 30, 2014 Oct. 1, 2013 - Dec. 31, 2013Jan. 1, 2014 - Mar. 31, 2014

Brookfield Asset Management Inc. has economic interests in approximately 45.4M Brookfield Property Partners L.P.

units as of September 30, 2014, bringing Brookfield Asset Management Inc.'s economic interest to approximately

482.8M units, or approximately 67.7%.

57


GLOSSARY OF TERMS

Terms Description

Anchor Department stores whose merchandise appeals to a broad range of shoppers. Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates that are

generally lower than the rents charged to mall store tenants.

Average leasing net rent Average rent over the lease term on a per square foot basis including tenant expense reimbursements, less operating expenses being incurred for that space, but including the impact of straight-lining rent

escalations or amortization of free rent periods.

Average rent Represents average rent over the term consisting of base minimum rent and common area costs.

Company FFO FFO before the impact of depreciation and amortization of non-real estate assets, transaction costs, gains (losses) associated with of non-investment properties plus the FFO that would have been

attributable to the partnership's shares of GGP if all outstanding warrants off GGP were exercised on a cash-less basis.

Expiring net rent Escalated cash rent at the end of the lease term on a per square foot basis including tenant expense reimbursements, less operating expenses being incurred for that space.

Expiring rent Represents rent at the end of the lease consisting of base minimum rent and common area costs.

Funds from Operations ("FFO") Income, including equity accounted income, before realized gains (losses) on investment property, fair value gains (losses) (including equity accounted fair value gains (losses)), unrealized fair value gains

(losses) that arise as a result of reporting under IFRS, depreciation and amortization of real estate assets, income tax expense (benefits), and less non-controlling interests.

In-place net rent For our office segment, the annualized amount of cash rent receivable from leases on a per square foot basis including tenant expense reimbursements, less operating expenses being incurred for that space,

but excluding the impact of straight-lining rent escalations or amortization of free rent periods.

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 anchor stores.

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.

Pro-forma The pro-forma financial information in this supplemental has been prepared to give effect to the spin-off for periods prior to April 15, 2013.

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

Specialty leasing Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the company with 60 days notice.

Spin-off Acquisition by the partnership of Brookfield Asset Management Inc.'s commercial property operations, which was effected April 15, 2013.

Strip center An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does

not have enclosed walkways linking the stores.

Tenant sales 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, limited partnership, limited partner units of the operating partnership and limited partner units of Brookfield Office Properties Exchange LP.

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