UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K________________________________________________________

Report of Foreign Private Issuer Pursuant toRule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

For the month of May 2016Commission File Number 001-35505

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BROOKFIELD PROPERTY PARTNERS L.P.(Exact name of registrant as specified in its charter)

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73 Front Street, 5th Floor, Hamilton, HM 12 Bermuda(Address of principal executive offices)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ý Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

DOCUMENTS FILED AS PART OF THIS FORM 6-K

See the Exhibit List to this Form 6-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

Date: May 11, 2016 BROOKFIELD PROPERTY PARTNERS L.P., by its general partner, Brookfield Property Partners Limited By: /s/ Jane Sheere Name: Jane Sheere Title: Secretary

EXHIBIT LIST

Exhibit Description

99.1 Management’s Discussion and Analysis of Financial Results of Brookfield Property Partners L.P. as of March 31, 2016 and December 31, 2015 and forthe three months ended March 31, 2016 and 2015

99.2 Unaudited condensed consolidated financial statements of Brookfield Property Partners L.P. as of March 31, 2016 and December 31, 2015 and for thethree months ended March 31, 2016 and 2015

99.3 Certification of Chief Executive Officer of Brookfield Property Group LLC, a manager of Brookfield Property Partners L.P.

99.4 Certification of Chief Financial Officer of Brookfield Property Group LLC, a manager of Brookfield Property Partners L.P.

Management’s Discussion and Analysis of Financial Results

INTRODUCTIONThis management’s discussion and analysis (“MD&A”) of Brookfield Property Partners L.P. (“BPY”, the “partnership”, or “we”) covers the financial position as of

March 31, 2016 and December 31, 2015 and results of operations for the three months ended March 31, 2016 and 2015. This MD&A should be read in conjunction with theunaudited condensed consolidated financial statements (the “Financial Statements”) and related notes as of March 31, 2016, included elsewhere in this report, and our annual reportfor the year ended December 31, 2015 on Form 20-F.

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND USE OF NON-IFRS MEASURESThis MD&A, particularly “Objectives and Financial Highlights – Overview of the Business” and “Additional Information – Trend Information”, 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 referto 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 andother 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 basedupon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known andunknown risks, uncertainties and other factors, many of which are beyond our control, which may cause our actual results, performance or achievements to differ materially fromanticipated 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 incidentalto 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 inthe countries in which we do business; the ability to enter into new leases or renew leases on favorable terms; business competition; dependence on tenants’ financial condition; theuse of debt to finance our business; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; uncertainties of real estate development orredevelopment; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; risks relating to our insurance coverage; thepossible 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 attainexpected benefits therefrom; operational and reputational risks; catastrophic events, such as earthquakes and hurricanes; and other risks and factors detailed from time to time in ourdocuments filed with the securities regulators in Canada and the United States, as applicable.

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 publiclyupdate 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.

We disclose a number of financial measures in this MD&A that are calculated and presented using methodologies other than in accordance with International FinancialReporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). We utilize these measures in managing our business, including performancemeasurement, capital allocation and valuation purposes and believe that providing these performance measures on a supplemental basis to our IFRS results is helpful to investors inassessing our overall performance. These financial measures should not be considered as a substitute for similar financial measures calculated in accordance with IFRS. We cautionreaders that these non-IFRS financial measures may differ from the calculations disclosed by other businesses, and as a result, may not be comparable to similar measures presentedby others. Reconciliations of these non-IFRS financial measures to the most directly comparable financial measures calculated and presented in accordance with IFRS, whereapplicable, are included within this MD&A.

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OBJECTIVES AND FINANCIAL HIGHLIGHTSBASIS OF PRESENTATION

Our sole material asset is our 37% interest in Brookfield Property L.P. (the “Operating Partnership”). As we have the ability to direct its activities pursuant to our rights asowners of the general partner units, we consolidate the Operating Partnership. Accordingly, our Financial Statements reflect 100% of its assets, liabilities, revenues, expenses andcash flows, including non-controlling interests therein, which capture the ownership interests of other third parties.

We also discuss the results of operations on a segment basis, consistent with how we manage our business. In the first quarter of 2016, we realigned the organizationaland governance structures of our businesses to align them more closely with the nature of the partnership’s investments. Such realignment gave rise to changes in how thepartnership presents information for financial reporting and management decision-making purposes and resulted in a change in the partnership’s reporting segments. Consequently,as of March 31, 2016, the partnership’s operating segments are organized into four reportable segments: i) Core Office, ii) Core Retail, iii) Opportunistic and iv) Corporate. Allprior period segment disclosures have been recast to reflect the changes in the partnership’s reportable segments. These segments are independently and regularly reviewed andmanaged by the Chief Executive Officer, who is considered the Chief Operating Decision Maker.

Our partnership’s equity interests include general partnership units (“GP Units”), publicly traded limited partnership units (“LP Units”), redeemable/exchangeablepartnership units of the Operating Partnership (“Redeemable/Exchangeable Partnership Units”), special limited partnership units of the Operating Partnership (“Special LP Units”)and limited partnership units of Brookfield Office Properties Exchange LP (“Exchange LP Units”). Holders of the GP Units, LP Units, Redeemable/Exchangeable PartnershipUnits, Special LP Units, and Exchange LP Units will be collectively referred to throughout this MD&A as “Unitholders”. The GP Units, LP Units, Redeemable/ExchangeablePartnership Units, Special LP Units and Exchange LP Units have the same economic attributes in all respects, except that the Redeemable/Exchangeable Partnership Units haveprovided Brookfield Asset Management Inc. (“Brookfield Asset Management”) the right to request that its units be redeemed for cash consideration since April 2015. In the eventthat Brookfield Asset Management exercises this right, our partnership has the right, at its sole discretion, to satisfy the redemption request with its LP Units, rather than cash, on aone-for-one basis. As a result, Brookfield Asset Management, as holder of Redeemable/Exchangeable Partnership Units, participates in earnings and distributions on a per unitbasis equivalent to the per unit participation of the LP Units of our partnership. However, given the redemption feature referenced above and the fact that they were issued by oursubsidiary, we present the Redeemable/Exchangeable Partnership Units as a component of non-controlling interests. The Exchange LP Units are exchangeable at any time on a one-for-one basis, at the option of the holder, for LP Units. As a result of this redemption feature, we present the Exchange LP Units as a component of non-controlling interests.

This MD&A includes financial data for the three months ended March 31, 2016 and includes material information up to May 11, 2016. Financial data have been preparedusing accounting policies in accordance with IFRS as issued by the IASB. Non-IFRS measures used in this MD&A are reconciled to or calculated from such financial information.Unless otherwise specified, all operating and other statistical information is presented as if we own 100% of each property in our portfolio, regardless of whether we own all of theinterests in each property, excluding information relating to our interests in China Xintiandi (“CXTD”). We believe this is the most appropriate basis on which to evaluate theperformance of properties in the portfolio relative to each other and others in the market. All dollar references, unless otherwise stated, are in millions of U.S. Dollars. CanadianDollars (“C$”), Australian Dollars (“A$”), British Pounds (“£”), Euros (“€”), Brazilian Reais (“R$”), Indian Rupees (“₨”), and Chinese Yuan (“C¥”) are identified whereapplicable.

Additional information is available on our website at www.brookfieldpropertypartners.com, or on www.sedar.com or www.sec.gov.

OVERVIEW OF THE BUSINESSOur partnership is Brookfield Asset Management’s primary public entity to make investments in the real estate industry. We are a globally-diversified owner and operator

of high-quality properties that typically generate stable and sustainable cash flows over the long term. Our goal is to be a leading global owner and operator of real estate, providinginvestors with a diversified exposure to some of the most iconic properties in the world and to acquire high-quality assets at a discount to replacement cost or intrinsic value. Withapproximately 14,000 employees involved in Brookfield Asset Management’s real estate businesses around the globe, we have built operating platforms in various real estatesectors, including:

• Core Office sector through our 100% common equity interest in Brookfield Office Properties Inc. (“BPO”) and our 50% interest in Canary Wharf Group plc(“Canary Wharf”);

• Core Retail sector through our 29% interest in General Growth Properties, Inc. (“GGP”) (34% on a fully diluted basis, assuming all outstanding warrants areexercised); and

• Opportunistic sector through investments in Brookfield Asset Management-sponsored real estate opportunity funds.

Through these platforms, we have amassed a portfolio of premier properties and development sites around the globe, including:

• 153 office properties totaling over 101 million square feet primarily located in the world’s leading commercial markets such as New York, London, Los Angeles,Washington, D.C., Sydney, Toronto, and Berlin;

• Office and urban multifamily development sites that enable the construction of 32 million square feet of new properties;• 128 regional malls and urban retail properties containing approximately 126 million square feet in the United States;• 104 opportunistic office properties comprising 23 million square feet of office space in the United States, United Kingdom, Brazil and India;• Over 27 million square feet of opportunistic retail space across 43 properties across the United States and in select Brazilian markets;

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• Approximately 55 million square feet of industrial space across 206 industrial properties, primarily consisting of modern logistics assets in North America andEurope, with an additional four million square feet currently under construction;

• Over 39,500 multifamily units across 140 properties throughout the United States;• Twenty-seven hospitality assets with over 18,200 rooms across North America, Europe and Australia;• Over 300 properties that are leased to automotive dealerships across the United States and Canada on a triple net lease basis; and• Over 100 self-storage facilities comprising over 67,000 storage units throughout the United States.

Our diversified portfolio of high-quality office and retail assets in some of the world’s most dynamic markets has a stable cash flow profile due to its long-term leases. Inaddition, as a result of the mark-to-market of rents upon lease expiry, escalation provisions in leases and projected increases in occupancy, these assets should generate strong same-property net operating income (“NOI”) growth without significant capital investment. Furthermore, we expect to earn between 8% and 11% unlevered, pre-tax returns onconstruction costs for our development and redevelopment projects and 20% on our equity invested in Brookfield-sponsored real estate opportunity funds. With this cash flowprofile, our goal is to pay an attractive annual distribution to our Unitholders and to grow our distribution by 5% to 8% per annum.

Overall, we seek to earn leveraged after-tax returns of 12% to 15% on our invested capital. These returns will be comprised of current cash flow and capital appreciation.Capital appreciation will be reflected in the fair value gains that flow through our income statement as a result of our revaluation of investment properties in accordance with IFRS toreflect initiatives that increase property level cash flows, change the risk profile of the asset, or to reflect changes in market conditions. From time to time, we will convert some orall of these unrealized gains to cash through asset sales, joint ventures or refinancings.

We believe our global scale and best-in-class operating platforms provide us with a unique competitive advantage as we are able to efficiently allocate capital around theworld toward those sectors and geographies where we see the greatest returns. We actively recycle assets on our balance sheet as they mature and reinvest the proceeds into higheryielding investment strategies, further enhancing returns. In addition, due to the scale of our stabilized portfolio and flexibility of our balance sheet, our business model is self-funding and does not require us to access capital markets to fund our continued growth.

PERFORMANCE MEASURESWe expect to generate returns to Unitholders from a combination of cash flow earned from our operations and capital appreciation. Furthermore, if we are successful in

increasing cash flow earned from our operations we will be able to increase distributions to Unitholders to provide them with an attractive current yield on their investment.

To measure our performance against these targets, we focus on NOI, funds from operations (“FFO”), Company FFO, fair value changes, and net income and equityattributable to Unitholders. Some of these performance metrics do not have standardized meanings prescribed by IFRS and therefore may differ from similar metrics used by othercompanies. We define each of these measures as follows:

• NOI: revenues from our commercial and hospitality operations of consolidated properties less direct commercial property and hospitality expenses.• FFO: net income, prior to fair value gains, net, depreciation and amortization of real estate assets, and income taxes less non-controlling interests of others in

operating subsidiaries and properties share of these items. When determining FFO, we include our proportionate share of the FFO of unconsolidated partnershipsand joint ventures and associates.

• Company FFO: FFO before the impact of depreciation and amortization of non-real estate assets, transaction costs, gains (losses) associated with non-investmentproperties and the FFO that would have been attributable to the partnership’s shares of GGP if all outstanding warrants of GGP were exercised on a cashless basis.It also includes dilution adjustments to undiluted FFO as a result of the net settled warrants.

• Fair value changes: includes the increase or decrease in the value of investment properties that is reflected in the consolidated statements of income.• Net income attributable to Unitholders: net income attributable to holders of GP Units, LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units and

Exchange LP Units.• Equity attributable to Unitholders: equity attributable to holders of GP Units, LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units and

Exchange LP Units.

NOI is a key indicator of our ability to increase cash flow from our operations. We seek to grow NOI through pro-active management and leasing of our properties. Inevaluating our performance, we analyze a subset of NOI, defined as “same-property NOI,” which excludes NOI that is earned from assets acquired, disposed of or developedduring the periods presented, or not of a recurring nature, and from opportunistic assets. Same-property NOI allows us to segregate the performance of leasing and operatinginitiatives on the portfolio from the impact to performance of investing activities and “one-time items”, which for the historical periods presented consist primarily of leasetermination income.

We also consider FFO an important measure of our operating performance. FFO is a widely recognized measure that is frequently used by securities analysts, investorsand other interested parties in the evaluation of real estate entities, particularly those that own and operate income producing properties. Our definition of FFO includes all of theadjustments that are outlined in the National Association of Real Estate Investment Trusts (“NAREIT”) definition of FFO, including the exclusion of gains (or losses) from the saleof investment properties, the add back of any depreciation and amortization related to real estate assets and the adjustment for unconsolidated partnerships and joint ventures. Inaddition 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 (“REITs”). These additional adjustments result inan FFO measure that is similar to that which would result if our

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partnership was organized as a REIT that determined net income in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), which is the typeof organization on which the NAREIT definition is premised. Our FFO measure will differ from other organizations applying the NAREIT definition to the extent of certaindifferences between the IFRS and U.S. GAAP reporting frameworks, principally related to the recognition of lease termination income. Because FFO excludes fair value gains(losses), including equity accounted fair value gains (losses), realized gains (losses) on the sale of investment properties, depreciation and amortization of real estate assets andincome taxes, it provides a performance measure that, when compared year-over-year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costsand interest costs, providing perspective not immediately apparent from net income. We reconcile FFO to net income rather than cash flow from operating activities as we believenet income is the most comparable measure.

In addition to monitoring, analyzing and reviewing earnings performance, we also review initiatives and market conditions that contribute to changes in the fair value ofour investment properties. These value changes, combined with earnings, represent a total return on the equity attributable to Unitholders and form an important component inmeasuring how we have performed relative to our targets.

We also consider the following items to be important drivers of our current and anticipated financial performance:

• Increases in occupancies by leasing vacant space;• Increases in rental rates through maintaining or enhancing the quality of our assets and as market conditions permit; and• Reductions in operating costs through achieving economies of scale and diligently managing contracts.

We also believe that key external performance drivers include the availability of the following:

• Debt capital at a cost and on terms conducive to our goals;• Equity capital at a reasonable cost;• New property acquisitions that fit into our strategic plan; and• Investors for dispositions of peak value or non-core assets.

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FINANCIAL STATEMENTS ANALYSISREVIEW OF CONSOLIDATED FINANCIAL RESULTS

In this section, we review our financial position and consolidated performance as of March 31, 2016 and December 31, 2015 and for the three months ended March 31,2016 and 2015. Further details on our results from operations and our financial positions are contained within the “Segment Performance” section beginning on page 12.

Our investment approach is to acquire high-quality assets at a discount to replacement cost or intrinsic value. We have been actively pursuing this strategy through ourflexibility to allocate capital to real estate sectors and geographies with the best risk-adjusted returns and to participate in transactions through our investments in various BrookfieldAsset Management-sponsored real estate funds. Some of the more significant transactions are highlighted below:

Significant Developments in the first quarter of 2016During the first quarter of 2016, we acquired a portfolio of self-storage facilities across the U.S. for approximately $840 million in our Opportunistic sector, including the

assumption of debt. In our Core Office segment, we sold World Square Retail in Sydney for A$285 million and Royal Centre in Vancouver for C$428 million.

Significant Developments in the first quarter of 2015During the first quarter of 2015, we were successful in expanding our core office platform as a result of the acquisition of a further interest in Canary Wharf using

proceeds raised at the end of 2014 through the issuance of preferred shares. We, in conjunction with our joint venture partner Qatar Investment Authority (“QIA”), acquired 100%of Canary Wharf (the “Canary Wharf Transaction”), a 9.5 million square feet office portfolio in London with an 11.5 million square feet development pipeline.

Summary Operating Results

Three months ended Mar. 31, (US$ Millions) 2016 2015Commercial property revenue $ 820 $ 810Hospitality revenue 392 270Investment and other revenue 35 69Total revenue 1,247 1,149Direct commercial property expense 311 327Direct hospitality expense 265 206Interest expense 416 374Depreciation and amortization 64 36General and administrative expense 131 110Total expenses 1,187 1,053Fair value gains, net 337 828Share of earnings from equity accounted investments 130 264Income before taxes 527 1,188Income tax expense 87 179Net income $ 440 $ 1,009Net income attributable to non-controlling interests of others in operating subsidiaries and properties 189 176Net income attributable to Unitholders $ 251 $ 833

NOI $ 636 $ 547FFO $ 195 $ 176Company FFO $ 217 $ 181

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Our basic and diluted net income attributable to Unitholders per unit and weighted average units outstanding are calculated as follows:

Three months ended Mar. 31, (US$ Millions, except per share information) 2016 2015Net income attributable to Unitholders - basic(1) $ 251 $ 833Dilutive effect of conversion of capital securities - corporate 10 9Net income attributable to Unitholders - diluted $ 261 $ 842

Weighted average number of units outstanding - basic(1) 781.2 782.8Conversion of capital securities - corporate and options 38.3 40.1Weighted average number of units outstanding - diluted 819.5 822.9Net income per unit attributable to Unitholders - basic(1) $ 0.32 $ 1.06Net income per unit attributable to Unitholders - diluted $ 0.32 $ 1.02

(1) Basic net income attributable to Unitholders per unit requires the inclusion of preferred shares of the Operating Partnership that are mandatorily convertible into LP Units without anadd back to earnings of the associated carry on the preferred shares. Net income attributable to Unitholders per unit with the add back of the associated carry on the preferred shareswould be $0.36 per unit and $1.10 per unit for the three months ended March 31, 2016 and 2015, respectively.

Commercial property revenue and direct commercial property expense

For the three months ended March 31, 2016, commercial property revenue increased by $10 million compared to the same period in the prior year, as a result ofincremental capital allocated to higher yielding opportunistic activities, same-property growth in our core office and retail platforms and an increase in our asset base. Acquisitionsmade in 2015 and 2016, including Associated Estates Realty Corp. (“Associated Estates”), an office portfolio in Brazil and a self-storage portfolio, contributed to a $64 millionincrease in revenue. These increases were offset by the disposition or partial disposition of mature office assets, some of which resulted in the deconsolidation of certain commercialproperties that provided the capital to pursue the aforementioned acquisitions. Material dispositions, full or partial, include Royal Centre in Vancouver, Southern Cross East andWest in Melbourne, Manhattan West in New York City, 99 Bishopsgate in London, a portfolio of Washington, D.C. office assets and 75 State Street in Boston.

Direct commercial property expense decreased by $16 million largely due to the disposition of mature assets and the deconsolidation of certain commercial assets. These

decreases were offset by additional expenses relating to acquisitions during 2015 and 2016 as mentioned above. Margins in 2016 were 62.1%, an improvement of 2.4% over 2015.

Hospitality revenue and direct hospitality expenseHospitality revenue increased to $392 million for the three months ended March 31, 2016, compared to $270 million in the same period in the prior year. Direct

hospitality expense increased to $265 million for the three months ended March 31, 2016, compared to $206 million in the same period in the prior year. These increases areprimarily related to the acquisition of Center Parcs Group (“Center Parcs UK”) in the third quarter of 2015, as well as a strong first quarter at the Paradise Island Holdings Limited(“Atlantis”) due to the timing of Easter in the current year.

Investment and other revenue and investment and other expenseInvestment and other revenue includes management fees, leasing fees, development fees, interest income and other non-rental revenue. Investment and other revenue

decreased by $34 million for the three months ended March 31, 2016 as compared to the same period in the prior year. This decrease was primarily due to dividend income fromCanary Wharf prior to the joint venture transaction in the first quarter of 2015 of $15 million and preferred share dividends from CXTD of $11 million.

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Interest expenseInterest expense increased by $42 million for the three months ended March 31, 2016 as compared to the same period in the prior year. This was due to the assumption of

debt obligations as a result of acquisition activity and through incremental debt raised from temporary drawdowns on our credit facilities, as well as the issuance of convertiblepreferred shares to source the capital required for acquisitions.

General and administrative expenseGeneral and administrative expense increased by $21 million for the three months ended March 31, 2016 as compared to the same period in the prior year. The increase

was primarily attributable to operating costs of newly acquired entities, including Associated Estates, Center Parcs UK, and portfolios of office assets in Brazil and self-storageassets in the U.S. In addition, we recorded transaction expenses during the first quarter of 2016, primarily related to the acquisition of the self-storage portfolio and a Brazilian officeportfolio, of $16 million.

Fair value gains, netWhile we measure and record our commercial properties and developments using valuations prepared by management in accordance with our policy, external appraisals

and market comparables, when available, are used to support our valuations.

Fair value gains, net for our Core Office sector of $18 million were

recognized in the three months ended March 31, 2016. These gains primarily related toproperties in New York, Vancouver and Sydney as a result of leasing and transactionactivity, including a fair value gain realized on the disposition of Royal Centre during thefirst quarter of 2016. These gains were offset by fair value losses on energy-dependentmarkets, including Houston and Calgary.

The prior year included significant fair value gains in New York and Sydney,mainly as a result of cash flow changes, based on leases signed during the quarter andsome discount and capitalization rate compression to reflect improvements in the officemarkets in the impacted regions.

Fair value gains, net for the Core Retail segment relate to the appreciation ofour warrants in GGP due to an increase in the market price of the underlying sharesduring the three months ended March 31, 2016 and 2015.

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Fair value gains, net for the Opportunistic segment of $132 million wererecognized in the three months ended March 31, 2016, primarily related to ourmultifamily portfolio, due to increases in rental rates, resulting from renovation workthat has been completed to date. Additionally, in our opportunistic office portfolio, wehave seen improved market conditions in certain markets in the United States andLondon; and in our industrial portfolio, particularly in select markets in the U.S. andGermany as a result of improved leasing.

In addition, for the three months ended March 31, 2016, we recorded fair value gains, net of $18 million (2015 - fair value loss, net of $12 million), primarily related tomark-to-market adjustments of financial instruments and the settlement of derivative contracts during the quarter.

Share of net earnings from equity accounted investmentsOur most material equity accounted investments are Canary Wharf in our Core Office sector, GGP in our Core Retail sector and the Diplomat hotel and our interest in the

second value-add multifamily fund in our Opportunistic segment.

Our share of net earnings from equity accounted investments was $130 millionfor three months ended March 31, 2016, which represents a decrease of $134 millioncompared to the prior year. The decrease was driven by our Core Office sector as a resultof fair value losses on certain derivative contracts within our equity accountedinvestments during the quarter, which contributed to an ($88) million fair value loss fromequity accounted investments. Also contributing to the decrease in the Core Office arelower fair value gains on our equity accounted Core Office assets than were recognized inthe prior period. These decreases were partially offset by an increase of fair value in ourOpportunistic sector. The decrease in our Core Retail portfolio compared with the prioryear period was primarily related to higher fair value gains in the prior year.

Reconciliation of Non-IFRS measuresAs described in the “Performance Measures” section on page 3, our partnership uses non-IFRS measures to assess the performance of its operations. An analysis of the

measures and reconciliation to IFRS measures is included below.

Commercial property NOI increased by $26 million to $509 million during the three months ended March 31, 2016 compared with $483 million during the same periodin the prior year. The increase was primarily driven by new acquisitions across our portfolio offset by the disposition of mature assets, the deconsolidation of certain assetsfollowing partial dispositions thereof and the negative impact of foreign exchange.

Hospitality NOI increased by $63 million to $127 million during the three months ended March 31, 2016 compared with $64 million during the same period in the prioryear. This increase is primarily due to the acquisition of Center Parcs UK and strong performance at the Atlantis as a result of the timing of the Easter holiday.

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The following table reconciles NOI to net income for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015Commercial property revenue $ 820 $ 810Direct commercial property expense (311) (327)Commercial property NOI 509 483Hospitality revenue 392 270Direct hospitality expense (265) (206)Hospitality NOI 127 64Total NOI 636 547Investment and other revenue 35 69Share of net earnings from equity accounted investments 130 264Interest expense (416) (374)Depreciation and amortization (64) (36)General and administrative expense (131) (110)Fair value gains, net 337 828Income before taxes 527 1,188Income tax expense (87) (179)Net income $ 440 $ 1,009Net income attributable to non-controlling interests 189 176Net income attributable to Unitholders $ 251 $ 833

The following table reconciles net income to FFO for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015Net income $ 440 $ 1,009Add (deduct): Fair value gains, net (337) (828) Share of equity accounted fair value gains, net 88 (93) Depreciation and amortization of real estate assets 59 31 Income tax expense 87 179 Non-controlling interests in above items (142) (122)FFO $ 195 $ 176

Add (deduct): Depreciation and amortization of real-estate assets, net(1) 6 5Transaction costs, net(1) 9 —Gains/losses associated with non-investment properties, net(1) (6) (11)Net contribution from GGP warrants(2) 13 11

Company FFO $ 217 $ 181(1) Presented net of non-controlling interests.(2)Represents incremental FFO that would have been attributable to the partnership’s share of GGP, if all outstanding warrants of GGP had been exercised on a cashless basis. It also

includes the dilution adjustments to FFO as a result of the net settled warrants.

FFO increased to $195 million during the three months ended March 31, 2016 compared with $176 million during the same period in the prior year. These increases weredriven by acquisition activity since the prior period, including Associated Estates, an office portfolio in Brazil, a self-storage portfolio in the U.S., and Center Parcs UK, as well aspositive same-property growth in our Core Office and Core Retail sectors. These increases are partially offset by the negative impact of foreign exchange rate fluctuations on ourearnings from operations outside of the U.S.

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Statement of Financial Position Highlights and Key Metrics

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

Investment properties Commercial properties $ 40,298 $ 39,111 Commercial developments 2,901 2,488Equity accounted investments 17,202 17,638Hospitality assets 4,925 5,016Cash and cash equivalents 1,237 1,035Assets held for sale 1,254 805Total assets 73,837 71,866Debt obligations 31,128 30,526Liabilities associated with assets held for sale 478 242Total equity 31,299 30,933Equity attributable to Unitholders $ 21,829 $ 21,958Equity per unit(1) $ 29.93 $ 30.09

(1) Assumes conversion of mandatorily convertible preferred shares. See page 11 for additional information.

As of March 31, 2016, we had $73,837 million in total assets, compared with $71,866 million at December 31, 2015. This $1,971 million increase reflects acquisitionactivity since the prior year, including the acquisition of a self-storage portfolio.

Our investment properties are comprised of commercial, operating, rent-producing properties and commercial developments including active sites and those in planningfor future development and land. Commercial properties increased from $39,111 million at the end of 2015 to $40,298 million at March 31, 2016. The increase was largely due tothe acquisition of our self-storage portfolio, as well as incremental capital spend to maintain or enhance properties and the impact of foreign exchange. This was offset by the full orpartial disposition of certain assets during the year, and the reclassification of certain properties to assets held for sale.

Commercial developments consist of commercial property development sites, density rights and related infrastructure. The total fair value of development land andinfrastructure was $2,901 million at March 31, 2016, an increase of $413 million from the balance at December 31, 2015. The increase is primarily attributable to additional capitalspend on our active developments.

The following table presents the changes in investment properties from December 31, 2015 to March 31, 2016:

Mar. 31, 2016

(US$ Millions)Commercial

propertiesCommercial

developmentsCommercial properties, beginning of period $ 39,111 $ 2,488Acquisitions 1,105 79Capital expenditures 106 198Dispositions (28) (3)Fair value gains, net 133 7Foreign currency translation 560 6Reclassifications to assets held for sale and other changes (689) 126Commercial properties, end of period $ 40,298 $ 2,901

Equity accounted investments, decreased by $436 million since December 31, 2015 primarily due to the reclassification of $363 million from equity accountedinvestments to assets held for sale, which includes half of our interest in the Potsdamer Platz estate in Berlin in our Core Office sector, a portfolio of hospitality assets in Germany,and fourteen industrial assets in the United States, as we intend to sell interests in these investments to third parties in the next 12 months.

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The following table presents a roll-forward of changes in our equity accounted investments:

(US$ Millions) Mar. 31, 2016Equity accounted investments, beginning of period $ 17,638Additions, net of disposals (78)Share of net income 130Distributions received (78)Foreign exchange (60)Reclassification to assets held for sale (363)Other 13Equity accounted investments, end of period $ 17,202

Hospitality assets decreased by $91 million since December 31, 2015, primarily as a result of depreciation expense during the first quarter of 2016 and the impact offoreign exchange related to our Center Parcs UK portfolio.

As of March 31, 2016, assets held for sale included three properties in our Core Office segment, half of our interest in the Potsdamer Platz estate, as well as a portfolio ofhospitality assets in Germany, 14 industrial assets and 18 multifamily assets in the United States, as we intend to sell controlling interests in these properties to third parties in thenext 12 months.

Our debt obligations increased to $31,128 million at March 31, 2016 from $30,526 million at December 31, 2015. Contributing to this increase was the addition ofproperty-specific borrowings related to acquisition activity during the period, as noted above, as well as the impact of foreign exchange. These increases were partially offset by thedisposition of encumbered assets during the period and the repayment of corporate borrowings following the refinancing of our credit facility during the quarter.

The following table presents additional information on our partnership’s outstanding debt obligations:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Corporate borrowings $ 1,142 $ 1,632Funds subscription facilities 1,583 1,594Non-recourse borrowings Property-specific borrowings 27,127 25,938 Subsidiary borrowings 1,276 1,362Total debt obligations $ 31,128 $ 30,526Current 5,652 8,580Non-current 25,476 21,946Total debt obligations $ 31,128 $ 30,526

The following table presents the components used to calculate equity attributable to Unitholders per unit:

(US$ Millions, except unit information) Mar. 31, 2016 Dec. 31, 2015Total equity $ 31,299 $ 30,933Less:

Interests of others in operating subsidiaries and properties 9,470 8,975Equity attributable to Unitholders 21,829 21,958Mandatorily convertible preferred shares 1,559 1,554Total equity attributable to unitholders 23,388 23,512Partnership units 711,131,721 711,412,925Mandatorily convertible preferred shares 70,038,910 70,038,910Total partnership units 781,170,631 781,451,835Equity attributable to unitholders per unit $ 29.93 $ 30.09

Equity attributable to Unitholders was $21,829 million at March 31, 2016, a decrease of $129 million from the balance at December 31, 2015. Assuming the conversionof mandatorily convertible preferred shares, equity attributable to unitholders decreased to $29.93 per unit at March 31, 2016 from $30.09 per unit at December 31, 2015. Thedecrease was a result of distributions from our investments during the period, offset by fair value gains and income from equity accounted investments.

Interests of others in operating subsidiaries and properties was $9,470 million at March 31, 2016, an increase of $495 million from the balance of $8,975 million atDecember 31, 2015. The increase was primarily a result of the acquisition of new investments through Brookfield

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Asset Management-sponsored funds in which the partnership is a limited partner and additional closes on the second opportunity fund reducing our interests therein.

SUMMARY OF QUARTERLY RESULTS

2016 2015 2014(US$ Millions, except per unit information) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2Revenue $ 1,247 $ 1,267 $ 1,267 $ 1,170 $ 1,149 $ 1,070 $ 1,098 $ 1,243Direct operating costs 576 573 573 504 533 524 505 533Net income 440 1,157 435 1,165 1,009 1,595 1,043 1,289Net income attributable to unitholders 251 863 193 1,026 833 1,492 978 892Net income per share attributable to unitholders - basic $ 0.32 $ 1.10 $ 0.25 $ 1.31 $ 1.06 $ 2.09 $ 1.37 $ 1.31Net income per share attributable to unitholders - diluted $ 0.32 $ 1.06 $ 0.25 $ 1.26 $ 1.02 $ 1.97 $ 1.33 $ 1.30

Revenue varies from quarter to quarter due to acquisitions and dispositions of commercial and other income producing assets, changes in occupancy levels, as well as theimpact of leasing activity at market net rents. In addition, revenue also fluctuates as a result of changes in foreign exchange rates and seasonality. Seasonality primarily affects ourretail assets, wherein the fourth quarter exhibits stronger performance in conjunction with the holiday season. In addition, our North American hospitality assets generally havestronger performance in the winter and spring months compared to the summer and fall months, while our European hospitality assets exhibit the strongest performance during thesummer months. Fluctuations in our net income is also impacted by the fair value of properties in the period to reflect changes in valuation metrics driven by market conditions orproperty cash flows.

SEGMENT PERFORMANCE

Our operations are organized into four operating segments which include Core Office, Core Retail, Opportunistic and Corporate.

The following table presents FFO by segment for comparison purposes:

Three months ended Mar. 31, (US$ Millions) 2016 2015Core Office $ 144 $ 140Core Retail 103 88Opportunistic 64 67Corporate (116) (119)FFO $ 195 $ 176

The following table presents equity attributable to Unitholders by segment as of March 31, 2016 and December 31, 2015:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Core Office $ 15,884 $ 15,984Core Retail 8,750 8,579Opportunistic 4,233 4,251Corporate (7,038) (6,856)Total $ 21,829 $ 21,958

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Core Office

Our Core Office segment consists of interests in 153 office properties totaling over 101 million square feet, which are located primarily in the world’s leading commercialmarkets such as New York, London, Sydney, Toronto and Berlin among others and consists primarily of our 100% common share interest in BPO and our 50% joint ventureinterest in Canary Wharf.

The following table presents FFO and net income attributable to Unitholders in our Core Office segment for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015FFO $ 144 $ 140Net income attributable to Unitholders 83 794

FFO from our Core Office segment was $144 million for the three months ended March 31, 2016 as compared to $140 million in the same period in the prior year. Thisincrease is primarily related to the FFO contribution from same-property growth in our portfolio, offset by the decrease of FFO contribution following the full or partial dispositionof mature assets since March 31, 2015.

Net income attributable to Unitholders decreased by $711 million to $83 million during the three months ended March 31, 2016 as compared to $794 million during thesame period in 2015. The decrease was primarily a result of higher fair value gains recorded in the prior period due to the strengthening of market conditions and leasing during theperiod primarily in New York, London and Sydney and a gain upon contribution of our prior 22% interest in Canary Wharf to our joint venture with QIA.

The following table presents key operating metrics for our Core Office portfolio as at and for the three months ended March 31, 2016 and 2015:

Consolidated Unconsolidated(US$ Millions, except where noted) Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2015

Total portfolio: NOI(1) $ 283 $ 313 $ 86 $ 74 Number of properties 86 102 67 35 Leasable square feet (in thousands) 54,939 60,367 26,792 18,671 Occupancy 91.1% 91.6% 93.8% 95.7% In-place net rents (per square foot)(2) $ 27.74 $ 27.91 $ 42.38 $ 46.50Same-property: NOI(1,2) $ 270 $ 248 $ 46 $ 45 Number of properties 73 73 9 9 Leasable square feet (in thousands) 53,522 53,446 8,150 8,141 Occupancy 91.6% 91.0% 94.4% 95.5% In-place net rents (per square foot)(2) $ 27.88 $ 26.61 $ 48.05 $ 43.36

(1) NOI for unconsolidated properties is presented on a proportionate basis, representing the Unitholders’ interest in the property.(2) Prior period presented using the March 31, 2016 exchange rate.

NOI from our consolidated properties decreased to $283 million during the three months ended March 31, 2016 from $313 million during the same period in 2015. Thisdecrease was primarily due to the negative impact of foreign exchange and the partial disposition and deconsolidation of the eight assets contributed to the D.C. Fund, as well asdispositions in Boston, Seattle, Vancouver, Melbourne and Toronto, offset by the incremental NOI contribution from new leases, primarily in Downtown New York.

Same-property NOI for our consolidated properties for the three months ended March 31, 2016 compared with the same period in the prior year increased by $22 millionto $270 million. This increase was primarily the result of increased occupancy and higher in-place net rents, predominately in our New York, Washington, D.C., Los Angeles andLondon properties.

NOI from our unconsolidated properties, which is presented on a proportionate basis, increased by $12 million to $86 million during the three months ended March 31,2016, compared to $74 million during the period in the prior year. This increase primarily reflects the inclusion of Canary Wharf for a full quarter. Occupancy rates decreased to93.8% from 95.7% primarily as a result of the acquisition of a portfolio in Berlin, where occupancy is lower than in the remainder of the unconsolidated portfolio.

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The following table presents certain key operating metrics related to leasing activity in our Core Office segment for the three months ended March 31, 2016 and 2015:

Total portfolio(US$ Millions, except where noted) Mar. 31, 2016 Mar. 31, 2015

Leasing activity (square feet in thousands) New leases 723 1,264 Renewal leases 781 622Total leasing activity 1,504 1,886Average term (in years) 8.2 8.6Year one leasing net rents (per square foot)(1) $ 30.91 $ 33.70Average leasing net rents (per square foot)(1) 31.68 38.19Expiring net rents (per square foot)(1) 30.11 24.05Estimated market net rents for similar space (per square foot)(1) 39.60 39.26Tenant improvement and leasing costs (per square foot) 22.43 72.63

(1) Presented using normalized foreign exchange rates, using the March 31, 2016 exchange rate.

For the three months ended March 31, 2016, we leased approximately 1.5 million square feet at average in-place net rents of $31.68 per square foot. Approximately 48%of our leasing activity represented new leases. Our overall Core Office portfolio’s in-place net rents are currently 14% below market net rents, which gives us confidence that wewill be able to increase our NOI in the coming years, as we sign new leases. For the three months ended March 31, 2016, tenant improvements and leasing costs related to leasingactivity were $22.43 per square foot, compared to $72.63 per square foot in the prior year. The prior year included higher tenant improvements and leasing costs primarily related toBrookfield Place in New York, where leasing costs tend to be higher. We calculate net rent as the annualized amount of cash rent receivable from leases on a per square foot basis including tenant expense reimbursements, less operating expenses beingincurred for that space, excluding the impact of straight-lining rent escalations or amortization of free rent periods. This measure represents the amount of cash, on a per square footbasis, generated from leases in a given period.

The following table presents fair value gains (losses) from consolidated and unconsolidated investments in our Core Office segment for the three months endedMarch 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015Consolidated properties $ 18 $ 664Unconsolidated properties (75) 110Total fair value (losses) gains, net $ (57) $ 774

(1) Fair value gains for unconsolidated properties are presented on a proportionate basis, representing the Unitholders’ interest in the investment.

We recorded fair value (losses) gains, net of $(57) million in the three months ended March 31, 2016 as compared to $774 million in the same period in the prior year.The loss was driven by fair value losses on derivative contracts in Canary Wharf in the current period, partially offset by fair value gains in our New York and Vancouver officeportfolios. The prior year included fair value gains in our U.S. and Australian office portfolio, mainly as a result of cash flow changes and discount and terminal capitalization ratecompression, as well as a gain upon contributing our prior interest in Canary Wharf to our joint venture with QIA.

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The key valuation metrics for commercial properties in our Core Office segment on a weighted-average basis are as follows:

Mar. 31, 2016 Dec. 31, 2015

Discount rateTerminal

capitalization rate Investment horizon Discount rateTerminal

capitalization rate Investment horizon

Consolidated properties United States 6.8% 5.6% 12 6.9% 5.7% 12Canada 6.2% 5.7% 10 6.1% 5.5% 10Australia 7.8% 6.2% 10 7.6% 6.2% 10United Kingdom 5.9% 5.1% 12 6.0% 5.1% 12Brazil 9.3% 7.5% 10 9.3% 7.5% 10

Unconsolidated properties United States 6.5% 5.4% 11 6.3% 5.3% 11Australia 7.4% 6.1% 10 7.4% 6.1% 10United Kingdom(1) 5.1% 5.1% 10 4.9% 5.2% 10Germany 8.1% 4.7% 10 8.1% 4.7% 10

(1) Certain properties in the United Kingdom accounted for under the equity method are valued using both discounted cash flow and yield models. For comparative purposes, thediscount and terminal capitalization rates and investment horizon calculated under the discounted cash flow method are presented in the table above.

The following table provides an overview of the financial position of our Core Office segment as at March 31, 2016 and December 31, 2015:

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

Investment properties Commercial properties $ 25,392 $ 25,048 Commercial developments 1,822 1,627Equity accounted investments 7,546 7,697Participating loan interests 498 449Accounts receivable and other 785 783Cash and cash equivalents 596 430Assets held for sale 272 506Total assets $ 36,911 $ 36,540Debt obligations 14,407 13,818Capital securities 1,186 1,151Accounts payable and other liabilities 2,761 2,776Liabilities associated with assets held for sale 60 105Non-controlling interests of others in operating subsidiaries and properties 2,613 2,706Equity attributable to Unitholders $ 15,884 $ 15,984

Equity attributable to Unitholders decreased by $100 million to $15,884 million at March 31, 2016 from $15,984 million at December 31, 2015. The decrease wasprimarily a result of reinvesting the net proceeds from the sale of World Square Retail in Sydney and Royal Centre in Vancouver in our Opportunistic segment, as well asupfinancings within our Core Office portfolio.

Commercial properties totaled $25,392 million at March 31, 2016, compared to $25,048 million at December 31, 2015. The increase was primarily due to the positiveimpact of foreign exchange as well as incremental capital spent to maintain or enhance properties. These increases were partially offset by the reclassification of three properties toassets held for sale.

Commercial developments increased by $195 million between December 31, 2015 and March 31, 2016. The increase is as a result of incremental capital expenditures onexisting commercial developments as well as acquisition activity during the period.

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The following table summarizes the scope and progress of active developments in our Core Office segment as of March 31, 2016:

Total Proportionate Cost Loan

(Millions, except square feet in thousands)

square feetunder

construction(in 000’s)

square feet underconstruction (in

000’s)

Expecteddate of cashstabilization

Percentpre-

leased Total(1) To-date Total Drawn

Office: Brookfield Place East Tower, Calgary 1,400 1,400 Q3 2018 71% C$ 799 C$ 442 C$ 575 C$ 173L’Oréal Brazil Headquarters, Rio de Janeiro 197 92 Q3 2018 100% R$ 137 R$ 60 R$ — R$ —Principal Place - Commercial, London 621 621 Q1 2020 69% £ 365 £ 216 £ 280 £ 116London Wall Place, London(2) 505 253 Q2 2020 73% £ 190 £ 116 £ 137 £ 44One Manhattan West, Midtown New York(2) 2,117 1,186 Q4 2020 25% $ 1,063 $ 227 $ 700 $ 34100 Bishopsgate, London 938 938 Q4 2021 38% £ 802 £ 323 £ — £ —1 Bank Street, London(2) 715 358 Q1 2023 40% £ 247 £ 58 £ — £ —Multifamily: Three Manhattan West, Midtown New York(2) 587 329 Q3 2018 n/a $ 414 $ 235 $ 268 $ 68Newfoundland, London(2) 546 273 Q4 2020 n/a £ 242 £ 74 £ 152 £ —Principal Place - Residential, London(2) 303 152 n/a n/a £ 181 £ 49 £ 122 £ —Shell Centre - Residential, London(2) 529 132 n/a n/a £ 164 £ 57 £ 111 £ 8

Total 8,458 5,734 (1) Net of NOI earned during stabilization.(2) Presented on a proportionate basis at our ownership interest in each of these developments.

The following table presents changes in our partnership’s equity accounted investments in the Core Office segment from December 31, 2015 to March 31, 2016:

(US$ Millions) Mar. 31, 2016Equity accounted investments, beginning of period $ 7,697Additions, net of disposals and return of capital distributions 73Share of net income, including fair value gains 5Distributions received (17)Foreign exchange (49)Reclassification to assets held for sale (166)Other 3Equity accounted investments, end of period $ 7,546

Equity accounted investments decreased by $151 million since December 31, 2015 to $7,546 million at March 31, 2016. The decrease was primarily driven by thereclassification of half of our interest in the Potsdamer Platz estate in Berlin to assets held for sale.

At March 31, 2016, we classified three properties to assets held for sale as we intend to sell controlling interests in these properties to third parties in the next 12 months.The decrease in equity accounted investments since December 31, 2015 is driven by the sale of properties in Sydney and Vancouver that had been classified as assets held for sale.

Debt obligations increased from $13,818 million at December 31, 2015 to $14,407 million at March 31, 2016. This increase is the result of refinancing activity ofproperty-level debt related to office properties and draw-downs on existing facilities to fund capital expenditures on existing properties.

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The following table provides additional information on our outstanding capital securities – Core Office:

(US$ Millions) Shares outstandingCumulative dividend

rate Mar. 31, 2016 Dec. 31, 2015

BPO Class AAA Preferred Shares: Series G(1) 3,251,889 5.25% $ 81 $ 84Series H(1) 6,994,244 5.75% 134 128Series J(1) 6,617,439 5.00% 128 125Series K(1) 4,995,414 5.20% 96 90

BPO Class B Preferred Shares: Series 1(2) 3,600,000 70% of bank prime — —Series 2(2) 3,000,000 70% of bank prime — —

Capital Securities – Fund Subsidiaries 747 724

Total capital securities $ 1,186 $ 1,151(1) BPY and its subsidiaries own 1,003,549, 1,000,000, 1,000,000, and 1,004,586 shares of Series G, Series H, Series J, and Series K Class AAA preferred shares of BPO as of March 31, 2016, respectively, which has

been reflected as a reduction in outstanding shares of the BPO Class AAA Preferred Shares.(2) Class B, Series 1 and 2 capital securities - corporate are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime.

We had $747 million of capital securities – fund subsidiaries outstanding at March 31, 2016 as compared to $724 million at December 31, 2015. Capital securities – fundsubsidiaries includes $706 million (December 31, 2015 - $683 million) of equity interests in Brookfield DTLA Holdings LLC (“DTLA”) held by co-investors in the fund, whichhave been classified as a liability, rather than as non-controlling interest, as holders of these interests can cause DTLA to redeem their interests in the fund for cash equivalent to thefair value of the interests on October 15, 2023, and on every fifth anniversary thereafter. In addition, capital securities – fund subsidiaries also includes $41 million at March 31,2016 (December 31, 2015 - $41 million) which represents the equity interests held by the partnership’s co-investor in the D.C. Fund which have been classified as a liability, ratherthan as non-controlling interest, due to the fact that on June 18, 2023, and on every second anniversary thereafter, the holders of these interests can redeem their interests in the D.C.Fund for cash equivalent to the fair value of the interests.

Reconciliation of Non-IFRS Measures – Core Office

The key components of NOI in our Core Office segment are presented below:

Three months ended Mar. 31, (US$ Millions) 2016 2015Commercial property revenue $ 514 $ 569Direct commercial property expense (231) (256)Total NOI $ 283 $ 313

The following table reconciles Core Office NOI to net income for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015Same-property net operating income $ 270 $ 248Currency variance — 10Net operating income related to acquisitions and dispositions 13 55Total NOI 283 313Investment and other revenue 20 40Share of net earnings from equity accounted investments 5 149Interest expense (167) (175)Depreciation and amortization (4) (4)General and administrative expense (35) (37)Fair value gains, net 18 664Income before taxes 120 950Income tax expense (21) (115)Net income 99 835Net income attributable to non-controlling interests 16 41

Net income attributable to Unitholders $ 83 $ 794

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The following table reconciles Core Office net income to FFO for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015Net income $ 99 $ 835Add (deduct): Fair value gains, net (18) (664) Share of equity accounted fair value losses (gains), net 75 (110) Income tax expense 21 115 Non-controlling interests in above items (33) (36)FFO $ 144 $ 140

Core Retail

Our Core Retail segment consists of 128 regional malls and urban retail properties containing 126 million square feet in the United States through our 29% interest inGGP (34% on a fully-diluted basis, assuming all outstanding warrants are exercised). Our investment in GGP is accounted for under the equity method.

The following table presents FFO and net income attributable to Unitholders in our Core retail segment for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015FFO $ 103 $ 88Net income attributable to Unitholders 210 147

FFO earned in our Core Retail platform for the three months ended March 31, 2016 was $103 million compared to $88 million for the same period in the prior year. FFOincreased due to improved operational performance as a result of rental step-ups, leasing spreads and tenant recharges.

Net income attributable to Unitholders increased by $63 million to $210 million for the three months ended March 31, 2016 as compared to $147 million during the sameperiod in the prior year. The increase in net income attributable to Unitholders is primarily due to greater mark-to-market adjustments on our investment in GGP warrants, as a resultof a higher increase in GGP’s share price in the current quarter than in the comparative quarter in the prior year.

The following table presents key operating metrics in our Core Retail portfolio as at and for the three months ended March 31, 2016 and 2015:

Unconsolidated(US$ Millions, except where noted) Mar. 31, 2016 Mar. 31, 2015

NOI: Total portfolio(1) $ 169 $ 161 Same-property(1) 166 159Number of malls and urban retail properties 128 129Leasable square feet (in thousands) 125,806 126,973Occupancy(2) 95.2% 94.1%In-place net rents (per square foot)(2) 61.25 60.21Tenant Sales (per square foot)(2) 584 594

(1) NOI for unconsolidated properties is presented on a proportionate basis, representing the Unitholders’ interest in the investments.(2) Presented on a same-property basis.

NOI, which is presented on a proportionate basis, increased to $169 million from $161 million in the prior year, where improved performance was partially offset bydispositions, including partial interests in a marquee mall in Honolulu. On a same-property basis, NOI on unconsolidated properties increased by $7 million to $166 million from$159 million due to increases in rental rates and higher tenant sales in our United States portfolio.

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The results of our operations are primarily driven by changes in occupancy and in-place rental rates. The following table presents new and renewal leases withcommencement dates in 2016 and 2017 compared to expiring leases for the prior tenant in the same suite, for leases where the downtime between new and previous tenant is lessthan 24 months, among other metrics.

Total Portfolio(US$ Millions, except where noted) Mar. 31, 2016 Mar. 31, 2015Number of leases 922 969Leasing activity (square feet in thousands) 2,832 3,038Average term in years 6.8 6.1Initial rent per square foot(1) $ 67.58 $ 66.20Expiring rent per square foot(2) 60.09 59.65Initial rent spread per square foot 7.49 6.55% change 12.5% 11.0%Tenant allowances and leasing costs 33 40

(1) Represents initial rent over the term consisting of base minimum rent and common area costs.(2) Represents expiring rent at end of lease consisting of base minimum rent and common area costs.

Through March 31, 2016, we leased approximately 2.8 million square feet at initial rents approximately 12.5% higher than expiring net rents on a suite-to-suite basis.Additionally, for the three months ended March 31, 2016, tenant allowances and leasing costs related to leasing activity were $33 million compared to $40 million during the sameperiod in the prior year.

Our Core Retail portfolio occupancy rate at March 31, 2016 was 95.2%, up 1.1% from the same period of the prior year. In our Core Retail segment, we use in-placerents as a measure of leasing performance. In-place rents are calculated on a cash basis and consist of base minimum rent, plus reimbursements of common area costs, and realestate taxes. In-place rents increased to $61.25 at March 31, 2016 from $60.21 at March 31, 2015, as a result of strong leasing activity across our portfolio.

We recorded total fair value gains, net of $107 million and $59 million in our retail segment for the three months ended March 31, 2016 and 2015, respectively. Theincrease is primarily attributable to appreciation of the GGP warrants as a result of an increase in GGP’s stock price.

The key valuation metrics of these properties in our Core Retail segment on a weighted-average basis are presented in the following table. The valuations are mostsensitive to changes in the discount rate and timing or variability of cash flows.

Mar. 31, 2016 Dec. 31, 2015

Discount rateTerminal

capitalization rate Investment horizon Discount rateTerminal

capitalization rate Investment horizon

Unconsolidated properties United States 7.4% 5.8% 10 7.4% 5.8% 10

Equity attributable to Unitholders in the Core Retail segment increased by $171 million at March 31, 2016 from December 31, 2015 due to the net income attributable toUnitholders and the increase in the value of GGP warrants discussed above.

The following table presents an overview of the financial position of our Core Retail segment as at March 31, 2016 and December 31, 2015:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Equity accounted investments $ 7,217 $ 7,215GGP warrants 1,533 1,364Total assets $ 8,750 $ 8,579Total liabilities — —Equity attributable to Unitholders $ 8,750 $ 8,579

Equity accounted investments increased by $2 million driven by positive net income including valuation gains on the GGP warrants mentioned above, partially offset bydividends received from GGP during the current period.

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The following table presents a roll-forward of our partnership’s equity accounted investments from December 31, 2015 to March 31, 2016:

(US$ Millions) Mar. 31, 2016Equity accounted investments, beginning of period $ 7,215Share of net income, including fair value gains 41Distributions received (49)Other 10Equity accounted investments, end of period $ 7,217

Reconciliation of Non-IFRS Measures – Core Retail

The following table reconciles Core Retail NOI to net income for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015Commercial property revenue $ — $ —Direct commercial property expense — —Total NOI $ — $ —Fair value gains, net 169 97Share of net earnings from equity accounted investments 41 50Income before taxes 210 147Income tax (expense) — —Net income 210 147Net income attributable to non-controlling interests — —Net income attributable to Unitholders $ 210 $ 147

The following table reconciles Core Retail net income to FFO for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015Net income $ 210 $ 147Add (deduct): Share of equity accounted fair value losses, net 62 38 Fair value (gains), net (169) (97)FFO $ 103 $ 88

Opportunistic

Our Opportunistic segment is comprised of the following:

• 104 office properties comprising 23 million square feet of office space in the United States, United Kingdom, Brazil and India;• Over 27 million square feet of retail space across 43 properties across the United States and in select Brazilian markets;• Approximately 55 million square feet of industrial space across 206 industrial properties, primarily consisting of modern logistics assets in North America and Europe,

with an additional four million square feet currently under construction;• Over 39,500 multifamily units across 140 properties throughout the United States;• Twenty-seven hospitality assets with over 18,200 rooms in North America, Europe and Australia;• Over 300 properties that are leased to automotive dealerships across North America on a triple net lease basis; and• Over 100 self-storage facilities comprising over 67,000 storage units throughout the United States.

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The following table presents NOI, FFO and net income attributable to Unitholders in our Opportunistic segment for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015NOI $ 353 $ 234FFO 64 67Net income attributable to Unitholders 111 76

Since the prior year, we have made significant investments in our Opportunistic segment. We have also invested in new asset classes, including self-storage. Theseinvestments are the primary driver of the increased earnings for the periods presented. These investments include the following:

• Acquired a portfolio of over 100 self-storage facilities throughout the United States;• Acquired a portfolio of seven office assets in Brazil in the fourth quarter of 2015 and the first quarter of 2015;• Acquired Center Parcs UK, which operates five short break destinations across the U.K.; and a portfolio of hotels in Germany through a 50/50 joint venture, during the

third quarter of 2015;• Acquired Associated Estates, which owns approximately 12,800 multifamily units across the United States, during the third quarter of 2015; and• Converted our interest in convertible preferred equity of CXTD into common equity in the entity during the third quarter of 2015. The investment was recognized at fair

value at the date of conversion and is accounted for under the equity method as an associate.

In addition to the contribution from these investments, we also benefited from improved operating results at the Atlantis over the prior year.

FFO in the prior year period included a $14 million gain from the extinguishment of debt in our U.S. Class B mall portfolio, as well as net dividend income of $3 millionfrom our investment in preferred shares in CXTD.

Contributing to the increase in net income attributable to Unitholders were net income from the acquisitions noted above, as well as fair value gains, particularly related tothe value-add multifamily portfolio and our industrial assets in the U.S., U.K. and Germany, where we benefited from discount rate and capitalization rate compression as a result ofan improved economic environment.

The following table presents key operating metrics for our Opportunistic portfolio as at March 31, 2016 and 2015:

March 31, 2016

(US$ Millions, except where noted) Invested capitalNumber ofproperties

Total area (sq. ft. inthousands) Units of measure Occupancy %

Opportunistic Office $ 515 104 22,695 Sq. ft. 80.7%Opportunistic Retail 778 43 27,493 Sq. ft. 91.2%Industrial 557 206 54,557 Sq. ft. 89.4%Multifamily 863 140 39,549 Units 94.3%Hospitality 917 27 18,214 Rooms n/aTriple Net Lease 381 320 16,443 Sq. ft. 99.8%Self-storage 108 108 8,698 Sq. ft. 85.5%Finance Funds 114 n/a n/a n/a n/a

Total $ 4,233

The following table presents the contributions to fair value gains, net from consolidated and unconsolidated investments in our Opportunistic segment:

Three months ended Mar. 31, (US$ Millions) 2016 2015Consolidated properties $ 132 $ 79Unconsolidated properties(1) 49 21Total fair value gains, net $ 181 $ 100

(1) Fair value gains for unconsolidated investments are presented on a proportionate basis, representing the Unitholders’ interest in the investments.

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The key valuation metrics of our Opportunistic properties on a weighted-average basis are presented in the following table. The valuations are most sensitive to changes inthe discount rate and timing or variability of cash flows.

Mar. 31, 2016 Dec. 31, 2015

Discount rateTerminal

capitalization rate Investment horizon Discount rateTerminal

capitalization rate Investment horizon

Consolidated properties Opportunistic Office 11.2% 8.3% 6 11.5% 8.3% 6Opportunistic Retail(1) 7.5% n/a n/a 7.5% n/a n/aIndustrial 7.5% 6.6% 10 7.6% 6.8% 10Multifamily(1) 5.0% n/a n/a 5.1% n/a n/aTriple Net Lease(1) 6.4% n/a n/a 6.3% n/a n/aSelf-storage(1) 6.5% n/a n/a n/a n/a n/a

Unconsolidated properties Opportunistic Office 8.6% 7.4% 5 8.3% 7.4% 5Opportunistic Retail(1) 7.4% n/a n/a 7.2% n/a n/aIndustrial 7.1% 6.4% 10 7.1% 6.5% 10Multifamily(1) 5.5% n/a n/a 5.4% n/a n/a

(1) The valuation method used to value opportunistic retail, multifamily, triple net lease, and self-storage properties is the direct capitalization method. The rates presented as thediscount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable.

The following table presents equity attributable to Unitholders in our Opportunistic segment:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Investment properties $ 15,985 $ 14,924Hospitality assets 4,925 5,016Equity accounted investments 2,439 2,726Accounts receivable and other 3,132 3,080Cash and cash equivalents 558 476Assets held for sale 982 299Total assets $ 28,021 $ 26,521Debt obligations 13,996 13,482Accounts payable and other liabilities 1,663 1,638Liabilities associated with assets held for sale 418 137Non-controlling interests of others in operating subsidiaries and properties 7,711 7,013Equity attributable to Unitholders $ 4,233 $ 4,251

The increase in investment properties is primarily the result of acquisition activity and fair value gains in our multifamily and industrial portfolios as a result of improvedleasing and incremental capital expenditures to maintain and improve existing properties. These increases were partially offset by the reclassification of certain multifamily andindustrial assets to assets held for sale.

The decrease in hospitality assets was the result of depreciation and the negative impact of foreign exchange from Center Parcs UK.

Equity accounted investments decreased during the three months ended March 31, 2016 as a result of the reclassification of a portfolio of hotels in Germany to assets heldfor sale partially offset by net income from these investments during the period.

In addition to this portfolio, assets held for sale and related liabilities as of March 31, 2016 include 14 industrial assets and 18 multifamily assets in the United States, aswe intend to sell controlling interests in these properties to third parties in the next 12 months.

Debt obligations increased due to the acquisitions and capital spend mentioned above.

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Reconciliation of Non-IFRS Measures - OpportunisticNOI to net income:

Three months ended Mar. 31, (US$ Millions) 2016 2015Commercial property revenue $ 306 $ 241Hospitality revenue 392 270Direct commercial property expense (80) (71)Direct hospitality expense (265) (206)Total NOI 353 234Investment and other revenue 15 29Interest expense (175) (130)General and administrative expense (49) (23)Depreciation and amortization (60) (32)Fair value gains, net 132 79Share of net earnings from equity accounted investments 84 65Income before taxes 300 222Income tax expense (11) (11)Net income 289 211Net income attributable to non-controlling interests 178 135Net income attributable to Unitholders $ 111 $ 76

The following table reconciles Opportunistic net income to FFO for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015Net income $ 289 $ 211Add (deduct): Fair value gains, net (132) (79) Share of equity accounted fair value (gains), net (49) (21) Depreciation and amortization of real estate assets 59 31 Income tax expense 11 11 Non-controlling interests in above items (114) (86)FFO $ 64 $ 67

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CorporateThe following table presents FFO and net income attributable to Unitholders in our corporate segment for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015FFO $ (116) $ (119)Net income attributable to Unitholders (153) (184)

Certain amounts are allocated to our corporate segment as those activities should not be used to evaluate our segments’ operating performance. FFO was a loss of $116million for the three months ended March 31, 2016 compared to a loss of $119 million in the same period in the prior year. Interest expense contributes to this loss and for the threemonths ended March 31, 2016 was $74 million, which is comprised of $48 million of interest expense paid on capital securities and $26 million of interest expense on our creditfacilities. This compares to interest expense of $70 million in the prior year.

Another component of FFO is general and administrative expense, which, for the three months ended March 31, 2016 was $47 million and is comprised of $26 million ofasset management fees, $8 million of equity enhancement fees and $13 million of other corporate costs. General and administrative expense for the three months ended March 31,2015 was $49 million and was comprised of $13 million of asset management fees, $27 million of equity enhancement fees and $9 million of other corporate costs.

In addition, during the three months ended March 31, 2016, we recorded fair value gains, net of $18 million primarily related to the settlement of foreign currency forwardcontracts during the three months ended March 31, 2016. Consistent with our risk management policy, the partnership uses such derivative instruments to hedge cash flows inforeign currencies. For further information on the partnership’s use of derivative contracts, please refer to “Derivative Financial Instruments” below.

As of March 31, 2016, we also recorded $55 million of income tax expense allocated to the corporate segment compared to $53 million in the same period in the prioryear related to deferred tax liabilities of our holding companies and their subsidiaries.

The following table presents equity attributable to Unitholders at the corporate level:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Accounts receivable and other $ 72 $ 97Cash and cash equivalents 83 129Total assets 155 226Debt obligations 2,725 3,226Capital securities 2,887 2,880Deferred tax liabilities 1,386 1,215Accounts payable and other liabilities 1,049 505Non-controlling interests (854) (744)Equity attributable to Unitholders $ (7,038) $ (6,856)

The corporate balance sheet includes corporate debt and capital securities from our partnership. The decrease in corporate debt obligations is primarily a result of therepayment of our credit facility with Brookfield Asset Management following the refinancing of our credit facility.

On December 4, 2014, our partnership issued $1,800 million of exchangeable preferred equity securities (“Preferred Equity Units”) to QIA. The cash proceeds wererecorded within restricted cash and allocated between capital securities ($1,535 million) and equity ($265 million) at December 31, 2014. During the first quarter of 2015, theproceeds were used to fund the Canary Wharf Transaction. At March 31, 2016 and December 31, 2015, the balance related to the Preferred Equity Units recorded within capitalsecurities was $1,559 million and $1,554 million, respectively.

The Preferred Equity Units are exchangeable at the option of QIA into LP Units at a price of $25.70 per unit and were issued in three tranches of $600 million each, withan average dividend yield of 6.5% and maturities of seven, ten and twelve years. Brookfield Asset Management has contingently agreed to acquire the seven-year and ten-yeartranches of Preferred Equity Units from QIA for the initial issuance price plus accrued and unpaid distributions and to exchange such units for Preferred Equity Units with termsand conditions substantially similar to the twelve-year tranche to the extent that the market price of LP Units is less than 80% of the exchange price at maturity.

The change in non-controlling interest is primarily related to non-controlling interests in the second Brookfield Asset Management-sponsored opportunity fund.

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The following table provides additional information on our outstanding capital securities – corporate:

(US$ Millions) Shares OutstandingCumulative

Dividend Rate Mar. 31, 2016 Dec. 31, 2015

Operating Partnership Class A Preferred Equity Units: Series 1 24,000,000 6.25% $ 534 $ 532Series 2 24,000,000 6.50% 518 516Series 3 24,000,000 6.75% 507 506

Brookfield BPY Holdings Inc. Junior Preferred Shares: Class B Junior Preferred Shares 30,000,000 5.75% 750 750Class C Junior Preferred Shares 20,000,000 6.75% 500 500

Brookfield Property Split Corp. Senior Preferred Shares: Class A Series 1 925,390 5.25% 22 23Class A Series 2 999,400 5.75% 19 18Class A Series 3 917,903 5.00% 18 17Class A Series 4 984,586 5.20% 19 18

Total capital securities - corporate $ 2,887 $ 2,880

Current $ 78 $ 76Non-current 2,809 2,804

Total capital securities - corporate $ 2,887 $ 2,880

In addition, as at March 31, 2016, we had $25 million of preferred shares with a cumulative dividend rate of 5% outstanding. The preferred shares were issued by variousholding entities of our partnership.

Reconciliation of Non-IFRS Measures – Corporate

Net income to FFO:

Three months ended Mar. 31, (US$ Millions) 2016 2015Net income (loss) $ (158) $ (184)Add (deduct): Fair value (gains) losses, net (18) 12 Income tax expense 55 53 Non-controlling interests in above items 5 —FFO $ (116) $ (119)

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LIQUIDITY AND CAPITAL RESOURCESThe capital of our business consists of debt obligations, capital securities, preferred stock and equity. Our objective when managing this capital is to maintain an

appropriate balance between holding a sufficient amount of equity capital to support our operations and reducing our weighted average cost of capital to improve our return onequity. As at March 31, 2016, capital totaled $67 billion (December 31, 2015 - $65 billion).

We attempt to maintain a level of liquidity to ensure we are able to participate in investment opportunities as they arise and to better withstand sudden adverse changes in

economic circumstances. Our primary sources of liquidity include cash, undrawn committed credit facilities, construction facilities, cash flow from operating activities and access topublic and private capital markets. In addition, we structure our affairs to facilitate monetization of longer-duration assets through financings and co-investor participations.

We seek to increase income from our existing properties by maintaining quality standards for our properties that promote high occupancy rates and support increases in

rental rates while reducing tenant turnover and related costs, and by controlling operating expenses. Consequently, we believe our revenue, along with proceeds from financingactivities and divestitures, will continue to provide the necessary funds to cover our short-term liquidity needs. However, material changes in the factors described above mayadversely affect our net cash flows.

Our principal liquidity needs for the current year and for periods beyond include: • Recurring expenses;• Debt service requirements;• Distributions to Unitholders;• Capital expenditures deemed mandatory, including tenant improvements;• Development costs not covered under construction loans;• Investing activities which could include:

◦ Discretionary capital expenditures;◦ Property acquisitions;◦ Future developments; and◦ Repurchase of our units.

We plan to meet these liquidity needs by accessing our group-wide liquidity of $5,117 million at March 31, 2016 as highlighted in the table below. In addition, we have

the ability to supplement this liquidity through cash generated from operating activities, asset sales, co-investor interests and financing opportunities.

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

(1) This includes liquidity of investments which are not controlled and can only be obtained through distributions which the partnership does not control.

We finance our assets principally at the operating company level with asset-specific debt that generally has long maturities, few restrictive covenants and with recourseonly to the asset. We endeavor to maintain prudent levels of debt and strive to ladder our principal repayments over a number of years.

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The following table summarizes our secured debt obligations on investment properties by contractual maturity over the next five years and thereafter:

(US$ Millions) Mar. 31, 2016Remainder of 2016 $ 3,1712017 4,0492018 2,6742019 2,4372020 1,4442021 and thereafter 8,662Deferred financing costs (174)Secured debt obligations $ 22,263Loan to value 51.5%

We generally believe that we will be able to either extend the maturity date, repay, or refinance the debt that is scheduled to mature in 2016-2017.

Our partnership’s operating subsidiaries are subject to limited covenants in respect of their corporate debt and are in full compliance with all such covenants at March 31,2016. The partnership’s operating subsidiaries are also in compliance with all covenants and other capital requirements related to regulatory or contractual obligations of materialconsequence to our partnership.

For the three month periods ended March 31, 2016 and 2015, the partnership made distributions to unitholders of $199 million and $189 million, respectively. Thiscompares to cash flow from operating activities of $70 million and $85 million for each period. The cash flow from operating activities exceeded distributions for the three monthperiods ended March 31, 2016 and March 31, 2015. The partnership has a number of alternatives at its disposal to fund any difference between the cash flow from operatingactivities and distributions to unitholders. The partnership is not a passive investor and typically holds positions of control or significant influence over assets in which it invests,enabling the partnership to influence distributions from those assets. The partnership will, from time to time, convert some or all of the unrealized fair value gains on investmentproperties to cash through asset sales, joint ventures or refinancings. The partnership may access its credit facilities in order to temporarily fund its distributions as a result of timingdifferences between the payments of distributions and cash receipts from its investments. For the three month periods ended March 31, 2016 and 2015, the partnership funded thegap between its distributions and cash flow from operating activities through approximately $314 million and $217 million of realized gains on the disposition of assets withmeaningful returns on capital, respectively. Distributions made to unitholders which exceed cash flow from operating activities in future periods may be considered to be a return ofcapital to unitholders as defined in Canadian Securities Administrators’ National Policy 41-201 - Income Trusts and Indirect Offerings.

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RISKS AND UNCERTAINTIESThe financial results of our business are impacted by the performance of our properties and various external factors influencing the specific sectors and geographic

locations in which we operate, including: macro-economic factors such as economic growth, changes in currency, inflation and interest rates; regulatory requirements and initiatives;and litigation and claims that arise in the normal course of business.

Our property investments are generally subject to varying degrees of risk depending on the nature of the property. These risks include changes in general economicconditions (including the availability and costs of mortgage funds), local conditions (including an oversupply of space or a reduction in demand for real estate in the markets inwhich we operate), the attractiveness of the properties to tenants, competition from other landlords with competitive space and our ability to provide adequate maintenance at aneconomical cost.

Certain significant expenditures, including property taxes, maintenance costs, mortgage payments, insurance costs and related charges, must be made regardless ofwhether a property is producing sufficient income to service these expenses. Certain properties are subject to mortgages which require substantial debt service payments. If webecome unable or unwilling to meet mortgage payments on any property, losses could be sustained as a result of the mortgagee’s exercise of its rights of foreclosure or sale. Webelieve the stability and long-term nature of our contractual revenues effectively mitigates these risks.

We are affected by local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own assets. Aprotracted decline in economic conditions would cause downward pressure on our operating margins and asset values as a result of lower demand for space.

Substantially all of our properties are located in North America, Europe and Australia, with a growing presence in Brazil, China and India. A prolonged downturn in theeconomies of these regions would result in reduced demand for space and number of prospective tenants and will affect the ability of our properties to generate significant revenue.If there is an increase in operating costs resulting from inflation and other factors, we may not be able to offset such increases by increasing rents.

We are subject to risks that affect the retail environment, including unemployment, weak income growth, lack of available consumer credit, industry slowdowns and plantclosures, consumer confidence, increased consumer debt, poor housing market conditions, adverse weather conditions, natural disasters and the need to pay down existingobligations. All of these factors could negatively affect consumer spending, and adversely affect the sales of our retail tenants. This could have an unfavorable effect on ouroperations and our ability to attract new retail tenants.

As owners of office, retail, and industrial properties, lease rollovers also present a risk, as continued growth of rental income is dependent on strong leasing markets toensure expiring leases are renewed and new tenants are found promptly to fill vacancies. Refer to “Lease Rollover Risk” below for further details.

For a more detailed description of the risk factors facing our business, please refer to the section entitled Item 3.D. “Key Information - Risk Factors” in our December 31, 2015annual report on Form 20-F.

Credit RiskCredit risk arises from the possibility that tenants may be unable to fulfill their lease commitments. We mitigate this risk by ensuring that our tenant mix is diversified and

by limiting our exposure to any one tenant. We also maintain a portfolio that is diversified by property type so that exposure to a business sector is lessened. Government andgovernment agencies comprise 6.9% of our Core Office segment tenant base and, as at March 31, 2016, no one tenant comprises more than this.

The following list shows the largest tenants by leasable area in our Core Office portfolio and their respective credit ratings and exposure as at March 31, 2016:

Tenant Primary location Credit rating(1) Exposure (%)(2)

Government and Government Agencies Various AAA/AA+ 6.9%Barclays London BBB 2.4%Morgan Stanley NY/Toronto/London A- 2.4%CIBC World Markets(3) Calgary/NY/Toronto A+ 1.8%Suncor Energy Inc. Calgary/Houston A- 1.6%Bank of Montreal Calgary/Toronto A+ 1.4%Bank of America | Merrill Lynch Denver/NY/LA/Toronto/D.C. A/A- 1.4%Deloitte Calgary/Houston/LA/Toronto Not Rated 1.3%Royal Bank of Canada Various AA- 1.3%JPMorgan Chase & Co. Denver/Houston/LA/NY A+ 1.2%

Total 21.7%(1) From Standard & Poor’s Rating Services, Moody’s Investment Services, Inc. or DBRS Limited.(2) Prior to considering the partnership’s interest in partially-owned properties.(3) 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 andapproximately 100,000 square feet to Sumitomo Corporation of America.

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The following list reflects the largest tenants in our Core Retail portfolio as at March 31, 2016. The largest ten tenants in our portfolio accounted for approximately 21.8%of minimum rents, tenant recoveries and other.

Tenant DBA Exposure (%)(1)

Limited Brands, Inc. Victoria's Secret, Bath & Body Works, PINK, Henri Bendel 3.7%The Gap, Inc. Gap, Banana Republic, Old Navy 2.8%Foot Locker, Inc. Footlocker, Champs Sports, Footaction USA 2.7%Forever 21, Inc. Forever 21 2.1%Abercrombie & Fitch Stores, Inc. Abercrombie, Abercrombie & Fitch, Hollister 2.1%Express, Inc. Express, Express Men 2.0%Ascena Retail Group Dress Barn, Justice, Lane Bryant, Maurices, Ann Taylor, Loft 1.8%Signet Jewelers Limited Zales, Gordon's, Kay, Jared 1.6%Genesco Inc. Journeys, Lids, Underground Station, Johnston & Murphy 1.5%Luxottica Group S.p.A. Lenscrafters, Sunglass Hut, Pearle Vision 1.5%

Total 21.8%(1) Exposure is a percentage of minimum rents and tenant recoveries.

Lease Roll-over RiskLease roll-over risk arises from the possibility that we may experience difficulty renewing leases as they expire or in re-leasing space vacated by tenants upon early lease

expiry. We attempt to stagger the lease expiry profile so that we are not faced with disproportionate amounts of space expiring in any one year. On average, approximately 10% ofour office, retail and industrial leases mature annually up to 2020. Our office, retail and industrial portfolio has a weighted average remaining lease life of approximately 6.5 years.We further mitigate this risk by maintaining a diversified portfolio mix by geographic location and by pro-actively leasing space in advance of its contractual expiry.

The following table sets out lease expiries, by square footage, for our office, retail and industrial portfolios at March 31, 2016, including our unconsolidated investments:

(Sq. ft. inthousands) Current

Remaining2016 2017 2018 2019 2020 2021 2022

2023 andbeyond Total

Core Office 6,577 3,016 3,798 5,337 5,163 6,039 5,480 5,516 40,805 81,731Total %expiring 8.0% 3.7% 4.6% 6.5% 6.3% 7.4% 6.7% 6.7% 50.1% 100.0%Core Retail(1) 2,211 3,610 6,416 5,630 5,528 4,050 3,701 3,563 17,451 52,160Total %expiring 4.2% 6.9% 12.3% 10.8% 10.6% 7.8% 7.1% 6.8% 33.5% 100.0%OpportunisticOffice 3,154 1,316 1,658 1,649 2,542 2,381 901 145 2,588 16,334Total %expiring 19.3% 8.1% 10.2% 10.1% 15.6% 14.6% 5.5% 0.9% 15.7% 100.0%OpportunisticRetail(1) 1,137 1,058 1,608 1,356 1,152 1,031 917 470 4,191 12,920Total %expiring 8.8% 8.2% 12.4% 10.5% 8.9% 8.0% 7.1% 3.6% 32.5% 100.0%Industrial 5,019 2,299 5,992 7,451 6,260 7,214 6,516 2,642 11,163 54,556Total %expiring 9.2% 4.2% 11.0% 13.7% 11.5% 13.2% 11.9% 4.8% 20.5% 100.0%

(1) Represents regional malls only and excludes traditional anchor and specialty leasing agreements.

Tax RiskWe are subject to income taxes in various jurisdictions, and our tax liabilities are dependent upon the distribution of income among these different jurisdictions. Our

effective income tax rate is influenced by a number of factors, including changes in tax law, tax treaties, interpretation of existing laws, and our ability to sustain our reportingpositions on examination. Changes in any of those factors could change our effective tax rate, which could adversely affect our profitability and results of operations.

Environmental RiskAs an owner of real property, we are subject to various federal, provincial, state and municipal laws relating to environmental matters. Such laws provide that we could be

liable for the costs of removing certain hazardous substances and remediating certain hazardous locations. The failure to remove such substances or remediate such locations, if any,could adversely affect our ability to sell such real estate or to borrow using such real estate as collateral and could potentially result in claims against us. We are not aware of anymaterial non-compliance with environmental laws at any of our properties nor are we aware of any pending or threatened investigations or actions by environmental regulatoryauthorities in connection with any of our properties or any pending or threatened claims relating to environmental conditions at our properties.

We will continue to make the necessary capital and operating expenditures to ensure that we are compliant with environmental laws and regulations. Although there can beno assurances, we do not believe that costs relating to environmental matters will have a materially adverse effect on our business, financial condition or results of operations.However, environmental laws and regulations can change and we may become subject to more stringent environmental laws and regulations in the future, which could have anadverse effect on our business, financial condition or results of operations.

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Economic RiskReal estate is relatively illiquid. Such illiquidity may limit our ability to vary our portfolio promptly in response to changing economic or investment conditions. Also,

financial difficulties of other property owners resulting in distressed sales could depress real estate values in the markets in which we operate.

Our commercial properties generate a relatively stable source of income from contractual tenant rent payments. Continued growth of rental income is dependent on strongleasing markets to ensure expiring leases are renewed and new tenants are found promptly to fill vacancies. We are substantially protected against short-term market conditions, asmost of our leases are long-term in nature with an average term of over six years.

Insurance RiskOur insurance may not cover some potential losses or may not be obtainable at commercially reasonable rates. We maintain insurance on our properties in amounts and

with deductibles that we believe are in line with what owners of similar properties carry. We maintain all risk property insurance and rental value coverage (including coverage forthe perils of flood, earthquake and weather catastrophe).

Interest Rate and Financing RiskWe have an on-going need to access debt markets to refinance maturing debt as it comes due. There is a risk that lenders will not refinance such maturing debt on terms

and conditions acceptable to us or on any terms at all. Our strategy to stagger the maturities of our mortgage portfolio attempts to mitigate our exposure to excessive amounts of debtmaturing in any one year and to maintain relationships with a large number of lenders to limit exposure to any one counterparty.

Approximately 53% of our outstanding debt obligations at March 31, 2016 are floating rate debt compared to 55% at December 31, 2015. This debt is subject tofluctuations in interest rates. A 100 basis point increase in interest rates relating to our corporate and commercial floating rate debt obligations would result in an increase in annualinterest expense of approximately $166 million. A 100 basis point increase in interest rates relating to fixed rate debt obligations due within one year would result in an increase inannual interest expense of approximately $16 million upon refinancing. In addition, we have exposure to interest rates within our equity accounted investments. We have mitigated,to some extent, the exposure to interest rate fluctuations through interest rate derivative contracts. See “Derivative Financial Instruments” below in this MD&A.

At March 31, 2016, our consolidated debt to capitalization was 47% (December 31, 2015 – 47%). It is our view this level of indebtedness is conservative given the cashflow characteristics of our properties and the fair value of our assets. Based on this, we believe that all debts will be financed or repaid as they come due in the foreseeable future.

Foreign Exchange RiskAs at and for the three months ended March 31, 2016, approximately 35% of our assets and 31% of our revenues originated outside the United States and consequently

are subject to foreign currency risk due to potential fluctuations in exchange rates between these currencies and the U.S. Dollar. To mitigate this risk, we attempt to maintain anatural hedged position with respect to the carrying value of assets through debt agreements denominated in local currencies and, from time to time, supplemented through the use ofderivative contracts as discussed under “Derivative Financial Instruments”.

DERIVATIVE FINANCIAL INSTRUMENTSWe and our operating entities use derivative and non-derivative instruments to manage financial risks, including interest rate, commodity, equity price and foreign

exchange risks. The use of derivative contracts is governed by documented risk management policies and approved limits. We do not use derivatives for speculative purposes. Weand our operating entities use the following derivative instruments to manage these risks:

• Foreign currency forward contracts to hedge exposures to Canadian Dollar, Australian Dollar, British Pound, Euro, Brazilian Real and Chinese Yuan denominatedinvestments in foreign subsidiaries and foreign currency denominated financial assets;

• Interest rate swaps to manage interest rate risk associated with planned refinancings and existing variable rate debt; and• Interest rate caps to hedge interest rate risk on certain variable rate debt.

We also designate Canadian Dollar financial liabilities of certain of our operating entities as hedges of our net investments in our Canadian operations.

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Interest Rate HedgingThe following table provides the partnership’s outstanding derivatives that are designated as cash flow hedges of variability in interest rates associated with forecasted

fixed rate financings and existing variable rate debt as of March 31, 2016 and December 31, 2015:

(US$ Millions) Hedging item Notional Rates Maturity dates Fair value

Mar. 31, 2016 Interest rate caps of US$ LIBOR debt $ 3,890 2.5% - 5.8% Jun. 2016 - Oct. 2018 $ —

Interest rate swaps of US$ LIBOR debt 1,193 1.3% - 2.2% Jul. 2020 - Dec. 2020 (26)

Interest rate cap of £ LIBOR debt 241 2.5% - 3.0% Dec. 2016 - Aug. 2017 —

Interest rate swaps of £ LIBOR debt 75 1.5% Apr. 2020 2

Interest rate swaps of € EURIBOR debt 197 0.3% - 1.4% Oct. 2017 - Apr. 2021 6

Interest rate swaps of A$ BBSW/BBSY debt 401 3.5% - 5.9% Jul. 2016 - Jul. 2017 (5)

Interest rate swaps on forecasted fixed rate debt 1,835 3.1% - 5.5% Jun. 2026 - Jun. 2029 (438)

Dec. 31, 2015 Interest rate caps of US$ LIBOR debt $ 3,654 2.5% - 5.8% Jan. 2016 - Oct. 2018 $ —

Interest rate swaps of US$ LIBOR debt 285 2.1% - 2.2% Oct. 2020 - Nov. 2020 (8)

Interest rate swaps of £ LIBOR debt 77 1.5% Apr. 2020 1

Interest rate swaps of € EURIBOR debt 187 0.02% - 1.4% Oct. 2017 - Feb. 2021 5

Interest rate swaps of A$ BBSW/BBSY debt 488 3.5% - 5.9% Jan. 2016 - Jul. 2017 (9)

Interest rate swaps on forecasted fixed rate debt 1,885 3.1% - 5.1% Jan. 2026 - Jun. 2029 (332)

For the three months ended March 31, 2016, the amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s interest rate hedging activitieswas $5 million. For the three months ended March 31, 2015, the amount of hedge ineffectiveness recorded in earnings was not significant.

Foreign Currency HedgingThe following table provides the partnership’s outstanding derivatives that are designated as net investments in foreign subsidiaries or cash flow hedges as of March 31,

2016 and December 31, 2015:

(US$ Millions) Hedging item Notional Rates Maturity dates Fair value

Mar. 31, 2016 Net investment hedges £ 2,606 £0.64/$ - £0.72/$ Apr. 2016 - Oct. 2017 $ (34)

Net investment hedges C¥ 2,000 C¥6.66/$ - C¥6.90/$ Sep. 2016 - Feb. 2017 (9)

Net investment hedges A$ 1,409 A$1.34/$ - A$1.44/$ Apr. 2016 - May 2017 (39)

Net investment hedges € 723 €0.80/$ - €0.94/$ May 2016 - Feb. 2018 (24)

Cash flow hedges R$ 500 R$3.72/$ Jun. 2016 1

Net investment hedges R$ 386 R$3.84/$ - R$3.89/$ Oct. 2016 (2)

Dec 31, 2015 Net investment hedges £ 2,346 £0.64/$ - £0.68/$ Jan. 2016 - Mar. 2017 $ 26

Net investment hedges C¥ 2,000 C¥6.62/$ - C¥6.78/$ Feb. 2016 - Dec. 2016 3

Net investment hedges A$ 811 A$1.29/$ - A$1.44/$ Jan. 2016 - Feb. 2017 2

Net investment hedges € 446 €0.80/$ - €0.94/$ May 2016 - Dec. 2016 1

Cash flow hedges R$ 613 R$3.89/$ - R$3.96/$ Jan. 2016 - Mar. 2016 (8) In addition to the above, our partnership has designated C$690 million (December 31, 2015 - C$900 million) of Canadian Dollar financial liabilities as hedges against our

partnership’s net investment in Canadian operations.

For the three months ended March 31, 2016 and 2015, the amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s foreign currencyhedging activities was not significant.

31

Other DerivativesThe following table presents details of the partnership’s other derivatives that have been entered into to manage financial risks as of March 31, 2016 and December 31,

2015:

(US$ Millions) Derivative type NotionalMaturity

dates RatesFair value(gain)/loss Classification of gain/loss

Mar. 31, 2016 Interest rate caps $ 350 Jul. 2017 3.25% $ — General and administrative expense

Interest rate swap 115 Dec. 2016 4.09% — General and administrative expense

Interest rate swap 37 Apr. 2018 1.44% — General and administrative expense

Dec 31, 2015 Interest rate caps $ 381 Mar. 2016 3.65% $ — General and administrative expense

Interest rate caps 350 Jul. 2017 3.25% — General and administrative expense

Interest rate caps 34 Jan. 2016 3.00% — General and administrative expense

Interest rate caps 75 Feb. 2016 2.93% — General and administrative expense

(US$ Millions) Derivative type Notional Maturity dates Strike pricesFair value(gain)/loss Classification of (gain)/loss

Mar. 31, 2016 Foreign currency call £ 250 Jul. 2016 £0.67/$ $ (5) Fair value gains, net

Foreign currency call £ 250 Jul. 2016 £0.67/$ (5) Fair value gains, net

Foreign currency call £ 150 Jul. 2016 £0.67/$ (3) Fair value gains, net

Foreign currency call £ 150 Jul. 2016 £0.67/$ (3) Fair value gains, net

Foreign currency call A$ 275 Apr. 2016 A$1.25/$ — Fair value gains, netDec 31, 2015 Foreign currency call A$ 175 Mar. 2016 A$1.22/$ $ — Fair value gains, net

Foreign currency call A$ 275 Apr. 2016 A$1.25/$ — Fair value gains, net

Foreign currency put £ 370 Jan. 2016 £0.71/$ — Fair value gains, net

Foreign currency put £ 200 Mar. 2016 £0.71/$ (1) Fair value gains, net

Foreign currency call A$ 150 Apr. 2016 A$1.22/$ — Fair value gains, net

Foreign currency call A$ 150 Apr. 2016 A$1.22/$ — Fair value gains, net

Foreign currency call A$ 250 Apr. 2016 A$1.22/$ — Fair value gains, net

The other derivatives have not been designated as hedges for accounting purposes.

RELATED PARTIESIn the normal course of operations, the partnership enters into transactions with related parties. These transactions are recognized in the consolidated financial statements.

These transactions have been measured at exchange value and are recognized in the consolidated financial statements. The immediate parent of the partnership is the general partner.The ultimate parent of the partnership is Brookfield Asset Management. Other related parties of the partnership include the partnership’s and Brookfield Asset Management’ssubsidiaries and operating entities, certain joint ventures and associates accounted for under the equity method, as well as officers of such entities and their spouses.

The partnership has a management agreement with its service providers, wholly-owned subsidiaries of Brookfield Asset Management. Pursuant to a Master ServicesAgreement, prior to the third quarter of 2015, on a quarterly basis, the partnership paid a base management fee (“base management fee”), to the service providers equal to $12.5million per quarter ($50.0 million annually).

Through the second quarter of 2015, the partnership also paid a quarterly equity enhancement distribution to Special L.P., a wholly-owned subsidiary of Brookfield AssetManagement, of 0.3125% of the amount by which the operating partnership’s total capitalization value at the end of each quarter exceeded its total capitalization value thatimmediately followed the spin-off of Brookfield Asset Management’s commercial property operations on April 15, 2013, subject to certain adjustments. For purposes of calculatingthe equity enhancement distribution at each quarter-end, the capitalization of the partnership was equal to the volume-weighted average of the closing prices of the LP Units on theNew York Stock Exchange (“NYSE”) for each of the last five trading days of the applicable quarter multiplied by the number of issued and outstanding units of the partnership onthe last of those days (assuming full conversion of Brookfield Asset Management’s interest in the partnership into units of the partnership), plus the amount of third-party debt, netof cash, with recourse to the partnership and the Operating Partnership and certain holding entities held directly by the Operating Partnership.

On August 3, 2015, the board of directors of the partnership approved an amendment to the base management fee and equity enhancement distribution calculations, as ofthe beginning of the third quarter of 2015. Pursuant to this amendment, the annual base management fee paid by the partnership to Brookfield Asset Management was changed from$50.0 million, subject to annual inflation adjustments, to 0.5% of the total capitalization of the partnership, subject to an annual minimum of $50.0 million plus annual inflationadjustments. The calculation of the equity enhancement distribution was amended to reduce the distribution by the amount by which the revised base management fee is greater than$50.0 million per annum, plus annual inflation adjustments, to maintain a fee level in aggregate that would be the same as prior to the amendment.

32

The base management fee for the three months ended March 31, 2016 was $26 million (2015 - $13 million). The equity enhancement distribution for the three monthsended March 31, 2016 was $8 million (2015 - $27 million).

In connection with the issuance of Preferred Equity Units to QIA in the fourth quarter of 2014, Brookfield Asset Management has contingently agreed to acquire theseven-year and ten-year tranches of Preferred Equity Units from QIA for the initial issuance price plus accrued and unpaid distributions and to exchange such units for PreferredEquity Units with terms and conditions substantially similar to the twelve-year tranche to the extent that the market price of the LP Units is less than 80% of the exchange price atmaturity.

The following table summarizes transactions with related parties:

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

Balances outstanding with related parties: Participating loan interests $ 498 $ 449Equity accounted investments 148 143Loans and notes receivable(1) 66 63Receivables and other assets 28 29Deposit from Brookfield Asset Management (500) —Property-specific debt obligations (379) (362)Corporate debt obligations (12) (1,000)Other liabilities (198) (373)Capital securities held by Brookfield Asset Management (1,250) (1,250)Preferred shares held by Brookfield Asset Management (25) (25)

Three months ended Mar. 31, (US$ Millions) 2016 2015

Transactions with related parties: Commercial property revenue $ 5 $ 5Management fee income 1 —Interest and other income 1 —Participating loan interests (including fair value gains, net)(1) 25 30Interest expense on debt obligations 30 13Interest on capital securities held by Brookfield Asset Management 19 19General and administrative expense(2) 57 51Construction costs(3) 97 70

(1) At March 31, 2016, includes $66 million (December 31, 2015 - $63 million) receivable from Brookfield Asset Management upon the earlier of our partnership’s exercise of its optionto convert its participating loan interests into direct ownership of the Australian portfolio or the maturity of the participating loan interests.

(2) Includes amounts paid to Brookfield Asset Management and its subsidiaries for management fees, management fees associated with our private funds, and administrative services.(3) Includes amounts paid to Brookfield Asset Management and its subsidiaries for construction costs of development properties.

During the first quarter of 2016, the partnership’s 50/50 joint venture with the Investment Corporation of Dubai (“ICD”) acquired land in Dubai on which ICDBrookfield Place Dubai will be erected. BPO serves as the development manager and, as such, earns a management fee during the construction period. In addition, the primarycontractor for the construction of the property will be a joint venture of Brookfield Multiplex Pty. Ltd., which is indirectly owned by Brookfield Asset Management throughBrookfield Business Partners L.P., and Ssangyong Engineering & Construction Co. Ltd.

During the first quarter of 2016, Fairfield Residential Company LLC, which is approximately 65% owned by Brookfield Asset Management, sold a multifamilydevelopment site in Camarillo, CA to Brookfield Office Properties for consideration of $35 million.

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ADDITIONAL INFORMATIONCRITICAL ACCOUNTING POLICIES, ESTIMATES, AND JUDGEMENTSUSE OF ESTIMATES

The preparation of our financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities,disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our estimates arebased on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The result of our ongoing evaluation of these estimatesforms the basis for making judgments about the carrying values of assets and liabilities and the reported amounts of revenues and expenses that are not readily apparent from othersources. Actual results may differ from these estimates under different assumptions.

For further reference on accounting policies and critical judgments and estimates, see our significant accounting policies contained in Note 2 to the December 31, 2015consolidated financial statements.

TREND INFORMATIONWe will seek to increase the cash flows from our office and retail property activities through continued leasing activity as described below. In particular, we are operating

below our historical office occupancy level in the United States, which provides the opportunity to expand cash flows through higher occupancy. In addition, we believe that mostof our markets have favorable outlooks, which we believe also provides an opportunity for strong growth in lease rates. We do, however, still face a meaningful amount of leaserollover in 2016 and 2017, which may restrain FFO growth from this part of our portfolio in the near future. Our beliefs as to the opportunities for our partnership to increase itsoccupancy levels, lease rates and cash flows are based on assumptions about our business and markets that management believes are reasonable in the circumstances. There can beno assurance as to growth in occupancy levels, lease rates or cash flows. See “Statement Regarding Forward-looking Statements and Use of Non-IFRS Measures”.

Transaction activity is picking up across our global real estate markets and we are considering a number of different opportunities to acquire single assets, developmentsites and portfolios at attractive returns. In our continued effort to enhance returns through capital reallocation, we are also looking to divest all of, or a partial interest in, a number ofmature assets to capitalize on existing market conditions.

Given the small amount of new office and retail development that occurred over the last decade and the near total development halt during the global financial crisis, wesee an opportunity to advance our development inventory in the near term in response to demand we are seeing in our major markets. In addition, we continue to reposition andredevelop existing retail properties, in particular, a number of the highest performing shopping centers in the United States.

OFF-BALANCE SHEET ARRANGEMENTSWe do not have any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in

financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. CONTROLS AND PROCEDURESINTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes made in our internal control over financial reporting that have occurred during the three months ended March 31, 2016, that have materiallyaffected, or are reasonably likely to materially affect, our internal control over financial reporting.

34

Corporate Information

CORPORATE PROFILEBrookfield Property Partners is one of the world’s largest commercial real estate companies, with over $65 billion in total assets. We are leading owners, operators and

investors in commercial property assets, with a diversified portfolio that includes over 150 premier office properties and over 120 best-in-class retail malls around the world. Wealso hold interests in multifamily, triple net lease, industrial, hospitality, and self-storage assets. Brookfield Property Partners is listed on the New York and Toronto stockexchanges. Further information is available at www.brookfieldpropertypartners.com. Important information may be disseminated exclusively via the website; investors shouldconsult the site to access this information.

Brookfield Property Partners is the flagship listed real estate company of Brookfield Asset Management, a leading global alternative asset manager with approximately $225 billionin assets under management.

BROOKFIELD PROPERTY PARTNERS73 Front Street, 5th FloorHamilton, HM 12BermudaTel: (441) 294-3309www.brookfieldpropertypartners.com

UNITHOLDERS INQUIRIESBrookfield Property Partners welcomes inquiries from Unitholders, analysts, media representatives and other interested parties. Questions relating to investor relations or

media inquiries can be directed to Matt Cherry, Vice President, Investor Relations and Communications at (212) 417-7488 or via e-mail at matthew.cherry@brookfield.com.Inquiries regarding financial results can be directed to Bryan Davis, Chief Financial Officer at (212) 417-7166 or via e-mail at bryan.davis@brookfield.com. Unitholder questionsrelating to distributions, address changes and unit certificates should be directed to the partnership’s transfer agent, CST Trust Company, as listed below.

CST TRUST COMPANYBy mail: P.O. Box 4229

Station AToronto, Ontario, M5W 0G1

Tel: (416) 682-3860; (800) 387-0825Fax: (888) 249-6189E-mail: inquiries@canstockta.comWeb site: www.canstockta.com

COMMUNICATIONSWe strive to keep our Unitholders updated on our progress through a comprehensive annual report, quarterly interim reports and periodic press releases.

Brookfield Property Partners maintains a website, www.brookfieldpropertypartners.com, which provides access to our published reports, press releases, statutory filings,supplementary information and unit and distribution information as well as summary information on the partnership.

We maintain an investor relations program and respond to inquiries in a timely manner. Management meets on a regular basis with investment analysts and Unitholders toensure that accurate information is available to investors.

35

Brookfield Property Partners L.P.

Condensed consolidated financial statements (unaudited)As at March 31, 2016 and December 31, 2015 and

for the three months ended March 31, 2016 and 2015

1

Brookfield Property Partners L.P.Condensed Consolidated Balance SheetsUnaudited As at(US$ Millions) Note Mar. 31, 2016 Dec. 31, 2015

Assets Non-current assets Investment properties 4 $ 43,199 $ 41,599Equity accounted investments 5 17,202 17,638Participating loan interests 6 498 449Hospitality assets 7 4,925 5,016Other non-current assets 8 4,073 3,883Loans and notes receivable 9 223 217

70,120 68,802

Current assets Loans and notes receivable 9 1 4Accounts receivable and other 10 1,225 1,220Cash and cash equivalents 1,237 1,035

2,463 2,259

Assets held for sale 11 1,254 805

Total assets $ 73,837 $ 71,866

Liabilities and equity Non-current liabilities Debt obligations 12 $ 25,476 $ 21,946Capital securities 13 3,556 3,528Other non-current liabilities 430 388Deferred tax liabilities 3,277 3,107

32,739 28,969

Current liabilities Debt obligations 12 5,652 8,580Capital securities 13 517 503Accounts payable and other liabilities 15 3,152 2,639

9,321 11,722

Liabilities associated with assets held for sale 11 478 242

Total liabilities 42,538 40,933

Equity Limited partners 16 7,384 7,425General partner 16 6 6Non-controlling interests attributable to:

Redeemable/exchangeable and special limited partnership units 16,17 14,141 14,218Limited partnership units of Brookfield Office Properties Exchange LP 16,17 298 309Interests of others in operating subsidiaries and properties 17 9,470 8,975

Total equity 31,299 30,933

Total liabilities and equity $ 73,837 $ 71,866

See accompanying notes to the condensed consolidated financial statements.

2

Brookfield Property Partners L.P.Condensed Consolidated Income StatementsUnaudited Three months ended Mar. 31, (US$ Millions, except per unit amounts) Note 2016 2015Commercial property revenue 18 $ 820 $ 810Hospitality revenue 392 270Investment and other revenue 19 35 69

Total revenue 1,247 1,149Direct commercial property expense 20 311 327Direct hospitality expense 21 265 206Interest expense 416 374Depreciation and amortization 22 64 36General and administrative expense 23 131 110

Total expenses 1,187 1,053Fair value gains, net 24 337 828Share of net earnings from equity accounted investments 5 130 264

Income before income taxes 527 1,188Income tax expense 14 87 179

Net income $ 440 $ 1,009

Net income attributable to: Limited partners $ 92 $ 298General partner — —Non-controlling interests attributable to:

Redeemable/exchangeable and special limited partnership units 155 512Limited partnership units of Brookfield Office Properties Exchange LP 4 23Interests of others in operating subsidiaries and properties 189 176

Total $ 440 $ 1,009

Net income per LP Unit: Basic 16 $ 0.32 $ 1.06Diluted 16 $ 0.32 $ 1.02

See accompanying notes to the condensed consolidated financial statements.

3

Brookfield Property Partners L.P.Condensed Consolidated Statements of Comprehensive Income (Loss)Unaudited Three months ended Mar. 31, (US$ Millions) Note 2016 2015

Net income $ 440 $ 1,009Other comprehensive (loss) income 26 Items that may be reclassified to net income:

Foreign currency translation 218 (493)Cash flow hedges (108) (46)Available-for-sale securities — 1Equity accounted investments (4) 2

Items that will not be reclassified to net income: Equity accounted investments - revaluation surplus (12) —

Total other comprehensive (loss) income 94 (536)

Total comprehensive (loss) income $ 534 $ 473

Comprehensive income attributable to:

Limited partners Net income $ 92 $ 298Other comprehensive (loss) income 10 (125)

102 173

Non-controlling interests Redeemable/exchangeable and special limited partnership units

Net income 155 512Other comprehensive (loss) income 18 (215)

173 297

Limited partnership units of Brookfield Office Properties Exchange LP Net income 4 23Other comprehensive (loss) income — (10)

4 13

Interests of others in operating subsidiaries and properties Net income 189 176Other comprehensive (loss) income 66 (186)

255 (10)

Total comprehensive (loss) income $ 534 $ 473

See accompanying notes to the condensed consolidated financial statements.

4

Brookfield Property Partners L.P.Condensed Consolidated Statements of Changes in Equity Limited partners General partner Non-controlling interests

Unaudited(US$ Millions) Capital

Retainedearnings

OwnershipChanges

Accumulatedother

comprehensive(loss) income

Limitedpartnersequity Capital

Retainedearnings

Accumulatedother

comprehensive(loss) income

Generalpartner equity

Redeemable /exchangeable

and speciallimited

partnershipunits

Limitedpartnership

units ofBrookfield

OfficeProperties

Exchange LP

Interests ofothers inoperating

subsidiariesand

properties Total equity

Balance as at Dec 31, 2015 $ 5,815 $ 1,791 $ 126 $ (307) $ 7,425 $ 4 $ 2 $ — $ 6 $ 14,218 $ 309 $ 8,975 $ 30,933

Net income — 92 — 92 — — — — 155 4 189 440

Other comprehensive (loss) — — — 10 10 — — — — 18 — 66 94

Total comprehensive income (loss) — 92 — 10 102 — — — — 173 4 255 534

Distributions — (73) — — (73) — — — — (123) (3) (272) (471)

Issuance / repurchase of interests inoperating subsidiaries — (77) — — (77) — — — — (128) (4) 512 303

Exchange of exchangeable units 6 — 1 — 7 — — — — 1 (8) — —

Balance as at Mar. 31, 2016 $ 5,821 $ 1,733 $ 127 $ (297) $ 7,384 $ 4 $ 2 $ — $ 6 $ 14,141 $ 298 $ 9,470 $ 31,299

Balance as at Dec 31, 2014 $ 5,612 $ 1,010 $ 125 $ (161) $ 6,586 $ 4 $ 1 $ — $ 5 $ 13,147 $ 470 $ 8,091 $ 28,299

Net income — 298 — — 298 — — — — 512 23 176 1,009

Other comprehensive (loss) — — — (125) (125) — — — — (215) (10) (186) (536)

Total comprehensive income (loss) — 298 — (125) 173 — — — — 297 13 (10) 473

Distributions — (68) — — (68) — — — — (116) (5) (203) (392)

Issuance / repurchase of interest inoperating subsidiaries 7 — — — 7 — — — — 11 — (6) 12

Exchange of exchangeable units 41 — (1) — 40 — — — — (3) (37) — —

Balance as at Mar. 31, 2015 $ 5,660 $ 1,240 $ 124 $ (286) $ 6,738 $ 4 $ 1 $ — $ 5 $ 13,336 $ 441 $ 7,872 $ 28,392

See accompanying notes to the condensed consolidated financial statements.

5

Brookfield Property Partners L.P.Condensed Consolidated Statements of Cash FlowsUnaudited Three Months Ended Mar. 31, (US$ Millions) Note 2016 2015

Operating activities Net income $ 440 $ 1,009Share of equity accounted earnings, net of distributions (52) (186)Fair value (gains) losses, net 24 (337) (828)Deferred income tax (benefit) expense 14 49 165Depreciation and amortization 22 64 36Working capital and other (94) (111)

70 85

Financing activities Debt obligations, issuance 4,814 1,254Debt obligations, repayments (4,171) (1,493)Capital securities redeemed (8) —Non-controlling interests, issued 290 276Non-controlling interests, purchased — (208)Repurchases of limited partnership units (7) —Distributions to non-controlling interests in operating subsidiaries (234) (197)Distributions to limited partnership unitholders (73) (68)Distributions to redeemable/exchangeable and special limited partnership unitholders (123) (116)Distributions to holders of Brookfield Office Properties Exchange LP units (3) (5)

485 (557)

Investing activities Investment properties and subsidiaries, proceeds of dispositions 542 415Property acquisitions and capital expenditures (985) (618)Investment in equity accounted investments (111) (1,621)Proceeds from sale and distributions of equity accounted investments and participating loan interests 176 15

Financial assets, proceeds of dispositions — 3Foreign currency hedges of net investments 122 297Other property, plant and equipment investments, net of dispositions (29) (3)Cash acquired in business combinations 15 —Restricted cash and deposits (96) 1,735

(366) 223

Cash and cash equivalents Net change in cash and cash equivalents during the period 189 (249)Effect of exchange rate fluctuations on cash and cash equivalents held in foreign currencies 13 (26)Balance, beginning of period 1,035 1,282

Balance, end of period $ 1,237 $ 1,007

Supplemental cash flow information Cash paid for:

Income taxes $ 29 $ 27Interest (excluding dividends on capital securities) $ 373 $ 311

See accompanying notes to the condensed consolidated financial statements.

6

Brookfield Property Partners L.P.Notes to the Condensed Consolidated Financial StatementsNOTE 1. ORGANIZATION AND NATURE OF THE BUSINESSBrookfield Property Partners L.P. (“BPY” or the “partnership”) was formed as a limited partnership under the laws of Bermuda, pursuant to a limited partnership agreement datedJanuary 3, 2013, as amended and restated on August 8, 2013. BPY is a subsidiary of Brookfield Asset Management Inc. (“Brookfield Asset Management” or the “parentcompany”) and is the primary entity through which the parent company and its affiliates own, operate, and invest in commercial and other income producing property on a globalbasis.

The partnership’s sole material asset at March 31, 2016 is a 37% managing general partnership unit interest in Brookfield Property L.P. (the “operating partnership”), which holdsthe partnership’s interest in commercial and other income producing property operations.

The partnership’s limited partnership units (“BPY Units” or “LP Units”) are listed and publicly traded on the New York Stock Exchange (“NYSE”) and the Toronto StockExchange (“TSX”) under the symbols “BPY” and “BPY.UN”, respectively.

The registered head office and principal place of business of the partnership is 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESa) Statement of complianceThe interim condensed consolidated financial statements of the partnership and its subsidiaries have been prepared in accordance with International Accounting Standard (“IAS”)34, Interim Financial Reporting (“IAS 34”), as issued by the International Accounting Standards Board (“IASB”). Accordingly, certain information and footnote disclosuresnormally included in the consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB, have beenomitted or condensed.

These condensed consolidated financial statements as of and for the three months ended March 31, 2016 were approved and authorized for issue by the Board of Directors of thepartnership on May 5, 2016. b) Basis of presentationThe interim condensed consolidated financial statements are prepared using the same accounting policies and methods as those used in the consolidated financial statements for theyear ended December 31, 2015 with the exception of the adoption of Amendments to IFRS 11, Joint Arrangements: Accounting for Acquisitions of Interests in Joint Operations(“IFRS 11”) effective January 1, 2016, as discussed in Note 2(c) below. Consequently, the information included in these interim condensed consolidated financial statements shouldbe read in conjunction with the consolidated financial statements and accompanying notes included in the partnership’s annual report on Form 20-F for the year ended December 31,2015.

The interim condensed consolidated financial statements are unaudited and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion ofmanagement, necessary for a fair statement of results for the interim periods presented in accordance with IFRS. The results reported in these interim condensed consolidatedfinancial statements should not necessarily be regarded as indicative of results that may be expected for the entire year.

The interim condensed consolidated financial statements are prepared on a going concern basis and have been presented in U.S. Dollars rounded to the nearest million unlessotherwise indicated.

c) Adoption of Accounting StandardsThe partnership adopted Amendments to IFRS 11 effective January 1, 2016. The amendments add new guidance to IFRS 11 on accounting for the acquisition of an interest in ajoint operation in which the activity of the joint operation constitutes a business, as defined in IFRS 3, Business Combinations. Acquirers of such interests are to apply the relevantprinciples on business combination accounting in IFRS 3 and other standards, as well as disclosing the relevant information specified in these standards for business combinations.The adoption of the amendments to this standard did not have a significant impact on the partnership’s condensed consolidated financial statements.

d) EstimatesThe preparation of the partnership’s interim condensed consolidated financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates andassumptions. It also requires management to exercise judgment in applying the partnership’s accounting policies. The accounting policies and critical estimates and assumptionshave been set out in Note 2, Summary of Significant Accounting Policies, to the partnership’s consolidated financial statements for the year ended December 31, 2015 and have beenconsistently applied in the preparation of the interim condensed consolidated financial statements as of and for the three months ended March 31, 2016.

e) Change in operating segmentsIn the first quarter of 2016, the partnership realigned the organizational and governance structures of its businesses to align them more closely with the nature of the partnership’sinvestments. Such realignment gave rise to changes in how the partnership presents information for financial reporting and management decision-making purposes and resulted in achange in the partnership’s reportable segments. Consequently, as of March 31, 2016, the partnership’s operating segments are organized into four reportable segments: i) CoreOffice, ii) Core Retail, iii) Opportunistic and iv) Corporate. All prior period segment disclosures have been recast to reflect the changes in the partnership’s operating segments. SeeNote 31, Segment Information, for further discussion.

7

NOTE 3. BUSINESS ACQUISITIONS AND COMBINATIONSThe partnership accounts for business combinations using the acquisition method of accounting under IFRS 3, Business Combinations (“IFRS 3”), pursuant to which the cost ofacquiring a business is allocated to its identifiable tangible and intangible assets and liabilities on the basis of the estimated fair values at the date of acquisition. Financial results ofeach transaction are included within the partnership’s condensed consolidated statements of income from the dates of each acquisition.

On March 22, 2016, the partnership acquired a portfolio of self-storage properties for total consideration of $320 million. Simply Self Storage (“Simply Storage”) owns andoperates self-storage properties across the United States. The acquisition was funded with cash contribution of $289 million from a fund sponsored by Brookfield AssetManagement which was drawn on subscription facilities, with the remainder funded through debt financing. At the date the partnership’s condensed consolidated financialstatements were approved for issuance, the valuations of investment properties and property debt obligations were still under evaluation by the partnership. Accordingly, they wereaccounted for on a provisional basis.

On August 3, 2015, the partnership acquired 100% of the voting equity interests in Center Parcs Group (“Center Parcs UK”) for consideration of $1,958 million. Center Parcs UKoperates five short-break destinations across the United Kingdom. The acquisition was funded with $249 million in cash from the partnership, $551 million in cash contributedfrom third party co-investors, $749 million contributed by funds sponsored by Brookfield Asset Management which was drawn on subscription facilities and the remainderfinanced with debt. At the date the partnership’s consolidated financial statements were approved for issuance, the valuations of hospitality properties and intangible assets andgoodwill, as well as deferred income taxes were still under evaluation by the partnership. Accordingly, they have been accounted for on a provisional basis and may be adjustedretrospectively in future periods in accordance with IFRS 3.

In December 2015, the partnership acquired a portfolio of office properties in Brazil. A fund sponsored by Brookfield Asset Management contributed $396 million of cash whichwas drawn on subscription facilities. At the date the partnership’s condensed consolidated financial statements were approved for issuance, the valuations of investment propertiesand property debt obligations were still under evaluation by the partnership. Accordingly, they have been accounted for on a provisional basis and may be adjusted retrospectively infuture periods in accordance with IFRS 3.

The following table summarizes the impact of significant business combinations during the three months ended March 31, 2016:

(US$ Millions) Simply Storage Other TotalInvestment properties $ 828 $ 396 $ 1,224Accounts receivable and other 25 10 35Cash and cash equivalents 15 — 15Total assets 868 406 1,274

Less: Debt obligations (523) (73) (596)Accounts payable and other (10) (8) (18)Non-controlling interests(1) (15) — (15)Net assets acquired $ 320 $ 325 $ 645Consideration(2) $ 320 $ 325 $ 645Transaction costs $ 9 $ 2 $ 11

(1) Includes non-controlling interests recognized on business combinations measured as the proportionate share of the fair value of the assets, liabilities and contingent liabilities on thedate of acquisition.

(2) Includes consideration paid with funds received from issuance of non-controlling interests to certain institutional investors in funds sponsored by Brookfield Asset Management

In the period from each acquisition date to March 31, 2016, the partnership recorded revenue and net income in connection with these acquisitions of approximately $8 million and$(5) million, respectively. If the acquisitions had occurred on January 1, 2016, the partnership’s total revenue and net income would have been $1,269 million and $451 million,respectively, for the three months ended March 31, 2016.

Acquisition-related transaction costs, which primarily relate to legal and consulting fees, are expensed as incurred in accordance with IFRS 3 and included in general andadministrative expense on the condensed consolidated statements of income.

8

NOTE 4. INVESTMENT PROPERTIESThe following table presents a roll forward of the partnership’s investment property balances, all of which are considered Level 3 within the fair value hierarchy, for the threemonths ended March 31, 2016 and the year ended December 31, 2015:

Three months ended Mar. 31, 2016 Year ended Dec. 31, 2015

(US$ Millions)Commercial

propertiesCommercial

developments TotalCommercial

propertiesCommercial

developments TotalBalance, beginning of period $ 39,111 $ 2,488 $ 41,599 $ 37,789 $ 3,352 $ 41,141Changes resulting from: Property acquisitions 1,105 79 1,184 3,950 210 4,160 Capital expenditures 106 198 304 916 1,149 2,065Property dispositions(1) (28) (3) (31) (2,393) (1,517) (3,910)Fair value gains, net 133 7 140 1,583 430 2,013Foreign currency translation 560 6 566 (1,746) (342) (2,088)Reclassifications to assets held for sale and other changes (689) 126 (563) (988) (794) (1,782)Balance, end of period $ 40,298 $ 2,901 $ 43,199 $ 39,111 $ 2,488 $ 41,599

(1) Property dispositions represent the carrying value on date of sale.

The partnership determines the fair value of each commercial property based upon, among other things, rental income from current leases and assumptions about rental income fromfuture leases reflecting market conditions at the applicable balance sheet dates, less future cash outflows in respect of such leases. Investment property valuations are completed byundertaking one of two accepted income approach methods, which include either: i) discounting the expected future cash flows, generally over a term of 10 years including aterminal value based on the application of a capitalization rate to estimated year 11 cash flows; or ii) undertaking a direct capitalization approach whereby a capitalization rate isapplied to estimated current year cash flows. In determining the appropriateness of the methodology applied, the partnership considers the relative uncertainty of the timing andamount of expected cash flows and the impact such uncertainty would have in arriving at a reliable estimate of fair value. Refer to the table below for further information on whatvaluation method the partnership uses for its asset classes.

Commercial developments are also measured using a discounted cash flow model, net of costs to complete, as of the balance sheet date. Development sites in the planning phasesare measured using comparable market values for similar assets.

In accordance with its policy, the partnership generally measures and records its commercial properties and developments using valuations prepared by management. Thepartnership generally does not measure or record its properties based on valuations prepared by external valuation professionals. However, for certain recently acquired subsidiaries,the partnership has used valuations prepared by external valuation professionals. The recently acquired self-storage portfolio was valued by such external valuation professionals asof March 31, 2016.

The key valuation metrics for the partnership’s consolidated commercial properties and equity accounted investments are presented in the following tables below on a weighted-average basis:

Mar. 31, 2016 Dec. 31, 2015

Consolidated properties Primary valuation method Discount rate

Terminalcapitalization

rateInvestment

horizon (yrs) Discount rateTerminal

capitalization rateInvestment

horizon (yrs)

Core Office United States Discounted cash flow 6.8% 5.6% 12 6.9% 5.7% 12 Canada Discounted cash flow 6.2% 5.7% 10 6.1% 5.5% 10 Australia Discounted cash flow 7.8% 6.2% 10 7.6% 6.2% 10 United Kingdom Discounted cash flow 5.9% 5.1% 12 6.0% 5.1% 12 Brazil Discounted cash flow 9.3% 7.5% 10 9.3% 7.5% 10Opportunistic Office Discounted cash flow 11.2% 8.3% 6 11.5% 8.3% 6Opportunistic Retail(1) Direct capitalization 7.5% n/a n/a 7.5% n/a n/aIndustrial Discounted cash flow 7.5% 6.6% 10 7.6% 6.8% 10Multifamily(1) Direct capitalization 5.0% n/a n/a 5.1% n/a n/aTriple Net Lease(1) Direct capitalization 6.4% n/a n/a 6.3% n/a n/aSelf-storage(1) Direct capitalization 6.5% n/a n/a n/a n/a n/a

(1) The valuation method used to value opportunistic retail, multifamily, triple net lease, and self-storage properties is the direct capitalization method. The rates presented as the discount rate relate to the overallimplied capitalization rate. The terminal capitalization rate and investment horizon are not applicable.

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Mar. 31, 2016 Dec. 31, 2015

Equity accounted investments(1) Primary valuation method Discount rate

Terminalcapitalization

rateInvestment

horizon (yrs) Discount rateTerminal

capitalization rateInvestment

horizon (yrs)

Core Office United States Discounted cash flow 6.5% 5.4% 11 6.3% 5.3% 11 Australia Discounted cash flow 7.4% 6.1% 10 7.4% 6.1% 10 United Kingdom(2) Discounted cash flow 5.1% 5.1% 10 4.9% 5.2% 10 Germany Discounted cash flow 8.1% 4.7% 10 8.1% 4.7% 10Core Retail United States Discounted cash flow 7.4% 5.8% 10 7.4% 5.8% 10Opportunistic Office Discounted cash flow 8.6% 7.4% 5 8.3% 7.4% 5Opportunistic Retail(3) Discounted cash flow 7.4% n/a n/a 7.2% n/a n/aIndustrial Discounted cash flow 7.1% 6.4% 10 7.1% 6.5% 10Multifamily(3) Direct capitalization 5.5% n/a n/a 5.4% n/a n/a

(1) See Note 5 for further discussion on the partnership’s equity accounted investments.(2) Certain properties in the United Kingdom accounted under the equity method are valued using both discounted cash flow and yield models. For comparative purposes, the discount and terminal capitalization rates

and investment horizons calculated under the discounted cash flow method are presented in the table above.(3) The valuation method used to value opportunistic retail, multifamily investments is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The

terminal capitalization rate and investment horizon are not applicable.

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NOTE 5. EQUITY ACCOUNTED INVESTMENTSThe partnership has investments in joint arrangements that are joint ventures, and also has investments in associates. Joint ventures hold individual commercial properties anddevelopments that the partnership owns together with co-owners where decisions relating to the relevant activities of the joint venture require the unanimous consent of the co-owners. Details of the partnership’s investments in joint ventures and associates, which have been accounted for in accordance with the equity method of accounting, are as follows:

Proportion of ownershipinterests/ voting rights held by

the partnership Carrying value

(US$ Millions) Principal activityPrincipal place ofbusiness Mar. 31, 2016 Dec. 31, 2015

Mar. 31,2016

Dec. 31,2015

Joint Ventures Stork Holdco LP (“Stork”)(1) Property holding company United Kingdom 50% 50% $ 3,251 $ 3,401Manhattan West, New York Property holding company United States 56% 56% 1,115 1,073245 Park Avenue, New York Property holding company United States 51% 51% 788 784Grace Building, New York Property holding company United States 50% 50% 600 590Southern Cross East, Melbourne(2) Property holding company Australia 50% 50% 355 334Brookfield D.C. Office Partners LLC (“D.C.Fund”), Washington, D.C.

Property holding company United States 51% 51% 321 316

EY Centre, Sydney(2) Property holding company Australia 50% 50% 217 20375 State Street, Boston Property holding company United States 51% 51% 167 159Potsdamer Platz, Berlin(3) Holding company Germany 50% 50% 166 316Republic Plaza, Denver Property holding company United States 50% 50% 125 123Other Various Various 12% - 83% 12% - 83% 1,375 1,484

8,480 8,783

Associates General Growth Properties, Inc. (“GGP”) Real estate investment trust United States 29% 29% 7,217 7,215China Xintiandi (“CXTD”)(4) Property holding company China 22% 22% 464 589Rouse Properties, Inc. (“Rouse”) Real estate investment trust United States 33% 34% 392 380Diplomat Resort and Spa (“Diplomat”) Property holding company United States 90% 90% 334 322Other Various Various 24% - 42% 23% - 49% 315 349

8,722 8,855

Total $ 17,202 $ 17,638(1) Stork is the joint venture through which the partnership acquired Canary Wharf Group plc (“Canary Wharf”) in London.(2) The partnership exercises joint control over these jointly controlled assets through a participating loan agreement with Brookfield Asset Management that is convertible at any time

into a direct equity interest in the entity.(3) As of March 31, 2016, 50% of our investment in Potsdamer Platz, representing a 25% interest in the estate, was reclassified to assets held for sale.(4) The partnership’s interest in CXTD is held through BSREP CXTD Holdings L.P., in which it has an approximate 31% interest.

The fair value of the common shares of GGP held by the partnership based on the trading price of GGP common stock as of March 31, 2016 was $7,592 million (December 31,2015 - $6,948 million). The fair value of the common shares of Rouse held by the partnership based on the trading price of Rouse common stock as of March 31, 2016 was $356million (December 31, 2015 - $282 million).

There are no quoted market prices for the partnership’s other equity accounted investments.

The following table presents the change in the balance of the partnership’s equity accounted investments as of March 31, 2016 and December 31, 2015:

Three months

ended Year ended(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Equity accounted investments, beginning of period $ 17,638 $ 10,356Additions, net of disposals and return of capital distributions (78) 6,034Share of net income 130 1,591Distributions received (78) (276)Foreign currency translation (60) (59)Reclassification to assets held for sale (363) —

Other 13 (8)Equity accounted investments, end of period $ 17,202 $ 17,638

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Summarized financial information in respect of the partnership’s equity accounted investments is presented below:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Non-current assets $ 79,571 $ 85,187Current assets 5,435 4,859Total assets 85,006 90,046Non-current liabilities 36,498 38,327Current liabilities 4,946 4,472Total liabilities 41,444 42,799Net assets 43,562 47,247Partnership’s share of net assets $ 17,202 $ 17,638

Three months ended Mar. 31, (US$ Millions) 2016 2015Revenue $ 1,906 $ 1,234Expenses 1,307 741Income before fair value gains, net 599 493Fair value gains, net (77) 128Net income 522 621Partnership’s share of net earnings $ 130 $ 264

NOTE 6. PARTICIPATING LOAN INTERESTSParticipating loan interests represent interests in certain properties in Australia that do not provide the partnership with control over the entity that owns the underlying property andare accounted for as loans and receivables and held at amortized cost on the consolidated balance sheets. The instruments, which are receivable from a wholly-owned subsidiary ofBrookfield Asset Management, have contractual maturity dates of September 26, 2020 and February 1, 2023, subject to the partnership’s prior right to convert into direct ownershipinterests in the underlying commercial properties, and have contractual interest rates that vary with the results of operations of those properties.

The outstanding principal of the participating loan interests relates to the following properties:

(US$ Millions) Participation interest Carrying valueName of property Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Dec. 31, 2015Darling Park Complex, Sydney 30% 30% $ 213 $ 195IAG House, Sydney 50% 50% 101 94Jessie Street, Sydney 100% 100% 159 136Infrastructure House, Canberra 100% 100% 25 24

Total participating loan interests $ 498 $ 449

Included in the balance of participating loan interests is an embedded derivative representing the partnership’s right to participate in the changes in the fair value of the referencedproperties. The embedded derivative is measured at fair value with changes in fair value reported through earnings in fair value gains, net in the condensed consolidated statementsof income. As of March 31, 2016, the carrying value of the embedded derivative is $101 million (December 31, 2015 - $118 million).

For the three months ended March 31, 2016, the partnership recognized interest income on the participating loan interests of $8 million (2015 - $11 million) and fair value gains of$16 million (2015 - $19 million).

Summarized financial information in respect of the properties underlying the partnership’s investment in participating loan interests is set out below:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Non-current assets $ 1,706 $ 1,674Current assets 117 35Total assets 1,823 1,709Non-current liabilities 122 483Current liabilities 645 180Total liabilities 767 663

Net assets $ 1,056 $ 1,046

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Three months ended Mar. 31, (US$ Millions) 2016 2015Revenues $ 32 $ 40Expenses 15 18Earnings before fair value gains, net 17 22Fair value gains, net 27 57Net earnings $ 44 $ 79

NOTE 7. HOSPITALITY ASSETSConsolidated hospitality assets primarily consist of Center Parcs UK, which was acquired during the third quarter of 2015, Paradise Island Holdings Limited (“Atlantis”) andBREF HR, LLC (“Hard Rock Hotel and Casino”). Hospitality assets are presented on a cost basis, net of accumulated fair value changes and accumulated depreciation. Thepartnership depreciates these assets on a straight-basis over their relevant estimated useful lives.

The following table presents the useful lives of each hospitality asset by class:

Hospitality assets by class Useful life (in years)Building and building improvements 7 to 50+Land improvements 14 to 30Furniture, fixtures and equipment 3 to 20

The following table presents the change to the components of the partnership’s hotel assets from the beginning of the year:

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

Cost: Balance, beginning of period $ 4,962 $ 2,430

Acquisitions through business combinations — 2,619Additions 31 74Disposals — (10)Foreign currency translation (64) (151)

4,929 4,962

Accumulated fair value changes: Balance, beginning of period 585 426Increase from revaluation — 163Provision for impairment — (4)

585 585

Accumulated depreciation: Balance, beginning of period (531) (378)Depreciation (58) (153)

(589) (531)Total hospitality assets $ 4,925 $ 5,016

NOTE 8. OTHER NON-CURRENT ASSETSThe components of other non-current assets are as follows:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Securities designated as FVTPL $ 54 $ 37Derivative assets 1,540 1,379Securities designated as AFS 143 142Goodwill 865 888Intangible assets, net 1,295 1,321Other 176 116Total other non-current assets $ 4,073 $ 3,883

a) Derivative assetsDerivative assets primarily include the carrying amount of warrants to purchase shares of common stock of GGP in the amount of $1,533 million as of March 31, 2016(December 31, 2015 - $1,364 million). The fair value of the GGP warrants as of March 31, 2016 was determined using a Black-Scholes option pricing model, assuming a 1.6 yearterm (December 31, 2015 - 1.9 year term), 59% volatility (December 31, 2015 - 57% volatility), and a risk free interest rate of 0.67% (December 31, 2015 - 0.98%).

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b) Securities designated as AFSSecurities designated as AFS represent the partnership’s retained equity interests in 1625 Eye Street in Washington, D.C. and Heritage Plaza in Houston, both property holdingcompanies, that it previously controlled and in which it retained a non-controlling interest following disposition of these properties to third parties. The partnership continues tomanage these properties on behalf of the acquirer but does not exercise significant influence over the relevant activities of the properties. Included in securities designated as AFS atMarch 31, 2016 are $107 million (December 31, 2015 - $106 million) of securities pledged as security for a loan payable to the issuer in the amount of $92 million (December 31,2015 - $92 million) recognized in other non-current financial liabilities.

c) GoodwillGoodwill of $865 million at March 31, 2016 is primarily attributable to the acquisition of Center Parcs UK in the third quarter of 2015. As discussed in Note 3, the goodwillbalance is still preliminary and subject to change. The partnership performs a goodwill impairment test annually by assessing if the carrying value of the cash-generating unit,including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell or the value in use.

d) Intangible AssetsThe partnership’s intangible assets are presented on a cost basis, net of accumulated amortization and accumulated impairment losses in the consolidated balance sheets. Theseintangible assets primarily represent the trademark assets acquired in connection with the acquisition of Center Parcs UK during the third quarter of 2015. As discussed in Note 3,Business Acquisitions and Combinations, the acquired assets of Center Parcs UK, including trademark assets, and assumed liabilities were still under evaluation by the partnershipat the date the partnership’s financial statements were approved for issuance. Accordingly, they have been accounted for on a provisional basis and may be adjusted retrospectivelyin future reporting periods in accordance with IFRS 3.

In addition, intangible assets include the trademark and licensing assets acquired as part of the historical acquisitions of Atlantis and Hard Rock Hotel and Casino.

Intangible assets by class Useful life (in years)Trademarks IndefiniteGaming rights IndefiniteWater/ electricity rights IndefiniteManagement contracts 40Customer relationships 9 to 10Other 6 to 10

Intangible assets with indefinite useful lives and intangible assets not yet available for use, are tested for impairment at least annually, and whenever there is an indication that theasset may be impaired.

The following table presents a roll forward of the partnership’s intangible assets:

Three months

ended Year ended(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Balance, beginning of period $ 1,321 $ 307Acquisitions, net of disposals 2 1,083Amortization (1) (5)Foreign currency translation (27) (64)Balance, end of period $ 1,295 $ 1,321

NOTE 9. LOANS AND NOTES RECEIVABLELoans and notes receivable primarily represents investments in debt instruments secured by commercial and other income producing real property. Loans and notes receivable arefinancial assets that are carried at amortized cost on the consolidated balance sheets with interest income recognized following the effective interest method on the consolidatedstatements of income. A loan is considered impaired when, based upon current information and events, it is probable that the partnership will be unable to collect all amounts due forboth principal and interest according to the contractual terms of the loan agreement. Loans are evaluated individually for impairment given the unique nature and size of each loan.On a quarterly basis, the partnership’s subsidiaries perform a quarterly review of all collateral properties underlying the loans receivable for each collateralized loan. There is noimpairment of loans and notes receivable for the three months ended March 31, 2016.

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NOTE 10. ACCOUNTS RECEIVABLE AND OTHERThe components of accounts receivable and other are as follows:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Accounts receivable(1) $ 347 $ 422Restricted cash and deposits 444 338Other current assets 434 460Total accounts receivable and other $ 1,225 $ 1,220

(1) See Note 29, Related Parties, for further discussion.

Restricted cash and deposits are considered restricted when they are subject to contingent rights of third parties that prevent the assets’ use for current purposes.

NOTE 11. HELD FOR SALENon-current assets and groups of assets and liabilities which comprise disposal groups are presented as assets held for sale where the asset or disposal group is available forimmediate sale in its present condition, and the sale is highly probable.

The following is a summary of the assets and liabilities that were classified as held for sale as of March 31, 2016 and December 31, 2015:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Investment properties $ 874 $ 775Equity accounted investments 374 —Accounts receivables and other assets 6 30Assets held for sale 1,254 805Debt obligations 472 229Accounts payable and other liabilities 6 13Liabilities associated with assets held for sale $ 478 $ 242

At December 31, 2015, assets held for sale include two properties in the partnership’s Core Office segment, in Vancouver and Sydney, a portfolio of industrial assets near the U.S.- Mexico border and two multifamily properties in the U.S. On February 2, 2016, and February 29, 2016, the partnership sold the office properties in Sydney and Vancouver forA$285 million and C$428 million, respectively.

During the first quarter of 2016, 50% of the partnership’s 50% interest in Potsdamer Platz in Berlin, Two Ballston Plaza in Washington, D.C., Jean Edmonds Towers in Ottawa, 14industrial assets and 18 multifamily assets were reclassified to assets held for sale. On May 5, 2016, the partnership sold 50% of the partnership’s 50% interest in the PotsdamerPlatz estate in Berlin for €146 million and on May 6, 2016, the partnership sold Two Ballston Plaza in Washington, D.C. for $79 million.

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NOTE 12. DEBT OBLIGATIONSThe partnership’s debt obligations include the following:

Mar. 31, 2016 Dec. 31, 2015

(US$ Millions)Weighted-

average rate Debt balanceWeighted-average

rate Debt balance

Unsecured facilities: Brookfield Property Partners’ credit facilities 2.16% $ 1,142 3.16% $ 1,632Brookfield Office Properties’ revolving facility 2.17% 889 2.15% 884Brookfield Office Properties’ senior unsecured notes 4.17% 269 4.17% 252Brookfield Canada Office Properties revolving facility —% — 2.29% 140

Subsidiary borrowings 3.91% 118 4.60% 86

Secured debt obligations:

Funds subscription credit facilities 1.75% 1,583 1.91% 1,594Fixed rate 5.32% 14,632 5.36% 13,709Variable rate 4.07% 12,967 3.87% 12,458

Total debt obligations $ 31,600 $ 30,755

Current 5,652 8,580Non-current 25,476 21,946Debt associated with assets held for sale 472 229

Total debt obligations $ 31,600 $ 30,755

Debt obligations include foreign currency denominated debt in the functional currencies of the borrowing subsidiaries. Debt obligations by currency are as follows:

Mar. 31, 2016 Dec. 31, 2015

(Millions) U.S. DollarsLocal

currency U.S. DollarsLocal

currencyU.S. Dollars $ 23,062 $ 23,062 $ 22,345 $ 22,345British Pounds 3,311 £ 2,305 3,340 £ 2,267Canadian Dollars 2,335 C$ 3,037 2,376 C$ 3,287Australian Dollars 1,591 A$ 2,078 1,504 A$ 2,064Brazilian Reais 589 R$ 2,096 535 R$ 2,088Euros 484 € 426 439 € 404Indian Rupee 228 ₨ 15,073 216 ₨ 14,314

Total debt obligations $ 31,600 $ 30,755

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NOTE 13. CAPITAL SECURITIESThe partnership has the following capital securities outstanding as of March 31, 2016 and December 31, 2015:

(US$ Millions)Shares

outstandingCumulative dividend

rate Mar. 31, 2016 Dec. 31, 2015

Operating Partnership Class A Preferred Equity Units: Series 1 24,000,000 6.25% $ 534 $ 532Series 2 24,000,000 6.50% 518 516Series 3 24,000,000 6.75% 507 506

Brookfield BPY Holdings Inc. Junior Preferred Shares: Class B Junior Preferred Shares 30,000,000 5.75% 750 750Class C Junior Preferred Shares 20,000,000 6.75% 500 500

Brookfield Office Properties Inc. (“BPO”) Class AAA Preferred Shares: Series G(1) 3,251,889 5.25% 81 84Series H(1) 6,994,244 5.75% 134 128Series J(1) 6,617,439 5.00% 128 125Series K(1) 4,995,414 5.20% 96 90

BPO Class B Preferred Shares: Series 1(2) 3,600,000 70% of bank prime — —Series 2(2) 3,000,000 70% of bank prime — —

Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares: Series 1 925,390 5.25% 22 23Series 2 999,400 5.75% 19 18Series 3 917,903 5.00% 18 17Series 4 984,586 5.20% 19 18

Capital Securities – Fund Subsidiaries 747 724

Total capital securities $ 4,073 $ 4,031

Current 517 503Non-current 3,556 3,528

Total capital securities $ 4,073 $ 4,031(1) BPY and its subsidiaries own 1,003,549, 1,000,000, 1,000,000, and 1,004,586 shares of Series G, Series H, Series J, and Series K Class AAA preferred shares of BPO as of March 31, 2016, respectively, which has

been reflected as a reduction in outstanding shares of the BPO Class AAA Preferred Shares.(2) Class B, Series 1 and 2 capital securities - corporate are owned by Brookfield Asset Management. BPO has an offsetting loan receivable against these securities earning interest at 95% of bank prime.

Cumulative preferred dividends on the BPO Class AAA Preferred Shares and BOP Split Senior Preferred Shares are payable quarterly, as and when declared by the Board ofDirectors of BPO and BOP Split. On May 9, 2016, the Boards of Directors of BPO and BOP Split declared quarterly dividends payable for the BPO Class AAA Preferred Sharesand BOP Split Senior Preferred Shares.

The Capital Securities – Fund Subsidiaries includes $706 million (December 31, 2015 - $683 million) of equity interests in Brookfield DTLA Holdings LLC (“DTLA”) held by co-investors in the fund which have been classified as a liability, rather than as non-controlling interest, as holders of these interests can cause DTLA to redeem their interests in thefund for cash equivalent to the fair value of the interests on October 15, 2023, and on every fifth anniversary thereafter. Capital Securities – Fund Subsidiaries are measured atredemption amount.

Capital Securities – Fund Subsidiaries also includes $41 million at March 31, 2016 (December 31, 2015 - $41 million) which represents the equity interests held by thepartnership’s co-investor in the D.C. Fund which have been classified as a liability, rather than as non-controlling interest, due to the fact that on June 18, 2023, and on everysecond anniversary thereafter, the holders of these interests can redeem their interests in the D.C. Fund for cash equivalent to the fair value of the interests.

At March 31, 2016, capital securities includes $414 million (December 31, 2015 - $394 million) repayable in Canadian Dollars of C$538 million (December 31, 2015 - C$545million).

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NOTE 14. INCOME TAXESThe partnership is a flow-through entity for tax purposes and as such is not subject to Bermudian taxation. However, income taxes are recognized for the amount of taxes payableby the primary holding subsidiaries of the partnership (“Holding Entities”), any direct or indirect corporate subsidiaries of the Holding Entities and for the impact of deferred taxassets and liabilities related to such entities.The components of income tax expense include the following:

Three months ended Mar. 31, (US$ Millions) 2016 2015Current income tax $ 38 $ 14Deferred income tax 49 165Income tax expense $ 87 $ 179

The partnership’s income tax expense decreased for the three months ended March 31, 2016 as compared to the same period in the prior year primarily due to lower before tax bookincome.

NOTE 15. ACCOUNTS PAYABLE AND OTHER LIABILITIESThe components of accounts payable and other liabilities are as follows:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Accounts payable and accrued liabilities(1) $ 1,948 $ 2,123Deferred revenue 163 114Other liabilities(1) 1,041 402Total accounts payable and other liabilities $ 3,152 $ 2,639

(1) See Note 29, Related Parties, for further discussion.

Included in other liabilities are derivative liabilities with a carrying amount of $542 million at March 31, 2016 (December 31, 2015 - $401 million).

NOTE 16. EQUITYThe partnership’s capital structure is comprised of five classes of partnership units: general partnership units (“GP Units”), publicly traded limited partnership units (“LP Units”),redeemable/exchangeable partnership units of the Operating Partnership (“Redeemable/Exchangeable Partnership Units”), special limited partnership units of the OperatingPartnership (“Special LP Units”) and limited partnership units of Brookfield Office Properties Exchange LP (“Exchange LP Units”).

a) General and limited partnership equityGP Units entitle the holder to the right to govern the financial and operating policies of the partnership. The GP Units are entitled to a 1% general partnership interest.

LP Units entitle the holder to their proportionate share of distributions and are listed and publicly traded on the NYSE and the TSX. Each LP Unit entitles the holder thereof to onevote for the purposes of any approval at a meeting of limited partners, provided that holders of the Redeemable/Exchangeable Partnership Units that are exchanged for LP Units willonly be entitled to a maximum number of votes in respect of the Redeemable/Exchangeable Partnership Units equal to 49% of the total voting power of all outstanding units.

The following table presents changes to the GP Units and LP Units from the beginning of the year:

General partnership units Limited partnership units(Thousands of units) Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Dec. 31, 2015Outstanding, beginning of period 139 139 261,486 254,080Exchange LP Units exchanged — — 281 8,736Distribution Reinvestment Program — — 59 201Issued under unit-based compensation plan — — 11 80Repurchase of LP Units — — (351) (1,611)Outstanding, end of period 139 139 261,486 261,486

b) Units of the operating partnership held by Brookfield Asset Management

Redeemable/Exchangeable Partnership UnitsThere were 432,649,105 Redeemable/Exchangeable Partnership Units outstanding at March 31, 2016 and December 31, 2015.

Special limited partnership unitsBrookfield Property Special L.P. (“Special L.P.”) is entitled to receive equity enhancement distributions and incentive distributions from the operating partnership as a result of itsownership of the Special LP Units.

There were 4,759,997 Special LP Units outstanding at March 31, 2016 and December 31, 2015.

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c) Limited partnership units of Brookfield Office Properties Exchange LPThe Exchange LP Units are exchangeable at any time on a one-for-one basis, at the option of the holder, subject to their terms and applicable law, for LP Units. An Exchange LPUnit provides a holder thereof with economic terms that are substantially equivalent to those of a LP Unit. Subject to certain conditions and applicable law, Exchange LP will havethe right, commencing on the seventh anniversary of the completion of the acquisition of the remaining common shares of BPO, to redeem all of the then outstanding Exchange LPUnits at a price equal to the 20-day volume-weighted average trading price of an LP Unit plus all declared, payable, and unpaid distributions on such units.

The following table presents changes to the Exchange LP Units from the beginning of the year:

Limited Partnership Units of Brookfield

Office Properties Exchange LP(Thousands of units) Mar. 31, 2016 Dec. 31, 2015Outstanding, beginning of period 12,379 21,115Exchange LP Units exchanged(1) (281) (8,736)Outstanding, end of period 12,098 12,379

(1) Exchange LP Units issued for the acquisition of incremental BPO shares that have been exchanged are held by an indirect subsidiary of the partnership. Refer to the Condensed Consolidated Statements of Changesin Equity for the impact of such exchanges on the carrying value of Exchange LP Units.

d) DistributionsDistributions made to each class of partnership units, including units of subsidiaries that are exchangeable into LP Units, are as follows:

Three months ended Mar. 31, (US$ Millions, except per unit information) 2016 2015General Partner $ — $ —Limited Partners 73 68Holders of:

Redeemable/exchangeable partnership units 122 115Special limited partnership units 1 1Limited partnership units of Exchange LP 3 5

Total $ 199 $ 189Per unit(1) $ 0.28 $ 0.265

(1) Per unit outstanding on the distribution record date for each.

e) Earnings per unitThe partnership’s net income per LP Unit and weighted average units outstanding are calculated as follows:

Three months ended Mar. 31, (US$ Millions, except unit information) 2016 2015Net income attributable to limited partners $ 92 $ 298Income reallocation related to mandatorily convertibles preferred shares 15 48Net income attributable to limited partners – basic 107 346Dilutive effect of conversion of preferred shares and options 10 28Net income attributable to limited partners – diluted $ 117 $ 374

(in millions of units/shares) Weighted average number of LP Units outstanding 261.5 255.2Mandatorily convertible preferred shares 70.0 70.0Weighted average number of LP Units - basic 331.5 325.2Dilutive effect of the conversion of preferred shares and options 38.3 40.1Weighted average number of LP units outstanding - diluted 369.8 365.3

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NOTE 17. NON-CONTROLLING INTERESTSNon-controlling interests consists of the following:

(US$ Millions) Mar. 31, 2016 Dec. 31, 2015Redeemable/Exchangeable and special limited partnership units $ 14,141 $ 14,218Limited partnership units of Brookfield Office Properties Exchange L.P. 298 309Interests of others in operating subsidiaries and properties:

Preferred shares held by Brookfield Asset Management Inc. 25 25Preferred equity of subsidiaries 1,654 1,650Non-controlling interests in subsidiaries and properties 7,791 7,300

Total interests of others in operating subsidiaries and properties 9,470 8,975Total non-controlling interests $ 23,909 $ 23,502

Non-controlling interests of others in operating subsidiaries and properties consist of the following:

Proportion of economic interests held by

non-controlling interests

(US$ Millions)Jurisdiction of

formation Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Dec. 31, 2015Brookfield Office Properties Inc.(1) Canada — — $ 2,522 $ 2,622BSREP CARS Sub-Pooling LLC United States 74% 74% 1,110 1,104Center Parcs UK United Kingdom 71% 68% 1,088 1,071BSREP Industrial Pooling Subsidiary L.P. United States 70% 70% 909 883BSREP II Aries Pooling LLC United States 72% 66% 707 645Brookfield Brazil Retail Fundo de Investimento em Participações Brazil 60% 60% 442 406BREF ONE, LLC United States 67% 67% 458 457BSREP Europe Holdings L.P Cayman Islands 66% 66% 421 386BSREP UA Holdings LLC Cayman Islands 70% 70% 398 333BSREP India Office Holdings Pte. Ltd. United States 67% 67% 294 284Other Various 18% - 88% 18% - 88% 1,121 784

Total $ 9,470 $ 8,975(1) Includes non-controlling interests in BPO subsidiaries which vary from 16% - 100%.

NOTE 18. COMMERCIAL PROPERTY REVENUEThe components of commercial property revenue are as follows:

Three months ended Mar. 31, (US$ Millions) 2016 2015Base rent $ 736 $ 714Straight-line rent 32 30Lease termination 6 3Other 46 63Total commercial property revenue $ 820 $ 810

NOTE 19. INVESTMENT AND OTHER REVENUEThe components of investment and other revenue are as follows:

Three months ended Mar. 31, (US$ Millions) 2016 2015Fee revenue $ 10 $ 5Dividend income 3 32Interest income 8 17

Participating loan notes 8 11Investment income 2 —Other 4 4Total investment and other revenue $ 35 $ 69

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NOTE 20. DIRECT COMMERCIAL PROPERTY EXPENSEThe components of direct commercial property expense are as follows:

Three months ended Mar. 31, (US$ Millions) 2016 2015Employee compensation and benefits $ 30 $ 25Property maintenance 154 175Real estate taxes 101 104Ground rents 10 9Other 16 14Total direct commercial property expense $ 311 $ 327

NOTE 21. DIRECT HOSPITALITY EXPENSEThe components of direct hospitality expense are as follows:

Three months ended Mar. 31, (US$ Millions) 2016 2015Employee compensation and benefits $ 75 $ 69Marketing and advertising 17 14Cost of food, beverage, and retail goods sold 60 29Maintenance and utilities 24 18Other 89 76Total direct hospitality expense $ 265 $ 206

NOTE 22. DEPRECIATION AND AMORTIZATIONThe components of depreciation and amortization expense are as follows:

Three months ended Mar. 31, (US$ Millions) 2016 2015Depreciation and amortization of real estate assets $ 59 $ 31Depreciation and amortization of non-real estate assets 5 5Total depreciation and amortization $ 64 $ 36

NOTE 23. GENERAL AND ADMINISTRATIVE EXPENSEThe components of general and administrative expense are as follows:

Three months ended Mar. 31, (US$ Millions) 2016 2015Employee compensation and benefits $ 37 $ 41Management fees 47 39Transaction costs and other 47 30Total general and administrative expense $ 131 $ 110

NOTE 24. FAIR VALUE GAINS, NETThe components of fair value gains, net, are as follows:

Three months ended Mar. 31, (US$ Millions) 2016 2015Commercial properties $ 133 $ 520Commercial developments 7 126

Financial instruments and other 197 182Total fair values gains, net $ 337 $ 828

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NOTE 25. UNIT-BASED COMPENSATIONOn February 3, 2015, the BPY Unit Option Plan (“BPY Plan”) was amended and restated by the board of directors of the general partner of BPY, and approved by unitholders onMarch 26, 2015. The BPY Plan originally provided for a cash payment on the exercise of an option equal to the amount by which the fair market value of a LP Unit on the date ofexercise exceeds the exercise price of the option. The amended BPY Plan allows for the settlement of the in-the-money amount of an option upon exercise in LP Units for certainqualifying employees. This amendment applies to all options granted under the BPY Plan, including those options currently outstanding. Consequently, as a result of thisamendment, options granted to certain employees under the amended and restated BPY Plan are accounted for as an equity-based compensation agreement.

During the three months ended March 31, 2016, the partnership incurred $3 million (2015 - $10 million) of expense in connection with its unit-based compensation plans.

a) BPY Unit Option PlanAwards under the BPY Plan (“BPY Awards”) generally vest 20% per year over a period of five years and expire 10 years after the grant date, with the exercise price set at the timesuch options were granted and generally equal to the market price of an LP Unit on the NYSE on the last trading day preceding the grant date. Upon exercise of a vested BPYAward, the participant is entitled to receive LP Units or a cash payment equal to the amount by which the fair market value of an LP Unit at the date of exercise exceeds the exerciseprice of the BPY Award. Subject to a separate adjustment arising from forfeitures, the estimated expense is revalued every reporting period using the Black-Scholes model as aresult of the cash settlement provisions of the plan for certain employees. In terms of measuring expected life of the BPY Awards with various term lengths and vesting periods,BPY will segregate each set of similar BPY Awards and, if different, exercise price, into subgroups and apply a weighted average within each group.

The partnership estimated the fair value of BPY Awards granted during the period using the Black-Scholes valuation model, with inputs to the model and resulting weightedaverage fair value per option as follows:

Unit of measure Mar. 31, 2016

Exercise price US$ 19.51Average term to exercise In Years 7.50Unit price volatility % 30Liquidity discount % 25Weighted average of expected annual dividend yield % 6.50Risk-free rate % 1.57Weighted average fair value per option US$ 1.45

i. Equity-settled BPY AwardsThe change in the number of options outstanding under the equity-settled BPY Awards at March 31, 2016 and December 31, 2015 is as follows:

Mar. 31, 2016 Dec. 31, 2015

Number of

optionsWeighted average

exercise priceNumber of

optionsWeighted average

exercise priceOutstanding, beginning of period 17,349,629 $ 20.53 — $ —Granted 3,020,931 19.51 2,542,340 25.18Exercised (115,500) 17.29 (745,392) 19.92Expired/forfeited (2,701,287) 19.99 (174,153) 21.40Reclassified(1) — — 15,726,834 19.75Outstanding, end of period 17,553,773 $ 20.35 17,349,629 $ 20.53Exercisable, end of period 5,100,583 $ 19.33 4,795,099 $ 19.03

(1) Relates to the reclassification of options for certain employees whose options are equity-settled subsequent to the amendment of the BPY Plan.

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The following table sets out details of options issued and outstanding at March 31, 2016 and December 31, 2015 under the equity-settled BPY Awards by expiry date:

Mar. 31, 2016 Dec. 31, 2015

Expiry dateNumber of

optionsWeighted average

exercise priceNumber of

optionsWeighted average

exercise price2020 351,200 $ 13.07 368,400 $ 13.072021 393,100 17.44 421,300 17.442022 1,263,300 18.21 1,535,900 18.252023 1,119,080 16.80 1,247,680 16.802024 9,303,852 20.59 11,286,224 20.592025 2,201,277 25.18 2,490,125 25.182026 2,921,964 19.51 — —Total 17,553,773 $ 20.35 17,349,629 $ 20.53

ii. Cash-settled BPY AwardsThe change in the number of options outstanding under the cash-settled BPY Awards at March 31, 2016 and December 31, 2015 is as follows:

Mar. 31, 2016 Dec. 31, 2015

Number of

optionsWeighted average

exercise price Number of optionsWeighted average

exercise priceOutstanding, beginning of period 6,904,986 $ 20.37 21,946,145 $ 19.75Granted 846,912 19.51 775,215 25.18Exercised (142,876) 18.56 (89,540) 17.40Expired/forfeited (213,997) 21.09 — —Reclassified(1) — — (15,726,834) 19.75Outstanding, end of period 7,395,025 $ 20.29 6,904,986 $ 20.37Exercisable, end of period 2,086,027 $ 19.50 1,956,693 $ 19.16

(1) Relates to the reclassification of options for certain employees whose options are equity-settled subsequent to the amendment of the BPY Plan.

The following table sets out details of options issued and outstanding at March 31, 2016 and December 31, 2015 under the cash-settled BPY Awards by expiry date:

Mar. 31, 2016 Dec. 31, 2015

Expiry dateNumber of

optionsWeighted average

exercise priceNumber of

optionsWeighted average

exercise price2020 78,000 $ 13.07 78,000 $ 13.072021 186,800 17.44 226,800 17.442022 545,800 18.08 581,200 18.072023 551,200 16.80 604,200 16.802024 4,462,230 20.59 4,639,571 20.592025 724,083 25.18 775,215 25.182026 846,912 19.51 — —Total 7,395,025 $ 20.29 6,904,986 $ 20.37

b) Restricted BPY LP Unit PlanThe Restricted BPY LP Unit Plan provides for awards to participants of LP Units purchased on the NYSE (“Restricted Units”). Under the Restricted BPY LP Unit Plan, unitsawarded generally vest over a period of five years, except as otherwise determined or for Restricted Units awarded in lieu of a cash bonus as elected by the participant, which mayvest immediately. The estimated total compensation cost measured at grant date is evenly recognized over the vesting period of five years.

As of March 31, 2016, the total number of Restricted Units outstanding was 417,816 (December 31, 2015 - 442,332) with a weighted average exercise price of $20.87(December 31, 2015 - $20.87).

c) Restricted BPY LP Unit Plan (Canada)The Restricted BPY LP Unit Plan (Canada) is substantially similar to the Restricted BPY LP Unit Plan described above, except that it is for Canadian employees, there is a five yearhold period, and purchases of units are made on the TSX instead of the NYSE.

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As of March 31, 2016, the total number of Canadian Restricted Units outstanding was 19,410 (December 31, 2015 - 19,410) with a weighted average exercise price of C$22.14(December 31, 2015 - C$22.14).

d) Deferred Share Unit PlanIn addition to the above, BPO has a deferred share unit plan. At March 31, 2016, BPO has 1,473,763 deferred share units (December 31, 2015 - 1,456,719) outstanding andvested.

NOTE 26. OTHER COMPREHENSIVE (LOSS) INCOMEOther comprehensive (loss) income consists of the following:

Three months ended Mar. 31, (US$ Millions) 2016 2015

Items that may be reclassified to net income: Foreign currency translation

Net unrealized foreign currency translation (losses) in respect of foreign operations $ 226 $ (823)Gains on hedges of net investments in foreign operations, net of income taxes for the three months ended Mar. 31, 2016 of $4 million(2015 – ($32) million)(1) (8) 330

218 (493)Cash flow hedges

(Losses) on derivatives designated as cash flow hedges, net of income taxes for the three months ended Mar. 31, 2016 of $27 million(2015 – $15 million) (108) (46)

(108) (46)Available-for-sale securities

Net change in unrealized gains on available-for-sale securities, net of income taxes — 1

— 1Equity accounted investments

Share of unrealized foreign currency translation (losses) gains in respect of foreign operations (2) 2(Losses) on derivatives designated as cash flow hedges (2) —

(4) 2Items that will not be reclassified to net income: Equity accounted investments

Share of revaluation surplus (12) —

(12) —Total other comprehensive (loss) $ 94 $ (536)

(1) Unrealized gains (losses) on a number of hedges of net investments in foreign operations are with a related party.

NOTE 27. OBLIGATIONS GUARANTEES, CONTINGENCIES AND OTHERIn the normal course of operations, the partnership and its consolidated entities execute agreements that provide for indemnification and guarantees to third parties in transactionssuch as business dispositions, business acquisitions, sales of assets and sales of services. Certain of the partnership’s operating subsidiaries have also agreed to indemnify their directors and certain of their officers and employees. The nature of substantially all of theindemnification undertakings prevent the partnership from making a reasonable estimate of the maximum potential amount that it could be required to pay third parties as theagreements do not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot bedetermined at this time. Historically, neither the partnership nor its consolidated subsidiaries have made significant payments under such indemnification agreements. The partnership and its operating subsidiaries may be contingently liable with respect to litigation and claims that arise from time to time in the normal course of business orotherwise.

At March 31, 2016, the partnership has commitments totaling approximately $835 million for the development of Manhattan West in Midtown New York, approximately C $280million for the development Brookfield Place East Tower in Calgary, approximately A $26 million for the completed development of Brookfield Place Perth Tower 2 andapproximately £715 million for the development of London Wall Place, 100 Bishopsgate, Principal Place Commercial and Principal Place Residential in London.

During 2013, Brookfield Asset Management announced the final close on the $4.4 billion Brookfield Strategic Real Estate Partners fund, a global private fund focused on makingopportunistic investments in commercial property. The partnership, as lead investor, committed approximately $1.3 billion to the fund. As of March 31, 2016, there remainedapproximately $200 million of uncontributed capital commitments.

As of March 31, 2016, the partnership had committed $2.0 billion as lead investor to the second estate opportunistic fund sponsored by Brookfield Asset Management. As ofMarch 31, 2016, there remained approximately $1.9 billion of uncontributed capital commitments. The partnership maintains insurance on its properties in amounts and with deductibles that it believes are in line with what owners of similar properties carry. The partnershipmaintains all risk property insurance and rental value coverage (including coverage for the perils of flood, earthquake

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and named windstorm). The partnership does not conduct its operations, other than those of equity accounted investments, through entities that are not fully or proportionatelyconsolidated in these financial statements, and has not guaranteed or otherwise contractually committed to support any material financial obligations not reflected in these financialstatements.

NOTE 28. FINANCIAL INSTRUMENTSa) Derivatives and hedging activitiesThe partnership and its operating entities use derivative and non-derivative instruments to manage financial risks, including interest rate, commodity, equity price and foreignexchange risks. The use of derivative contracts is governed by documented risk management policies and approved limits. The partnership does not use derivatives for speculativepurposes. The partnership and its operating entities use the following derivative instruments to manage these risks:

• foreign currency forward contracts and zero cost collars to hedge exposures to Canadian Dollar, Australian Dollar, British Pound, Euro, Brazilian Real and Chinese Yuandenominated net investments in foreign subsidiaries and foreign currency denominated financial assets;

• interest rate swaps to manage interest rate risk associated with planned refinancings and existing variable rate debt; and• interest rate caps to hedge interest rate risk on certain variable rate debt.

The partnership also designates Canadian Dollar financial liabilities of certain of its operating entities as hedges of its net investments in its Canadian operations.

Interest Rate HedgingThe following table provides the partnership’s outstanding derivatives that are designated as cash flow hedges of variability in interest rates associated with forecasted fixed ratefinancings and existing variable rate debt as of March 31, 2016 and December 31, 2015:

(US$ Millions) Hedging item Notional Rates Maturity dates Fair value

Mar. 31, 2016 Interest rate caps of US$ LIBOR debt $ 3,890 2.5% - 5.8% Jun. 2016 - Oct. 2018 $ —

Interest rate swaps of US$ LIBOR debt 1,193 1.3% - 2.2% Jul. 2020 - Dec. 2020 (26)

Interest rate cap of £ LIBOR debt 241 2.5% - 3.0% Dec. 2016 - Aug. 2017 —

Interest rate swaps of £ LIBOR debt 75 1.5% Apr. 2020 2

Interest rate swaps of € EURIBOR debt 197 0.3% - 1.4% Oct. 2017 - Apr. 2021 6

Interest rate swaps of A$ BBSW/BBSY debt 401 3.5% - 5.9% Jul. 2016 - Jul. 2017 (5)

Interest rate swaps on forecasted fixed rate debt 1,835 3.1% - 5.5% Jun. 2026 - Jun. 2029 (438)

Dec. 31, 2015 Interest rate caps of US$ LIBOR debt $ 3,654 2.5% - 5.8% Jan. 2016 - Oct. 2018 $ —

Interest rate swaps of US$ LIBOR debt 285 2.1% - 2.2% Oct. 2020 - Nov. 2020 (8)

Interest rate swaps of £ LIBOR debt 77 1.5% Apr. 2020 1

Interest rate swaps of € EURIBOR debt 187 0.02% - 1.4% Oct. 2017 - Feb. 2021 5

Interest rate swaps of A$ BBSW/BBSY debt 488 3.5% - 5.9% Jan. 2016 - Jul. 2017 (9)

Interest rate swaps on forecasted fixed rate debt 1,885 3.1% - 5.1% Jan. 2026 - Jun. 2029 (332)

For the three months ended March 31, 2016, the amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s interest rate hedging activities was $5million. For the three months ended March 31, 2015, the amount of hedge ineffectiveness recorded in earnings was not significant.

Foreign Currency HedgingThe following table provides the partnership’s outstanding derivatives that are designated as net investment hedges in foreign subsidiaries or cash flow hedges as of March 31,2016 and December 31, 2015:

(US$ Millions) Hedging item Notional Rates Maturity dates Fair valueMar. 31, 2016 Net investment hedges £ 2,606 £0.64/$ - £0.72/$ Apr. 2016 - Oct. 2017 $ (34)

Net investment hedges C¥ 2,000 C¥6.66/$ - C¥6.90/$ Sep. 2016 - Feb. 2017 (9)

Net investment hedges A$ 1,409 A$1.34/$ - A$1.44/$ Apr. 2016 - May 2017 (39)

Net investment hedges € 723 €0.80/$ - €0.94/$ May 2016 - Feb. 2018 (24)

Cash flow hedges R$ 500 R$3.72/$ Jun. 2016 1

Net investment hedges R$ 386 R$3.84/$ - R$3.89/$ Oct. 2016 (2)Dec. 31, 2015 Net investment hedges £ 2,346 £0.64/$ - £0.68/$ Jan. 2016 - Mar. 2017 $ 26

Net investment hedges C¥ 2,000 C¥6.62/$ - C¥6.78/$ Feb. 2016 - Dec. 2016 3

Net investment hedges A$ 811 A$1.29/$ - A$1.44/$ Jan. 2016 - Feb. 2017 2

Net investment hedges € 446 €0.80/$ - €0.94/$ May 2016 - Dec. 2016 1

Cash flow hedges R$ 613 R$3.89/$ - R$3.96/$ Jan. 2016 - Mar. 2016 (8)

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In addition, as of March 31, 2016, the partnership had designated C$690 million (December 31, 2015 - $900 million) of Canadian Dollar financial liabilities as hedges against thepartnership’s net investment in Canadian operations.

For the three months ended March 31, 2016 and 2015, the amount of hedge ineffectiveness recorded in earnings in connection with the partnership’s foreign currency hedgingactivities was not significant.

Other DerivativesThe following table presents details of the partnership’s other derivatives that have been entered into to manage financial risks as of March 31, 2016 and December 31, 2015:

(US$ Millions) Derivative type NotionalMaturity

dates RatesFair value(gain)/loss Classification of gain/loss

Mar. 31, 2016 Interest rate caps $ 350 Jul. 2017 3.25% $ — General and administrative expense

Interest rate swap 115 Dec. 2016 4.09% — General and administrative expense

Interest rate swap 37 Apr. 2018 1.44% — General and administrative expense

Dec. 31, 2015 Interest rate caps $ 381 Mar. 2016 3.65% $ — General and administrative expense

Interest rate caps 350 Jul. 2017 3.25% — General and administrative expense

Interest rate caps 34 Jan. 2016 3.00% — General and administrative expense

Interest rate caps 75 Feb. 2016 2.93% — General and administrative expense

(US$ Millions) Derivative type Notional Maturity dates Strike pricesFair value

(gain)/loss Classification of (gain)/lossMar. 31, 2016 Foreign currency call £ 250 Jul. 2016 £0.67/$ $ (5) Fair value gains, net

Foreign currency call £ 250 Jul. 2016 £0.67/$ (5) Fair value gains, net

Foreign currency call £ 150 Jul. 2016 £0.67/$ (3) Fair value gains, net

Foreign currency call £ 150 Jul. 2016 £0.67/$ (3) Fair value gains, net

Foreign currency call A$ 275 Apr. 2016 A$1.25/$ — Fair value gains, netDec. 31, 2015 Foreign currency call A$ 175 Mar. 2016 A$1.22/$ $ — Fair value gains, net

Foreign currency call A$ 275 Apr. 2016 A$1.25/$ — Fair value gains, net

Foreign currency put £ 370 Jan. 2016 £0.71/$ — Fair value gains, net

Foreign currency put £ 200 Mar. 2016 £0.71/$ (1) Fair value gains, net

Foreign currency call A$ 150 Apr. 2016 A$1.22/$ — Fair value gains, net

Foreign currency call A$ 150 Apr. 2016 A$1.22/$ — Fair value gains, net

Foreign currency call A$ 250 Apr. 2016 A$1.22/$ — Fair value gains, net

The other derivatives have not been designated as hedges for accounting purposes.

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b) Measurement and classification of financial instruments

Classification and MeasurementThe following table outlines the classification and measurement basis, and related fair value for disclosures, of the financial assets and liabilities in the interim condensedconsolidated financial statements:

Mar. 31, 2016 Dec. 31, 2015

(US$ Millions) Classification Measurement basisCarrying

value Fair value Carrying value Fair value

Financial assets Participating loan interests Loans and receivables Amortized cost $ 498 $ 498 $ 449 $ 449Loans and notes receivable Loans and receivables Amortized cost 224 224 221 221Other non-current assets

Securities designated as FVTPL FVTPL Fair value 54 54 37 37Derivative assets FVTPL Fair value 1,540 1,540 1,379 1,379Securities designated as AFS AFS Fair value 143 143 142 142

Accounts receivable and other Other receivables(1) Loans and receivables Amortized cost 1,231 1,231 1,250 1,250Cash and cash equivalents Loans and receivables Amortized cost 1,237 1,237 1,035 1,035

Total financial assets $ 4,927 $ 4,927 $ 4,513 $ 4,513

Financial liabilities Debt obligations(2) Other liabilities Amortized cost $ 31,600 $ 31,903 $ 30,755 $ 31,084Capital securities Other liabilities Amortized cost 3,326 3,326 3,307 3,308Capital securities - fund subsidiaries Other liabilities Amortized cost 747 747 724 724Other non-current liabilities

Loan payable FVTPL Fair value 26 26 26 26Other non-current financial liabilities Other liabilities Amortized cost(3) 404 404 362 362

Accounts payable and other liabilities(4) Other liabilities Amortized cost(5) 3,158 3,158 2,652 2,652

Total financial liabilities $ 39,261 $ 39,564 $ 37,826 $ 38,156(1) Includes other receivables associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $6 million and $30 million as of March 31, 2016 and December 31, 2015,

respectively.(2) Includes debt obligations associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $472 million and $229 million as of March 31, 2016 and December 31, 2015,

respectively.(3) Includes derivative liabilities measured at fair value of approximately $73 million and $45 million as of March 31, 2016 and December 31, 2015, respectively.(4) Includes accounts payable and other liabilities associated with assets classified as held for sale on the condensed consolidated balance sheet in the amount of $6 million and $13 million as of March 31, 2016 and

December 31, 2015, respectively.(5) Includes derivative liabilities measured at fair value of approximately $542 million and $401 million as of March 31, 2016 and December 31, 2015, respectively.

Fair Value HierarchyFair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date(i.e., an exit price). Fair value measurement establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable orunobservable. Quoted market prices (unadjusted) in active markets represent a Level 1 valuation. When quoted market prices in active markets are not available, the partnershipmaximizes the use of observable inputs within valuation models. When all significant inputs are observable, either directly or indirectly, the valuation is classified as Level 2.Valuations that require the significant use of unobservable inputs are considered Level 3, which reflect the partnership’s market assumptions and are noted below. This hierarchyrequires the use of observable market data when available.

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The following table outlines financial assets and liabilities measured at fair value in the consolidated financial statements and the level of the inputs used to determine those fairvalues in the context of the hierarchy as defined above:

Mar. 31, 2016 Dec. 31, 2015 (US$ Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

Financial assets Participating loan interests –embedded derivative $ — $ — $ 101 $ 101 $ — $ — $ 118 $ 118Securities designated as FVTPL — — 54 54 — — 37 37Securities designated as AFS 4 — 139 143 4 — 138 142Derivative assets(1) — 72 1,540 1,612 — 99 1,371 1,470Total financial assets $ 4 $ 72 $ 1,834 $ 1,910 $ 4 $ 99 $ 1,664 $ 1,767

Financial liabilities Accounts payable and otherliabilities $ — $ 615 $ — $ 615 $ — $ 446 $ — $ 446Loan payable — — 26 26 — — 26 26Total financial liabilities $ — $ 615 $ 26 $ 641 $ — $ 446 $ 26 $ 472

(1) Includes $64 million of derivative assets at March 31, 2016 classified in other receivables and loans and notes receivable on the condensed consolidated balance sheets.

There were no transfers between levels during the three months ended March 31, 2016 and the year ended December 31, 2015.

The following table presents the change in the balance of financial assets and financial liabilities accounted for at fair value categorized as Level 3 as of March 31, 2016 andDecember 31, 2015:

Mar. 31, 2016 Dec. 31, 2015

(US$ Millions)Financial

assets Financial liabilities

Financialassets

Financial liabilities

Balance, beginning of period $ 1,664 $ 26 $ 3,385 $ —Acquisitions 16 — 1 26Dispositions(1) — — (2,052) —Fair value gains, net and OCI 154 — 223 —Other — — 107 —

Balance, end of period $ 1,834 $ 26 $ 1,664 $ 26(1) Includes the contribution of the partnership’s 22% interest in Canary Wharf to a 50/50 joint venture in the first quarter of 2015 and the conversion of the partnership’s convertible preferred interest to a 22%

common equity interest in CXTD during the third quarter of 2015.

NOTE 29. RELATED PARTIESIn the normal course of operations, the partnership enters into transactions with related parties. These transactions have been measured at exchange value and are recognized in theconsolidated financial statements. The immediate parent of the partnership is the BPY General Partner. The ultimate parent of the partnership is Brookfield Asset Management.Other related parties of the partnership include the partnership’s and Brookfield Asset Management’s subsidiaries and operating entities, certain joint ventures and associatesaccounted for under the equity method, as well as officers of such entities and their spouses.

The partnership has a management agreement with its service providers, wholly-owned subsidiaries of Brookfield Asset Management. Pursuant to a Master Services Agreement,prior to the third quarter of 2015, on a quarterly basis, the partnership paid a base management fee (“base management fee”), to the service providers equal to $12.5 million perquarter ($50.0 million annually).

Through the second quarter of 2015, the partnership also paid a quarterly equity enhancement distribution to Special L.P., a wholly-owned subsidiary of Brookfield AssetManagement, of 0.3125% of the amount by which the operating partnership’s total capitalization value at the end of each quarter exceeded its total capitalization value thatimmediately followed the spin-off of Brookfield Asset Management’s commercial property operations on April 15, 2013, subject to certain adjustments. For purposes of calculatingthe equity enhancement distribution at each quarter-end, the capitalization of the partnership was equal to the volume-weighted average of the closing prices of the LP Units on theNYSE for each of the last five trading days of the applicable quarter multiplied by the number of issued and outstanding units of the partnership on the last of those days (assumingfull conversion of Brookfield Asset Management’s interest in the partnership into LP Units of the partnership), plus the amount of third-party debt, net of cash, with recourse to thepartnership and the operating partnership and certain holding entities held directly by the operating partnership.

On August 3, 2015, the board of directors of the partnership approved an amendment to the base management fee and equity enhancement distribution calculations, as of thebeginning of the third quarter of 2015. Pursuant to this amendment, the annual base management fee paid by the partnership to Brookfield Asset Management was changed from$50.0 million, subject to annual inflation adjustments, to 0.5% of the total capitalization of the partnership, subject to an annual minimum of $50.0 million, plus annual inflationadjustments. The calculation of the equity enhancement distribution was amended to reduce the distribution by the amount by which the revised base management fee is greater than$50.0 million per annum, plus annual inflation adjustments, to maintain a fee level in aggregate that would be the same as prior to the amendment.

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The base management fee for the three months ended March 31, 2016 was $26 million (2015 - $13 million). The equity enhancement distribution for the three months endedMarch 31, 2016 was $8 million (2015 - $27 million).

In connection with the issuance of Preferred Equity Units to Qatar Investment Authority (“QIA”) in the fourth quarter of 2014, Brookfield Asset Management contingently agreedto acquire the seven-year and ten-year tranches of Preferred Equity Units from QIA for the initial issuance price plus accrued and unpaid distributions and to exchange such unitsfor Preferred Equity Units with terms and conditions substantially similar to the twelve-year tranche to the extent that the market price of the LP Units is less than 80% of theexchange price at maturity.

The following table summarizes transactions with related parties:

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

Balances outstanding with related parties: Participating loan interests $ 498 $ 449Equity accounted investments 148 143Loans and notes receivable(1) 66 63Receivables and other assets 28 29Deposit from Brookfield Asset Management (500) —Property-specific debt obligations (379) (362)Corporate debt obligations (12) (1,000)Other liabilities (198) (373)Capital securities held by Brookfield Asset Management (1,250) (1,250)Preferred shares held by Brookfield Asset Management (25) (25)

(1) At March 31, 2016, includes $66 million (December 31, 2015 - $63 million) receivable from Brookfield Asset Management upon the earlier of the partnership’s exercise of its option to convert its participating loaninterests into direct ownership of the Australian portfolio or the maturity of the participating loan interests.

Three months ended Mar. 31, (US$ Millions) 2016 2015

Transactions with related parties: Commercial property revenue(1) $ 5 $ 5Management fee income 1 —Interest and other income 1 —Participating loan interests (including fair value gains, net) 25 30Interest expense on debt obligations 30 13Interest on capital securities held by Brookfield Asset Management 19 19General and administrative expense(2) 57 51Construction costs(3) 97 70

(1) Amounts received from Brookfield Asset Management and its subsidiaries for the rental of office premises.(2) Includes amounts paid to Brookfield Asset Management and its subsidiaries for management fees, management fees associated with the partnership’s private funds, and administrative services.(3) Includes amounts paid to Brookfield Asset Management and its subsidiaries for construction costs of development properties.

During the first quarter of 2016, the partnership’s 50/50 joint venture with the Investment Corporation of Dubai (“ICD”) acquired land in Dubai on which ICD Brookfield PlaceDubai will be erected. Brookfield Office Properties serves as the development manager and, as such, earns a management fee during the construction period. In addition, theprimary contractor for the construction of the property will be a joint venture of Brookfield Multiplex Pty. Ltd., which is indirectly owned by Brookfield Asset Managementthrough Brookfield Business Partners L.P., and Ssangyong Engineering & Construction Co. Ltd.

During the first quarter of 2016, Fairfield Residential Company LLC, which is approximately 65% owned by Brookfield Asset Management, sold a multifamily development site inCamarillo, CA to Brookfield Office Properties for consideration of $35 million.

NOTE 30. SUBSIDIARY PUBLIC ISSUERSBOP Split was incorporated for the purpose of being an issuer of preferred shares and owning the partnership’s Purchasers’ additional investment in BPO common shares.Pursuant to the terms of a Plan of Arrangement, holders of outstanding BPO Convertible Preference Shares Series G, H, J and K, which were convertible into BPO commonshares, were able to exchange their shares for BOP Split Senior Preferred Shares, subject to certain conditions. The BOP Split Senior Preferred shares are listed on the TSX andbegan trading on June 11, 2014. All shares issued by BOP Split are retractable by the holders at any time for cash.

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The following table provides consolidated summary financial information for the partnership, BOP Split, and the Holding Entities:

(US$ Millions) For the three months ended Mar. 31, 2016

BrookfieldProperty Partners

L.P. BOP Split Corp. Holding entities(2) Other subsidiariesConsolidatingadjustments(3)

BrookfieldProperty PartnersL.P consolidated

Revenue $ — $ — $ 80 $ 1,247 $ (80) $ 1,247Net income attributable to unitholders(1) 94 70 251 102 (266) 251

For the three months ended Mar. 31, 2015 Revenue — — 82 1,149 (82) 1,149Net income attributable to unitholders(1) $ 307 $ 283 $ 833 $ 468 $ (1,058) $ 833

(1)Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units and Exchange LP Units.(2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings 1A Ltd., BPY Bermuda Holdings Limited, BPY Bermuda

IV Holdings LP, BPY Bermuda Holdings IV Limited and BPY Bermuda Holdings II Limited.(3) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.

(US$ Millions)As of Mar. 31, 2016

BrookfieldProperty Partners

L.P. BOP Split Corp. Holding entitiesOther

subsidiariesConsolidating

adjustments

BrookfieldProperty PartnersL.P consolidated

Current assets $ — $ — $ 232 $ 2,231 $ — $ 2,463Non- current assets 8,170 2,396 28,274 70,120 (38,840) 70,120Assets held for sale — — — 1,254 — 1,254Current liabilities — — 107 9,214 — 9,321Non current liabilities — 3,079 6,570 23,090 — 32,739Liabilities associated with assets held for sale — — — 478 — 478Equity attributable to interests of others in operatingsubsidiaries and properties

— — — 9,470 — 9,470

Equity attributable to unitholders(1) 8,170 (683) 21,829 31,353 (38,840) 21,829(1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units and Exchange LP Units.

(US$ Millions)As of Dec. 31, 2015

BrookfieldProperty Partners

L.P. BOP Split Corp. Holding entities Other subsidiariesConsolidating

adjustments

BrookfieldProperty PartnersL.P consolidated

Current assets $ — $ — $ 1,771 $ 488 $ — $ 2,259Non- current assets 8,237 6,505 19,603 68,802 (34,345) 68,802Assets held for sale — — — 805 — 805Current liabilities — — 385 11,337 — 11,722Non current liabilities — 3,079 (968) 26,858 — 28,969Liabilities associated with assets held for sale — — — 242 — 242Equity attributable to interests of others in operatingsubsidiaries and properties

— — — 8,975 — 8,975

Equity attributable to unitholders(1) 8,237 3,426 21,957 22,683 (34,345) 21,958(1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units and Exchange LP Units.

NOTE 31. SEGMENT INFORMATIONa) Operating segmentsIFRS 8, Operating Segments, requires operating segments to be determined based on internal reports that are regularly reviewed by the chief operating decision maker (“CODM”)for the purpose of allocating resources to the segment and to assessing its performance. In the first quarter, the partnership realigned the organizational and governance structures ofits businesses to align them more closely with the nature of the partnership’s investments. Such realignment gave rise to changes in how the partnership presents information forfinancial reporting and management decision-making purposes and resulted in a change in the partnership’s reporting segments. Consequently, as of March 31, 2016, thepartnership’s operating segments are organized into four reportable segments: i) Core Office, ii) Core Retail, iii) Opportunistic and iv) Corporate. All prior period segmentdisclosures have been recast to reflect the changes in the partnership’s operating segments. These segments are independently and regularly reviewed and managed by the ChiefExecutive Officer, who is considered the CODM.

b) Basis of measurementThe CODM measures and evaluates the performance of the partnership’s operating segments based on funds from operations (“FFO”), and equity attributable to unitholders. Theseperformance metrics do not have standardized meanings prescribed by IFRS and therefore may differ from similar metrics used by other companies and organizations. Managementbelieves that while not an IFRS measure, FFO is the most consistent metric to measure the partnership’s financial statements and for the purpose of allocating resources andassessing its performance. The partnership defines these measures as follows:

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i. FFO: net income, prior to fair value gains, net, depreciation and amortization of real estate assets, and income taxes less non-controlling interests of others in operatingsubsidiaries and properties share of these items. When determining FFO, the partnership also includes its proportionate share of the FFO of unconsolidated partnershipsand joint ventures and associates.

ii. Equity attributable to unitholders: equity attributable to holders of GP Units, LP Units, Redeemable/Exchangeable Partnership Units, Special LP Units and Exchange LPUnits.

c) Reportable segment measuresThe following summaries present certain financial information regarding the partnership’s operating segments for the three months ended March 31, 2016 and 2015:

(US$ Millions) Total revenue FFOThree months ended Mar. 31, 2016 2015 2016 2015Core Office $ 534 $ 609 $ 144 $ 140Core Retail — — 103 88Opportunistic 713 540 64 67Corporate — — (116) (119)Total $ 1,247 $ 1,149 $ 195 $ 176

The following summary presents information about certain consolidated balance sheet items of the partnership, on a segmented basis, as of March 31, 2016 and December 31,2015:

Total assets Total liabilitiesTotal equity attributable

to unitholders(US$ Millions) Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Dec. 31, 2015 Mar. 31, 2016 Dec. 31, 2015Core Office $ 36,911 $ 36,540 $ 18,414 $ 17,850 $ 15,884 $ 15,984Core Retail 8,750 8,579 — — 8,750 8,579Opportunistic 28,021 26,521 16,077 15,257 4,233 4,251Corporate 155 226 8,047 7,826 (7,038) (6,856)Total $ 73,837 $ 71,866 $ 42,538 $ 40,933 $ 21,829 $ 21,958

The following summary presents a reconciliation of NOI and FFO to net income for the three months ended March 31, 2016 and 2015:

Three months ended Mar. 31, (US$ Millions) 2016 2015Commercial property revenue $ 820 $ 810Hospitality revenue 392 270Direct commercial property expense (311) (327)Direct hospitality expense (265) (206)NOI 636 547Investment and other revenue 35 69Share of equity accounted income - FFO 218 171Interest expense (416) (374)General and administrative expense (131) (110)Depreciation and amortization of non-real estate assets (5) (5)Non-controlling interests of others in operating subsidiaries and properties in FFO (142) (122)FFO(1) 195 176Depreciation and amortization of real estate assets (59) (31)Fair value gains, net 337 828Share of equity accounted income - non-FFO (88) 93Income tax expense (87) (179)Non-controlling interests of others in operating subsidiaries and properties – non-FFO (47) (54)Net income attributable to unitholders(2) 251 833

Non-controlling interests of others in operating subsidiaries and properties 189 176Net income $ 440 $ 1,009

(1) FFO represents interests attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units and Special LP Units. The interests attributable to Exchange LP Units,Redeemable/Exchangeable Partnership Units and Special LP Units are presented as non-controlling interests in the consolidated statements of income.

(2) Includes net income attributable to GP Units, LP Units, Exchange LP Units, Redeemable/Exchangeable Partnership Units and Special LP Units. The interests attributable to Exchange LP Units,Redeemable/Exchangeable Partnership Units and Special LP Units are presented as non-controlling interests in the consolidated statements of income.

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NOTE 32. SUBSEQUENT EVENTSOn April 12, 2016, the partnership acquired a 50% interest in an office development at 655 New York Avenue in Washington, D.C. for a gross purchase price of $145 million.

On April 18, 2016, Brookfield Asset Management announced the final close on Brookfield Strategic Real Estate Partners II (“BSREP II”) with $9.0 billion of equity commitments.In connection with the close, the partnership increased its commitment to BSREP II from $2.0 billion to $2.3 billion.

On April 22, 2016, BPO provided notice of redemption of all of its outstanding Class AAA Preference Shares, Series H.

On April 27, 2016, BPO issued 8,000,000 Class AAA Series CC preferred shares for C$200 million or C$25.00 a share.

On April 29, 2016, the partnership closed on the acquisition of a portfolio of 13 student housing properties in the United Kingdom, and the associated management platform, for apurchase price of approximately £399 million.

On May 5, 2016, the partnership closed on the partial sale of its investment in Potsdamer Platz for consideration of €146 million. The partnership retains a 25% ownership in thePotsdamer Platz estate.

On May 6, 2016, the partnership disposed of Two Ballston Plaza in Washington, D.C. for $79 million.

On May 9, 2016, the partnership disposed of a 49% interest including the non-controlling interest of 15.7% in One New York Plaza in Downtown New York for $1,383 million.

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Exhibit 99.3

FORM 52-109F2CERTIFICATION OF INTERIM FILINGS – FULL CERTIFICATE

I, Brian W. Kingston, Chief Executive Officer of Brookfield Property Group LLC, a manager of Brookfield Property Partners L.P., certify the following: 1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Brookfield Property Partners L.P. (the “issuer”)for the interim period ended March 31, 2016. 2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of amaterial fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances underwhich it was made, with respect to the period covered by the interim filings. 3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financialinformation included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, asof the date of and for the periods presented in the interim filings. 4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P)and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annualand Interim Filings, for the issuer. 5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the periodcovered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that(a) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being

prepared; and(b) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities

legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and

the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – IntegratedFramework published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). 5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A 6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning onJanuary 1, 2016 and ended on March 31, 2016 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: May 11, 2016

/s/ Brian W. Kingston Brian W. Kingston Chief Executive Officer of Brookfield Property Group LLC, a manager of the issuer

Exhibit 99.4

FORM 52-109F2CERTIFICATION OF INTERIM FILINGS – FULL CERTIFICATE

I, Bryan K. Davis, Chief Financial Officer of Brookfield Property Group LLC, a manager of Brookfield Property Partners L.P., certify the following: 1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Brookfield Property Partners L.P. (the “issuer”)for the interim period ended March 31, 2016. 2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of amaterial fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances underwhich it was made, with respect to the period covered by the interim filings. 3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financialinformation included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, asof the date of and for the periods presented in the interim filings. 4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P)and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annualand Interim Filings, for the issuer. 5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the periodcovered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that(a) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being

prepared; and(b) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities

legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and

the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – IntegratedFramework published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). 5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A 6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning onJanuary 1, 2016 and ended on March 31, 2016 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR. Date: May 11, 2016

/s/ Bryan K. Davis Bryan K. Davis Chief Financial Officer of Brookfield Property Group LLC, a manager of the issuer