Brookfield Property Series 1 Preferred (BPYPM)

Represents the Class A cumulative redeemable preferred units issued during Brookfield Property Partners’ 2021 privatization. Payment obligations are guaranteed by the partnership, its operating partnership and several holding entities. The units trade on Nasdaq and Toronto, carry limited voting rights and rank behind issuer and non-guarantor subsidiary debt.

Underlying operations are organized into Office, Retail and LP Investments. Office properties span major global markets; Retail consists of U.S. malls and urban centers; LP Investments holds stakes in Brookfield-sponsored opportunity funds across multifamily, logistics, hospitality, mixed-use and other property types. Brookfield’s operating network leases and repositions properties and recycles capital from finite-life funds. Distributions remain subject to declaration, and payment capacity depends on property cash flows and the structure’s leverage and refinancing.