Brookfield Property Split Corp. — Regulatory Filings 2021

Mar 2, 2021

NOTICE

Brookfield Property Split Corp. hereby gives notice, pursuant to section 13.4(2)(d)(ii)(A) of National Instrument 51-102 ─ Continuous Disclosure Obligations ( “ NI 51-102 ”), that it is relying on the continuous disclosure documents filed by Brookfield Property Partners L.P. and that such documents can be found for viewing in electronic format at www.sedar.com under the company profile for Brookfield Property Partners L.P.

Attached to this notice and forming part hereof is the consolidated summary financial information for Brookfield Property Partners L.P. as required by section 13.4 of NI 51-102.

Date: March 2, 2021.

UNAUDITED CONSOLIDATING SUMMARY FINANCIAL INFORMATION (in millions of US dollars)

Brookfield Property Partners L.P. and its subsidiaries Brookfield Property L.P., Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, BPY Bermuda Holdings II Limited and Brookfield Office Properties Inc. fully and unconditionally guarantee the payment obligations of Brookfield Property Split Corp. (“ BOP Split ”) in respect of the Series 1, Series 2, Series 3 and Series 4 class A senior preference shares issued by BOP Split. Accordingly, the following consolidating summary financial information is provided in compliance with the requirements of section 13.4 of National Instrument 51-102 ─ Continuous Disclosure Obligations providing for an exemption for certain credit support issuers. The tables below contain consolidating summary financial information for (i) Brookfield Property Partners L.P., (ii) BOP Split, (iii) Brookfield Office Properties Inc. (“ BPO ”), (iv) the primary holding subsidiaries of Brookfield Property Partners L.P. (the “ Holding entities ”), (v) Brookfield Property Partners L.P.’s additional holding entities and eliminations, (vi) consolidating adjustments, and (vii) Brookfield Property Partners L.P. and all of its subsidiaries on a consolidated basis, in each case for the periods indicated. Such summary financial information is intended to provide investors with meaningful and comparable financial information about Brookfield Property Partners L.P. and its subsidiaries. This summary financial information should be read in conjunction with the most recently issued annual and interim financial statements of Brookfield Property Partners L.P. This summary financial information has been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

Consolidating summary financial information with respect to Brookfield Property Preferred Equity Inc. is not available as this entity has, since the date of its incorporation to, and as of, the date of the attached consolidated summary financial information for Brookfield Property Partners L.P., no income, no assets or liabilities, no subsidiaries and no ongoing business operations of its own.

The following table provides consolidated summary financial information for the partnership, BOP Split, BPO, Brookfield Property Finance ULC, Brookfield Property Preferred Equity Inc. and the holding entities:

	Brookfield	Brookfield					Brookfield	Brookfield	Brookfield	Brookfield				Additional				Brookfield
(US$ Millions)		Property Partners	BOP Split					Property Preferred		Property Finance		Holding		holding entities and		Consolidating	Property Partners L.P.
Year ended December 31,2020		L.P.		Corp.		BPO	EquityInc.			ULC	Entities(2)		eliminations(3)		Adjustments(4)		consolidated
Revenue	$	—	$	205	$	215	$	—	$	68	$	836	$	126	$	5,143	$	6,593
Net income attributable to
unitholders(1)		(1,178)		274		102		—		(44)		(2,358)		153		693		(2,358)
Year ended December 31, 2019
Revenue	$	—	$	32	$	163	$	—	$	43	$	1,767	$	392	$	5,806	$	8,203
Net income attributable to
unitholders(1)		967		386		767		—		(41)		1,956		688		(2,767)		1,956
Year ended December 31, 2018
Revenue	$	—	$	27	$	166	$	—	$	8	$	1,192	$	167	$	5,679	$	7,239
Net income attributable to
unitholders(1)		767		417	(1,419)			—		—		1,978		(34)		269		1,978

(1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPYU Units.

(2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited.

(3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities

(4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.

	Brookfield	Brookfield					Brookfield	Brookfield	Brookfield	Brookfield				Additional				Brookfield
(US$ Millions)		Property Partners	BOP Split					Property Preferred		Property Finance		Holding		holding entities and	Consolidating		Property Partners L.P.
As of Dec. 31, 2020		L.P.		Corp.		BPO	EquityInc.			ULC		Entities(2)	eliminations(3)		Adjustments(4)		consolidated
Current assets	$	—	$	545	$	171	$	—	$	1,457	$	8,780	$	196	$	(6,728)	$	4,421
Non-current assets		12,628		30,137		23,542		—		438		38,142		2,227		(4,172)		102,942
Assets held for sale		—		—		—		—		—		—		—		588		588
Current liabilities		—		3,595		678		—		336		7,587		1,356		4,272		17,824
Non-current liabilities		—		4,542		5,270		—		1,571		13,499		531		22,795		48,208
Liabilities associated with assets
held for sale		—		—		—		—		—		—		—		396		396
Preferred equity		699		—		—		—		—		—		—		—		699
Equity attributable to interests
of others in operating
subsidiaries andproperties		—		—		2,686		—		—		—		—		13,001		15,687
Equity attributable to
unitholders(1)	$	11,929	$	22,545	$	15,079	$	—	$	(12)	$	25,836	$	536	$	(50,776)	$	25,137
As of Dec. 31, 2019
Current assets	$	—	$	12	$	127	$	—	$	673	$	8,436	$	176	$	(6,522)	$	2,902
Non-current assets		14,517		11,739		23,830		—		429		29,367		2,049		26,423		108,354
Assets held for sale		—		—		—		—		—		—		—		387		387
Current liabilities		—		995		131		—		15		5,981		1,129		4,075		12,326
Non-current liabilities		—		6,173		6,744		—		1,078		2,871		519		36,857		54,242
Liabilities associated with assets
held for sale		—		—		—		—		—		—		—		140		140
Preferred equity		420		—		—		—		—		—		—		—		420
Equity attributable to interests
of others in operating
subsidiaries andproperties		—		—		2,284		—		—		—		—		13,701		15,985
Equity attributable to unitholders(1)	$	14,097	$	4,583	$	14,798	$	—	$	9	$	28,951	$	577	$	(34,485)	$	28,530

(1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPYU Units.

(2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited.

(3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities

• (4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.