BPYPM

Brookfield Property Partners L.P. Preferred Limited Partnership Units Series M represent preferred equity interests in Brookfield Property Partners L.P., a global real estate company owning, operating, and developing premier office, retail, industrial, hospitality, and other real estate assets worldwide. Series M preferred units carry priority over common units for distributions and in liquidation but are subordinate to debt. These securities provide investors with priority income from one of the world's largest and most sophisticated real estate platforms. The Series M preferred units pay fixed distributions at the rate specified in the partnership agreement, typically on a quarterly basis. As preferred securities, distributions must be paid to Series M holders before any distributions to common unitholders, providing income priority. Preferred unitholders generally have limited voting rights except under specific circumstances. The units have no stated maturity date but may be redeemable at Brookfield Property Partners' option after an initial non-call period. Following Brookfield's take-private transaction of Brookfield Property Partners, the preferred units continue trading though the common units were delisted. These preferred units suit income investors seeking regular distributions, priority over common equity, and exposure to Brookfield's global real estate platform. The securities' credit quality reflects Brookfield Property Partners' asset quality, portfolio diversification across property types and geographies, occupancy and lease rollover profiles, ability to service debt and distributions, and Brookfield Asset Management's sponsor support. Preferred unit prices respond to interest rate movements (inverse relationship), credit spreads, real estate market conditions, and corporate actions. Following the take-private transaction, preferred unitholders should understand the implications of the privatized structure on liquidity, transparency, and potential exit opportunities. These securities involve real estate market risks, leverage, interest rate sensitivity, and considerations specific to preferred securities of privately-held real estate vehicles. Investors should evaluate both real estate fundamentals and preferred security characteristics including distribution coverage, call risk, and structural protections.