BPYPN

Brookfield Property Partners L.P. Preferred Limited Partnership Units Series N represent preferred equity interests in Brookfield Property Partners L.P., carrying priority over common units for distributions and in liquidation but ranking junior to all debt obligations. Series N preferred units provide investors with priority income from Brookfield Property Partners' diversified global real estate portfolio spanning office, retail, industrial, hospitality, and other property types across North America, Europe, Asia, and other markets. Series N preferred units pay fixed quarterly distributions as specified in the partnership agreement. Preferred distributions must be paid before any distributions to common unitholders, offering income priority. Preferred unitholders typically have limited or no voting rights except under specific circumstances such as distribution arrearages or partnership actions affecting preferred unitholder rights. The units are perpetual with no maturity date, though Brookfield Property Partners may have redemption rights after an initial non-call period. Following Brookfield's take-private transaction, the preferred units continue trading though common units were delisted. These preferred units appeal to income-focused investors seeking regular distributions, capital structure priority, and exposure to institutional-quality global real estate. The securities' credit quality depends on Brookfield Property Partners' operational performance including property occupancy rates, rental income, lease renewal activity, property valuations, debt service capability, and distribution coverage. Brookfield Asset Management's involvement as sponsor and manager provides operational expertise and potential financial support. Preferred unit prices are sensitive to interest rate changes (inverse relationship), credit spreads reflecting real estate market conditions and company-specific factors, and implications of the privatized structure. Following the take-private transaction, investors should understand the reduced transparency, limited liquidity, and structural considerations of holding preferred securities in a privately-controlled vehicle. These securities involve real estate market cycles, property-level operating risks, leverage, and preferred security characteristics including interest rate risk, call risk, and subordination to debt.