BPYPO

Brookfield Property Partners L.P. Preferred Limited Partnership Units Series O represent preferred equity interests in Brookfield Property Partners L.P., with priority over common units for distributions and liquidation proceeds but subordinate to all debt obligations. Series O preferred units provide investors with priority income from Brookfield Property Partners' global commercial real estate platform operating premier properties across office, retail, hospitality, industrial, multifamily, and other sectors in major markets worldwide. Series O preferred units pay fixed quarterly distributions at the rate detailed in partnership documentation. As preferred securities, Series O distributions take priority over common unitholder distributions. Preferred unitholders generally have no voting rights except in specified circumstances including distribution non-payment or proposed actions adversely affecting preferred rights. The units are perpetual without maturity date, though Brookfield Property Partners typically retains call options after initial non-call periods. Following Brookfield's take-private transaction of the common units, preferred units continue trading as publicly listed securities. These preferred units target income investors seeking steady quarterly distributions, seniority over common equity, and exposure to Brookfield's institutional real estate portfolio and management capabilities. Credit quality reflects property portfolio performance including occupancy, rent collection, lease profiles, property values, debt management, distribution coverage, and Brookfield Asset Management's sponsorship. Preferred unit valuations respond to interest rate movements (inverse), real estate market fundamentals, credit spreads, and structural factors related to the privatized common equity. Post-take-private, investors should evaluate transparency, governance, and exit considerations for preferred securities in vehicles with privately-held common equity. Investment risks include real estate market cycles affecting property values and cash flows, leverage magnifying returns and risks, interest rate sensitivity, potential call before attractive exit prices, and preferred security characteristics including limited participation in property appreciation and subordination to debt while ranking senior to common equity.