Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 23

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 3
Chunk 23
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uciary duty to us will be limited significantly by the terms of our remaining agreements with Brookfield and the disclosures herein. As a result, our preferred unitholders will not receive the protection of the Advisers Act with respect to the services provided by Brookfield. In particular, as noted elsewhere, given that we are a wholly-owned subsidiary of Brookfield, it will take its broader interests into account when making decisions for BPY and will likely make recommendations and determinations that are different than those taken for Brookfield advisory clients or that it would make under different circumstances.

Circumstances may arise in which these arrangements will need to be amended, or new arrangements will need to be entered into, and conflicts of interest between our preferred unitholders and Brookfield will arise in negotiating such new or amended arrangements. Brookfield will generally not seek consent for these arrangements unless required to do so by law or otherwise determined appropriate in Brookfield’s discretion. For more information, see Item 7. B. “ Major Shareholders and Related Party Transactions - Related Party Transactions - Relationship with Brookfield - Conflicts of Interest and Significantly Limited Fiduciary Duties."

The BPY General Partner may be unable or unwilling to terminate our Master Services Agreement.

Our Master Services Agreement provides that the Service Recipients may terminate the agreement only if: (i) the Service Providers default in the performance or observance of any material term, condition or covenant contained in the agreement in a manner that results in material harm to the Service Recipients and the default continues unremedied for a period of 60 days after written notice of the breach is given to the Service Providers; (ii) the Service Providers engage in any act of fraud, misappropriation of funds or embezzlement against any Service Recipient that results in material harm to the Service Recipients; (iii) the Service Providers are grossly negligent in the performance of their duties under the agreement and such negligence results in material harm to the Service Recipients; or (iv) upon the happening of certain events relating to the bankruptcy or insolvency of the Service Providers. In addition, because the BPY General Partner is an affiliate of Brookfield, it is likely to be unwilling to terminate our Master Services Agreement, even in the case of a default.

Brookfield’s obligations and fiduciary duties to us are significantly limited and we will not receive the same protections and benefits as advisory clients of Brookfield receive.

We are no longer an advisory client of Brookfield for purposes of the Advis