Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 19

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 3
Chunk 19
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 it would be taxable as a corporation for U. S. federal income tax purposes, and such treatment would materially adversely affect the value of our units. See Item 10. E. “ Additional Information - Taxation - U. S. Tax Considerations - Partnership Status of Our Company and the Property Partnership."

Risks Relating to Our Relationship with Brookfield

Brookfield exercises full control over us and we are highly dependent on the Service Providers.

On July 26, 2021, Brookfield Corporation acquired all of our LP Units. Since that time, our LP Units are no longer publicly traded and BPY is a wholly-owned subsidiary of Brookfield Corporation. Brookfield is also the sole shareholder of the BPY General Partner. As a result of its ownership of BPY and the BPY General Partner, Brookfield fully controls our and their activities (including the appointment and removal of directors) and exercises controlling influence over Property Partnership, for which our company is the managing general partner. In addition, the Service Providers, which are subsidiaries of Brookfield, provide management and administration services to us pursuant to our Master Services Agreement. Our company and the Property Partnership depend on the management and administration services provided by or under the direction of the Service Providers. Brookfield personnel that provide services to us under our Master Services Agreement are not required to have as their primary responsibility the management and administration of our company or the Property Partnership or to act exclusively for either of us. Such Service Providers are also expected to exercise their discretionary authority over BPY’s assets and governance more broadly, taking into account Brookfield’s own broader business interests given that BPY is a wholly-owned subsidiary of Brookfield, to cause BPY to enter into transactions that benefit Brookfield directly and that are likely to favor Brookfield advisory clients over us. In seeking to manage business activities efficiently, the Service Providers have discretion to apply certain restrictions to our investment and other activities, but not to those of Brookfield’s advisory clients, considering the relevant facts and circumstances it deems appropriate. As a result of the protections under the U. S. Investment Advisers Act of 1940 (the “ Advisers Act”) afforded to Brookfield’s advisory clients no longer applying to BPY and our preferred unitholders, and due to Brookfield’s 100% ownership and control of BPY, Brookfield’s interests will significantly

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influence the Service Providers’ conduct and approach to these determinations. It is therefore possible that the outcome for BPY and our subsidiaries will