Exhibit (c)(3)

HIGHLY CONFIDENTIAL Project E-4 DISCUSSION MATERIALS 31 MARCH 2021 CONFIDENTIAL

HIGHLY CONFIDENTIAL The information herein has been prepared by Lazard based upon information supplied by Peak, or publicly available information, and portions of the information herein may be based upon publicly available statements, estimates and forecasts with respect to the anticipated future performance of Peak and/or certain statements, estimates and forecasts provided by Peak with respect to the anticipated future performance of Peak. We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information. With respect to financial forecasts, we have assumed that they have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments as to the future financial performance of Peak. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard except to the extent specifically set forth in the engagement letter entered into by Lazard and the Special Committee of the Board of Directors of the general partner of Peak (the “Special Committee”); provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as independent financial advisor to the Special Committee, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice. Lazard is not providing an opinion as to the relative merits of a transaction with Mountain as compared to any other transaction or business strategy in which Peak might engage or the merits of the underlying decision by Peak to engage in a transaction with Mountain. This presentation is not intended to provide the sole basis for any decision on any transaction and is not a recommendation with respect to any transaction. The recipient should make its own independent business decision based on all other information, advice and the recipient’s own judgment. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations in respect of these materials or other advice provided, except to the extent specifically set forth in the engagement agreement that has been entered into by Lazard and the Special Committee. Since these materials were prepared for use in the context of a presentation to the Special Committee, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by us. The information herein must be considered as a whole. Selecting portions of the analyses or other factors considered, without considering all factors and analyses together, could create an incomplete view of the analysis contained herein. We undertake no obligation to update or otherwise revise these materials and the information contained herein. Disclaimer PROJECT E- 4 CONFIDENTIAL

HIGHLY CONFIDENTIAL Table of Contents PROJECT E- 4 CONFIDENTIAL I EXECUTIVE SUMMARY 1 II PEAK OVERVIEW 4 III COMPARABLE COMPANY OVERVIEW 6 IV MANAGEMENT PROJECTIONS 9 V PEAK FINANCIAL ANALYSIS 13 A Corporate 14 B Core Office 19 C Core Retail 27 VI MOUNTAIN TRADING SUMMARY 34 VII PREFERRED SECURITIES SUMMARY 36 APPENDIX

HIGHLY CONFIDENTIAL CONFIDENTIAL I Executive Summary PROJECT E- 4

HIGHLY CONFIDENTIAL I EXECUTIVE SUMMARY PROJECT E- 4 The Special Committee of the Board of Directors of the general partner of Peak (the “Special Committee”) is evaluating a proposal made by Mountain to acquire all of the outstanding limited partnership units of Peak not currently owned by Mountain (~356.4MM units or ~38.1% of Peak’s outstanding units) • On January 3, 2021 Mountain delivered a non-binding proposal to Peak, which was subsequently publicly announced on January 4, 2021, describing the initial terms of a proposed minority buy-in transaction − Election to receive, per Peak unit, either $16.50 in cash, 0.40 Class A Mountain shares, or 0.66 newly-issued Peak preferred units with liquidation preference of $25 per preferred unit, subject to pro-ration • Peak is Mountain’s primary public vehicle for making investments across all strategies in real estate globally − In addition to owning an ~61.9% economic interest in Peak, Mountain is also the external manager of Peak pursuant to a perpetual Master Services Agreement (i.e., not terminable at will) and a lender to Peak • Peak’s Board of Directors formed the Special Committee, and subsequently the Special Committee retained Canadian, U.S., and Bermuda legal counsel, and engaged Lazard as its financial advisor • Lazard was provided access to Peak’s management teams to conduct due diligence on the company, including evaluating management’s financial projections for Peak’s business and assets • After several rounds of negotiations, Mountain provided a revised final offer of either $18.17 in cash, 0.3979 Class A Mountain shares, or 0.7268 newly-issued Peak preferred units with a liquidation preference of $25 per preferred unit, subject to pro-ration − Pro-ration based on maximum cash consideration of $3.27Bn (50.5% of consideration), maximum of 59.3MM Mountain shares (41.8% of consideration), and maximum of $500MM(a) of Peak preferred units (7.7% of consideration), provided that if elections received in excess of $500MM Peak preferred units, Peak preferred units can increase to maximum of $1.0Bn and are offset by a corresponding decrease in Mountain shares − At $18.17 per partnership unit, the offer price represented a 25.6% premium to Peak’s unaffected closing price of $14.47 on 12/31/20(b) − At $18.17 per partnership unit, the revised final offer price represents a 10.1% increase versus Mountain’s original offer of $16.50 Source: Mountain proposals, FactSet and SNL Financial as of 03/26/21. Note: Unless otherwise indicated through the following materials, i) all cash flows are presented at Peak share, ii) Peak financials, IFRS values, and unit counts are all as of 12/31/20, and iii) all values are presented in USD. (a) Based on liquidation preference of $25 per preferred unit. (b) Unaffected date as of 12/31/2020 represents the last trading date prior to Mountain’s initial offer. Executive Summary – Situation Overview 1

HIGHLY CONFIDENTIAL Executive Summary – Transaction Overview I EXECUTIVE SUMMARY PROJECT E- 4 SUMMARY OVERVIEW IMPLIED PEAK OFFER ($MM) Source: Peak 5-year business plan, Peak public filings, FactSet, Wall Street research and SNL Financial as of 03/26/21. (a) Preferred units with par value of $25.00. (b) Management-provided fully-diluted unit count as of 12/31/20 which assumes conversion of QIA mandatorily-convertible preferred shares into 70.1M LP Units. (c) Capital securities adjusted for $1.7Bn of QIA mandatorily-convertible preferred shares which are included in the fully-diluted unit count on an as-converted basis. (d) Includes $597M of Core Office condo inventory which is excluded from net other assets in DCF analyses as a result of these condos being sold during the forecast period. (e) Management FFO and AFFO adjusted for preferred dividends, carrying costs for QIA preferred securities, and non-recurring condo sale proceeds. (f) Management AFFO is equal to Management FFO less sustaining capital expenditures. (g) Recurring Cash NOI excludes condo sale proceeds, lease termination income, straight-line / free rent adjustments, and other non-cash adjustments. • Mountain proposed to acquire 100% of the publicly-traded LP units of Peak that it does not already own (~356.4M units, or 38.1% of Peak) for a price of $18.17 per unit as of 03/26/21 − Mountain’s offer price implies an equity value of $11.3Bn for its ~61.9% economic interest in Peak, or ~16% of Mountain’s current equity market capitalization of ~$69Bn − Current economic interest in Peak represents ~49% of Mountain’s book value of common equity on an IFRS basis as of 12/31/20 • $6.5Bn total value of consideration as of offer date, subject to proration and comprised of: − 50.5% Cash • Offer value of $18.17 per unit • Maximum of $3.27Bn − 41.8% Mountain Class A shares • 0.3979 exchange ratio; maximum of 59.3MM shares • Represents <4% of Mountain’s current equity market capitalization − 7.7% New-issue preferred units • 0.7268 exchange ratio; $25 liquidation preference; Par value security with coupon to be set when Circular is distributed and based on the then trading yield of existing Peak preferred securities • Maximum value of $500MM • If unitholders collectively elect to receive >$500MM in preferred units, the amount of preferred units can increase to a maximum of $1.0Bn, offset against a decrease in the maximum amount of Mountain shares (the maximum amount of cash consideration would not be affected) • Unitholder vote would require approval of at least 2/3 of voting unitholders and a majority of the minority units that are voted to approve the transaction • Peak dividend distributions will cease between signing and closing − Unit holders as of the 02/25/21 Q1’21 ex-date will still receive Peak’s Q1 dividend of $0.3325 on 03/31/21 US$ and units in MM except per unit amounts, presented at share Final Offer Headline 03/26/21 Cash Consideration per Unit $9.17 Mountain Stock Consideration per Unit 7.60 Preferred Unit Consideration per Unit (a) 1.40 Blended Consideration per Unit $18.17 Memo: Implied Mountain Stock Exchange Ratio 0.3979x Fully-Diluted Units (MM) (b) 1,006.1 Implied Market Capitalization @ Mountain Offer $18,281 Memo: % ∆ in Implied Equity Capitalization vs. Initial Headline Offer 10.1% Net Debt + Preferred @ Share (c) $53,167 NCIs 312 Total Enterprise Value $71,760 Memo: % ∆ in Total Enterprise Value vs. Initial Headline Offer 2.4% Memo: % ∆ in Total Enterprise Value vs. Unaffected Price 5.5% Implied Value of Operating Real Estate (d) $66,118 Summary Trading Metrics Implied P / (D) to NASDAQ Unit Price: Amount As of Current Date 03/26/21 $18.11 0.3% As of Unaffected Date 12/31/20 14.47 25.6% 52-Week High (Unaffected) 01/21/20 19.99 (9.1%) 52-Week Low (Unaffected) 03/23/20 7.25 150.6% Select VWAP Observations: 10-Day VWAP (Unaffected) $14.92 21.8% 30-Day VWAP (Unaffected) 15.48 17.4% NAV Observations: Wall Street Consensus NAV (Unaffected) $19.27 (5.7%) IFRS NAV (12/31/20) 26.65 (31.8%) Implied Multiples on Offer Price: Cons. / Mgmt. 2021E FFO per Unit (e) $1.11 / $0.89 16.3x / 20.4x 2021E AFFO per Unit (f) 0.70 / 0.62 25.8x / 29.4x Implied Cap Rate: Mgmt. 2019A Recurring Cash NOI at Share (g) $3,574 5.4% 2021E Recurring Cash NOI at Share (g) 3,136 4.7% 2022E Recurring Cash NOI at Share (g) 3,456 5.2% 2

HIGHLY CONFIDENTIAL 0 10 20 30 40 $5 $10 $15 $20 $25 $30 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 $18.11 $18.11 0 10 20 30 40 $12 $14 $16 $18 $20 Dec-20 Jan-21 Jan-21 Feb-21 Feb-21 Mar-21 Mar-21 03/27/18: GGP agrees to be acquired after Brookfield raises the headline price of its offer from $23 to $23.50 November 2018: Investor Consortium abandons the potential takeover bid for Intu, reportedly due to Brexit concerns 07/02/20: Peak Announces Substantial Issuer Bid to Acquire Up to 74M Units 08/28/18: Closing of GGP Acquisition 02/27/19: $500 Million Substantial Issuer Bid 09/09/20: Simon Property Group and Mountain agree to purchase JCPenney out of bankruptcy 10/04/18: Peak announced it was in the preliminary stages of considering purchasing Intu with a consortium of other investors February 2020: Beginning of COVID-19 Pandemic 01/04/21: Mountain makes public offer to acquire all units it does not currently own for $16.50 per unit I EXECUTIVE SUMMARY PROJECT E- 4 Peak traded down to a 3-year low on 03/23/20 and has traded up ~25% since the deal's announcement PEAK COMMON UNIT PRICE SINCE GGP ACQUISITION Peak Unit Price Volume (MM) Transactions News Industry News Operations / Capital Allocation G H C D F A B E Peak Recent Unit Price Performance PEAK COMMON UNIT PRICE SINCE DEAL ANNOUNCEMENT Peak Unit Price Volume (MM) Volume Final Offer Price Trading Price – Peak Trading Price - Peak.UT ($USD) I B F G H A E I C D Source: FactSet and SNL Financial as of 03/26/21. I 3

HIGHLY CONFIDENTIAL CONFIDENTIAL II Peak Overview PROJECT E- 4

HIGHLY CONFIDENTIAL A++ / A+ 33% A / A- 40% B+ to C- 14% Street Retail 7% Q Co. 6% US 75% London 11% Canada 8% Australia 4% Other 2% Northeast 38% London 22% Canada 15% Other US 12% Australia 9% Other Global 4% Core Office 45% Core Retail 42% LP Inv. 13% 135 office properties totaling over 96MM Sq. Ft. in gateway markets globally, as well as ~8MM Sq. Ft. of core office and multifamily development projects currently underway; targets core-plus returns 122 best-in-class retail properties totaling over 120MM Sq. Ft. throughout the United States, including 109 regional malls, 10 urban properties and 3 lifestyle centers; targets core-plus returns LP investments strategy invests in mispriced portfolios and/or assets with value-add or operational upside across the full spectrum of asset classes; targets opportunistic-level returns Company Overview II PEAK OVERVIEW PROJECT E- 4 Peak is a Bermuda-domiciled and TSX/NASDAQ-listed real estate entity, with securities registered with the U.S. Securities Exchange Commission. It is majority owned (~61.9%) by Mountain; other significant holders include RBC Global Asset Management (~1.4%), Manulife Investment Management (1.2%) and RBC Dominion Securities (0.8%) • Peak is Mountain’s primary public vehicle for making investments across all real estate strategies and specializes in the acquisition, owning and operating of high-quality property assets globally, with a main focus on core office and core retail properties • As of 12/31/2020 Peak had a total IFRS gross asset value of ~$88Bn, with total unitholder book equity of ~$25Bn − Peak generated 2020 full-year cash NOI of $3.1Bn on total property-related revenues of $5.3Bn − Q4 2020 quarterly distribution per unit was $0.3325, resulting in full-year distributions of $1.33 per unit representing a payout ratio of ~137% PEAK PORTFOLIO SUMMARY & INVESTMENT STRATEGY CORE OFFICE CORE RETAIL LP INVESTMENTS Source: Peak 5-year business plan, Peak filings, FactSet, Green Street and SNL Financial as of 03/26/21. (a) Breakout by geography only includes core office and retail portfolios; excludes LP investments. • Peak’s diversified investment strategy focuses on generating stable cash flows from its core office and retail portfolios (~85% of Peak’s balance sheet), supplemented by LP investments in opportunistic strategies (~15% of Peak’s balance sheet) GROSS ASSET VALUE CONTRIBUTION (a) CORE OFFICE BY MARKET CORE RETAIL BY MALL GRADE PEAK BY BUSINESS LINE PEAK BY GEOGRAPHY 4

HIGHLY CONFIDENTIAL Simplified Corporate Structure Summary II PEAK OVERVIEW PROJECT E- 4 Brookfield Asset Management Inc. (Ontario) TSX: BAM.A | NYSE: BAM Brookfield Property Partners L.P. (Bermuda) Brookfield Property L.P. (Bermuda) Brookfield BPY Holdings Inc. (Ontario) Brookfield Property REIT Inc. (Delaware) BNYC REIT II LLC (Delaware) Brookfield Property Split Corp. (British Columbia) Brookfield Office Properties Exchange L.P. (Ontario) Brookfield Office Properties Inc. (Canada) Public TSX: BPY.UN Public NASDAQ: BPY (Exchangeable) Core Retail Exchangeable L.P. Units Remaining Core Office NYC Office Properties LP Investments Entity Key Public Common Equity Public Preferred Issuer Corporate Debt Issuer Mountain is a 61.9% economic equity owner and the external manager of Peak and its subsidiaries Source: Peak Management Note: Owns 100% of GP of Peak Owns ~34% Owns ~0.3% 5

HIGHLY CONFIDENTIAL CONFIDENTIAL III Comparable Company Overview PROJECT E- 4

HIGHLY CONFIDENTIAL (in US $MM's except Sq. Ft and PSF) Data as of 12/31/20 Portfolio Sq. Ft 42.4 51.2 19.0 14.6 18.2 23.4 11.9 9.0 11.1 Occupancy (a) 89.8% 90.1% 93.4% 91.2% 87.4% 93.4% 91.5% 95.0% 87.7% Top 5 Markets (by % NOI) Portfolio Mix (by % NOI) Average Base Rent PSF $39 (b) $73 $79 $54 $46 n/a $51 $81 $45 Q4 NOI Margin, at Share (c) 66% 61% 66% 71% 63% 54% 62% 58% 58% Development Pipeline 3,729 2,831 2,475 1,735 256 3,856 468 n/a 221 Capex as % of NOI (d) 6.1% 7.2% 9.7% 8.7% 24.9% 9.2% 17.9% 5.4% n/a % Sq. Ft. of Leases Expiring within 3 Years (e) 15% 19% 17% 20% 43% 24% 33% 24% 31% SSNOI Growth 20'-21' (Selected Comps. per GSA) 5.0% 3.0% 0.2% 2.9% 3.8% (0.9%) 5.5% (0.5%) 1.9% Core Office Selected Comparable Company Benchmarking – US III COMPARABLE COMPANY OVERVIEW PROJECT E- 4 OFFICE SELECTED COMPARABLE COMPANIES - US BENCHMARKING Office Other Northeast London Canada Other U.S Australia Other Global PEAK Source: Peak 5-year business plan, Peak filings, Selected comparable company filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/26/21. Note: Unless otherwise mentioned figures represent only Office portfolio holdings. (a) SLG’s Office occupancy represents only Same-Store Office Properties (b) Peak figures represent net rent, not base rent. (c) VNO’s operating margin represents the NOI margin of the entire company. (d) DEI and HPP capex include TI’s and non-capitalized leasing expenses. VNO’s expiring leases represent its entire portfolio. 6

HIGHLY CONFIDENTIAL (in US $MM's except Sq. Ft and PSF) Data as of 12/31/20 Portfolio Sq. Ft 42.4 15.4 5.6 6.7 5.5 17.2 14.0 2.6 Occupancy (a) 89.8% 92.4% 98.7% 94.8% 88.0% 96.0% 92.1% 98.0% Primary Markets (by % NRI) Portfolio Mix (by % NRI) (b) NRI Margin 66% 72% 73% 79% 54% 76% 56% 79% Development Pipeline 3,729 n/a 454 109 47 127 708 1,066 Core Office Selected Comparable Company Benchmarking – Non-US III COMPARABLE COMPANY OVERVIEW PROJECT E- 4 OFFICE SELECTED COMPARABLE COMPANIES – NON-US BENCHMARKING PEAK Source: Peak 5-year business plan, Peak filings, Selected comparable company filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/26/21. Note: DLN, CLS, Dexus and GPOR report on a semi-annual schedule. Peak, AOX, D.UT and AP.UT report quarterly. Select data may be presented on a different basis due to availability of reported information. (a) GPOR, AOX, CLS Occupancy represents 1- Vacancy rate. Vacancy Rate = Estimated Rental Value of unoccupied space / Estimated rental value of the entire portfolio. (b) Peak figures represent percentage by NOI, not NRI. GPOR figures represent contribution by real estate valuation. Office Other Northeast London Canada Other U.S Australia Other Global 7

HIGHLY CONFIDENTIAL (in US $MM's except Sq. Ft and PSF) Data as of 12/31/20220 Portfolio Sq. Ft 120 142 50 Occupancy 89.8% 91.3% 89.7% Primary Markets (by % NOI) Top 5 Tenants (by % Rev) 1. L Brands, 4.3% 2. Footlocker, 3.1% 3. LVMH, 2.9% 4. The Gap, 2.3% 5. American Eagle, 1.9% 1. L Brands, 2.9% 2. H&M, 2.3% 3. Foot Locker, 2.2% 4. The Gap, 2.2% 5. Dick's Sporting Good, 1.6% 1. The Gap, 3.3% 2. L Brands, 2.3% 3. PVH, 1.8% 4. Tapestry, 1.7% 5. Signet Jewelers, 1.5% Average Base Rent PSF $56 $56 $62 % Leases Expiring within 3 Years 39% 31% n/a SSNOI Growth 20'-21' (a) (4.0%) 4.5% 2.2% SSNOI Growth 21'-22' (a) 7.4% (a) 6.6% 6.1% Core Retail Selected Comparable Company Benchmarking III COMPARABLE COMPANY OVERVIEW PROJECT E- 4 RETAIL SELECTED COMPARABLE COMPANIES BENCHMARKING FL 16% CA 15% TX 11% NY 7% NV 6% Other 55% TX 13% HI 7% CA 6% NY 6% NV 5% FL 4% GA 5% Other 55% CA 28% NY 23% AZ 18% VA 5% PA 4% Other 22% PEAK Source: Peak 5-year business plan, Peak filings, Selected comparable company filings, and Green Street as of 03/26/21. (a) Peak figures represent management projections, Simon and Macerich based on Green Street projections. 8

HIGHLY CONFIDENTIAL CONFIDENTIAL IV Management Projections PROJECT E- 4

HIGHLY CONFIDENTIAL Summary of Selected Potential Risks & Opportunities to Status Quo Business Plan IV MANAGEMENT PROJECTIONS PROJECT E- 4 RISKS General / Macroeconomic • Timing of U.S. and Global economic recovery, including due to potentially longer vaccine rollout outside of U.S. and Europe • Uncertain impact of and continued government policy responses to the COVID-19 pandemic • Rising interest rates and resulting impact on cash flows, real asset values and capitalization rates Company Specific • Operating cash flows are insufficient to cover dividend and high leverage levels effectively limit the pursuit of a leveraged recapitalization • Outsized SSNOI growth projections relative to comparable companies / market expectations may be challenging to achieve • Continued deterioration in retail sector could drive additional tenant bankruptcies across portfolio • Declines in the demand for office space, particularly in CBD locations due in part to increases in remote working • Potential for increased capital costs and concessions to both renew and attract new tenants • Substantial volume of property dispositions to be achieved over next five years likely dependent on the private capital markets improving • High leverage at both property and corporate levels may restrict access to capital and create distress at selected properties • Lack of full control over assets given partial ownership interests, LP interests in funds and external advisory contract OPPORTUNITIES General / Macroeconomic • Monetary policy may remain accommodative, even in an inflationary environment • Additional stimulus spending may allow select tenants to continue to pay rent through remaining months of pandemic − Potential upside in 2021B from cash collections on deferred rent and unresolved tenant negotiations Company Specific • Despite reductions in overall demand, a flight to quality may result in relative outperformance of higher quality assets • New developments may lease more quickly than anticipated and command premium rents, contributing meaningful NOI in medium- term • Substantial dry powder targeting high-quality property acquisition opportunities • Should retail environment materially improve, Core Retail SSNOI growth could be more robust in the medium-term and produce better than expected results 9

HIGHLY CONFIDENTIAL Summary of Management Projections by Segment IV MANAGEMENT PROJECTIONS PROJECT E- 4 Management-projected 2021B NOI is split 43% Core Retail, 40% Core Office and 17% LP Investments; over the 5-year plan period, the NOI contribution from those segments declines slightly as the Core Reinvestment segment grows SUMMARY OF NOI & FFO BY BUSINESS SEGMENT SUMMARY OF PROJECTED NOI BY BUSINESS SEGMENT SUMMARY OF PROJECTED IFRS NET EQUITY BOOK VALUE BY SEGMENT 1,340 1,341 1,380 1,424 1,416 1,417 1,413 1,356 1,366 1,422 579 624 418 319 179 126 343 517 744 $3,337 $3,504 $3,496 $3,627 $3,761 2021B 2022B 2023B 2024B 2025B Core Office Core Retail LP Investments Core Reinvest 16,559 16,433 16,646 17,048 17,579 17,064 12,976 13,569 13,690 13,836 14,007 14,254 5,410 5,210 4,011 3,505 2,087 1,144 2,455 4,237 6,036 8,812 $28,788 $29,736 $31,307 $33,106 $34,166 $35,719 Core Office Core Retail LP Investments Core Reinvest (6,157) (5,475) (5,495) (5,520) (5,544) (5,556) 2020A 2021B 2022B 2023B 2024B 2025B Corporate YoY % Change 5.0% (0.2%) 3.7% 3.7% YoY % Change 3.3% 5.3% 5.7% 3.2% 4.5% Source: Peak 5-year business plan and Peak filings as of 03/26/21. Note: Net book equity value includes pref and NCI (i.e., is not book value of common equity). (a) 2020A Corporate G&A shown net of $12M of Corporate “Investment and Other Income” and ($1)M of Corporate NCIs. KEY CORPORATE ASSUMPTIONS Debt • Assumed $865MM pay down of a corporate credit facility outstanding in 2021B • Overall leverage levels assumed to be reduced from ~65% LTV to ~55% LTV G&A • Management fees payable to Mountain pursuant to Peak’s Master Services Agreement grow from ~$189MM in 2021B to ~$267MM in 2025B • The Master Services Agreement is perpetual and not terminable at will Accrual NOI 2020A 2021B 2022B 2023B 2024B 2025B Core Office $1,283 $1,340 $1,341 $1,380 $1,424 $1,416 Core Retail 1,524 1,417 1,413 1,356 1,366 1,422 LP Investments 431 579 624 418 319 179 Core Reinvestment - - 126 343 517 744 Total NOI $3,238 $3,337 $3,504 $3,496 $3,627 $3,761 FFO & Corporate Items 2020A 2021B 2022B 2023B 2024B 2025B Core Office FFO $495 $671 $619 $636 $609 $748 Core Retail FFO 521 484 560 584 610 685 LP Investment FFO 64 223 369 285 281 242 Core Reinvestment FFO - - 74 204 309 447 Corporate G&A (a) (118) (193) (249) (280) (296) (304) Corporate Interest Expense (255) (276) (265) (259) (253) (248) Total FFO $707 $910 $1,107 $1,170 $1,261 $1,570 10

HIGHLY CONFIDENTIAL Summary of Management Projections – Core Office IV MANAGEMENT PROJECTIONS PROJECT E- 4 MANAGEMENT-PROVIDED PROJECTIONS SUMMARY – CORE OFFICE KEY MANAGEMENT ASSUMPTIONS NOI Growth • NOI grows at a 2.3% CAGR from 2020A-2025B and a 1.4% CAGR from 2021B-2025B Leasing • Increases in NOI and occupancy in 2021-2022B driven by vacancy lease-up and mark-to-market of renewal rents − 10.4MM Sq. Ft. expiring through 2025B − 12.6% same property NOI growth rate from 2020- 2021B in Northeast segment, primarily driven by rent commencing on already-signed leases − 3.4% and 1.3% same property CAGRs from 2020- 2025B in London and Canada, respectively • TIs planned to be ~20-40% higher, along with ~10% increases in free rent over next ~12-18 months Capital Activity • $13Bn of property dispositions assumed over plan, with $4.8Bn of sales in 2021B • Much of the disposition activity represents higher- quality assets in the portfolio • $1Bn of development costs assumed in 2021, and limited timing delays due to the COVID pandemic Source: Peak 5-year business plan and Peak filings as of 03/26/21. ($ in MMs at Peak Share) Peak Management Projections CAGR 2021B 2022B 2023B 2024B 2025B '21B-'25B Office NOI $1,340 $1,341 $1,380 $1,424 $1,416 1.4% NOI Growth 4.4% 0.1% 2.9% 3.2% (0.6%) Office FFO $671 $619 $636 $609 $748 2.8% FFO Growth (7.8%) 2.8% (4.2%) 22.8% Office Net Income $1,557 $1,628 $1,539 $1,466 $1,591 0.5% Maj or Capital Spend Activ ity Tota l Property Acquisitions ($404) - ($502) - - ($906) Property Dispositions 4,833 2,755 1,544 1,212 3,126 13,470 Development Costs (1,029) (600) (206) (52) (36) (1,923) 11

HIGHLY CONFIDENTIAL Summary of Management Projections – Core Retail IV MANAGEMENT PROJECTIONS PROJECT E- 4 MANAGEMENT-PROVIDED PROJECTIONS SUMMARY – CORE RETAIL KEY MANAGEMENT ASSUMPTIONS NOI Growth • 2 years of asset-specific growth assumptions, followed by portfolio-wide same property cash NOI growth rates of 2.0%, 2.2% and 3.7% in years 2023B, 2024B and 2025B, respectively • 2021-2025B full portfolio NOI CAGR of 0.1% Leasing • Assumed 350bps occupancy increase from 91.8% at the end of 2020A to 95.3% at the end of 2022B • 7MM Sq. Ft. of space expiring in 2021B, although ~70% releasing completed upon entering the year − Rent per Sq. Ft. expected to be slightly lower in 2021B vs. 2020A • Potential upside in 2021B from cash collections on deferred rent and unresolved tenant negotiations Capital Activity • $5.6Bn of property dispositions assumed over plan, with $4.5Bn assumed in 2021-2022B (including $1.6Bn assumed foreclosures at the value of the debt) − Assumed $2.4Bn of sales in 2022B at blended 4.8% cap rate • Growth capex assumed to produce 5-10% yield on cost Source: Peak 5-year business plan and Peak filings as of 03/26/21. ($ in MMs at Peak Share) Peak Management Projections CAGR 2021B 2022B 2023B 2024B 2025B '21B-'25B Retail NOI $1,417 $1,413 $1,356 $1,366 $1,422 0.1% NOI Growth (7.0%) (0.3%) (4.0%) 0.8% 4.1% Retail FFO $484 $560 $584 $610 $685 9.1% Total FFO Growth 15.6% 4.3% 4.5% 12.2% Retail Net Income $470 $556 $580 $607 $681 9.7% Maj or Capital Spend Activ ity Tota l Property Acquisitions - - - - - - Property Dispositions 2,149 2,373 592 474 36 5,624 Development Costs - - - - - - 12

HIGHLY CONFIDENTIAL CONFIDENTIAL V Peak Financial Analysis PROJECT E- 4

HIGHLY CONFIDENTIAL V PEAK FINANCIAL ANALYSIS PROJECT E- 4 Value Range for Peak Units Mountain Cash Offer Value Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/26/21. Note: NTM (2021B) office segment run-rate recurring FFO used in NTM FFO (x) trading comps ranges adjusts 2021B management segment FFO by excluding condo sales (for office segment only), adding in incremental same property NOI and incremental same property interest expense for 2021B interim-year dispositions (including Q Co. for retail segment), and allocating corporate-level G&A to office and retail segments based on gross asset value by segment. Peak Value Range METHODOLOGY IMPLIED $ PRICE PER UNIT RANGE COMMENTS & ASSUMPTIONS REF. PAGES Sum - of - the - Parts Discounted Cash Flow • DCF analysis on core office and core retail segments • Discount rate: 5.0-6.0% (office), 6.25-7.25% (retail); Exit cap rate: 5.25-6.25% (office), 6.0-6.5% (retail) • LP investments assumed at Company-marked values; Land at book value as of 12/31/20 14, 19-22, 24-25, 27-29, 31-32 Trading Comps: Current NTM FFO (x) • 14.0-17.0x (office) and 8.5-12.0x (retail) ranges applied to Peak segment NTM (2021B) recurring run-rate FFO of: $508MM (office), $505MM (retail) • LP investments assumed at Company-marked values; Land at book value as of 12/31/20 19, 23, 27, 30, 41, 42 Trading Comps: 3-Year NTM FFO (x) • 15.0-18.0x (office) and 9.0-11.5x (retail) ranges applied to Peak segment NTM (2021B) recurring run-rate FFO of: $508MM (office), $505MM (retail) • LP investments assumed at Company-marked values; Land at book value as of 12/31/20 19, 23, 27, 30, 41, 42 Additional Analysis (For Reference Purposes Only) Average IFRS NAV Discount • Solid box reflects Q4 IFRS NAV multiplied by Peak’s average trading discount range of 29.7% (all time unaffected) to 52.3% (1-year average unaffected) • Hollow diamond reflects IFRS NAV at 12/31/20 15 52-Week High/Low • 52-week high and 52-week low price (unaffected) 3 Analyst Price Target Estimates • Solid box reflects range across five analyst estimates, prior to the offer announcement date • Dashed box reflects range across five analyst estimates, including estimates made / revised since the announcement date 16 Comparable Company Trading Premium / (Disc.) to Cons. NAV • Reflects applied range of 43.9% to 0.2% discount to FactSet consensus NAV estimate of $19.27 as of the unaffected date • High / low driven by observed trading of select comparable companies as of 03/26/21 17 • Premiums Paid Analysis • Reflects 14.6 to 29.7% premium range implied by the 25th and 75th percentiles from 35 change of control transactions >$1Bn in the last 10 years involving a North American target where cash comprised > 50% of aggregate consideration 18 PEAK VALUE RANGE $14.00 $18.17 $18.50 $12.91 $12.99 $13.75 $12.71 $7.25 $12.00 $10.80 $16.58 $19.64 $16.26 $16.52 $18.73 $19.99 $18.00 $19.24 $18.77 - $10.00 $20.00 $30.00 $17.00 $26.65 13

HIGHLY CONFIDENTIAL CONFIDENTIAL A Corporate PROJECT E- 4

HIGHLY CONFIDENTIAL Sum-of-the-Parts Analysis A CORPORATE PROJECT E- 4 SUM-OF-THE-PARTS BUILD OFFICE – KEY ASSUMPTIONS & TERMINAL VALUE RETAIL – KEY ASSUMPTIONS & TERMINAL VALUE Discount Rate 30,623 6.0% 5.5% 5.0% Exit 6.25% 28,517 28,951 29,396 Cap 5.75% 30,157 30,623 31,099 Rate 5.25% 32,109 32,612 33,127 OFFICE – GROSS VALUE SENSITIVITY RETAIL – GROSS VALUE SENSITIVITY Discount Rate 25,536 7.25% 6.75% 6.25% Exit 6.50% 24,501 24,869 25,245 Cap 6.25% 25,156 25,536 25,925 Rate 6.00% 25,866 26,259 26,662 SUM-OF-THE-PARTS SENSITIVITY High Mid Low $19.64 $16.04 $12.91 Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, and SNL Financial as of 03/26/21. Note: 2025B Total Cash NOI numbers used in calculating terminal value are adjusted to be on a run-rate basis, i.e., excludes the effect of any projected 2025B acquisitions, includes full-year NOI for any interim 2025B projected dispositions, and is adjusted to be on a stabilized basis for development assets that are projected to come online in the course of 2025B. (a) Current value of remaining land not developed at the end of the projection period. (b) Capital securities balance adjusted for mandatorily convertible preferred securities included within fully-diluted units outstanding. ILLUSTRATIVE SENSITIVITY OF LP INVESTMENTS VALUE LP Investments Marked Value $10,805 LP Inv. Net Other Assets / (Liabilities) 1,660 Gross LP Investments Marked Value $12,465 LP Inv. Net Debt, Pref, Capital Securities (7,186) Net LP Investments Marked Value $5,279 Assumed % Discount to Marked Value - Assumed Net LP Inv. Marked Value $5,279 % Discount to Marks 32,483 (10%) (5%) - Equity $ ($528) ($264) - Equity $ / Unit ($0.52) ($0.26) - Discount Rate (WACC) 5.5% 2025B Total Cash NOI 1,488 Exit Cap Rate 5.75% Implied Total Terminal Value $25,884 Implied EBITDA Exit Multiple 19.0x Implied Perpetuity Growth Rate 2.3% Discount Rate (WACC) 6.75% 2025B Total Cash NOI 1,409 Exit Cap Rate 6.25% Implied Total Terminal Value $22,540 Implied EBITDA Exit Multiple 18.9x Implied Perpetuity Growth Rate 3.0% Core Office 2021B-2024B Discounted Cash Flows $9,732 NPV of Terminal Value 20,891 Core Office Gross Value $30,623 Core Retail 2021B-2024B Discounted Cash Flows $8,182 NPV of Terminal Value 17,354 Core Retail Gross Value $25,536 LP Inv estments Book Value of Commercial Property, Dev't & PP&E $12,465 Net Other Assets Net Other Assets / (Liabilities) (343) Land Value Value of Land Undeveloped Through 2024B (a) 1,354 Implied Enterprise Value $69,635 Asset-Level Debt at Share (47,309) Corporate Debt at Share (4,047) Capital Securities, Adjusted (b) (205) Preferred Equity (3,339) Q1 Dividend Payable (335) Cash & Equivalents 1,733 Implied Equity Value $16,133 Implied Equity Value / Unit $16.04 Memo: Peak Total Units Outstanding (MMs) 1,006.1 (All as of 12/31/2020) 14

HIGHLY CONFIDENTIAL (46%) (80%) (60%) (40%) (20%) - 03/22/13 03/02/15 02/09/17 01/20/19 12/30/20 A CORPORATE PROJECT E- 4 PEAK HISTORICAL PRICE VS. IFRS NAV AND WALL STREET CONSENSUS NAV ESTIMATES PER UNIT Peak has historically traded at a consistent and significant discount to both its Consensus and IFRS NAVs Peak Trading Price Performance Since Inception PEAK HISTORICAL P / (D) TO IFRS NAV Peak Price IFRS NAV (a) Consensus NAV (c) P / (D) to IFRS NAV Selected Discount Range Source: FactSet, Wall Street research and SNL Financial as of 03/26/21. (a) For periods after the most recent quarterly filings, the most recently reported IFRS NAV was used. For the period between 03/25/13-03/31/13 the 12/31/14 IFRS NAV was the most recently disclosed IFRS NAV. (b) Reflects Peak’s unit price of $14.47 as of 12/31/20, which represents the last trading date prior to Mountain’s initial offer. (c) Consensus NAV represents 2 broker ratings until 04/24/15 and then 3 brokers until 08/05/16. Consistent coverage by 4+ brokers starts in August 2016. $19.27 $26.65 $14.47 $5 $10 $15 $20 $25 $30 $35 03/22/13 03/02/15 02/09/17 01/20/19 12/30/20 Peak P/(D) to Peak P/(D) to IFRS NAV (a) Consensus NAV Unaffected (b) (45.7%) (24.9%) 1-Year Avg. (52.3%) (41.3%) 3-Year Avg. (40.1%) (34.4%) 5-Year Avg. (34.3%) (29.5%) All Time Unaffected (29.7%) (26.7%) 12/31/20 12/31/20 15

HIGHLY CONFIDENTIAL A CORPORATE PROJECT E- 4 PEAK SUMMARY BROKER ESTIMATES Closing Peak Unit Price on 03/26/21: $18.11 SELECT ANALYST COMMENTARY • General recognition that units have traded at significant discount since Peak’s 2013 IPO and to Peak’s reported IFRS NAV • Analyst expectation of transaction approval at a price modestly higher than the initial offer of $16.50 • Analysts see a potential opportunity for Peak investors to receive a premium to the unaffected unit price and the chance to participate in any potential Mountain upside given the transaction structure • Future industry headwinds and leverage seen as a key risk to Peak’s performance Peak Analyst Estimates & Guidance Source: FactSet, Wall Street research and SNL Financial as of 03/26/21. (a) Implied Return, FFO and AFFO multiples, as well as Premium / (Discount) to NAV calculated with reference to Peak’s current unit price. FactSet Consensus Implied Return, FFO and AFFO multiples as well as Premium / (Discount) to NAV calculated with reference to Peak’s current unit price. (b) FactSet Consensus Mean includes anonymous estimates. Price Target Implied NAV Estimate FFO/Unit FFO Multiple (a) AFFO/Unit AFFO Multiple (a) Broker Date Rating Current Unaff. Return (a) Current Unaff. 2021E 2022E 2021E 2022E 2021E 2022E 2021E 2022E Evercore ISI 03/26/21 Buy $18.00 $18.00 (1%) $18.70 $18.70 $1.06 $1.28 17.1x 14.1x $0.70 $0.96 25.9x 18.9x Scotiabank GBM 03/25/21 Hold 17.50 17.50 (3%) 19.50 19.50 1.12 1.26 16.2x 14.4x 0.73 1.02 24.9x 17.7x CIBC Capital Markets 03/23/21 Hold 17.50 17.00 (3%) 25.00 n/a 1.16 1.32 15.6x 13.7x 0.80 0.93 22.6x 19.5x Canaccord Genuity 03/25/21 Hold 17.00 12.00 (6%) 11.63 11.89 1.16 1.36 15.6x 13.3x 0.84 1.04 21.6x 17.4x RBC Capital Markets 01/04/21 Hold 17.00 17.00 (6%) 27.00 27.00 1.07 1.24 16.9x 14.6x 0.45 0.61 40.2x 29.7x Min $17.00 $12.00 (6%) $11.63 $11.89 $1.06 $1.24 15.6x 13.3x $0.45 $0.61 21.6x 17.4x Mean 17.40 16.30 (4%) 20.37 19.27 1.11 1.29 16.3x 14.0x 0.70 0.91 27.0x 20.6x Median 17.50 17.00 (3%) 19.50 19.10 1.12 1.28 16.2x 14.1x 0.73 0.96 24.9x 18.9x FactSet Consensus Mean (b) 17.40 15.75 (4%) 20.37 19.27 1.11 1.29 16.3x 14.0x 0.70 0.91 25.7x 19.8x Max 18.00 18.00 (1%) 27.00 27.00 1.16 1.36 17.1x 14.6x 0.84 1.04 40.2x 29.7x 16

HIGHLY CONFIDENTIAL Consensus Spot Net Debt + Pref P / (D) to Company NAV / Share Price / TEV % Cons. NAV Boston Properties $125.41 $107.07 38.9% (14.6%) Vornado 58.02 47.30 49.4% (18.5%) Kilroy 85.31 68.00 28.7% (20.3%) Douglas Emmett 37.03 32.98 31.5% (10.9%) SL Green 99.65 72.31 66.2% (27.4%) Hudson Pacific 41.66 27.99 37.9% (32.8%) Paramount 18.18 10.19 55.7% (43.9%) JBG Smith n/a 32.19 31.0% n/a alstria 21.93 16.50 32.1% (24.8%) Derwent London 50.75 44.79 21.0% (11.7%) CLS Holdings 4.67 3.18 43.9% (31.9%) dream Office REIT n/a 16.82 59.6% n/a Dexus 7.61 7.25 30.3% (4.8%) Allied n/a 33.10 34.9% n/a Great Portland Estates 10.55 9.42 21.6% (10.7%) Simon Property Group 114.85 114.67 43.1% (0.2%) Macerich 17.92 12.18 91.2% (32.0%) Min 21.0% (43.9%) Mean 42.2% (20.3%) Median 37.9% (19.4%) Max 91.2% (0.2%) Peak Consensus NAV at Unaffected Date $19.27 Low Spot Premium / (Discount) to NAV (43.9%) High Spot Premium / (Discount) to NAV (0.2%) Low Range $10.80 High Range $19.24 Selected Comparable Company Consensus NAV Trading Premiums / (Discounts) A CORPORATE PROJECT E- 4 CURRENT P / (D) TO CONSENSUS NAV Source: FactSet and SNL Financial as of 03/26/21. 17

HIGHLY CONFIDENTIAL Date Txn Value Transaction Premium to: Ann. Target Sector Geography Consid. % Cash Acquiror ($Bn) Unaffected 30-Day VWAP 60-Day VWAP 10/19/20 Front Yard Residential Corporation SFR USA Ca sh 100% Ares Management Corp, Pretium Partners $2.5 63% 73% 73% 2/20/20 Northview Apartment REIT Residential Canada Ca sh 100% Investor group 3.6 12% 16% 18% 11/15/20 Taubman Centers, Inc. (a) Retail USA Ca sh 100% Simon Property Group, Inc. 9.1 63% 41% 38% 9/15/19 Dream Global REIT Office, Industrial Canada, Europe Ca sh 100% Blackstone Group Inc. 4.7 18% 17% 18% 7/18/19 Pure Multi-Family REIT LP Residential USA Ca sh 100% Cortland Partners, LLC 1.2 15% 14% 43% 6/24/19 Caesars Entertainment Corporation Gaming USA, Global Cash & Stock 65% Eldorado Resorts, Inc. 17.3 42% 42% 44% 7/31/18 Forest City Realty Trust, Inc. Diversified USA Ca sh 100% Brookfield Asset Management Inc. 11.4 27% 27% 26% 6/25/18 Education Realty Trust, Inc. Student Housing USA Ca sh 100% Greystar Real Estate Partners, LLC 4.6 9% 20% 22% 5/7/18 Gramercy Property Trust Industrial USA Ca sh 100% Blackstone Group L.P. 7.6 15% 23% 23% 4/26/18 Quality Care Properties, Inc. Healthcare USA Ca sh 100% Welltower Inc. 3.4 65% 60% 54% 3/26/18 GGP Inc. Retail USA Cash & Stock 61% Brookfield Asset Management Inc. 27.9 15% 6% 5% 1/9/18 Pure Industrial Real Estate Trust Industrial Canada Ca sh 100% Blackstone Group L.P. 3.1 21% 25% 24% 12/18/17 Pinnacle Entertainment, Inc. Gaming USA Cash & Stock 62% Penn National Gaming, Inc. 5.8 36% 63% 64% 7/4/17 Monogram Residential Trust, Inc. Residential USA Ca sh 100% GIC, Greystar, APG, Ivanhoe Cambridge 3.0 22% 22% 21% 6/30/17 Parkway, Inc. Office USA Ca sh 100% Canada Pension Plan Investment Board 1.2 13% 15% 15% 6/28/17 First Potomac Realty Trust Office USA Ca sh 100% Government Properties Income Trust 1.4 11% 11% 8% 2/27/17 Silver Bay Realty Trust Corp. SFR USA Ca sh 100% Tricon Capital Group Inc. 1.4 19% 24% 24% 1/19/17 Milestone Apartments REIT Residential Canada, USA Ca sh 100% Starwood Capital Group Management, L.L. 3.0 8% 16% 18% 9/19/16 Isle of Capri Casinos, Inc. Gaming USA Cash & Stock 58% Eldorado Resorts, Inc. 1.7 36% 31% 28% 5/10/16 InnVest REIT Hotels Canada Ca sh 100% Bluesky Hotels and Resorts Inc. 1.6 33% 36% 40% 2/25/16 Rouse Properties, Inc. Retail USA Ca sh 100% Brookfield Asset Management Inc. 2.8 35% 26% 18% 12/14/15 Inland Real Estate Corporation Retail USA Ca sh 100% DRA Advisors LLC 2.3 7% 11% 16% 10/16/15 Campus Crest Communities, Inc. Student Housing USA Ca sh 100% Harrison Street Real Estate Capital, LLC 1.9 24% 36% 33% 10/8/15 BioMed Realty Trust, Inc. Life Science USA Ca sh 100% Blackstone Group L.P. 8.0 24% 23% 20% 9/8/15 Strategic Hotels & Resorts, Inc. Hotels USA Ca sh 100% Blackstone Group L.P. 6.0 13% 13% 15% 6/22/15 Home Properties, Inc. Residential USA Ca sh 100% Lone Star Investment Advisors, LLC 7.6 9% 9% 10% 4/22/15 Associated Estates Realty Corporation Residential USA Ca sh 100% Brookfield Asset Management Inc. 2.5 19% 17% 18% 4/10/15 Excel Trust, Inc. Retail USA Ca sh 100% Blackstone Group L.P. 2.0 15% 14% 14% 9/16/14 Glimcher Realty Trust Retail USA Cash & Stock 73% Washington Prime Group Inc. 4.3 34% 29% 30% 5/28/13 CapLease, Inc. Diversified USA Ca sh 100% American Realty Capital Properties, Inc. 2.2 20% 21% 29% 4/25/13 MPG Office Trust Office USA Ca sh 100% Brookfield Office Properties Inc. 2.1 21% 17% 16% 12/21/12 Ameristar Casinos Inc. Gaming USA Ca sh 100% Pinnacle Entertainment Inc. 2.8 20% 35% 38% 4/26/12 TransGlobe Apartment REIT Residential Canada Ca sh 100% Starlight Apartments, PD Kanco 1.9 15% 20% 19% 1/17/12 Whiterock REIT Office Canada Cash & Stock 60% Dundee REIT 1.1 15% 23% 24% 11/28/11 CANMARC REIT Diversified Canada Ca sh 100% Cominar REIT 1.4 24% 28% 34% Min $1.1 6.6% 6.1% 4.7% North American Precedent Real Estate Target Transactions 25th Percentile $1.9 14.6% 16.2% 17.6% with Cash Consideration Greater Than 50% Mean $4.6 26.1% 28.0% 28.8% Median $2.8 19.9% 22.8% 23.3% (35 Transactions) 75th Percentile $5.2 29.7% 30.2% 33.4% Max $27.9 64.7% 73.2% 72.8% Reference: Mountain offer at $18.17 per Unit $71.8 25.6% 17.4% 23.5% Premiums Paid Analysis A CORPORATE PROJECT E- 4 Includes closed change of control transactions for North American real estate targets over the past 10 years, with total transaction value greater than $1Bn and cash consideration greater than 50% Source: FactSet, SNL Financial and company filings as of 03/26/21. Note: Gold dotted line represents transactions before or after COVID. (a) Negotiated revised purchase price for the acquisition originally announced 02/10/20 and committed to pre-COVID (at $9.9Bn value). 18

HIGHLY CONFIDENTIAL CONFIDENTIAL B Core Office PROJECT E- 4

HIGHLY CONFIDENTIAL B CORE OFFICE PROJECT E- 4 METHODOLOGY IMPLIED GROSS VALUE ($MMS) COMMENTS & ASSUMPTIONS REF. PAGES Discounted Cash Flow • DCF analysis on core office segment • Discount rate range of 5.0-6.0%; Exit cap rate range of 5.25-6.25% 20-22, 24-25 Trading Comps: NTM FFO (x) Current NTM FFO (x) • 14.0-17.0x range applied to core office segment NTM (2021B) recurring FFO of $508MM 23, 41, 42 3-Year NTM FFO (x) • 15.0-18.0x range applied to core office segment NTM (2021B) recurring FFO of $508MM 23, 41, 42 Precedent Transactions • 15.0-20.0x range applied to core office segment NTM (2021B) recurring FFO of $508MM 26 Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/26/21. Note: NTM (2021B) office segment recurring FFO used in NTM FFO (x) trading comps and precedent transactions ranges adjusts 2021B management segment FFO by excluding condo sales, adding in incremental same property NOI and incremental same property interest expense for 2021B interim-year dispositions, and allocating corporate-level G&A to office segment based on gross asset value by segment. Core Office Segment Implied Value Range CORE OFFICE IMPLIED VALUE RANGE $28,517 $27,178 $27,686 $27,686 $33,127 $28,702 $29,210 $30,226 $25,000 $27,500 $30,000 $32,500 $35,000 19

HIGHLY CONFIDENTIAL Discounted Cash Flow Analysis – Core Office B CORE OFFICE PROJECT E- 4 SUMMARY PROJECTED CASH FLOWS KEY ASSUMPTIONS & TERMINAL VALUE IMPLIED GROSS VALUE IMPLIED GROSS VALUE SENSITIVITY Discount Rate Perp. 30,623 6.0% 5.5% 5.0% Growth Exit 6.25% 28,517 28,951 29,396 2.0% Cap 5.75% 30,157 30,623 31,099 2.3% Rate 5.25% 32,109 32,612 33,127 2.6% Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/26/21. Note: 2025B Total Cash NOI numbers used in calculating terminal value are adjusted to be on a run-rate basis, i.e., excludes the effect of any projected 2025B acquisitions, includes full-year NOI for any interim 2025B projected dispositions, and is adjusted to be on a stabilized basis for development assets that are projected to come online in the course of 2025B. Implied perpetuity growth rate formula excludes from 2025B unlevered cash flow any major capital activity (acquisitions, dispositions, development costs) and a promote fee earned from the sale of Potsdamer Platz in 2025B. Corporate G&A allocated based on gross asset value by segment. (a) G&A expense includes allocated corporate G&A. Date 12/31/20 Discount Rate (WACC) 5.5% 2025B Total Cash NOI 1,488 Exit Cap Rate 5.75% Implied Total Terminal Value $25,884 Implied EBITDA Exit Multiple 19.0x Implied Perpetuity Growth Rate 2.3% 2021B to 2024B Discounted Cash Flows $9,732 NPV of Terminal Value 20,891 Implied Core Office Gross Value $30,623 ($ in MMs at Peak Share) Peak Management Projections CAGR 2021B 2022B 2023B 2024B 2025B '21B-'25B Core Office Cash NOI $1,237 $1,301 $1,330 $1,425 $1,488 4.7% Cash NOI Growth 2.3% 5.2% 2.2% 7.1% 4.5% Lease Termination Income 4 0 0 0 - n/a Other Income & Fee Revenue 363 237 230 164 306 (4.2%) G&A Expense (a) (370) (381) (385) (398) (404) 2.3% Property Acquisitions (404) - (502) - - Property Disposals 4,833 2,755 1,544 1,212 3,126 Property Plant and Equipment - 1 - - 105 Development Costs (1,029) (600) (206) (52) (36) Maintenance and Growth Capex, TIs, LCs (496) (359) (297) (218) (200) Change in Working Capital (20) (75) 255 (51) (59) Cash Taxes (166) (104) (95) (54) (156) Unlev ered Cash Flow $3,952 $2,776 $1,874 $2,027 $4,169 Terminal Value - - - 25,884 Unlevered Cash Flow & Terminal Value $3,952 $2,776 $1,874 $27,911 20

HIGHLY CONFIDENTIAL PROJECT E- 4 SELECTED COMPARABLE COMPANIES UNLEVERED BETA ANALYSIS WACC Analysis – Core Office B CORE OFFICE Source: Peak 5-year business plan, Peak filings, Selected comparable company filings, FactSet, and SNL Financial as of 03/26/21. Note: Peak Equity Market Cap implied by using Core Office DCF Gross Value and subtracting debt capital securities and preferred equity. Peak reported a 5% effective tax rate in its 2019 Annual Report.. Total Capital is the approximate midpoint of our segment value range. (a) Total net debt includes pro rata portion of debt and leases in unconsolidated joint ventures wherever disclosed. Total Capital Weighting Global ($ in MMs) Equity Mrkt. Pref. Equity Total Net Debt ND + Pref / 3-Yr Avg. Unlevered Select Comparable Companies Cap @ Liq. Pref. Net Debt (a) Capital Equity +Pref Equity Barra Beta Beta Boston Properties, Inc. $18,537 200 $11,873 $30,609 60.6% 39.4% 65.1% 1.11 0.67 Vornado Realty Trust 9,639 2,107 8,299 20,045 48.1% 51.9% 108.0% 1.17 0.56 Douglas Emmett, Inc. 6,789 - 3,822 10,611 64.0% 36.0% 56.3% 0.94 0.60 US Kilroy Realty Corporation 7,969 - 3,293 11,261 70.8% 29.2% 41.3% 0.98 0.70 SL Green Realty Corp. 5,383 432 10,177 15,993 33.7% 66.3% 197.1% 1.28 0.43 JBG SMITH Properties 4,686 - 2,140 6,826 68.7% 31.3% 45.7% 0.86 0.59 Hudson Pacific Properties, Inc. 4,275 10 2,913 7,198 59.4% 40.6% 68.4% 1.12 0.67 Paramount Group, Inc. 2,441 - 3,183 5,624 43.4% 56.6% 130.4% 1.12 0.49 Allied Properties REIT 4,214 - 2,258 6,472 65.1% 34.9% 53.6% 0.57 0.37 Dream Office REIT 921 - 946 1,868 49.3% 50.7% 102.7% 0.61 0.30 Derwent London Plc 5,015 - 1,355 6,370 78.7% 21.3% 27.0% 0.59 0.46 Great Britain Great Portland Estates Plc 2,392 - 659 3,051 78.4% 21.6% 27.5% 0.69 0.54 CLS Holdings plc 1,295 - 1,014 2,309 56.1% 43.9% 78.3% 0.58 0.33 DEXUS 7,869 - 3,426 11,295 69.7% 30.3% 43.5% 0.35 0.24 alstria office REIT-AG 2,934 - 1,425 4,360 67.3% 32.7% 48.6% 0.71 0.47 Selected Comparable Companies Min $921 - $659 $1,868 33.7% 21.3% 27.0% 0.35 0.24 Selected Comparable Companies Mean 5,624 183 3,785 9,593 60.9% 39.1% 72.9% 0.85 0.50 Selected Comparable Companies Median 4,686 - 2,913 6,826 64.0% 36.0% 56.3% 0.86 0.49 Selected Comparable Companies Max 18,537 2,107 11,873 30,609 78.7% 66.3% 197.1% 1.28 0.70 Brookfield Property Partners L.P. 10,556 2,233 17,834 30,623 34.5% 65.5% 190.1% 1.18 0.42 Canada Australia and Germany 21

HIGHLY CONFIDENTIAL PROJECT E- 4 WACC Analysis – Core Office (cont.) B CORE OFFICE SELECTED COMPARABLE COMPANIES UNLEVERED BETA ANALYSIS PEAK SELECTED COMPARABLE COMPANIES-DERIVED WACC Mid-Point Assumptions Range Levered Beta Implied Cost of Equity Implied WACC Drivers Low High Low High Low High Low High Unlevered Beta 0.49 0.39 0.59 1.08 1.65 9.4% 13.4% 5.1% 6.5% Net Debt + Pref / Total Capital (b) 65.5% 55.5% 75.5% 1.06 1.91 9.3% 15.3% 5.7% 5.9% Implied Levered Beta 1.36 Risk-Free Rate of Return (c) 1.7% US Market Equity Risk Premium (c) 7.15% Cost of Equity 11.4% Pre-Tax Cost of Debt (b) 2.96% Tax Rate 5.00% Min/Max 1.06 1.91 9.3% 15.3% 5.1% 6.5% Illustrative WACC 5.8% Selected Range 5.0% 6.0% Source: Peak 5-year business plan, Peak filings, FactSet, MSCI Barra Beta Global Equity Model, Duff & Phelps, and SNL Financial as of 03/26/21. Note: Barra predicted Global Beta data as of 02/28/21. Mid-point drivers held constant under each range of input assumptions for respective sensitivities. Peak Equity Market Cap implied by using Core Office DCF Gross Value and subtracting debt capital securities and preferred equity. Peak reported a 5% effective tax rate in its 2019 Annual Report. (a) Total net debt includes pro rata portion of debt and leases in unconsolidated joint ventures wherever disclosed. (b) Calculated based on Peak 4Q 2020 Supplemental. (c) Risk free rate represents yield on U.S 10-Year Treasury. Equity Risk Premium of 7.15% is the long-term "historical" (i.e., realized) ERP as of 2019 as published by Duff & Phelps and consistent with previously published “back page” of the Ibbotson Associates/Morningstar SBBI® Valuation Yearbook (discontinued). Total Capital Weighting Global ($ in MMs) Equity Mrkt. Pref. Equity Total Net Debt ND + Pref / 3-Yr Avg. Unlevered Select Comparable Companies Cap @ Liq. Pref. Net Debt (a) Capital Equity +Pref Equity Barra Beta Beta Selected Comparable Companies Min $921 - $659 $1,868 33.7% 21.3% 27.0% 0.35 0.24 Selected Comparable Companies Mean 5,624 183 3,785 9,593 60.9% 39.1% 72.9% 0.85 0.50 Selected Comparable Companies Median 4,686 - 2,913 6,826 64.0% 36.0% 56.3% 0.86 0.49 Selected Comparable Companies Max 18,537 2,107 11,873 30,609 78.7% 66.3% 197.1% 1.28 0.70 22

HIGHLY CONFIDENTIAL 15.7x 15.9x 15.0x 15.7x - 5.0x 10.0x 15.0x 20.0x 25.0x 03/28/16 06/27/17 09/26/18 12/26/19 03/26/21 Peak Selected Comparable Companies US (c) Selected Comparable Companies Non-US (d) All Selected Comparable Companies PROJECT E- 4 HISTORICAL NTM FFO MULTIPLES OVER LAST FIVE YEARS Historical NTM FFO Multiples Analysis – Core Office Implied 16.3x Analyst 2021E FFO @ $18.17 Proposal(a) Implied 20.4x Mgmt 2021B FFO @ $18.17 Proposal(a) B CORE OFFICE Source: FactSet and SNL Financial as of 03/26/21. (a) Analyst consensus 2021E FFO per unit of $1.11 per FactSet. Management 2021B FFO per unit of $0.89 per Management projections. (b) Reflects Peak’s unit price of $14.47 as of 12/31/20, which represents the last trading date prior to Mountain’s initial offer. (c) Selected Comparable Companies – US are BXP, DEI, HPP, KRC, SLG, PGRE, JBGS, VNO. (d) Selected Comparable Companies – Non-US are AP.UT, DXS, D.UT. Comprehensive trading data was not available for the other members of the selected comparable company set. Selected Selected All NTM FFO Mult. NTM FFO Mult. Comparable Comparable Selected Spread to US Selected Spread to Non - US Selected Peak Companies - US Companies - Non-US Comparable Companies Comparable Companies Comparable Companies Current 15.7x 15.9x 15.0x 15.7x (0.3x) 0.6x Unnaffected(b) 11.9x 13.8x 14.3x 14.0x (2.0x) (2.4x) 1-Year Avg. 10.7x 13.0x 14.3x 13.3x (2.2x) (3.6x) 3-Year Avg. 11.7x 16.3x 16.5x 16.3x (4.6x) (4.8x) 5-Year Avg. 13.3x 17.1x 15.4x 16.6x (3.8x) (2.1x) 23

HIGHLY CONFIDENTIAL 5.9% 2.0% 4.0% 6.0% 8.0% 10.0% 03/28/16 06/27/17 09/26/18 12/26/19 03/26/21 Selected Comparable Companies - US (a) PROJECT E- 4 HISTORICAL AVERAGE IMPLIED CAP RATES FOR SELECTED COMPARABLE COMPANIES - US OVER LAST FIVE YEARS SPOT CAP RATES FOR SELECTED COMPARABLE COMPANIES Historical Implied Cap Rate Analysis – Core Office B CORE OFFICE Selected Comparable Companies - US Current 5.9% Unaffected (b) 6.3% 1-Year Avg. 6.5% 3-Year Avg. 5.8% 5-Year Avg. 5.5% Source: Selected comparable company filings, FactSet, Green Street and Wall Street research as of 03/26/21. Note: Spot Cap rates for Non-US Selected Comparable Companies were calculated based on public disclosure and trading data. (a) Selected Comparable Companies – US are BXP, VNO, KRC, DEI, SLG, HPP, PGRE and JBGS. For the Implied Cap rate data, BXP, VNO, KRC, DEI, SLG, and PGRE represent the period before 07/07/17. JBGS data is available beginning 07/07/17. HPP is available beginning 07/09/19. The period from 07/09/19 - present represents consistent coverage for all Selected Comparable Companies. Green Street does not have 06/01/16 data for VNO and KRC. (b) Reflects Peak’s unit price of $14.47 as of 12/31/20, which represents the last trading date prior to Mountain’s initial offer. (c) CLS, Derwent, and Great Portland NTM NOI Growth Rate sourced from Green Street European Office forecasts. Allied, Alstria, Dexus, and Dream NTM Growth Rates sourced from Scotia Bank, Morgan Stanley, Credit Suisse, J.P. Morgan and BMO Capital Markets Equity Research Estimates for FY21E NOI / NRI growth rates. BXP VNO KRC DEI SLG HPP PGRE JBGS AP.UT-CA DXS-AU GPOR-GB CLI-GB DLN-GB D.UT-CA AOX-DE Current (c) 5.4% 6.0% 6.3% 5.0% 6.2% 6.4% 6.5% 5.5% 4.8% 4.8% 5.1% 6.8% 4.7% 5.2% 4.6% 24

HIGHLY CONFIDENTIAL B CORE OFFICE PROJECT E- 4 SELECTED OFFICE ASSET-LEVEL TRANSACTIONS (GREATER THAN $250MM IN SELECTED US GATEWAY CITIES; LAST 3 YEARS) Source: RCA (Real Capital Analytics) as of 03/26/21. Note: Cap rates are reported by brokers or other sources on single asset and portfolio sales and likely include an allocated management fee. Gold dotted line represents transactions before or after COVID. Selected Asset-Level Transactions – Office Closing Property SF Price Cap Date Name Location (000s) Occ. $MMs $ PSF Rate Buyer / Seller 10/29/20 McDonald’s Global HQ CHI 575 97% $413 $717 4.5% Normandy Properties LLC / Sterling Bay Cos, JP Morgan 10/01/20 221 Main Street SF 388 100% 400 1,031 5.4% Allianz RE of America / Columbia Property Trust 07/22/20 333 South Wabash CHI 1,207 91% 376 311 5.8% Deutsche Finance America, SHVO / John Buck, Morgan Stanley 07/10/20 1375 Broadway NYC 513 - 435 848 4.8% Savanna, Declaration Capital / Westbrook Partners 02/28/20 330 Madison Avenue NYC 849 95% 900 1,060 4.8% Munich Re, Meag Munich Ergo / ADIA 01/29/20 525 Market Street SF 1,034 95% 1,235 1,194 4.8% DWS Group Americas / JP Morgan Asset Management, NYSTRS 12/03/19 Market Center SF 770 94% 722 938 4.5% Paramount Group (REIT) / Equity Office (Blackstone) 11/01/19 195 Broadway (Leasehold) NYC 973 98% 475 488 5.0% Korea Inv. Securities, Samsung SRA / JP Morgan 10/28/19 500 West Monroe Street CHI 973 100% 412 423 6.8% Spear Street Capital / Piedmont REIT 09/26/19 Coca-Cola Building NYC 354 - 948 2,677 5.1% BVK, SHVO, Bilgili, Deutsche Finance / Nightingale, Wafra 08/13/19 600 California SF 363 100% 332 914 4.2% The We Company / MEPT, BentallGreenOak 07/10/19 Park Tower at Transbay SF 765 99% 1,089 1,424 4.6% HKMA, Hines / John Buck, MetLife RE Investors, Golub & Co 07/01/19 Levis Plaza SF 931 100% 826 887 3.6% Jamestown / Northpoint, Interland Corp, Gerson Bakar & Assocs 06/30/19 Zynga HQ SF 672 100% 698 1,039 4.4% Beacon Capital Partners / Zynga Inc 06/27/19 540 Madison NYC 282 89% 310 1,099 5.0% DivcoWest / Goldman, QIA, Meraas, Boston Prop., Kuwait IA 06/01/19 30 Hudson Yards NYC 1,463 100% 2,155 1,473 5.5% ASRS, Related, Allianz RE / WarnerMedia 12/13/18 119 West 40th Street NYC 343 91% 283 824 4.5% Oregon PERS, Clarion Partners / Equity Office (Blackstone) 11/19/18 The Investment Building DC 401 92% 385 960 4.6% Pontegadea / JBG Smith, JP Morgan 11/12/18 3 Columbus Circle NYC 754 97% 456 605 5.6% Moinian Group / SL Green 11/08/18 Presidential Building DC 331 100% 338 1,020 5.0% PRP LLC, GMF Capital / Invesco Real Estate 10/30/18 425 Lexington Ave NYC 750 100% 703 937 4.5% Vanbarton Group / JP Morgan 10/24/18 Terminal Stores Building NYC 1,055 - 900 853 1.9% JPM, L&L, CalSTRS, Allianz RE, Normandy / GreenOak, Waterfront 10/09/18 Ferry Building (Leasehold) SF 240 98% 292 1,215 3.8% Hudson Pacific, Allianz RE of America / Blackstone, Equity Office 08/30/18 301 Howard SF 307 99% 293 953 5.0% DivcoWest, CalSTRS / Vanbarton Group 07/31/18 Chelsea540 NYC 165 96% 257 1,558 5.0% Ramrock Real Estate / Savanna, Silvermintz Family 07/01/18 Washington Harbour DC 558 98% 415 744 5.8% Global Holdings / Principal RE Investors (S. Korea Consortium) 05/29/18 123 Mission Street SF 346 - 290 839 4.8% Northwood Investors / HNA Group 05/29/18 NYU Langone Medical Center NYC 387 100% 333 860 4.0% hausInvest / Columbia Property Trust 05/23/18 5 Bryant Park NYC 665 97% 640 962 5.2% Savanna / Swig Company, Equity Office (Blackstone) 04/01/18 Two Prudential Plaza CHI 994 - 308 310 6.0% Sterling Bay, Wanxiang / 601W, NorthStar, Berkley, BentleyForbes 04/01/18 Prudential Plaza CHI 1,203 - 372 310 6.0% Wanxiang, Sterling Bay / 601W, NorthStar, Berkley, BentleyForbes 03/26/18 Wrigley Building CHI 472 95% 255 540 3.9% Mansueto Properties / Koman Group, Brad Keywell, Zeller, BDT 02/21/18 600 West Chicago Avenue CHI 1,571 99% 510 325 6.3% Sterling Bay Cos, JP Morgan / Equity Commonwealth 02/15/18 1180 6th Avenue NYC 384 - 305 794 4.8% Northwood Investors / HNA Property, MHP RE Services 02/08/18 1745 Broadway NYC 685 100% 633 925 5.3% Invesco, Qsuper / Ivanhoe Cambridge, SL Green 02/08/18 330 Hudson NYC 466 100% 385 826 4.5% AEW / Callahan Capital Partners, Ivanhoe Cambridge 01/24/18 Washington Building DC 214 100% 255 1,190 4.5% Eastbanc, Meag / Clarion Partners 01/16/18 One South Dearborn CHI 829 88% 360 435 4.7% Starwood Capital / Olen Properties 01/09/18 Manhattan Tower NYC 304 99% 305 1,005 4.5% W.R. Berkley / SL Green Min $255 1.9% Mean 538 4.8% Median 400 4.8% Max 2,155 6.8% 25

HIGHLY CONFIDENTIAL B CORE OFFICE PROJECT E- 4 Precedent Transactions Analysis – Core Office SELECT PRECEDENT TRANSACTIONS – CORE OFFICE Date Txn Value Consideration NTM Announced Target Acquiror ($Bn) (% Cash / Stock) FFOx 02/13/20 Godewind Immobilien AG Covivio $1.2 100% / - n/a 03/25/19 TIER REIT, Inc. Cousins Properties Incorporated 2.4 - / 100% 20.0x 09/04/18 Investa Office Fund OMERS Administration Corporation 2.7 100% / - 18.8x 07/31/18 Forest City Realty Trust, Inc. Brookfield Asset Management Inc. 11.4 100% / - 16.6x 06/30/17 Parkway, Inc. Canada Pension Plan Investment Board 1.2 100% / - 15.9x 06/28/17 First Potomac Realty Trust Government Properties Income Trust 1.4 100% / - 13.9x 04/29/16 Parkway Properties, Inc. Cousins Properties Incorporated 3.6 - / 100% 13.5x 06/16/15 DO Deutsche Office AG alstria office REIT-AG 1.9 - / 100% n/a 11/07/14 Songbird Estates plc. BPY, QIA 9.6 100% / - n/a 09/05/13 Thomas Properties Group, Inc. Parkway Properties, Inc. 1.2 - / 100% 37.8x 01/17/12 Whiterock REIT Dundee REIT 1.1 60% / 40% 12.5x 08/28/11 Charter Hall Office Trust GIC, Macquarie, Public Sector Pension IB 1.6 100% / - 26.5x Min $1.1 12.5x Mean 3.3 19.5x Median 1.8 16.6x Max 11.4 37.8x Source: FactSet, SNL Financial and company filings as of 03/26/21. 26

HIGHLY CONFIDENTIAL CONFIDENTIAL C Core Retail PROJECT E- 4

HIGHLY CONFIDENTIAL $24,501 $25,323 $25,575 $27,846 $26,662 $27,089 $26,837 $28,350 $22,000 $24,000 $26,000 $28,000 $30,000 C CORE RETAIL PROJECT E- 4 Core Retail Segment Implied Value Range CORE RETAIL IMPLIED VALUE RANGE METHODOLOGY IMPLIED GROSS VALUE ($MMS) COMMENTS & ASSUMPTIONS REF. PAGES Discounted Cash Flow • DCF analysis on core retail segment • Discount rate range of 6.25-7.25%; Exit cap rate range of 6.0-6.5% 28-29, 31-32 Trading Comps: NTM FFO (x) Current NTM FFO (x) • 8.5-12.0x range applied to core retail segment NTM (2021B) FFO of $505MM 30, 41, 42 3-Year NTM FFO (x) • 9.0-11.5x range applied to core retail segment NTM (2021B) FFO of $505MM 30, 41, 42 Precedent Transactions • 13.5-14.5x range applied to core retail segment NTM (2021B) FFO of $505MM 33 Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/26/21. Note: NTM (2021B) retail segment recurring FFO used in NTM FFO (x) trading comps and precedent transactions ranges adjusts 2021B management segment FFO by adding in incremental same property NOI and incremental same property interest expense for 2021B interim-year dispositions (including Q Co.), and allocating corporate-level G&A to retail segment based on gross asset value by segment. 27

HIGHLY CONFIDENTIAL Discounted Cash Flow Analysis – Core Retail C CORE RETAIL PROJECT E- 4 SUMMARY PROJECTED CASH FLOWS KEY ASSUMPTIONS & TERMINAL VALUE IMPLIED GROSS VALUE IMPLIED GROSS VALUE SENSITIVITY Discount Rate Perp. 25,536 7.25% 6.75% 6.25% Growth Exit 6.50% 24,501 24,869 25,245 2.9% Cap 6.25% 25,156 25,536 25,925 3.0% Rate 6.00% 25,866 26,259 26,662 3.2% Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/26/21. Note: Corporate G&A allocated based on gross asset value by segment. (a) G&A expense includes allocated corporate G&A. Date 12/31/20 Discount Rate (WACC) 6.75% 2025B Total Cash NOI 1,409 Exit Cap Rate 6.25% Implied Total Terminal Value $22,540 Implied EBITDA Exit Multiple 18.9x Implied Perpetuity Growth Rate 3.0% 2021B to 2024B Discounted Cash Flows $8,182 NPV of Terminal Value 17,354 Implied Core Retail Gross Value $25,536 ($ in MMs at Peak Share) Peak Management Projections CAGR 2021B 2022B 2023B 2024B 2025B '21B-'25B Core Retail Cash NOI $1,419 $1,436 $1,373 $1,377 $1,409 (0.2%) Cash NOI Growth (1.0%) 1.2% (4.4%) 0.3% 2.3% Lease Termination Income 9 - - - - n/a Other Income & Fee Revenue 150 150 152 153 158 1.3% G&A Expense (a) (311) (341) (363) (376) (386) 5.5% Property Acquisitions - - - - - Property Disposals 2,149 2,373 592 474 36 Property Plant and Equipment - - - - - Development Costs - - - - - Maintenance and Growth Capex, TIs, LCs (431) (417) (351) (343) (342) Change in Working Capital 66 118 27 3 2 Cash Taxes (14) (3) (3) (3) (3) Unlev ered Cash Flow $3,038 $3,315 $1,427 $1,285 $874 Terminal Value - - - 22,540 Unlevered Cash Flow & Terminal Value $3,038 $3,315 $1,427 $23,825 28

HIGHLY CONFIDENTIAL Mid-Point Assumptions Range Levered Beta Implied Cost of Equity Implied WACC Drivers Low High Low High Low High Low High Unlevered Beta 0.43 0.33 0.53 2.12 3.41 16.8% 26.0% 5.9% 7.3% Net Debt + Pref / Total Capital (b) 84.6% 79.6% 89.6% 2.09 4.09 16.6% 30.9% 6.5% 6.7% Implied Levered Beta 2.76 Risk-Free Rate of Return (c) 1.7% US Market Equity Risk Premium (c) 7.15% Cost of Equity 21.4% Pre-Tax Cost of Debt (b) 3.91% Tax Rate 0.94% Min/Max 2.09 4.09 16.6% 30.9% 5.9% 7.3% Illustrative WACC 6.6% Selected Range 6.25% 7.25% PROJECT E- 4 SELECTED COMPARABLE COMPANIES UNLEVERED BETA ANALYSIS Source: Peak filings, Selected comparable company filings, FactSet, MSCI Barra Beta Global Equity Model, Duff & Phelps, and SNL Financial as of 03/26/21. Note: Barra predicted Local Beta data as of 02/28/21. Mid-point drivers held constant under each range of input assumptions for respective sensitivities. Peak Equity Market Cap implied by using Core Retail DCF Gross Value and subtracting debt capital securities and preferred equity. Tax rate based on average 2021B-2025B Core Retail weighted average cash tax rate. Net Debt / Total Capital is the approximate midpoint of our segment value range. (a) Total net debt includes pro rata portion of debt and leases in unconsolidated joint ventures wherever disclosed. (b) Calculated based on Peak 4Q 2020 10-Q. (c) Risk free rate represents yield on U.S 10-Year Treasury. Equity Risk Premium of 7.15% is the long-term "historical" (i.e., realized) ERP as of 2019 as published by Duff & Phelps and consistent with previously published “back page” of the Ibbotson Associates/Morningstar SBBI® Valuation Yearbook (discontinued). WACC Analysis – Core Retail C CORE RETAIL PEAK SELECTED COMPARABLE COMPANIES-DERIVED WACC Total Capital Weighting Local ($ in MMs) Equity Mrkt. Pref. Equity Total ND + Pref / 3-yr Avg. Unlevered Select Comparable Companies Cap (a) @ Liq. Pref. Net Debt (a) Capital Equity ND + Pref Equity Barra Beta Beta Simon Property Group, Inc. $43,096 $40 $32,870 $76,006 56.7% 43.3% 76.4% 1.09 0.62 Macerich Company 1,958 103 8,295 10,356 18.9% 81.1% 428.9% 1.28 0.24 Selected Comparable Companies Min $1,958 $40 $8,295 $10,356 18.9% 43.3% 76.4% 1.09 0.24 Selected Comparable Companies Mean 22,527 72 20,583 43,181 37.8% 62.2% 252.6% 1.19 0.43 Selected Comparable Companies Max 43,096 103 32,870 76,006 56.7% 81.1% 428.9% 1.28 0.62 Brookfield Property Partners L.P $4,503 $312 $20,721 $25,536 17.6% 82.4% 467.1% 1.10 0.20 29

HIGHLY CONFIDENTIAL 15.7x 11.7x 5.8x 8.8x - 5.0x 10.0x 15.0x 20.0x 25.0x 03/28/16 06/27/17 09/26/18 12/26/19 03/26/21 Peak SPG MAC Selected Comparable Companies (c) PROJECT E- 4 Source: Peak 5-year business plan, FactSet as of 03/26/21. (a) Analyst consensus 2021B FFO per unit of $1.11 per FactSet. Management 2021B FFO per unit of $0.89 per Management projections. (b) Reflects Peak’s unit price of $14.47 as of 12/31/20, which represents the last trading date prior to Mountain’s initial offer. (c) Selected Comparable Companies are SPG and MAC. HISTORICAL NTM FFO MULTIPLES OVER LAST FIVE YEARS Historical NTM FFO Multiples Analysis – Core Retail C CORE RETAIL Selected NTM FFO Comparable Mult. Spread to Selected Peak SPG MAC Companies Comparable Companies Current 15.7x 11.7x 5.8x 8.8x 6.9x Unnaffected(b) 11.9x 8.9x 4.6x 6.8x 5.1x 1-Year Avg. 10.7x 7.5x 3.8x 5.7x 5.1x 3-Year Avg. 11.7x 11.2x 8.5x 9.9x 1.9x 5-Year Avg. 13.3x 12.8x 11.6x 12.2x 1.1x Implied 16.3x Analyst 2021E FFO @ $18.17 Proposal(a) Implied 20.4x Mgmt 2021B FFO @ $18.17 Proposal(a) 30

HIGHLY CONFIDENTIAL 6.2% 7.2% 6.8% - 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 03/28/16 06/27/17 09/26/18 12/26/19 03/26/21 SPG MAC Selected Comparable Companies (a) PROJECT E- 4 Source: Green Street as of 03/26/21. (a) Selected Comparable Companies are SPG and MAC. (b) Reflects Peak’s unit price of $14.47 as of 12/31/20, which represents the last trading date prior to Mountain’s initial offer. (c) On 04/28/20, GSA revised NTM NOI and Asset Values in the mall REIT sector downwards. On 08/27/20, GSA amended its cap rate calculation to be based on stabilized underwriting. Historical averages exclude cap rates between the two periods. HISTORICAL IMPLIED CAP RATES OVER LAST FIVE YEARS Reflects change in GSA Cap Rate Methodology(c) Historical Implied Cap Rate Analysis – Core Retail C CORE RETAIL Selected Comparable SPG MAC Companies (a) Current 6.2% 7.2% 6.7% Unnaffected (b) 7.3% 7.6% 7.5% 1-Year Avg. 6.9% 7.0% 7.0% 3-Year Avg. 6.4% 6.8% 6.6% 5-Year Avg. 6.1% 6.2% 6.1% 31

HIGHLY CONFIDENTIAL Selected Retail Asset-Level Transactions C CORE RETAIL PROJECT E- 4 SELECTED MALL TRANSACTIONS (GREATER THAN $75MM IN US; LAST 3 YEARS) Closing Property GSA SF Price Cap Date Name State Grade (000s) Occ. $MMs $ PSF Rate Buyer / Seller 05/22/20 609 Fifth Ave (Retail Condo) NY Urban 47 100% $168 $3,605 5.5% Reuben Brothers / SL Green 01/31/20 Garden City Center RI n/a 531 n/a 181 341 6.5% CrossHarbor Capital, WS Development / TA Realty, LACERA 12/31/19 Redmond Town Center WA A- 386 93% 200 518 7.2% Harbert Mgmt., Fairbourne / JSH Properties, DRA Advisors 09/13/19 Promenade Shops at Briargate CO A- 232 91% 93 402 7.4% Hines / CalPERS, Miller Capital Advisory 05/07/19 Meadow Glen Mall MA n/a 292 100% 86 294 5.3% DWS Group / Urban Retail Properties, New England Development 04/24/19 Del Sol Boston (Retail Condo) MA Urban 62 100% 82 1,330 4.1% Gazit-Globe / Anglo Irish Bank, Clarendon 01/24/19 One Bellevue Place TN n/a 363 n/a 93 256 6.0% MetLife / Branch, Crosland Southeast, RPAI 01/01/19 El Paseo de Saratoga CA n/a 341 100% 147 430 4.8% Sand Hill Prop Co / Terramar Retail Centers 12/20/18 Waverly NC n/a 204 93% 88 431 6.1% Ascentris / Childress Klein, Crosland Southeast, Matthews Family 08/30/18 Christiana Mall DE A+ 779 n/a 1,043 1,339 4.5% CalPERS / Brookfield Property REIT 07/20/18 Ellsworth Place MD n/a 348 92% 92 265 7.2% GBT Realty, Equity Resource, Avante / PRV, Rockwood 06/12/18 Westgate City Center AZ n/a 508 89% 133 262 7.1% YAM Properties / iStar Financial 06/01/18 Streets of Brentwood CA n/a 359 92% 86 239 7.0% Fairbourne Properties / RED Development, DRA Advisors 04/17/18 Silver Spring Square PA n/a 342 98% 80 234 7.0% Wilder Cos / DDR Min $80 4.1% Mean 184 6.1% Median 93 6.3% Max 1,043 7.4% Source: RCA (Real Capital Analytics) as of 03/26/21. Note: Cap rates are reported by brokers or other sources on single asset and portfolio sales and likely include an allocated management fee. Gold dotted line represents transactions before or after COVID. 32

HIGHLY CONFIDENTIAL C CORE RETAIL PROJECT E- 4 Precedent Transactions Analysis – Core Retail SELECT PRECEDENT TRANSACTIONS – CORE RETAIL Date Txn Value Consideration NTM Announced Target Acquiror ($Bn) (% Cash / Stock) FFOx 11/15/20 Taubman Centers, Inc. (a) Simon Property Group, Inc. $9.1 100% / - 14.4x 03/26/18 GGP Inc. Brookfield Asset Management Inc. 27.9 61% / 39% 13.5x 09/16/14 Glimcher Realty Trust Washington Prime Group Inc. 4.3 73% / 27% 18.0x Min $4.3 13.5x Mean 13.8 15.3x Median 9.1 14.4x Max 27.9 18.0x Source: FactSet, SNL Financial and company filings as of 03/26/21. Note: Gold dotted line represents transactions before or after COVID. (a) Negotiated revised purchase price for the acquisition originally announced 02/10/20 and committed to pre-COVID (at $9.9Bn value). 33

HIGHLY CONFIDENTIAL CONFIDENTIAL VI Mountain Trading Summary PROJECT E- 4

HIGHLY CONFIDENTIAL $45.67 $18.11 0 2 4 6 8 10 12 14 $5 $15 $25 $35 $45 $55 03/26/16 03/26/17 03/26/18 03/26/19 03/26/20 03/26/21 Mountain Volume Mountain (USD) Peak (USD) PROJECT E- 4 Mountain Unit Price Performance and Total Shareholder Return VI MOUNTAIN TRADING SUMMARY 5-YEAR INDEXED TOTAL SHAREHOLDER RETURN VS. S&P 500 AND ALTERNATIVE ASSET MANAGEMENT SELECTED COMPARABLE COMPANIES Source: FactSet and Green Street as of 03/26/21. 5-YEAR SHARE PRICE / VOLUME TRADING DATA Unit Price (USD) Volume (MM) 103.0% 95.1% 282.0% 272.8% 293.6% 208.0% 389.1% (50%) 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% 03/28/16 06/27/17 09/26/18 12/26/19 03/26/21 Mountain S&P APO BX KKR CG ARES 34

HIGHLY CONFIDENTIAL CURRENT ANALYST ESTIMATES PROJECT E- 4 Mountain Trading Summary and Analyst Estimates VI MOUNTAIN TRADING SUMMARY Source: FactSet and Selected comparable company filings, as of 03/26/21. (a) Implied Return calculated with reference to Mountain’s and selected comparable companies' current unit price. (b) FactSet Consensus Mean includes anonymous estimates. TRADING SUMMARY Closing Mountain Class A Share Price on 03/26/2021: $45.67 Consensus Total Consensus Consensus Consensus Price Price Implied Market Undepreciated EBITDA DCE / Unit Price / DE Multiples 2021E 03/26/2021 Target Return (a) Cap. TEV Tangible Assets AUM Margin 2021E 2022E 2021E 2022E Dividend Yield Mountain $45.67 53.79 17.8% $72 $253 $321 $602 23% $2.95 $3.21 15.5x 14.2x 1.1% Blackstone 74.31 73.97 (0.5%) 89 64 318 619 44% 3.22 3.74 23.1x 19.9x 3.7% KKR 48.47 54.70 12.9% 44 84 231 252 69% 2.57 3.04 18.9x 15.9x 1.2% Apollo 46.69 55.85 19.6% 21 27 135 455 58% 2.70 3.80 17.3x 12.3x 5.0% Carlyle 36.79 40.23 9.4% 13 20 16 246 26% 2.25 2.79 16.3x 13.2x 2.8% Ares 53.90 58.11 7.8% 15 20 87 197 16% 2.30 2.66 23.4x 20.3x 3.5% Min (0.5%) 15.8% 15.5x 12.3x 1.1% Mean 11.2% 39.4% 19.1x 16.0x 2.9% Median 11.1% 34.8% 18.1x 15.1x 3.2% Max 19.6% 69.2% 23.4x 20.3x 5.0% All $ in Bn, except per share / unit Price Implied Broker Date Rating Target Return (a) TD Securities 02/24/2021 Buy $ 63.00 38% Keefe Bruyette & Woods 02/11/2021 Buy 58.00 27% RBC Capital Markets 02/11/2021 Buy 55.00 20% CIBC Capital Markets 02/11/2021 Buy 54.00 18% BMO Capital Markets 02/11/2021 Buy 54.00 18% Scotiabank GBM 02/11/2021 Buy 53.00 16% Canaccord Genuity 02/25/2021 Buy 52.00 14% Deutsche Bank Research 02/17/2021 Hold 43.00 (6%) Min $43.00 (6%) Mean 54.00 18% Median 54.00 18% FactSet Consensus Mean (b) 53.63 17% Max 63.00 38% 35

HIGHLY CONFIDENTIAL CONFIDENTIAL VII Preferred Securities Summary PROJECT E- 4

HIGHLY CONFIDENTIAL Summary of Key E-4 Preferred Terms VII PREFERRED SECURITIES SUMMARY PROJECT E- 4 ISSUER • [New LP Issuer], a[n exempted] limited partnership formed under the laws of Bermuda (the “Issuer”), which will be a wholly-owned subsidiary of [Peak] MATURITY • [●], 2081, unless redeemed by the Issuer (i) following a Change of Control Triggering Event, a Delisting Transaction Triggering Event and/or a Change in Tax Law, (ii) at the Issuer’s option, on or after [●], 2026 or (iii) prior to [●], 2026 in connection with a Ratings Event SECURITY • Class A Cumulative Redeemable Preferred Units, Series 1 (the “Units”) RANKING • Junior to all of the Issuer’s existing and future senior or subordinated indebtedness with respect to assets available to satisfy claims • Structurally subordinated to all existing and future debt obligations of the Partnership’s subsidiaries that are not Guarantors any capital stock of the Partnership’s subsidiaries that are not Guarantors held by others COUPON • [TBD](a) DISTRIBUTIONS • Rate – [TBD](a) • Timing – the last day of [March, June, September and December] GUARANTORS • Brookfield Property Partners L.P. (the “Partnership”), Brookfield Property L.P., Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, BPY Bermuda Holdings II Limited, BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited (collectively with the Partnership, the “Guarantors”) VOTING RIGHTS • None except as defined below • Issuer may not adopt an amendment to its partnership agreement that has a MAE on the Units unless such amendment is approved by an affirmative vote of at least 66.67% of votes cast at a meeting of holders of the Units where at least 33.33% of holders of the Units are present or represented by proxy GUARANTEES(b) • The Guarantors will irrevocably and unconditionally guarantee in full, on a joint and several basis (each, a “Guarantee”), the payment of (the “Unit Guaranteed Obligations”): − All accumulated and unpaid distributions that have been declared − The applicable redemption price, plus all accrued and unpaid distributions to the date of redemption − $25.00 per Unit liquidation preference / par value − Upon a voluntary or involuntary dissolution, winding-up or termination of the Issuer, the aggregate of the liquidation preference and all accrued and unpaid distributions on the Units, whether or not declared, without regard to whether the Issuer has sufficient assets to make full payment as required on liquidation OPTIONAL REDEMPTION BY ISSUER • On or after [●], 2026; at par (in whole or in part) • Upon a “Ratings Event”; at 102% of par (in whole) − Defined as a change by any nationally recognized statistical rating organization to the equity credit criteria, such as any shortening of length of time for current criteria to remain in effect or lower Equity Credit(c), for securities such as the Units • Upon a “Change of Control Triggering Event”; at par (in whole)(d) − If no redemption notice within 60 days of such event, annual distribution rate will increase by [5.00]% beginning on day 61 • Upon a “Delisting Transaction Triggering Event”; at par (in whole) − If no redemption notice within 60 days of such event, annual distribution rate will increase by [5.00]% beginning on day 61 − If Units subsequently relisted then rate resets to original rate • Upon a “Change in Tax Law”; at par (in whole) SIZING • Initial Sizing – up to $[500,000,000] ([20,000,000] Units) • Additional Units – up to $[500,000,000] ([20,000,000] Units) LISTING • Issuer will apply to list the Units on the NASDAQ and the TSX LIQUIDATION PREFERENCE • $25.00 per Unit ANTICIPATED RATING(e) • [BB+ (S&P)] Source: Torys draft of Peak E-4 Preferred Units Term Sheet dated 03/26/21. (a) Par value security with coupon to be set when Circular is distributed and based on the then trading yield of existing Peak preferred securities. (b) NTD: this draft assumes the Peak guarantee of the prefs will rank on parity with the Peak outstanding public prefs. To be confirmed. (c) “Equity Credit” for the purposes of the Units means the dollar amount or percentage in relation to the stated liquidation preference amount of $25.00 per Unit assigned to the Units as equity, rather than debt, by a rating agency in evaluating the capital structure of an entity. (d) NTD: to be confirmed whether necessary to add change of control provisions—BIP/BEP preferred units do not have these (although the other series of Peak preferred units do). (e) NTD: to be confirmed whether preferred units will receive a rating. 36

HIGHLY CONFIDENTIAL VII PREFERRED SECURITIES SUMMARY PROJECT E- 4 Peak Public Preferred Securities SUMMARY OF PREFERRED SECURITIES Source: FactSet, SNL Financial, Bloomberg and company filings as of 03/26/21. Note: Peak security market values are as of 4Q Supplemental. Peak coupon values are implied based on 12/30/20 benchmarking values. Peak net debt includes capital securities. SUMMARY OF LEVERAGE LEVELS BY VALUATION METHOD Bolded values indicate non-perpetual preferred securities 70.2% 70.1% 75.7% 72.3% 68.7% 62.7% 74.1% 74.1% 80.0% 76.4% 72.6% 66.2% 50.0% 60.0% 70.0% 80.0% 90.0% Market Implied Offer Price SOTP - Low SOTP - Mid SOTP - High IFRS Net Debt Net Debt / Pref % Includes Peak Securities where trading prices are available $ Amt. Liquidation Oustanding Market Price Ticker Security Name S&P Rating Coupon Preference at Par Yield (% of par) BPY BPY PF 6.5% BB+ 6.500% $25.00 $184.00 6.45% $99.80 BPY BPY PFD 6.375% n/a 6.375% 25.00 250.00 6.35% 99.32 BPY BPY PFD A SER 3 n/a 5.750% 25.00 287.50 6.10% 93.20 BPY BOP Class AAA Series N n/a 3.780% 19.87 218.58 5.78% 64.43 BPY BOP Class AAA Series P n/a 4.160% 19.87 238.45 5.00% 82.14 BPY BOP Class AAA Series R n/a 4.160% 19.87 176.52 5.67% 72.36 BPY BOP Class AAA Series T n/a 5.380% 19.87 198.71 6.81% 78.00 BPY BOP Class AAA Series V n/a 2.275% 19.87 25.65 5.69% 39.00 BPY BOP Class AAA Series W n/a 2.275% 19.87 37.45 4.48% 49.83 BPY BOP Class AAA Series Y n/a 2.275% 19.87 24.70 5.63% 39.40 BPY BOP Class AAA Series AA n/a 4.710% 19.87 238.45 6.30% 73.80 BPY BOP Class AAA Series CC n/a 6.000% 19.87 158.97 6.03% 98.56 BPY BOP Class AAA Series EE n/a 5.100% 19.87 218.58 5.64% 89.40 BPY BOP Class AAA Series GG n/a 4.850% 19.87 218.58 5.68% 84.40 BPY BOP Class AAA Series II n/a 4.850% 19.87 218.58 5.79% 82.80 BPY BPYU Series A n/a 6.375% 25.00 250.00 6.45% 97.80 37

HIGHLY CONFIDENTIAL Public Preferred Securities Benchmarking VII PREFERRED SECURITIES SUMMARY PROJECT E- 4 Source: FactSet, SNL Financial, Bloomberg and company filings as of 03/26/21. Note: Company Data based on consolidated values per FactSet and SNL Includes preferred securities of REITs with a TEV > $5Bn where trading prices are available SUMMARY OF PREFERRED SECURITIES Bolded values indicate non-perpetual preferred securities Mrkt. Value Liquidation of Amt. Market Price Net Debt + Ticker Security Name S&P Rating Coupon Preference Outstanding Yield (% of par) Net Debt / TEV Pref / TEV AMH AMERICAN HOMES 4 RENT PFCV D 6.5% BB 6.500% $25.00 268.75 6.43% $100.08 16.1% 21.8% AMH AMERICAN HOMES 4 RENT PFCV E 6.35% BB 6.350% 25.00 230.00 6.26% 100.49 16.1% 21.8% AMH AMERICAN HOMES 4 RENT PFD 5.875% BB 5.875% 25.00 155.00 5.72% 101.68 16.1% 21.8% AMH AMERICAN HOMES 4 RENT PFD G 5.875% BB 5.875% 25.00 115.00 5.69% 102.28 16.1% 21.8% BXP BOSTON PROPERTIES INC PFD 5.25%49 BBB 5.250% 25.00 115.00 5.22% 99.64 37.1% 37.9% CLNY COLONY CAPITAL INC PFD G 7.5% n/a 7.500% 25.00 86.25 7.39% 100.48 49.7% 57.2% CLNY COLONY CAPITAL INC PFD H 7.125% n/a 7.125% 25.00 287.50 7.15% 98.72 49.7% 57.2% CLNY COLONY CAPITAL INC PFD I 7.15% n/a 7.150% 25.00 345.00 7.12% 99.48 49.7% 57.2% CLNY COLONY CAPITAL INC PFD J 7.125% n/a 7.125% 25.00 315.00 7.14% 98.84 49.7% 57.2% DLR DIGITAL REALTY TRUST PFCV J 5.25% BB+ 5.250% 25.00 200.00 4.94% 105.20 25.4% 27.2% DLR DIGITAL REALTY TRUST PFCV C 6.625% BB+ 6.625% 25.00 201.25 6.53% 100.48 25.4% 27.2% DLR DIGITAL REALTY TRUST PFD K 5.85% BB+ 5.850% 25.00 210.00 5.32% 108.96 25.4% 27.2% DLR DIGITAL REALTY TRUST IN PF 5.2% n/a 5.200% 25.00 345.00 4.91% 104.84 25.4% 27.2% EPR EPR PROPERTIES PFCV 9%49 BB 9.000% 25.00 86.18 6.54% 136.60 40.6% 46.8% EPR EPR PROPERTIES PFD C 5.75%49 BB 5.750% 25.00 134.85 5.68% 100.32 40.6% 46.8% EPR EPR PROPERTIES PFD 5.75% BB 5.750% 25.00 150.00 5.70% 99.96 40.6% 46.8% HIW HIGHWOODS PROPERTIES PFD A 8.625% BB+ 8.625% 1,000.00 28.83 7.04% 121.50 31.1% 31.7% KIM KIMCO REALTY CORP PFD 5.125% BBB- 5.125% 25.00 225.00 4.85% 104.76 38.3% 42.2% KIM KIMCO REALTY CORP PF 5.25% BBB- 5.250% 25.00 264.50 4.92% 105.80 38.3% 42.2% MAA MID AMER APT CMNTYS CUM REDM PFD I BBB- 8.500% 50.00 43.39 6.61% 127.50 20.4% 20.7% NNN NATIONAL RETAIL PPTY DEP 1/100 5.20 n/a 5.200% 25.00 345.00 5.11% 100.84 27.3% 30.4% PEB PEBBLEBROOK HOTEL TRUST PFCV C 6.5% n/a 6.500% 25.00 125.00 6.53% 98.56 38.6% 46.7% PEB PEBBLEBROOK HOTEL TRUST PFCV D 6.37% n/a 6.375% 25.00 125.00 6.49% 97.20 38.6% 46.7% PEB PEBBLEBROOK HOTEL TRUST PFD 6.37% n/a 6.375% 25.00 110.00 6.53% 96.60 38.6% 46.7% PEB PEBBLEBROOK HOTEL TRUST PFD 6.3% n/a 6.300% 25.00 150.00 6.51% 95.80 38.6% 46.7% PLD PROLOGIS INC PFD Q 8.54% BBB 8.540% 50.00 63.95 5.87% 144.40 18.4% 18.5% PSB PS BUSINESS PARKS INC PF 5.2% BBB 5.200% 25.00 189.75 5.05% 102.04 (1.1%) 14.3% PSB PS BUSINESS PARKS DEP PFD X 5.25% BBB 5.250% 25.00 230.00 5.04% 103.20 (1.1%) 14.3% PSB PS BUSINESS PARKS INC PF 5.2% n/a 5.200% 25.00 200.00 4.97% 103.60 (1.1%) 14.3% PSB PS BUSINESS PARKS INC PF 4.875% n/a 4.875% 25.00 325.00 4.63% 104.40 (1.1%) 14.3% PSA PUBLIC STORAGE PF 5.125% BBB+ 5.125% 25.00 200.00 5.06% 100.38 5.7% 13.6% PSA PUBLIC STORAGE PFD D 4.95% BBB+ 4.950% 25.00 325.00 4.89% 100.16 5.7% 13.6% PSA PUBLIC STORAGE PF 4.9% BBB+ 4.900% 25.00 350.00 4.74% 102.44 5.7% 13.6% PSA PUBLIC STORAGE CUM PFD 5.15% BBB+ 5.150% 25.00 280.00 4.94% 103.26 5.7% 13.6% PSA PUBLIC STORAGE PF 5.05% BBB+ 5.050% 25.00 300.00 4.83% 103.52 5.7% 13.6% PSA PUBLIC STORAGE PFD 5.6% BBB+ 5.600% 25.00 285.00 5.07% 109.48 5.7% 13.6% PSA PUBLIC STORAGE PFD 4.875% n/a 4.875% 25.00 316.25 4.56% 105.98 5.7% 13.6% PSA PUBLIC STORAGE PF 4.7% n/a 4.700% 25.00 258.75 4.41% 105.48 5.7% 13.6% PSA PUBLIC STORAGE DEP PFD K 4.75% n/a 4.750% 25.00 230.00 4.38% 107.48 5.7% 13.6% PSA PUBLIC STORAGE PFD 4.625% n/a 4.625% 25.00 565.00 4.35% 105.40 5.7% 13.6% PSA PUBLIC STORAGE PFD 4.125% n/a 4.125% 25.00 230.00 4.05% 100.88 5.7% 13.6% PSA PUBLIC STORAGE PF 3.875% n/a 3.875% 25.00 282.50 3.88% 98.84 5.7% 13.6% 38

HIGHLY CONFIDENTIAL VII PREFERRED SECURITIES SUMMARY PROJECT E- 4 SUMMARY OF PREFERRED SECURITIES QTS QTS REALTY TRUST INC PFD A 7.125% B- 7.125% $25.00 $107.00 6.44% $109.68 26.8% 34.9% QTS QTS REALTY TRUST INC PFCV 6.5% B- 6.500% 100.00 316.25 4.64% 139.15 26.8% 34.9% REXR REXFORD INDUSTRIAL REA PFD A 5.875% n/a 5.875% 25.00 90.00 5.83% 99.82 12.3% 16.1% REXR REXFORD INDUSTRIAL REA PFD B 5.875% n/a 5.875% 25.00 75.00 5.68% 102.37 12.3% 16.1% SPG SIMON PROPERTY GROUP PFD J 8.375% BBB+ 8.375% 50.00 45.32 5.99% 138.80 43.8% 43.9% SLG SL GREEN REALTY PFD 6.5%49 BB 6.500% 25.00 230.00 6.30% 102.18 70.8% 77.6% SRC SPIRIT REALTY CAPITAL INC PFD A 6% BB+ 6.000% 25.00 8.54 5.71% 104.14 38.5% 40.7% STAG STAG INDUSTRIAL INC PFCV C 6.875% n/a 6.875% 25.00 5.00 6.88% 98.94 23.1% 24.1% VER VEREIT INC PFD F 6.7% n/a 6.700% 25.00 26.93 6.59% 100.68 40.9% 44.0% VNO VORNADO RLTY TR PFD L 5.4% BB+ 5.400% 25.00 0.00 5.36% 99.80 41.9% 51.4% VNO VORNADO REALTY TRUST PFCV SER A n/a 6.500% 50.00 0.00 3.61% 179.00 41.9% 51.4% VNO VORNADO RLTY TR PFD K 5.7% BB+ 5.700% 25.00 0.00 5.65% 99.88 41.9% 51.4% VNO VORNADO REALTY TRUST PFD M 5.25% BB+ 5.250% 25.00 0.00 5.19% 100.16 41.9% 51.4% VNO VORNADO REALTY TRUST PF 5.25% n/a 5.250% 25.00 300.00 5.22% 99.52 41.9% 51.4% Summary Data for Net Debt + Pref / TEV's <25% Min 3.875% 3.88% $98.84 (1.1%) 13.6% Mean 5.485% 5.12% 105.63 8.0% 15.8% Median 5.175% 5.00% 102.82 5.7% 13.9% Max 8.540% 6.61% 144.40 20.4% 21.8% Summary Data for Net Debt + Pref / TEV's between 25% - 50% Min 5.000% 4.64% $95.80 23.1% 24.1% Mean 6.304% 5.82% 107.47 33.9% 38.0% Median 6.300% 5.71% 103.46 38.3% 40.7% Max 9.000% 7.04% 139.15 43.8% 46.8% Summary Data for Net Debt + Pref / TEV's >50% Min 5.250% 3.61% $98.72 41.9% 51.4% Mean 6.350% 6.01% 107.81 47.9% 56.4% Median 6.500% 5.97% 99.84 45.8% 54.3% Max 7.500% 7.39% 179.00 70.8% 77.6% Mrkt. Value Liquidation of Amt. Market Price Net Debt + Ticker Security Name S&P Rating Coupon Preference Outstanding Yield (% of par) Net Debt / TEV Pref / TEV Public Preferred Securities Benchmarking Includes preferred securities of REITs with a TEV > $5Bn where trading prices are available Bolded values indicate non-perpetual preferred securities Source: FactSet, SNL Financial, Bloomberg and company filings as of 03/26/21. Note: Company Data based on consolidated values per FactSet and SNL 39

HIGHLY CONFIDENTIAL CONFIDENTIAL Appendix PROJECT E- 4

HIGHLY CONFIDENTIAL Fee Income and G&A Selected Comparable Company Benchmarking APPENDIX PROJECT E- 4 FEE INCOME AND G&A SELECTED COMPARABLE COMPANY BENCHMARKING Source: Peak filings, Selected comparable company filings, FactSet, Wall Street research and SNL Financial as of 03/26/21. Note: Company Data based on consolidated values per FactSet and SNL Annualized Annualized (G&A less: Fee Income) / Fee Income Company G&A Fee Income Total Assets TEV Total Assets TEV % of G&A BXP (119,048) 37,460 22,858,190 $32,175,947 (0.4%) (0.3%) 31.5% SLG (94,408) 8,800 12,324,039 10,435,847 (0.7%) (0.8%) 9.3% DEI (39,736) 892 9,250,825 12,365,150 (0.4%) (0.3%) 2.2% JBGS (157,172) 107,948 6,277,324 6,427,941 (0.8%) (0.8%) 68.7% HPP (95,756) 4,296 8,350,202 8,417,901 (1.1%) (1.1%) 4.5% PGRE (64,424) 25,512 8,554,097 6,244,880 (0.5%) (0.6%) 39.6% VNO (245,016) 150,068 16,221,822 17,237,947 (0.6%) (0.6%) 61.2% GPOR (35,582) 2,207 3,500,283 3,017,403 (1.0%) (1.1%) 6.2% AP-UT (17,290) 293 7,472,194 6,450,356 (0.2%) (0.3%) 1.7% D.UT (4,845) 2,051 2,296,224 1,869,631 (0.1%) (0.1%) 42.3% DLN (47,167) 4,137 7,896,047 6,482,035 (0.5%) (0.7%) 8.8% SPG (186,460) 101,344 34,786,846 69,363,872 (0.2%) (0.1%) 54.4% MAC (132,540) 22,588 9,184,005 7,872,228 (1.2%) (1.4%) 17.0% Medians 8,554,097 7,872,228 (0.5%) (0.6%) 17.0% Office Comps Median 8,350,202.0 6,482,035 (0.5%) (0.6%) 9.3% Retail Comps Median 21,985,425.5 38,618,050 (0.7%) (0.8%) 35.7% BPY (20A) (738,000) 226,000 83,473,174 83,624,550 (0.6%) (0.6%) 30.6% 40

HIGHLY CONFIDENTIAL SPG MAC Average Current 11.7x 5.8x 8.8x Unaffected 8.9x 4.6x 6.8x 1-year 7.5x 3.8x 5.7x 3-year 11.2x 8.5x 9.9x 5-year 12.8x 11.6x 12.2x Min 3.6x 1.6x 2.6x Mean 12.9x 11.6x 12.2x Median 13.4x 13.2x 13.4x Max 20.0x 20.9x 20.5x BPY-US BXP VNO KRC DEI SLG HPP PGRE JBGS AP.UT-CA DXS-AU D.UT-CA Average Current 15.7x 15.9x 16.8x 16.4x 17.8x 10.9x 14.4x 11.9x 23.7x 17.5x 14.6x 13.0x 15.7x Unaffected 11.9x 14.0x 13.7x 13.8x 15.4x 9.1x 12.6x 10.8x 21.4x 16.3x 14.3x 12.2x 14.0x 1-year 10.7x 12.9x 12.9x 14.4x 14.3x 7.9x 12.0x 9.2x 20.1x 16.7x 13.8x 12.5x 13.3x 3-year 11.7x 16.5x 15.8x 17.8x 17.1x 11.2x 14.8x 12.7x 25.0x 19.3x 15.9x 14.4x 16.3x 5-year 13.3x 18.0x 16.9x 18.5x 18.0x 12.8x 15.6x 14.8x 25.0x 18.2x 15.5x 12.5x 16.6x Min 4.8x 10.2x 9.0x 11.5x 10.8x 5.4x 7.7x 6.4x 14.1x 13.2x 11.7x 6.6x 10.0x Mean 13.3x 18.0x 16.9x 18.5x 18.0x 12.8x 15.6x 14.8x 25.0x 18.2x 15.5x 12.5x 16.6x Median 12.9x 18.8x 17.6x 19.5x 18.8x 13.5x 16.3x 15.1x 23.3x 17.9x 15.0x 13.0x 17.0x Max 17.9x 23.0x 20.5x 21.7x 21.2x 17.4x 18.4x 20.9x 37.2x 25.0x 20.0x 22.1x 19.4x PROJECT E- 4 CORE OFFICE SELECTED COMPARABLE COMPANY NTM FFO TRADING DATA Additional Data - Historical NTM FFO Multiples APPENDIX Source: FactSet as of 03/26/21. CORE RETAIL SELECTED COMPARABLE COMPANY NTM FFO TRADING DATA 41

HIGHLY CONFIDENTIAL NTM (2021B) Recurring Run-Rate FFO Build – Core Office and Core Retail APPENDIX PROJECT E- 4 NTM RECURRING FFO BUILD – CORE OFFICE NTM RECURRING FFO BUILD – CORE RETAIL Run Rate Core Retail FFO Adjustment - SOTP FFOx 2021B Notes Business Plan Core Retail FFO 484 Add: Incremental SS NOI (Incl. Q-Co) 140 True-up to full year NOI for 2021 interim-year disposals (incl. Q-Co) Less: Incremental Interest Expense For Full-Year (Incl. Q-Co) (38) True-up to full year asset-level debt interest expense for 2021 interim-year disposals (incl. Q-Co) Less: Allocated Corporate G&A (81) Corporate G&A allocated by % of GAV by segment Adj. Recurring Core Retail FFO for SOTP FFOx 505 Source: Peak 5-year business plan, Peak filings. 42 Run Rate Core Office FFO Adjustment - SOTP FFOx 2021B Notes Business Plan Core Office FFO 671 Less: Condo Sale Proceeds (87) Proceeds from forecasted condo sales removed from recurring FFO Business Plan Recurring Core Office FFO 584 Add: Incremental SS NOI 21 True-up to full year NOI for 2021 interim-year disposals Less: Incremental Interest Expense For Full-Year (11) True-up to full year asset-level debt interest expense for 2021 interim-year disposals Less: Allocated Corporate G&A (87) Corporate G&A allocated by % of GAV by segment Adj. Recurring Core Office FFO for SOTP FFOx 508