SUBSIDIARY PUBLIC ISSUERS

BOP Split was incorporated for the purpose of being an issuer of preferred shares and owning a portion of the partnership’s investment in BPO common shares. Pursuant to the terms of a Plan of Arrangement, holders of outstanding BPO Class AAA Preferred Shares Series G, H, J and K, which were convertible into BPO common shares, were able to exchange their shares for BOP Split Senior Preferred Shares, subject to certain conditions. The BOP Split Senior Preferred shares are listed on the TSX and began trading on June 11, 2014. All shares issued by BOP Split are retractable by the holders at any time for cash.

In connection with an internal restructuring completed in July 2016, the partnership and certain of its related entities agreed to guarantee all of BPO’s Class AAA Preferred Shares and all of BPO’s debt securities issued pursuant to BPO’s indenture dated December 8, 2009.

In April 2018, the partnership formed two subsidiaries, Brookfield Property Finance ULC and Brookfield Property Preferred Equity Inc. to act as issuers of debt and preferred securities, respectively. The partnership and certain of its related entities have agreed to guarantee securities issued by these entities.

The following table provides consolidated summary financial information for the partnership, BOP Split, BPO, Brookfield Property Finance ULC, Brookfield Property Preferred Equity Inc. and the holding entities:



(US$ Millions)	Brookfield Property Partners L.P.		BOP Split Corp.			BPO			Brookfield Property Preferred Equity Inc.		Brookfield Property Finance ULC			Holding Entities⁽²⁾		Additional holding entities and eliminations⁽³⁾			Consolidating Adjustments⁽⁴⁾			Brookfield Property Partners L.P. consolidated
Year ended December 31, 2019
Revenue	$	—	$	32		$	163		$	—	$	43		$	1,767	$	392		$	5,806		$	8,203
Net income attributable to unitholders⁽¹⁾	967		386			767			—		(41		)	1,956		688			(2,767		)	1,956

Year ended December 31, 2018
Revenue	$	—	$	27		$	166		$	—	$	8		$	1,192	$	167		$	5,679		$	7,239
Net income attributable to unitholders⁽¹⁾	767		417			(1,419		)	—		—			1,978		(34		)	269			1,978

Year ended December 31, 2017
Revenue	$	—	$	—		$	197		$	—	$	—		$	1,518	$	—		$	4,420		$	6,135
Net income attributable to unitholders⁽¹⁾	138		(409		)	(763		)	—		—			375		17			1,017			375


⁽¹⁾	Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPR Units.


⁽²⁾	Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited.


⁽³⁾	Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities


⁽⁴⁾	Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.



(US$ Millions)	Brookfield Property Partners L.P.		BOP Split Corp.		BPO		Brookfield Property Preferred Equity Inc.		Brookfield Property Finance ULC		Holding Entities⁽²⁾		Additional holding entities and eliminations⁽³⁾		Consolidating Adjustments⁽⁴⁾			Brookfield Property Partners L.P. consolidated
As of Dec. 31, 2019
Current assets	$	—	$	12	$	127	$	—	$	673	$	8,436	$	176	$	(6,522	)	$	2,902
Non-current assets	14,517		11,739		23,830		—		429		29,367		2,049		26,423			108,354
Assets held for sale	—		—		—		—		—		—		—		387			387
Current liabilities	—		995		131		—		15		5,981		1,129		4,075			12,326
Non-current liabilities	—		6,173		6,744		—		1,078		2,871		519		36,857			54,242
Liabilities associated with assets held for sale	—		—		—		—		—		—		—		140			140
Preferred equity	420		—		—		—		—		—		—		—			420
Equity attributable to interests of others in operating subsidiaries and properties	—		—		2,284		—		—		—		—		13,701			15,985
Equity attributable to unitholders⁽¹⁾	$	14,097	$	4,583	$	14,798	$	—	$	9	$	28,951	$	577	$	(34,485	)	$	28,530

As of Dec. 31, 2018
Current assets	$	—	$	52	$	151	$	—	$	596	$	6,144	$	330	$	(1,163	)	$	6,110
Non-current assets	13,273		11,748		20,359		—		—		30,277		1,775		37,974			115,406
Assets held for sale	—		—		—		—		—		—		—		1,004			1,004
Current liabilities	—		2,806		678		—		593		5,731		1,834		(1,499		)	10,143
Non-current liabilities	—		3,053		4,738		—		—		2,406		5		55,272			65,474
Liabilities associated with assets held for sale	—		—		—		—		—		—		—		163			163
Equity attributable to interests of others in operating subsidiaries and properties	—		—		2,284		—		—		—		—		16,172			18,456
Equity attributable to unitholders⁽¹⁾	$	13,273	$	5,941	$	12,810	$	—	$	3	$	28,284	$	266	$	(32,293	)	$	28,284


⁽¹⁾	Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPR Units.


⁽²⁾	Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited.


⁽³⁾	Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities


⁽⁴⁾	Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.