Brookfield Property Preferred L.P. (“Brookfield”) today announced it has received approval from the Toronto Stock Exchange (“TSX”) for a normal course issuer bid to purchase up to 10% of the public float of its outstanding Class A Cumulative Redeemable Preferred Units, Series 1 (TSX: BPYP.PR.A; Nasdaq: BPYPM) that are listed on the TSX (the “Preferred Units”). Brookfield may, during the 12-month period commencing January 11, 2024 and ending on January 10, 2025 (or an earlier date should Brookfield complete its purchases prior to such date), purchase on the TSX, the Nasdaq Stock Market and any alternative Canadian trading system, up to 1,917,745 Preferred Units, representing approximately 10% of its public float. At December 31, 2023, there were 26,844,556 Preferred Units issued and outstanding, with 7,667,101 Preferred Units held by insiders, giving Brookfield a public float of 19,177,455 limited partnership units. Under the normal course issuer bid, Brookfield may purchase up to 1,138 Preferred Units on the TSX during any trading day, which represents approximately 25% of the average daily trading volume of 4,552 on the TSX for the most recently completed six calendar months prior to the TSX’s acceptance of the notice of the normal course issuer bid. This limitation does not apply to purchases made pursuant to block purchase exemptions and purchases made on another exchange. Brookfield will pay the market price at the time of acquisition for any Preferred Units purchased, but not to exceed the redemption price thereof as stated in the company’s limited partnership agreement. All Preferred Units acquired by Brookfield under this bid will be cancelled. Brookfield has not repurchased any Preferred Units in the past 12 months.