Brookfield Property Partners (BPY) is Brookfield Corporation's primary real estate investment vehicle, owning and operating a global portfolio of office and retail properties, plus LP interests in Brookfield-sponsored real estate funds. BPY's office portfolio spans 67M leasable square feet across 110 assets in major cities including New York, London, Dubai, Toronto, and Berlin. Its retail portfolio covers 99M leasable square feet across 96 malls and urban retail properties in the U.S., operating under the GGP brand. Within both segments, BPY explicitly tiers its assets: "Super Core" trophy properties in gateway cities are held long-term for stable cash flows, while lower-tier assets are managed for near-term sale or repositioning. The U.S. accounts for roughly 67% of assets and 65% of revenues. BPY's tenants — businesses and retailers leasing office and retail space — are its primary customers. BPY generates income through two main channels: recurring rental income from its direct property portfolio, and capital gains from its LP Investments segment, which holds stakes in Brookfield-sponsored funds investing across office, retail, multifamily, logistics, and other real estate. BPY is externally managed by subsidiaries of Brookfield Asset Management under a Master Services Agreement, meaning investment decisions and day-to-day asset management are handled by Brookfield's real estate team. BPY was taken private by Brookfield Corporation in 2021, though its Preferred Units remain publicly traded on Nasdaq.