CAPITAL SECURITIES (Tables)

6 Months Ended

Jun. 30, 2026

Share Capital, Reserves And Other Equity Interest [Abstract]

The partnership had the following capital securities outstanding as of June 30, 2026 and December 31, 2025:


(US$ Millions, except where noted)	Shares outstanding	Cumulative dividend rate		Jun. 30, 2026		Dec. 31, 2025
Operating Partnership Class A Preferred Equity Units Series 3	24,000,000	6.75	%	$	594	$	587
New LP Preferred Units(1)	19,000,749	6.25	%	466		466



Brookfield Property Split Corp. (“BOP Split”) Senior Preferred Shares:
Series 1	516,766	5.25	%	13		13
Series 2	250,517	5.75	%	4		5
Series 3	322,130	5.00	%	6		6
Series 4	265,961	5.20	%	5		5

Rouse Properties L.P. (“Rouse”) Series A Preferred Shares	4,611,000	5.00	%	119		170
BSREP II Brazil Office Preferred Shares	4,254,496	8.75	%	119		73
Capital Securities – Fund Subsidiaries(2)				—		81
Total capital securities				$	1,326	$	1,406

Current				744		785
Non-current				582		621
Total capital securities				$	1,326	$	1,406

(1)New LP Preferred Units shares outstanding are presented net of intracompany shares held by the Operating Partnership.

(2)See Note 29, Related Parties for further information on the Reclassification of Opportunistic Fund Investments to liabilities associated with assets held for sale.

Schedule of Cash Flows from Financing Activities from Capital Securities

Reconciliation of cash flows from financing activities relating to capital securities is shown in the table below:


(US$ Millions)	Six months ended Jun. 30, 2026		Year ended Dec. 31, 2025
Balance, beginning of period	$	1,406	$	2,829
Capital securities issued	35		79
Capital securities redeemed	(55)		(1)
Non-cash changes in capital securities:

Fair value changes	15		(112)
Foreign currency translations	5		3
Reclassification of Opportunistic Fund Investments to liabilities associated with assets held for sale(1)	(80)		—
Deconsolidation of India REIT(2)	—		(1,392)
Balance, end of period	$	1,326	$	1,406

(1)See Note 29, Related Parties for further information on the Reclassification of Opportunistic Fund Investments.

(2)See Note 4, Investment Properties for further information on the Deconsolidation of India REIT.