object_properties.xml is a PhysX 3.3.4 RepX, a serialized XML containing important information about how the track physics mesh contained in the adjacent trackname.csm maps to material values.
PCarsTools.exe pak -i trackname_physics.bff fails to extract it properly, only leaving the following 64 bytes in each file:
<PhysicsCollection Version="1.0" />R���zv�����1�����s���_7�N� for Brasilia's physics data from AMS2.