Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 260

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 260
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)                
  Ownership changes                                          (653)                                              (581)                    (558)                
  Invested Capital                                           $                                      12,971      $            13,032      $            12,281  

Invested capital has decreased as a result of capital market activity throughout 2024, including the redemption of the BIP Investment Corporation preferred shares. Refer to “Partnership Capital” below in this MD& A for further details.

The following table presents the change in Invested Capital:

                                                                 For the year ended December 31,                                                           
  US$ MILLIONS                                                   2024                                             2023                  2022               
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Opening balance                                                $                                    13,032      $         12,281      $          12,195  
  Net redemption of preferred units                              (72)                                             —                     (220)              
  Issuance of Perpetual subordinated notes                       —                                                —                     293                
  Issuance of limited partnership units, net of redemptions      11                                               —                     13                 
  Issuance of BIPC exchangeable shares                           —                                                751                   —                  
  Ending balance                                                 $                                    12,971      $         13,032      $          12,281  
  Weighted Average Invested Capital (1)                          $                                    13,032      $         12,478      $          12,270  

(1) For the purposes of calculating Weighted Average Invested Capital for the year ended December 31, 2022, redemption of preferred units and issuance of perpetual subordinated notes of $220 million and $293 million, respectively, were assumed to have been completed concurrently in January of 2022.

Our partnership has met its investment return objectives with return on Invested Capital of 13% for the year ended December 31, 2024 (2023: 14%, 2022: 13%).

138 Brookfield Infrastructure

OTHER RELEVANT MEASURES

Enterprise Value

We define enterprise value as the market capitalization of our partnership plus preferred units and the partnership’s share of debt, net of cash. In addition to limited partnership units, our partnership’s capital structure includes BIPC exchangeable shares and class A.2 exchangeable shares, BIPC Exchangeable LP Units, general partner and Redeemable Partnership Units, as well as Exchange LP Units. We