Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 272

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 272
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ERCIAL PROPERTY REVENUE

The components of commercial property revenue are as follows:

  (US$ Millions) Years ended Dec. 31,      2024                  2023                 2022             
 ───────────────────────────────────────────────────────────────────────────────────────────────────────
  Base rent                                $          4,074      $         3,999      $         3,153  
  Straight-line rent                       ( 31)                 16                   25               
  Lease termination                        31                    34                   27               
  Other lease income (1)                   711                   728                  662              
  Other revenue from tenants (2)                      1,176                1,152      982              
  Total commercial property revenue        $          5,961      $         5,929      $         4,849  

(1) Other lease income includes parking revenue and recovery of property tax and insurance expense from tenants.

(2) Consists of recovery of certain operating expenses and other revenue from tenants which are accounted for in accordance with IFRS 15.

The partnership leases properties under operating leases generally with lease terms of between 1 15 Minimum rental commitments under non-cancellable tenant operating leases are as follows:

  (US$ Millions)         Dec. 31, 2024                  Dec. 31, 2023              
 ───────────────────────────────────────────────────────────────────────────────────
  Less than 1 year       $                   2,857      $                   3,625  
  1-5 years                                  8,496                         10,576  
  More than 5 years                          6,808                          9,284  
  Total                  $                  18,161      $                  23,485  

- F-42 -

NOTE 21. HOSPITALITY REVENUE

The components of hospitality revenue are as follows:

  (US$ Millions)                 2024                 2023                 2022             
 ────────────────────────────────────────────────────────────────────────────────────────────
  Room, food and beverage        $         2,024      $         2,250      $         1,300  
  Other leisure activities       219                  216                  175              
  Other hospitality revenue      114                  128                  36               
  Total hospitality revenue      $         2,357      $         2,594      $         1,