Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 274

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 274
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245             
  Depreciation and amortization                       364                  390                  258             
  Maintenance and utilities                           145                  161                  105             
  Marketing and advertising                            79                   89                   26             
  Other                                               446                  530                  277             
  Total direct hospitality expense                      $      1,885         $      2,090         $      1,141  

- F-43 -

NOTE 25. GENERAL AND ADMINISTRATIVE EXPENSE

The components of general and administrative expense are as follows:

  (US$ Millions) Years ended Dec. 31,           2024                 2023                 2022           
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
  Employee compensation and benefits               $        638         $        648         $      376  
  Management fees                                299                  302                  281           
  Transaction costs                               69                   80                   26           
  Professional fees                              144                  169                   92           
  Facilities and technology fees                  67                   62                   43           
  Other                                          174                  143                  112           
  Total general and administrative expense         $      1,391         $      1,404         $      930  

NOTE 26. FAIR VALUE GAINS, NET

The components of fair value (losses) gains, net, are as follows:

  (US$ Millions) Years ended Dec. 31,       2024                    2023                     2022                 
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Commercial properties (1)                 $           ( 883)      $          ( 1,410)      $          ( 1,122)  
  Commercial developments                   377                     92                       64                   
  Incentive fees (2)                        ( 9)                    ( 22)                    ( 45)                
  Financial instruments and other (3)       ( 177)                  667                                    1,123  
  Total fair value (losses) gains, net      $           ( 692)      $            ( 673)      $                20  

(1) For the year ended December 31, 2024, includes fair value gains (losses) on right-of-use investment properties of $ 11 26 2

(2) Represents incentive fees the partnership is obligated