Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 67

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 67
---
 OF QUARTERLY RESULTS

The following table summarizes our key operating results:

                                                   2024                                        2023                         
  (US$ Millions, except per unit information)      Q4         Q3         Q2         Q1         Q4         Q3         Q2     
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenue                                          $          $          $          $          $          $          $      
  Direct operating costs                           814                                                                      
  Net income (loss)                                26         (525)      (789)      (709)      (630)      (367)      (458)  
  Net loss attributable to Unitholders             (131)      (421)      (483)      (385)      (293)      (177)      (531)  

Revenue varies from quarter to quarter due to acquisitions and dispositions of commercial and other income producing assets, changes in occupancy levels, as well as the impact of leasing activity at market net rents. In addition, revenue also fluctuates as a result of changes in foreign exchange rates and seasonality. Seasonality primarily affects our retail assets, wherein the fourth quarter exhibits stronger performance in conjunction with the holiday season. In addition, our North American hospitality assets generally have stronger performance in the winter and spring months compared to the summer and fall months, while our European hospitality assets exhibit the strongest performance during the summer months. Fluctuations in our net income are also impacted by the fair value of properties in the period to reflect changes in valuation metrics driven by market conditions or property cash flows.

SEGMENT PERFORMANCE

Our operations are organized into four operating segments which include Office, Retail, LP Investments and Corporate.

The following table presents NOI by segment:

  (US$ Millions) Years ended Dec. 31,      2024                 2023                 2022             
 ──────────────────────────────────────────────────────────────────────────────────────────────────────
  Office (1)                               $           929      $           984      $         1,033  
  Retail (1)                               989                            1,005                1,011  
  LP Investments (1)                                 2,552                2,548                1,610  
  NOI (1)                                  $         4,470      $         4,537      $         3,654  

(1) This is a non-IFRS Accounting Standards measure our partnership uses to assess