Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 61

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 61
---
 disposal of assets denominated in foreign currencies. While we measure and record our commercial properties and developments using valuations prepared by management in accordance with our policy, external appraisals and market comparables, when available, are used to support our valuations.

Fair value losses, net for our Office segment were $504 million for the year ended December 31, 2024. These losses were due to discount rate and capitalization rate expansion, partially offset by gains from updated cashflow assumptions in the U. S., Australia and UK, and the de-risking of a development asset in the UK as it nears completion.

Fair value losses, net for our Office segment were $1,145 million for the year ended December 31, 2023. The prior period losses are driven by discount rate and capitalization rate expansion, as well as updated cash flow assumptions in the U. S. and Canada.

Fair value losses, net for our Retail segment were $77 million for the year ended December 31, 2024. The losses were driven by fair value losses from updated cash flow and market assumptions at certain lower productivity properties, partially offset by gains driven by updated cash flow assumptions and leasing outperformance at Core premier retail centers.

- 55 -

Fair value gains, net for our Retail segment were $336 million for the year ended December 31, 2023. The fair value gains were primarily driven by fair value gains on our investment in a U. S. department store chain and positive leasing activity, partially offset by capitalization rate expansion to align with market conditions.

Fair value losses, net for our LP Investments segment for the year ended December 31, 2024 were $80 million. Fair value losses during the period were primarily driven by valuation metric expansion at select retail, office and manufactured housing assets in the U. S. These losses were partially offset by fair value gains from updated cash flow assumptions and strong leasing in India, and well as the positive impact of inflation on rental rates and capital spend in Brazil.

Fair value gains, net for our LP Investments segment for the year ended December 31, 2023 were $115 million. These gains are a result of updated valuation metrics and leasing assumptions in select opportunistic office, logistics, mixed-use and student housing assets. We also recognized gains on a conditional acquisition of office assets in India in 2022, that closed in 2023. These gains were partially offset by fair value losses from updated valuation metrics at office assets in Europe and leasing assumptions in select