Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 54

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 54
---
 An interest in a series of our opportunistic real estate funds which each target gross returns of 20%, including:

◦A 31% interest in BSREP I, which is in its 13th year since initial closing, is fully invested and is working toward realizing its remaining investments in the near-term

◦A 26% interest in BSREP II, which is in its 10th year since initial closing, is fully invested and is executing realizations

◦A 9% interest in BSREP III, which is in its 8th year since initial closing

◦An 8% interest in BSREP IV, which is in its 4th year since initial closing

◦ An interest in opportunistic investments held by a new opportunistic fund that are financed by the fund’s subscription secured credit facility pending its final close.

• A blended 30% interest in two value-add multifamily funds projecting gross returns of 25%. These funds seek to invest in a geographically diverse portfolio of U. S. multifamily properties through acquisition and development.

• A blended 33% interest in a series of real estate debt funds which seek to invest in commercial real estate debt secured by properties in strategic locations.

PERFORMANCE MEASURES

We consider the following items to be important drivers of our current and anticipated financial performance:

• increases in occupancies by leasing vacant space and pre-leasing active developments;

• increases in rental rates through maintaining or enhancing the quality of our assets and as market conditions permit; and

• reductions in operating costs through achieving economies of scale and diligently managing contracts.

We also believe that key external performance drivers include the availability of the following:

• debt capital at a cost and on terms conducive to our goals;

• preferred equity capital at a reasonable cost;

• new property acquisitions and other investments that fit into our strategic plan; and

• opportunities to dispose of peak value or non-core assets.

In addition to monitoring, analyzing and reviewing earnings performance, we also review initiatives and market conditions that contribute to changes in the fair value of our investment properties. These fair value changes, combined with earnings, represent a total return on the equity attributable to Unitholders and form an important component in measuring how we have performed relative to our targets.

To measure our performance against these targets, as described above, and measure our operating performance, we focus on non-IFRS Accounting Standards measures including net operating income (“ NOI”), funds from operations (“ FFO”), and equity attributable to Unitholders. We