Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 75

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 75
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 as a financial asset. In the case of BSREP IV, the financial asset is held through a joint venture accounted for as an equity method investment.

Summary of Operating Results

Our LP investments, unlike our Office and Retail portfolios, have a defined hold period and typically generate the majority of profits from realization events including the sale of an asset or portfolio of assets, or the exit of the entire investment. The combination of gains from realization events and FFO earned during the hold period represent our earnings on capital invested in these funds and once distributed by the Brookfield-sponsored real estate opportunity funds, provide liquidity to fund reinvestment.

The following table presents NOI, FFO, and net (loss) income in our LP Investments segment for the years ended December 31, 2024, 2023, and 2022:

  (US$ Millions) Years ended Dec. 31,      2024                   2023                  2022             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
  NOI                                      $           2,552      $          2,548      $         1,610  
  FFO                                      (57)                   (98)                  288              
  Net (loss) income                                  (1,091)      (610)                           1,318  

NOI in our LP Investments segment for the year ended December 31, 2024 was $2,552 million, remaining largely unchanged compared to 2023. Excluding the impact of Deconsolidation BSREP IV of $181 million compared to prior year, NOI in our LP investments increased by $185 million primarily attributable to higher revenues from net acquisitions activity and strong leasing activity at our office portfolio in India and higher occupancies and average daily rates our hospitality portfolio in the UK and Ireland.

FFO in our LP Investments segment increased by $41 million for the year ended December 31, 2024. These increases are primarily due to higher NOI driven by net acquisitions as discussed above which was partially offset by higher interest expense due to temporary draws on the subscription facilities, debt from acquisition activity and operating expenses.

Net income from our LP Investments segment decreased by $481 million for the year ended December 31, 2024, due to fair value losses in the current period, compared to fair value gains in the prior year, driven by updated valuation metrics and leasing assumptions at retail, office and logistics assets in the U. S. and an office asset in the UK.

Corporate

Certain amounts are allocated