Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 73

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 73
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 December 31, 2024 and 2023:

                                                   Consolidated                Unconsolidated            
  (US$ Millions, except where noted)                       2024      2023                2024      2023  
  Total portfolio (1):                                                                                   
  Number of malls and urban retail properties                51        54                  49        50  
  Leasable square feet (in thousands) (2)                                                                
  Leased % (2)                                             94.0      93.7                96.6      96.7  

(1) Included in our total portfolio are 19 Core premier retail centers which total approximately 24 million leasable square feet and are 97.5% occupied compared with 97.3% in the prior year.

(2) Total Portfolio Leasable square feet represents total leasable area.

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The following table presents the changes in investment properties in the Retail segment from December 31, 2023 to December 31, 2024:

                                                 Dec. 31, 2024                      
 ────────────────────────────────────────────────────────────────────────────────────
  (US$ Millions)                                 Commercial properties              
  Investment properties, beginning of year       $                          19,385  
  Capital expenditures                           131                                
  Property dispositions                          (5)                                
  Fair value gains (losses), net                 40                                 
  Reclassifications to assets held for sale      (612)                              
  Investment properties, end of year             $                          18,939  

Commercial properties decreased by $446 million to $18,939 million, primarily due to the reclassification of four assets to held for sale, partially offset by capital spend on our retail centers.

The following table presents a roll-forward of our partnership’s equity accounted investments in the Retail segment for the year ended December 31, 2024:

  (US$ Millions)                                               Dec. 31, 2024             
 ─────────────────────────────────────────────────────────────────────────────────────────
  Equity accounted investments, beginning of year                          $      9,501  
  Additions                                                               64             
  Disposals and return of capital                                      (205)             
  Share of net earnings from equity accounted investments                497             
  Distributions                                                         (25)             
  Other                                                                  (9)             
  Equity accounted investments, end of year                                $      9,823  

Equity accounted investments increased by $322