Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 76

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 76
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 to our Corporate segment as those activities should not be used to evaluate our other segments’ operating performance.

Summary of Operating Results

The following table presents FFO, and net loss in our Corporate segment for the years ended December 31, 2024, 2023, and 2022:

  (US$ Millions) Years ended Dec. 31,      2024                  2023                  2022              
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
  FFO                                      $          (843)      $          (756)      $          (653)  
  Net loss                                 (681)                 (465)                 (375)             

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FFO was a loss of $843 million for the year ended December 31, 2024 compared to a loss of $756 million in the prior year.

Investment and other revenue consist of development and leasing fee income earned of $233 million compared to $222 million in 2023.

Interest expense for the year ended December 31, 2024 was $435 million (2023 - $395 million), which reflects $103 million (2023 - $101 million) of interest expense on capital securities and $332 million (2023 - $294 million) of interest expense on our credit facilities and corporate bonds. In the current year, we paid down $2.2 billion of our corporate debt, including $1.1 billion of our corporate facilities, $453 million (C$600 million) of our corporate bonds and $600 million of our Class A Preferred Units, Series 2 capital securities.

Another component of FFO is general and administrative expense, which for the year ended December 31, 2024, was $562 million (2023 - $542 million), and includes $178 million (2023 - $195 million) of asset management fees and $384 million (2023 - $347 million) of other corporate costs. The management fee is calculated as the sum of (a) 1.05% of the sum of the following amounts, as of the last day of the immediately preceding quarter: (i) the equity attributable to unitholders for Office, Retail and the Corporate segments; and (ii) the carrying value of the outstanding non-voting common shares of Brookfield BPY Holdings Inc. (“ CanHoldco”) and (b) any fees payable by us in connection with our commitment to private real estate funds of any Service Providers but for the election by