Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 282

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 282
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 notes.

Credit risk related to accounts receivable arises from the possibility that tenants may be unable to fulfill their lease commitments. The partnership mitigates this risk through diversification, ensuring that tenants meet minimum credit quality requirements and by ensuring that its tenant mix is diversified and by limiting its exposure to any one tenant. The partnership maintains a portfolio that is diversified by property type so that exposure to a business sector is lessened.

Currently no one tenant represents more than 10% of operating property revenue.

NOTE 31. RELATED PARTIES

In the normal course of operations, the partnership enters into transactions with related parties. These transactions have been measured at exchange value and are recognized in the consolidated financial statements. The immediate parent of the partnership is the BPY General Partner. The ultimate parent of the partnership is Brookfield Corporation. Other related parties include the Corporation’s subsidiaries and operating entities, certain joint ventures and associates accounted for under the equity method, as well as officers of such entities and their spouses.

The partnership has a management agreement with its service providers, wholly-owned subsidiaries of Brookfield Asset Management ULC. Pursuant to a Master Services Agreement, the partnership pays a management fee (“base management fee”),

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to the service providers. The management fee is calculated as the sum of (a) 1.05 178 195 223

On December 31, 2024, Brookfield acquired the Series 2 units of Class A Preferred Units, from the holder of these units and subsequently exchanged such units with the partnership for LP and REUs Units. The Series 2 units of Class A Preferred Units were subsequently cancelled.

The following table summarizes transactions and balances with related parties:

  (US$ Millions)                                                      Dec. 31, 2024      Dec. 31, 2023  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────
  Balances outstanding with related parties:                                                            
  Net (payables)/receivables within equity accounted investments                  $                  $  
  Loans and notes receivable (1)                                                649                986  
  Debt obligations, payables and other liabilities (2)                     ( 2,846)           ( 1,253)  
  Corporate borrowings                                                     ( 1,076)           ( 1,076)  
  Property-specific obligations                                              ( 541)           ( 1,473)  
  Preferred shares held by Brookfield Corporation                          ( 2,809)           ( 2,