Company: BPYPN
Filing Date: 2025-06-05
Form Type: CORRESP
Source: 0001104659-25-056805
Chunk: 1

Company: Brookfield Property Partners L.P.
Filing Date: 2025-06-05
Form: CORRESP
Chunk 1
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4, the aggregate amount of available borrowing capacity
under such credit facilities was $4,432 million. The Company advises the Staff that it believes it has adequate borrowing capacity under
such credit facilities to meet its existing and likely future cash requirements (including, as referenced in Item 303(b)(1) of Regulation
S-K and 501.03 of the Codification of Financial Reporting Policies, with respect to its cash needs in the next 12 months and beyond).
In future filings, beginning with the Company’s quarterly report for the six-months ended June 30, 2025, the Company will disclose
its available borrowing capacity under such credit facilities.

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With respect to the Staff’s comment regarding technical
default waivers, the Company advises the Staff that none of the Company’s credit facilities described above currently are, or were
as of December 31, 2024, in technical default or at risk for technical default. The Company further advises the Staff that the disclosure
at the top of page 79 of the Form 20-F refers only to technical default waivers that the Company may from time to time obtain on mortgages
on properties and not the Company’s credit facilities. The mortgages applicable to such properties are at the property level and
are non-recourse to the Company. As disclosed at the bottom of page 79 on the Form 20-F, the Company has suspended contractual payment
on certain mortgages, which mortgages represent approximately 5% of the Company’s non-recourse mortgages (other than mortgages on
properties in receivership). As further disclosed at the bottom of page 79 of the Form 20-F, the Company is currently engaging in modification
or restructuring discussions with the respective creditors under these mortgages and may or may not be successful in these negotiations.
If unsuccessful, certain properties securing these loans could be transferred to the lenders.

The Company advises the Staff that it believes that additional
disclosure is not warranted with respect to such mortgages as they have not had, and are not expected to have, a material impact on the
Company’s overall financial condition, results of operations or liquidity, and the mortgages are non-recourse to the Company and
any losses would be limited to the property securing such mortgages. The Company further advises the Staff that the Company’s financial
statements appropriately classify such property-level mortgages subject to suspended contractual payments as current liabilities on its
balance sheet.

In future filings, should there be any material developments
in these modifications or restructuring efforts or if the outcome is likely