Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 91

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 91
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) Included in our total portfolio are 19 Core premier retail centers which generated consolidated NOI of $324 million for the year ended December 31, 2024 (2023 - $319 million). On a look-through basis, same-property NOI for these assets grew by 4% compared to prior year. See footnote 3 in key components of NOI on page 76 above for detail on NOI from consolidated Core properties.

(2) Other primarily includes the partnership’s share of interest expense, general and administrative expense and investment and other income/expense from unconsolidated investments.

Reconciliation of Non-IFRS Accounting Standards Measures - LP Investments

The following table reconciles LP Investments net (loss) income to NOI for the years ended December 31, 2024, 2023, and 2022:

  (US$ Millions) Years ended Dec. 31,                                    2024                    2023                  2022             
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net (loss) income                                                         $      (1,091)          $      (610)          $      1,318  
  Add (deduct):                                                                                                                         
  Income tax expense (benefit)                                            348                    (36)                   126             
  Investment and other revenue                                          (217)                   (415)                 (499)             
  Interest expense                                                                   2,690                 2,722                 1,000  
  Depreciation and amortization on non-real estate assets (2)             383                     410                   255             
  Investment and other expense                                              2                     259                   203             
  General and administrative expense                                      353                     377                   179             
  Fair value (gains) losses, net                                           80                   (115)                 (930)             
  Share of net (earnings) losses from equity accounted investments          4                    (44)                  (42)             
  Total NOI - LP Investments (1)                                            $        2,552          $      2,548          $      1,610  

(1) As described in the “ Non-IFRS Accounting Standards Financial Measures” section on page 72, Commercial property NOI and Hospitality NOI excludes the impact of depreciation and amortization included in direct commercial property expense and direct hospitality expense, respectively.

(2) Depreciation and amortization are included in direct commercial property expense and direct hospitality expense on the