Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 86

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 86
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 and sale of properties. Because FFO excludes fair value gains (losses), including equity accounted fair value gains (losses), realized gains (losses) on the sale of investment properties, depreciation and amortization of real estate assets and income taxes, it provides a performance measure that, when compared year-over-year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and interest costs, providing perspective not immediately apparent from net income. We do not use FFO as a measure of cash flow generated from operating activities. We reconcile FFO to net income on page 74 as we believe net income is the most comparable measure.

Net income attributable to Unitholders and Equity attributable to Unitholders are used by the partnership to evaluate the performance of the partnership as a whole as each of the Unitholders participates in the economics of the partnership equally.

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Reconciliation of Non-IFRS Accounting Standards Measures

As described in the“ Non-IFRS Accounting Standards Financial Measures” section on page 72, our partnership uses non-IFRS Accounting Standards measures to assess the performance of its operations. An analysis of the measures and reconciliation to IFRS Accounting Standards measures is included below.

The following table reconciles net 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                                                         $      (1,997)          $      (1,849)          $          996  
  Add (deduct):                                                                                                                             
  Income tax (benefit) expense                                            289                   (419)                     281               
  Investment and other revenue                                          (793)                   (960)                              (1,005)  
  Interest expense                                                                   4,764                   4,823                   2,683  
  Depreciation and amortization expense (1)                               418                     440                     287               
  Investment and other expense                                             37                     304                     328               
  General and administrative expense                                                 1,391                   1,404        930               
  Fair value gains (losses), net                                          692                     673                    (20)               
  Share of net (losses) earnings from equity accounted investments      (331