Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 71

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 71
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, compared to $20,194 million at December 31, 2023. This decrease was primarily driven by the reclassification of two assets in the U. S. and one asset in Australia to held for sale, the impact of foreign currency translation, fair value losses on select properties due to updated valuation metrics and cash flow assumptions, and the disposition of office assets in Australia and Canada. These impacts were partially offset by capital expenditures.

Commercial developments increased by $371 million between December 31, 2023 and December 31, 2024, primarily the result of development spend in the UK and Australia, the redevelopment of an office asset in Australia and fair value gains in the UK as the development nears completion.

The following table presents changes in our partnership’s equity accounted investments in the Office segment from December 31, 2023 to December 31, 2024:

  (US$ Millions)                                          Dec. 31, 2024             
 ────────────────────────────────────────────────────────────────────────────────────
  Equity accounted investments, beginning of year                     $      8,199  
  Additions                                                         297             
  Disposals and return of capital distributions                   (162)             
  Share of net income, including fair value (losses)              (162)             
  Distributions received                                          (224)             
  Foreign currency translation                                    (105)             
  Other comprehensive income and other                             (38)             
  Equity accounted investments, end of year                           $      7,805  

Equity accounted investments decreased by $394 million to $7,805 million at December 31, 2024 compared to the prior year-end. The decrease was driven by the return of capital and distributions from the sale of our partial interest in an asset in the United Arab Emirates, and share of net losses driven by valuation metric expansion, updated leasing assumptions and the impact of foreign currency translation. This was partially offset by the acquisition of a mixed-use asset in Japan.

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Debt obligations decreased from $14,012 million at December 31, 2023 to $12,248 million at December 31, 2024. This decrease was primarily driven by the paydown of asset-level debt obligations in the U. S.

Retail

Overview

Our Retail portfolio consists of 102 million leasable square feet across 100 malls and urban retail properties across the United States. We also target to earn core-plus total returns on this portfolio. Similar to our Office portfolio, within our