Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 66

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 66
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 ended Dec. 31, 2024                
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Balance, beginning of period                                         $                               68,712  
  Debt obligation issuance, net of repayments                                                           3,675  
  Debt from asset acquisitions                                         738                                     
  Assumed by purchaser                                                                                (1,245)  
  Amortization of deferred financing costs and (premium) discount      127                                     
  Foreign currency translation                                                                        (1,001)  
  Deconsolidation of BSREP IV debt obligations (1)                                                   (19,487)  
  Other                                                                (20)                                    
  Balance, end of period                                               $                               51,499  

(1) See Note 31, Related Parties of our 2024 annual Financial Statements for further information on the Reclassifications of BSREP IV investments to liabilities held for sale.

Our debt obligations decreased to $51,499 million as at December 31, 2024 from $68,712 million as at December 31, 2023. The decrease is driven by the deconsolidation of debt obligations associated with BSREP IV, debt assumed by purchasers from disposition activity, currency translation losses and paydowns on our corporate debt of $2.2 billion. These decreases were partially offset by the issuance of debt on our recent acquisitions in our LP Investments segment. Refer to Note 13, Debt Obligations of our 2024 annual Financial Statements for further information.

Interests of others in operating subsidiaries and properties was $16,022 million at December 31, 2024, a decrease of $9,310 million from the balance at December 31, 2023. The decrease was driven by the Deconsolidation of BSREP IV which resulted in a decrease of $9,587 million compared to prior year and disposition activity, partially offset by incremental partial interests of properties in Office and Retail sold during the year.

Total equity was $38,249 million at December 31, 2024, a decrease of $10,338 million from the balance at December 31, 2023. The decrease was driven by the Deconsolidation of BSREP IV which resulted in a decrease of $9,193 million compared to prior year as detailed above, net losses during the period and the impact of foreign currency translation. These decreases were partially offset by the paydowns on our corporate facilities and term debt mentioned above.

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SUMMARY