Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 273

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 273
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511  

NOTE 22. INVESTMENT AND OTHER REVENUE

The components of investment and other revenue are as follows:

  (US$ Millions) Years ended Dec. 31,      2024               2023               2022             
 ──────────────────────────────────────────────────────────────────────────────────────────────────
  Investment income                        $          66      $         274      $           518  
  Fee revenue                              468                436                285              
  Interest income                          148                179                88               
  Dividend income                          77                 66                 114              
  Other                                    34                 5                  —                
  Total investment and other revenue       $         793      $         960      $         1,005  

NOTE 23. DIRECT COMMERCIAL PROPERTY EXPENSE

The components of direct commercial property expense are as follows:

  (US$ Millions) Years ended Dec. 31,           2024                 2023                 2022             
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────
  Property maintenance                             $        879         $        867         $        727  
  Real estate taxes                              637                  644                  548             
  Employee compensation and benefits             199                  195                  148             
  Depreciation and amortization                   54                   50                   29             
  Lease expense (1)                               19                   18                   11             
  Other (2)                                      593                  562                  389             
  Total direct commercial property expense         $      2,381         $      2,336         $      1,852  

(1) Represents the operating expenses relating to variable lease payments not included in the measurement of the lease liability.

(2) For the twelve months ended December 31, 2024, the partnership recorded a loss allowance of $ 40 17 11

NOTE 24. DIRECT HOSPITALITY EXPENSE

The components of direct hospitality expense are as follows:

  (US$ Millions) Years ended Dec. 31,                2024                 2023                 2022             
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Employee compensation and benefits                    $        510         $        576         $        230  
  Cost of food, beverage, and retail goods sold       341                  344