Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 84

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 84
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 obtain a common equity interest in the entities through which the partnership holds its LP interest in BSREP IV investments (the “ BSREP IV holding entities”). On issuance of the BWS Preferred Shares, there was no change in the partnership’s contractual rights and exposure to variable returns over the BSREP IV holding entities and we continued to consolidate the BSREP IV investments. In the third quarter of 2024, we reclassified our interest in the BSREP IV investments to assets held for sale (“ Reclassification of BSREP IV to asset and liabilities held for sale”). On October 4, 2024, BWS completed its acquisition of our interests in BSREP IV which resulted in the deconsolidation of the BSREP IV investments as control was lost. Following the conversion, we hold an approximate 8% indirect LP interest in the BSREP IV investments that is accounted for as a financial asset held through an equity-accounted joint venture with BWS.

During the years ended December 31, 2024 and December 31, 2023, we sold partial interests in several assets to BWS in order to support the continued scaling of BWS, generating net proceeds of approximately$1.8 billion and$695 million, respectively. The sales were carried out at arm’s length on market terms at existing valuations and resulted in no gain or loss at the time of transaction.

As of December 31, 2024, we paid compensation expense to a subsidiary of Brookfield Asset Management of $18 million.

CRITICAL ACCOUNTING POLICIES AND JUDGMENTS

Please refer to Note 2(q), Material Accounting Policies - Critical judgments and estimates in applying accounting policies of our 2024 annual Financial Statements for further information.

NON-IFRS ACCOUNTING STANDARDS FINANCIAL MEASURES

To measure our operating performance, we focus on NOI, FFO, net income attributable to Unitholders, and equity attributable to Unitholders. Some of these performance metrics do not have standardized meanings prescribed by IFRS Accounting Standards and therefore may differ from similar metrics used by other companies.

•NOI: revenues from our commercial properties operations less direct commercial property expenses before the impact of depreciation and amortization (“ Commercial property NOI”) and revenues from our hospitality operations less direct hospitality expenses before the impact of depreciation and amortization (“ Hospitality NOI”).

•FFO: net income, prior to fair value gains, net, depreciation and amortization of real estate assets, and income taxes less non-controlling interests of others