Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 65

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 65
---
2023, primarily due to movements in our LP Investments segment, including the reclassification of BSREP IV investments to assets held for sale, revaluation losses, depreciation, net disposals and the impact of foreign currency translation. These decreases were partially offset by capital spend and acquisition activity. Property, plant and equipment primarily includes our hospitality assets which are revalued annually at December 31, using a depreciated replacement cost approach.

- 58 -

The following table presents a roll-forward of changes in assets held for sale from December 31, 2023 to December 31, 2024:

  (US$ Millions)                                                            Year ended Dec. 31, 2024                
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Balance, beginning of period                                              $                                1,852  
  Reclassification to assets held for sale, net                                                              3,764  
  Reclassification of BSREP IV investments to assets held for sale (1)                                      33,735  
  Disposals (1)                                                                                           (36,538)  
  Fair value adjustments                                                    37                                      
  Foreign currency translation                                              (34)                                    
  Other                                                                     284                                     
  Balance, end of period                                                    $                                3,100  

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

As of December 31, 2024, BSREP IV investments that were reclassified to held for sale in the third quarter were deconsolidated in the fourth quarter. SeeNote 31, Related Parties of our 2024 annual Financial Statements for further information. In addition, assets held for sale included three office properties in the U. S., one office property in Australia, four shopping malls in the U. S., two hotels in the U. S., a logistics portfolio in the U. S., a logistics center in Japan, six logistics properties in Europe, and two manufactured housing communities in the U. S. We intend to sell our interests in these assets to third parties within the next 12 months. Refer toNote 12, Held For Sale of our 2024 annual Financial Statements for further information.

The components of changes in debt obligations, including debt associated with assets held for sale, including changes related to cash flows from financing activities, are summarized in the table below:

  (US$ Millions)                                                       Year