Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 89

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 89
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 years ended December 31, 2024, 2023, and 2022:

  (US$ Millions) Years ended Dec. 31,                                                                                   2024       2023                  2022             
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net income                                                                                                               $          $        669          $        163  
  Add (deduct):                                                                                                                                                           
  Income tax expense                                                                                                      26          8                    38             
  Investment and other revenue                                                                                         (134)      (129)                 (155)             
  Interest expense                                                                                                       765        810                   660             
  Depreciation and amortization included in direct commercial property expense and direct hospitality expense (2)         15         18                    20             
  General and administrative expense                                                                                     210        234                   217             
  Fair value gains (losses), net                                                                                          77      (336)                   302             
  Share of net losses from equity accounted investments                                                                (497)      (269)                 (234)             
  Total NOI – Retail (1)                                                                                                 989                 1,005                 1,011  

(1) As described in the “ Non-IFRS Accounting Standards Financial Measures” section on page 72, Commercial property NOI and Hospitality NOI excludes the impact of depreciation and amortization included in direct commercial property expense and direct hospitality expense, respectively.

(2) Depreciation and amortization are included in direct commercial property expense and direct hospitality expense on the income statement.

The key components of NOI in our Retail segment are presented below:

  (US$ Millions) Years ended Dec. 31,                                                        2024                  2023                  2022              
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Commercial property revenue                                                                $          1,414      $          1,430      $          1,402  
  Direct commercial property expense                                                         (440)                 (443)                 (411)             
  Add: Depreciation and amortization included in direct commercial property expense (1)      15                    18                    20                
  Total NOI – Retail (1)(2)                                                                  $            989      $          1,005      $          1,011  

(1) As described in the “ Non-IFRS Accounting Standards Financial Measures”