Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 50

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
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ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

5. A. OPERATING RESULTS

OBJECTIVES AND FINANCIAL HIGHLIGHTS

OVERVIEW

This management’s discussion and analysis (“ MD& A”) of Brookfield Property Partners L. P. (“ BPY”, the “partnership”, or “we”, “us”, or “our”) covers the financial position as of December 31, 2024 and 2023 and financial performance for the years ended December 31, 2024, 2023, and 2022. The information in this MD& A should be read in conjunction with the audited consolidated financial statements as of December 31, 2024 and 2023 and each of the years ended December 31, 2024, 2023, and 2022 (the “2024 annual Financial Statements”) and related notes contained elsewhere in this Form 20-F.

For the comparison discussions between the years ended December 31, 2023 and December 31, 2022, please refer to Item 5. “ Operating and Financial Review and Prospects” of our Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 1, 2024

We disclose a number of financial measures in this MD& A that are calculated and presented using methodologies other than in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (“ IASB”) (“ IFRS Accounting Standards”). Non-IFRS Accounting Standards measures used in this MD& A are reconciled to or calculated from the most comparable IFRS Accounting Standards measure. We utilize these measures in managing our business, including for performance measurement, capital allocation and valuation purposes and believe that providing these performance measures on a supplemental basis to our IFRS Accounting Standards financial measures is helpful to investors in assessing our overall performance. These financial measures should not be considered as a substitute for similar financial measures calculated in accordance with IFRS Accounting Standards. We caution readers that these non-IFRS Accounting Standards financial measures may differ from the calculations disclosed by other businesses, and as a result, may not be comparable to similar measures presented by others. Reconciliations of these non-IFRS Accounting Standards financial measures to the most directly comparable financial measures calculated and presented in accordance with IFRS Accounting Standards, where applicable, are included within this MD& A on page 74.

In addition to historical