Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 281

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 281
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 exchange rates (from observable forward exchange rates at the end of the reporting period)      (a) Increases (decreases) in the forward exchange rate would increase (decrease) fair value  

The following table presents the change in the balance of financial assets and financial liabilities classified as Level 3 as of December 31, 2024 and 2023:

                                                                 Dec. 31, 2024                                  Dec. 31, 2023                              
  (US$ Millions)                                                     Financial                 Financial            Financial                 Financial    
                                                                        assets                 liabilities             assets                 liabilities  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Balance, beginning of year                                                        2,987      189                                 2,250      577          
  Additions                                                                288                 1                          303                 —            
  Dispositions                                                          ( 100)                 —                        ( 29)                 —            
  Fair value (losses) gains, net and OCI                                ( 159)                 ( 61)                      454                 ( 408)       
  Acquisition/(Deconsolidation) of BSREP IV Investments (1)              ( 52)                 —                           22                 —            
  Other                                                                 ( 456)                 10                       ( 13)                 20           
  Balance, end of year                                                              2,508      139                                 2,987      189          

(1) See Note 31, Related Parties for further information on the Acquisition of Foreign Investments and Deconsolidation of BSREP IV investments.

- F-52 -

c) Market Risk

Interest rate risk

The partnership faces interest rate risk on its variable rate financial assets and liabilities. In addition, there is interest rate risk associated with the partnership’s fixed rate debt due to the expected requirement to refinance such debt in the year of maturity.

The following table outlines the impact on interest expense of a 100

  (US$ Millions)                                    Dec. 31, 2024               Dec. 31, 2023           
 ────────────────────────────────────────────────────────────────────────────────────────────────────────
  Variable rate property debt                       $                  294      $                  336  
  Fixed rate property debt due within one year      72                          97                      
  Total                                             $                  366      $                  433  

The partnership manages interest rate risk by primarily entering into fixed rate operating property debt and staggering the matur