Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 70

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 70
---
 decrease in net loss is a result of lower fair value losses and lower share of equity accounted losses in the UK compared to the prior year, partially offset by the movements discussed above.

- 61 -

Key Operating Metrics

The following table presents key operating metrics for our Office portfolio for the years ended December 31, 2024 and 2023:

  (US$ Millions, except where noted)           Consolidated                Unconsolidated            
  As at and for the years ended Dec. 31,               2024      2023                2024      2023  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
  Total portfolio (1):                                                                               
  Number of properties                                   54        59                  70        69  
  Leasable square feet (in thousands) (2)                                                            
  Occupancy                                            84.9      84.1                88.2      87.9  

(1) Included in our total portfolio are 66 Core properties located in 16 premier office and mixed-use complexes in key global markets which total approximately 36 million leasable square feet and are 94.3% occupied compared with 95.1% in the prior year.

(2) Includes leasable office, retail and multifamily square footage at our properties.

The following table presents changes in investment properties in the Office segment from December 31, 2023 to December 31, 2024:

                                                                                  Dec. 31, 2024                                                      
  (US$ Millions)                                                          Commercial properties                  Commercial developments             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Investment properties, beginning of year                                                    $      20,194      $                              859  
  Property acquisitions                                                                      21                  —                                   
  Capital expenditures                                                                      190                  242                                 
  Property dispositions                                                                   (275)                  —                                   
  Fair value (losses) gains, net                                                          (581)                  58                                  
  Foreign currency translation                                                            (492)                  (30)                                
  Transfer between commercial properties and commercial developments                      (117)                  117                                 
  Reclassifications to assets held for sale and other                                     (580)                  (16)                                
  Investment properties, end of year                                                          $      18,360      $                            1,230  

Commercial properties totaled $18,360 million at December 31, 2024