Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 58

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 58
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 million.

Q4 2023

• We sold a portfolio of 19 manufactured housing communities in the United States in the BSREP II fund for approximately $317 million.

• We sold an office asset in Brazil for approximately R$1.5 billion ($300 million).

Q3 2023

• We acquired eight logistics centers in the United States in the BSREP IV fund for $378 million.

• We sold 23 manufactured housing communities in the United States in the BSREP II fund for $389 million.

• In a series of related transactions, we issued $1.6 billion of BWS Preferred Shares which are held by a wholly-owned subsidiary of BWS. Refer toNote 31, Related Parties of our 2024 annual Financial Statements for further information.

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Q2 2023

• We sold partial interests, without loss of control, in certain consolidated assets for net proceeds of approximately $511 million.

• We acquired a multifamily asset in the United States in the BSREP IV fund for approximately $157 million.

Q1 2023

• We acquired five logistics assets in the United States in the BSREP IV fund for approximately $400 million.

• We acquired a 23% LP interest in the foreign investments owned by BSREP IV from an indirect subsidiary of the Corporation (“ Acquisition of Foreign Investments”) for consideration of $588 million through the issuance of a non-interest bearing note. There was a subsequent $530 million capital call related to the BSREP IV U. S. and foreign investments. The consideration for the Acquisition of Foreign Investments and capital call was funded by the issuance of LP Units, Special LP Units and REUs to the Corporation.

For the purposes of the following comparison discussion between the years ended December 31, 2024 and December 31, 2023, the above transactions are referred to as the investment activities.

Operating Results

  (US$ Millions) Years ended Dec. 31,                                    2024                    2023                   2022             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Commercial property revenue                                               $        5,961          $        5,929         $      4,849  
  Hospitality revenue                                                                2,357                   2,594                1,511  
  Investment and other revenue                                            793                     960                             1,005  
  Total revenue                                                                      9,111                   9,483                7,365