Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 63

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 63
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577 million at December 31, 2023. The decrease of $28,986 million was primarily due to the Deconsolidation of BSREP IV which resulted in a decrease in total assets of $31,219 million compared to prior year. Refer toNote 31, Related Parties of our 2024 annual Financial Statements for further information. Excluding the impact of the BSREP IV deconsolidation, total assets increased by $2,233 million, primarily due to acquisition activity and capital expenditures on commercial developments. These increases were partially offset by the impact of foreign currency translation and disposition activity.

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

                                                                            Dec. 31, 2024                                                                  
  (US$ Millions)                                                            Commercial properties                    Commercial developments               
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Investment properties, beginning of year                                  $                            77,699      $                              5,216  
  Property acquisitions                                                                                   7,775      235                                   
  Capital expenditures                                                      832                                                                     1,302  
  Property dispositions (1)                                                                             (1,602)      —                                     
  Fair value (losses) gains, net                                            (883)                                    377                                   
  Foreign currency translation                                                                          (1,351)      (40)                                  
  Transfer between commercial properties and commercial developments        445                                      (445)                                 
  Reclassifications to assets held for sale and other                                                   (2,601)      (14)                                  
  Reclassification of BSREP IV investments to assets held for sale (2)                                 (20,221)                                   (4,646)  
  Investment properties, end of year                                        $                            60,093      $                              1,985  

(1) Property dispositions represent the carrying value on date of sale.

(2) See Note 31, Related Parties of our 2024 annual Financial Statements for further information on the Reclassification of BSREP IV investments to assets held for sale.

Commercial properties are commercial, operating, and rent-producing properties. Commercial properties decreased from $77,699 million at the end of 2023 to $60,093 million at the end of the current year. The decrease was primarily driven by the reclassification of BSREP IV investments to assets held for sale, the reclassification of certain office