Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 87

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 87
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 property expense and direct hospitality expense on the income statement.

The key components of NOI in our Office segment are presented below:

  (US$ Millions) Years ended Dec. 31,                                                                                       2024                  2023                  2022              
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Commercial property revenue                                                                                               $          1,741      $          1,803      $          1,842  
  Hospitality revenue (1)                                                                                                   27                    27                    22                
  Direct commercial property expense                                                                                        (827)                 (832)                 (820)             
  Direct hospitality expense (1)                                                                                            (22)                  (26)                  (23)              
  Add: Depreciation and amortization included in direct commercial property expense and direct hospitality expense (2)      10                    12                    12                
  Total NOI – Office (2)(3)                                                                                                 $            929      $            984      $          1,033  

(1) Hospitality revenue and direct hospitality expense within our Office segment primarily consists of revenue and expenses incurred at a hotel adjacent to our office assets in Houston.

(2) As described in the “ Non-IFRS Accounting Standards Financial Measures” section on page 72, Commercial property NOI and Hospitality NOI excludes the impact of depreciation and amortization included in direct commercial property expense and direct hospitality expense, respectively.

(3) Included in our total Office portfolio are 66 Core properties located in 16 premier office and mixed-use complexes in key global markets, which generated consolidated NOI of $437 million for the year ended December 31, 2024 (2023 -$436 million). On a look-through basis, same-property NOI for these assets were relatively flat compared to prior year. See footnote 1 in Share of net earnings from equity accounted investments below for detail on NOI from unconsolidated Core properties.

The following table reconciles Office net (loss) income to FFO for the years ended December 31, 2024, 2023, and 2022:

  (US$ Millions) Years ended Dec. 31,                            2024                 2023                     2022             
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net (loss)                                                        $      (752)      $          (1,443)          $      (110)