Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 64

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 64
---
, retail, hospitality and logistics assets and manufactured housing communities to held for sale during the year. Additionally, the impact of foreign currency translation, disposition activity, and incremental fair value losses contributed to the decline compared to prior year. These decreases were partially offset by acquisition activity within our LP Investments segment, the operational commencement of two office assets in the same segment, and capital expenditures in both the LP Investments and Office segments. Refer toNote 3, Investment Properties andNote 31, Related Parties of our 2024 annual Financial Statements for further information.

Commercial developments consist of commercial property development sites, density rights and related infrastructure. The total fair value of development land and infrastructure was $1,985 million at December 31, 2024, a decrease of $3,231 million from the balance at December 31, 2023. The decrease was primarily due to the reclassification of BSREP IV investments to assets held for sale and two office assets becoming operational during the period, as mentioned above. The decreases were partially offset by capital spending, fair value gains within the LP investment segment and acquisition activity during the period. Refer toNote 3, Investment Properties andNote 31, Related Parties of our 2024 annual Financial Statements for further information.

The following table presents a roll-forward of changes in our equity accounted investments from December 31, 2023 to December 31, 2024:

  (US$ Millions)                                                             Year ended Dec. 31, 2024              
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Equity accounted investments, beginning of year                                                   $      19,435  
  Additions                                                                                       484              
  Disposals and return of capital distributions                                                 (898)              
  Share of net earnings from equity accounted investments                                         331              
  Distributions received                                                                        (290)              
  Foreign currency translation                                                                  (168)              
  Reclassifications of BSREP IV investments to assets held for sale (1)                         (259)              
  Other comprehensive income and other                                                            912              
  Equity accounted investments, end of year                                                         $      19,547  

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

Equity accounted investments increased by $112 million since December 31, 2023, primarily due to capital expenditures, acquisition activity and share of net earnings from equity accounted investments, partially offset