Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 96

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 96
---
 to the lenders.

Our strategy is to satisfy our liquidity needs using our cash on hand, cash flows generated from operating activities and provided by financing activities, as well as proceeds from asset sales, primarily held in the LP Investments segment. Our operating subsidiaries also generate liquidity by accessing capital markets on an opportunistic basis.

Our principal liquidity needs for periods beyond the next year are for scheduled debt maturities, distributions, recurring and non-recurring capital expenditures, development costs, potential property acquisitions, capital contributions to operating subsidiaries and our capital commitments to various funds. We plan to meet these needs with one or more of: cash flows from operations; construction loans; creation of new funds; proceeds from sales of assets; proceeds from sale of non-controlling interests in subsidiaries and properties; and credit facilities and refinancing opportunities.

Our operating subsidiaries are subject to limited covenants in respect of their corporate debt and are in compliance with substantially all such covenants at December 31, 2024. Our operating subsidiaries are also in compliance with all covenants and other capital requirements related to regulatory or contractual obligations of material consequence to our partnership. Summaries of our debt profile for each of our segments are included elsewhere in this Form 20-F.

The principal sources of our operating cash flow are from our consolidated properties as well as properties in joint venture arrangements. These sources generate a relatively consistent stream of cash flow that provides us with resources to pay operating expenses, debt service and dividends to holders of our preferred units. Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures. These balances may fluctuate as a result of timing differences relating to financing and investing activities for the year ended December 31, 2024, our operating cash flow was $1,018 million, cash flow from investing activities was $(6,798) million and cash flow from financing activities was $5,736 million. The consolidated cash balance at December 31, 2024 was $2,208 million.

In 2024, the partnership funded the gap between its distributions and cash flow from operating activities through the sale of partial interests in several assets to BWS and a partial interest in an office asset in the United Arab Emirates. We also completed realizations in our LP Investments segment, consisting of a manufactured housing sub-portfolio, a sub-portfolio of hospitality assets in the U. S, three retail assets in the U. S. and one hospitality asset in South Korea. These dispositions generated approximately $2.5