Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 92

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 92
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 income statement.

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

  (US$ Millions) Years ended Dec. 31,                                                                                       2024                   2023                   2022                
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Commercial property revenue                                                                                               $           2,806      $           2,696      $            1,605  
  Hospitality revenue                                                                                                                   2,330                  2,567                   1,489  
  Direct commercial property expense                                                                                                  (1,106)                (1,061)      (621)               
  Direct hospitality expense                                                                                                          (1,861)                (2,064)                 (1,118)  
  Add: Depreciation and amortization included in direct commercial property expense and direct hospitality expense (1)      383                    410                    255                 
  Total NOI (1)                                                                                                             $           2,552      $           2,548      $            1,610  

(1) 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.

The following table reconciles LP Investments 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) income                                                   $      (1,091)          $      (610)          $      1,318  
  Add (deduct):                                                                                                                   
  Fair value (gains) losses, net                                     80                   (115)                 (930)             
  Share of equity accounted fair value (earnings) losses, net         7                    (57)                    12             
  Depreciation and amortization of real estate assets (1)           303                     316                   185             
  Income tax expense (benefit)                                      348                    (36)                   126             
  Non-controlling interests in above items                          296                     404                 (423)             
  FFO