Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 79

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 79
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ade New York, Stuart Weitzman                                                                   1.2  
  Venetian Las Vegas Gaming, LLC       Venetian Food Hall, Showroom Space, Emporio D'Gondola, Palazzo Poker Room, Estiatorio Milos                   1.2  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Total                                                                                                                                             18.3  

(1) Exposure is a percentage of minimum rents and tenant recoveries.

Lease Roll-over Risk

Lease roll-over risk arises from the possibility that we may experience difficulty renewing leases as they expire or in re-leasing space vacated by tenants upon early lease expiry. We attempt to stagger the lease expiry profile so that we are not faced with disproportionate amounts of space expiring in any one year. On average, approximately 9.7% of our Office and Retail leases mature annually up to 2029. Our Office and Retail leases have a weighted average remaining lease life of approximately 6 years. We further mitigate this risk by maintaining a diversified portfolio mix by geographic location and by pro-actively leasing space in advance of its contractual expiry.

The following table sets out lease expiries, by square footage, for our Office and Retail portfolios at December 31, 2024, including our unconsolidated investments:

  (Sq. ft. in      Current      2025      2026      2027      2028      2029      2031 and  
  thousands)                                                                                
 ────────────────────────────────────────────────────────────────────────────────────────────
  Beyond                                                                                    
  Office                                                                            31,764  
  Expiring %          13.7       4.4       5.5       5.0       9.6       5.7          44.4  
  Retail (1)                                                                         8,505  
  Expiring %           4.7      11.9      14.1      17.4      11.1      11.2          18.3  

(1) Represents regional malls only and excludes traditional anchor and specialty leasing agreements.

- 68 -

Tax Risk

We are subject to income taxes in various jurisdictions, and our tax liabilities are dependent upon the distribution of income among these different jurisdictions. Our effective income tax rate is influenced by a number of factors, including changes in tax law, tax treaties, interpretation of existing laws