Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 72

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 72
---
 Retail portfolio are 19 Core premier retail centers in attractive markets across the U. S., such as Honolulu and Las Vegas, which collectively represent the majority of equity attributable to Unitholders in our Retail portfolio. Their stable and growing cash flows ensure that we can earn attractive compounding rates of return. The balance of our Retail portfolio consists of Transitional and Development retail assets with significant value-add through development and leasing activities that are generally held for shorter time frames before being monetized for attractive returns.

Summary of Operating Results

The following table presents NOI, FFO, and net income in our Retail segment for the years ended December 31, 2024, 2023, and 2022:

  (US$ Millions) Years ended Dec. 31,      2024               2023                 2022             
 ────────────────────────────────────────────────────────────────────────────────────────────────────
  NOI                                      $         989      $         1,005      $         1,011  
  FFO                                      367                345                  626              
  Net income                               527                669                  163              

NOI from our consolidated propertiesdecreased to$989 million during the year ended December 31, 2024 compared to $1,005 million during the same period in the prior year attributable to disposition activity and bad debt expense in the current year, offset by higher rents across the portfolio.

NOI from our unconsolidated properties, which is presented on a proportionate basis, increased slightly to$744 million during the year ended December 31, 2024, compared to $741 million in 2023, primarily attributable to higher rents and higher sales compared to prior year, partially offset by disposition activity.

FFO earned in our Retail segment for the year ended December 31, 2024 was $367 million compared to $345 million in the prior year. The increase was attributable to lower interest expense driven by corporate debt repayments and lower interest rates compared to prior year.

Net income from our Retail segment was $527 million in 2024 compared to $669 million in 2023. The decrease is driven by fair value gains in the prior year attributable to our investment in a U. S. department store chain. The decrease was partially offset by fair value gains at certain Core premier retail centers accounted for under the equity method due to updated market assumptions.

Key Operating Metrics

The following table presents key operating metrics in our Retail portfolio as at and for the years ended