Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 60

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 60
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$150 million, partially offset by the Deconsolidation of BSREP IV which resulted in a$78 million reduction in expenses, as well as disposition activity.

Hospitality revenue and direct hospitality expense

Hospitality revenue prior to the impact of the Deconsolidation of BSREP IV, which resulted in a decrease of $214 million compared to prior year, decreased by $23 million driven by disposition activity in our LP Investments, which resulted in lower hospitality revenue of $86 million, partially offset by higher occupancies and average daily rates, primarily in the UK and Ireland, resulting in an increase of $54 million compared to prior year.

Direct hospitality expense decreased to $1,885 million in 2024 from $2,090 million in 2023. This reduction was driven by the same factors affecting hospitality revenue, including the Deconsolidation of BSREP IV of $173 million and the impact of disposition activity.

Investment and other revenue and investment and other expense

Investment and other revenue and expense, decreased by $167 million and $267 million, respectively, for the year ended December 31, 2024 compared to the prior year. These decreases are primarily due to fewer dispositions of multifamily develop-for-sale assets and the completion of an office development in Perth, which resulted in the cessation of development fees and associated development costs. The decrease in investment and other revenue was partially offset by higher dividend income from financial assets compared to prior year.

Interest expense

Interest expense decreased by $59 million for the year ended December 31, 2024 as compared to the prior year. This decrease is primarily driven by repayments of corporate debt, disposition activity, a lower interest environment compared to prior year and the Deconsolidation of BSREP IV. These decreases were partially offset by higher debt balances as a result of acquisition activity and asset-level financings.

General and administrative expense

General and administrative expense decreased by $13 million for the year ended December 31, 2024 compared to the prior year. Prior to the Deconsolidation of BSREP IV of $44 million, general and administrative expense increased by $31 million compared to the prior year primarily due to an increase in operating expenses in our LP Investments from acquisition activity since the prior year.

Fair value (losses) gains, net

Fair value (losses) gains, net includes valuation (losses) gains on commercial properties and developments as well as mark-to-market adjustments on financial instruments and derivatives and foreign currency (losses) gains on