Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 69

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 69
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-IFRS Accounting Standards measures” section on page 74.

Office

Overview

Our diversified Office portfolio consists of 71 million leasable square feet across 124 premier office assets in some of the world’s leading commercial markets such as New York, London, Dubai, Toronto, and Berlin. We target to earn core-plus total returns on this portfolio. Represented within this portfolio are irreplaceable assets in global gateway cities, including 16 office and mixed-use complexes in cities such as New York and London. The balance of our Office portfolio consists of Transitional and Development 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 (loss) in our Office segment for the years ended December 31, 2024, 2023, and 2022:

  (US$ Millions) Years ended Dec. 31,      2024                2023                   2022              
 ────────────────────────────────────────────────────────────────────────────────────────────────────────
  NOI                                      $          929      $             984      $          1,033  
  FFO                                      (11)                185                    325               
  Net (loss)                               (752)                         (1,443)      (110)             

NOI from our consolidated properties decreased to $929 million in 2024 from $984 million in 2023. The decrease is primarily due to disposition activity partially offset by lease commencements at higher average in-place rents since the prior year.

NOI from our unconsolidated properties, which is presented on a proportionate basis, decreased to $559 million in 2024 from $734 million in 2023. The decrease is primarily attributable to higher lease termination income in the UK in the prior year and disposition activity partially offset by lease commencements at higher in-place rents than the prior year.

FFO from our Office segment was $(11) million for the year ended December 31, 2024 as compared to $185 million in 2023. This decrease is driven by higher lease termination income in the UK recognized in the prior year, as well as disposition activity as mentioned above. These decreases were partially offset by lower interest expense from debt paydowns during the current year.

Net loss from our Office segment for 2024 was $752 million compared to $1,443 million in 2023. The