Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 90

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 90
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 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.

(2) Included in our total portfolio are 19 Core premier retail centers which generated consolidated NOI of $355 million for the year ended December 31, 2024 (2023 - $338 million). On a look-through basis, same-property NOI for these assets grew by 4% compared to prior year. See footnote 1 in Share of net earnings from equity accounted investments on Page 77 below for detail on NOI from unconsolidated Core properties.

- 76 -

The following table reconciles Retail net income to FFO for the years ended December 31, 2024, 2023, and 2022:

  (US$ Millions) Years ended Dec. 31,                           2024                2023                2022           
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net income                                                    $          527      $          669      $         163  
  Add (deduct):                                                                                                        
  Fair value gains (losses), net                                77                  (336)               302            
  Share of equity accounted fair value (losses) gains, net      (226)               23                  175            
  Income tax expense                                            26                  8                   38             
  Non-controlling interests in above items                      (37)                (19)                (52)           
  FFO                                                           $          367      $          345      $         626  

The following table reconciles Retail share of net earnings from equity accounted investments for the years ended December 31, 2024, 2023, and 2022:

  (US$ Millions) Years ended Dec. 31,                           2024                2023                2022            
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Unconsolidated properties NOI (1)                             $          744      $          741      $          752  
  Unconsolidated properties fair value gains (losses), net      226                 (23)                (175)           
  Other (2)                                                     (473)               (449)               (343)           
  Share of net earnings from equity accounted investments       $          497      $          269      $          234  

(1