Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 62

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 62
---
 office assets in the U. S.

Share of net earnings from equity accounted investments

Our most significant equity accounted investments are in a mixed-use district in London, a mixed-use complex and an office tower in New York, a shopping center in Honolulu, and two malls in Las Vegas.

During the twelve months ended December 31, 2024, we sold 49% of our interest in an office property in the United Arab Emirates for net proceeds of approximately $165 million. We also sold partial interests in certain assets accounted for under the equity method for net proceeds of approximately $964 million.

During the twelve months ended December 31, 2023, we sold partial interests in certain assets accounted for under the equity method for net proceeds of approximately $184 million.

Our share of net earnings from equity accounted investments for the year ended December 31, 2024 was $331 million, which represents an increase of $452 million compared to the prior year. The increase in current year earnings is primarily due to significant fair value gains due to updated market assumptions at Core premier retail centers that are accounted for under the equity method.

Income tax expense

Income tax expense for the year ended December 31, 2024 primarily relates to changes in pre-tax book income, restructuring of certain subsidiaries, and tax expense uncorrelated with accounting income.

Summary of Financial Position and Key Metrics

  (US$ Millions, except per unit information)           Dec. 31, 2024                   Dec. 31, 2023               
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Investment properties:                                                                                            
  Commercial properties                                 $                   60,093      $                   77,699  
  Commercial developments                                                    1,985                           5,216  
  Equity accounted investments                                              19,547                          19,435  
  Property, plant and equipment                                              5,484                          11,085  
  Cash and cash equivalents                                                  2,208                           2,341  
  Assets held for sale                                                       3,100                           1,852  
  Total assets                                                             102,591                         131,577  
  Debt obligations                                                          50,683                          68,712  
  Liabilities associated with assets held for sale      898                             57                          
  Total equity                                                              38,249                          48,587  

As of December 31, 2024, we had $102,591 million in total assets, compared with $131,