Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 88

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 88
---
 Add (deduct):                                                                                                                 
  Fair value losses, net                                          504                              1,145        825             
  Share of equity accounted fair value losses (gains), net        344                 799                     (307)             
  Depreciation and amortization of real estate assets (1)           3                 4                           5             
  Income tax expense (benefit)                                     16                 (188)                      97             
  Non-controlling interests in above items                      (126)                 (132)                   (185)             
  FFO                                                               $       (11)      $              185          $        325  

(1) Depreciation and amortization are included in direct commercial property expense and direct hospitality expense on the income statement.

- 75 -

The following table reconciles Office 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)                                     $            559      $            734      $          475  
  Unconsolidated properties fair value losses (gains), net              (344)                 (799)                 307             
  Other (2)                                                             (377)                 (369)                 (232)           
  Share of net (losses) earnings from equity accounted investments      $          (162)      $          (434)      $          550  

(1) Included in our total Office portfolio are 66 Core properties located in 16 premier office and mixed-use complexes in key global markets, which generated unconsolidated NOI of $412 million for the year ended December 31, 2024 (2023 - $579 million). The prior year benefited from higher lease termination income. On a look-through basis, same-property NOI for these assets were relatively flat compared to prior yet. See footnote 3 in the key components of NOI above for detail on NOI from consolidated Core properties.

(2) Other primarily includes the partnership’s share of interest expense, general and administrative expense and investment and other income/expense from unconsolidated investments.

Reconciliation of Non-IFRS Accounting Standards Measures - Retail

The following table reconciles Retail net income to NOI for the