Brookfield Property Partners Q2 2024 Financials Released

TL;DR

BPY's investment properties hit $85.2B as of June 30, 2024, up from $82.9B end of 2023.

AI Summary

Brookfield Property Partners L.P. filed its unaudited condensed consolidated financial statements for the period ending June 30, 2024. Total non-current assets were $123,575 million, an increase from $122,536 million at the end of 2023. Investment properties, a key asset, stood at $85,201 million as of June 30, 2024.

Why It Matters

This filing provides investors with an updated view of Brookfield Property Partners' asset base and financial position, particularly its significant holdings in investment properties.

Risk Assessment

Risk Level: low — This is a routine financial filing providing unaudited interim financial statements.

Key Numbers

• $85,201 million — Investment Properties (Represents the value of the company's real estate holdings as of June 30, 2024.)
• $123,575 million — Total Non-Current Assets (Reflects the company's long-term assets as of June 30, 2024.)
• $18,887 million — Equity Accounted Investments (Value of investments where the company has significant influence but not control, as of June 30, 2024.)

Key Players & Entities

• Brookfield Property Partners L.P. (company) — Filer of the report
• June 30, 2024 (date) — Reporting period end date
• December 31, 2023 (date) — Prior period end date

FAQ

Filing Documents

• bpy-20240630_d2.htm (6-K) — 1930KB
• bpyex991q22024.htm (EX-99.1) — 1041KB
• bpy-20240630.htm (EX-99.2) — 405KB
• bpyex993q22024.htm (EX-99.3) — 13KB
• bpyex994q22024.htm (EX-99.4) — 13KB
• 0001545772-24-000013.txt ( ) — 16352KB
• bpy-20240630.xsd (EX-101.SCH) — 142KB
• bpy-20240630_cal.xml (EX-101.CAL) — 146KB
• bpy-20240630_def.xml (EX-101.DEF) — 593KB
• bpy-20240630_lab.xml (EX-101.LAB) — 1023KB
• bpy-20240630_pre.xml (EX-101.PRE) — 813KB
• bpy-20240630_d2_htm.xml (XML) — 3447KB

From the Filing

bpy-20240630_d2 Brookfield Property Partners L.P. Condensed consolidated financial statements (unaudited) As at June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023 1 Brookfield Property Partners L.P. Condensed Consolidated Balance Sheets Unaudited As at (US$ Millions) Note Jun. 30, 2024 Dec. 31, 2023 Assets Non-current assets Investment properties 3 $ 85,201 $ 82,915 Equity accounted investments 4 18,887 19,435 Property, plant and equipment 5 10,405 11,085 Goodwill 6 1,419 1,450 Intangible assets 7 1,041 1,054 Other non-current assets 8 6,165 6,170 Loans and notes receivable 457 427 Total non-current assets 123,575 122,536 Current assets Loans and notes receivable 1,206 1,365 Accounts receivable and other 9 2,844 3,483 Cash and cash equivalents 2,401 2,341 Total current assets 6,451 7,189 Assets held for sale 10 2,599 1,852 Total assets 132,625 131,577 Liabilities and equity Non-current liabilities Debt obligations (1) 11 52,686 53,393 Capital securities 12 2,330 2,040 Other non-current liabilities 14 2,405 2,188 Deferred tax liabilities 3,263 3,457 Total non-current liabilities 60,684 61,078 Current liabilities Debt obligations (1) 11 15,895 15,319 Capital securities 12 749 795 Accounts payable and other liabilities 15 6,627 5,741 Total current liabilities 23,271 21,855 Liabilities associated with assets held for sale 10 169 57 Total liabilities 84,124 82,990 Equity Limited partners 16 7,985 8,084 General partner 16 4 4 Preferred equity 16 699 699 Non-controlling interests attributable to: Redeemable/exchangeable and special limited partnership units 16, 17 14,266 14,447 FV LTIP units of the Operating Partnership 16, 17 13 21 Interests of others in operating subsidiaries and properties 17 25,534 25,332 Total equity 48,501 48,587 Total liabilities and equity $ 132,625 $ 131,577 See accompanying notes to the condensed consolidated financial statements . (1) The partnership adopted the IAS 1 Amendments as of January 1, 2024. The comparative information has been restated. See Note 2, Summary of Material Accounting Policy Information for further information. 2 Brookfield Property Partners L.P. Condensed Consolidated Income Statements Unaudited Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions, except per unit amounts) Note 2024 2023 2024 2023 Commercial property revenue 18 $ 1,545 $ 1,416 $ 3,084 $ 2,902 Hospitality revenue 19 682 687 1,277 1,252 Investment and other revenue 20 196 224 382 413 Total revenue 2,423 2,327 4,743 4,567 Direct commercial property expense 21 600 552 1,211 1,140 Direct hospitality expense 22 536 525 1,069 1,033 Investment and other expense 10 7 20 76 Interest expense 1,281 1,174 2,494 2,341 General and administrative expense 23 341 352 681 684 Total expenses 2,768 2,610 5,475 5,274 Fair value (losses), net 24 ( 508 ) ( 58 ) ( 880 ) ( 111 ) Share of net earnings (loss) from equity accounted investments 4 111 ( 198 ) 243 ( 174 ) (Loss) before income taxes ( 742 ) ( 539 ) ( 1,369 ) ( 992 ) Income tax expense (benefit) 13 47 ( 81 ) 129 ( 140 ) Net (loss) $ ( 789 ) $ ( 458 ) $ ( 1,498 ) $ ( 852 ) Net (loss) attributable to: Limited partners $ ( 173 ) $ ( 191 ) $ ( 311 ) $ ( 274 ) General partner — — — — Non-controlling interests attributable to: Redeemable/exchangeable and special limited partnership units ( 309 ) ( 339 ) ( 556 ) ( 488 ) FV LTIP units of the Operating Partnership ( 1 ) ( 1 ) ( 1 ) ( 1 ) Interests of others in operating subsidiaries and properties ( 306 ) 73 ( 630 ) ( 89 ) Total $ ( 789 ) $ ( 458 ) $ ( 1,498 ) $ ( 852 ) See accompanying notes to the condensed consolidated financial statements. 3 Brookfield Property Partners L.P. Condensed Consolidated Statements of Comprehensive Income Unaudited Three months ended Jun. 30, Six months ended Jun. 30, (US$ Millions) Note 2024 2023 2024 2023 Net loss $ ( 789 ) $ ( 458 ) $ ( 1,498 ) $ ( 852 ) Other comprehensive (loss) income 25 Items that may be reclassified to net (loss): Foreign currency translation ( 35 ) 87 ( 209 ) 186 Cash flow hedges ( 14 ) 275 12 231 Equity accounted investments ( 14 ) 18 ( 19 ) 4 Items that will not be reclassified to net (loss): Securities - fair value through other comprehensive (loss) income ("FVTOCI") ( 4 ) ( 2 ) 5 ( 15 ) Share of revaluation deficit on equity accounted investments ( 1 ) — ( 1 ) — Remeasurement of defined benefit obligations — ( 2 ) — ( 2 ) Revaluation surplus (deficit) — ( 2 ) — 2 Total other comprehensive (loss) income ( 68 ) 374 ( 212 ) 406 Total comprehensive loss $ ( 857 ) $ ( 84 ) $ ( 1,710 ) $ ( 446 ) Comprehensive loss attributable to: Limited partners Net loss $ ( 173 ) $ ( 191 ) $ ( 311 ) $ ( 274 ) Other comprehensive (loss) income ( 16 ) 97 ( 55 ) 109 ( 189 ) ( 94 ) ( 366 ) ( 165 ) General Partner Net loss $ — $ — $ — $ — Other comprehensive income (loss) — — — — — — — — Non-controllin

View Full Filing

View this 6-K filing on SEC EDGAR