Brookfield Property Partners L.P.

Brookfield Property Partners L.P. (BPYPM) reported a net loss of $305.0 million for FY 2025 ending December 31, 2025, an improvement from $1,997 million loss in 2024. Total revenue declined 21.6% to $7,147 million from $9,111 million, driven by deconsolidations of BSREP IV and India REIT, partially offset by acquisitions. Commercial property revenue fell to $4,703 million from $5,961 million, while hospitality revenue dropped to $1,641 million from $2,357 million. Total comprehensive income was $378.0 million, up from a $2,499 million loss, boosted by $683.0 million other comprehensive income mainly from foreign currency translation gains of $557.0 million. Balance sheet shows total assets of $99.28 billion (down from $102.59 billion), investment properties at $56.93 billion, and total equity at $42.57 billion. Debt obligations decreased to $46.31 billion from $51.50 billion due to repayments and deconsolidations. Cash flows from operations were negative $595.0 million, financing provided $1.60 billion, investing used $1.43 billion. Office NOI fell to $860 million from $929 million; Retail stable at $953 million; LP Investments dropped to $1,712 million from $2,552 million. FFO improved to $(420) million from $(544) million. Forward-looking, stable Super Core assets support long-term returns amid recycling capital from realizations.

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