0001545772-26-000006
SEC filingBrookfield 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.
Brookfield Property Partners L.P. reported FY 2025 net loss of $305.0 million, improved from $1,997 million loss in 2024 and $1,849 million in 2023. Total revenue fell 21.6% YoY to $7,147 million from $9,111 million, primarily due to deconsolidations of BSREP IV and India REIT reducing commercial property revenue to $4,703 million (down from $5,961 million) and hospitality to $1,641 million (down from $2,357 million). Total comprehensive income turned positive at $378.0 million from $2,499 million loss, driven by $683.0 million OCI including $557.0 million foreign currency translation gains. FFO improved to $(420) million from $(544) million. Balance sheet: total assets $99.28 billion (down 3.2% YoY), investment properties $56.93 billion, equity accounted investments $21.24 billion, total equity $42.57 billion (up 11.4%). Debt obligations reduced to $46.31 billion from $51.50 billion via repayments and deconsolidations.
Commercial property revenue $4,703 million (down 21.1% YoY) led by deconsolidations ($1,217 million impact). Hospitality revenue $1,641 million (down 30.4%) from BSREP IV deconsolidation. Office revenue $1,847 million (down 5.4%), Retail $1,490 million (down 3.7%), LP Investments $3,656 million (down 31.7%). Geographic: U.S. 65% of revenue ($4,644 million), Canada 7% ($508 million), Europe 20% ($1,415 million). Growth drivers: acquisitions in LP Investments offset deconsolidations; stable Super Core assets.
NOI totaled $3,525 million (down 21.1% YoY). Office NOI $860 million (7.4% decline), Retail $953 million (3.7% decline), LP Investments $1,712 million (32.9% decline). FFO $(420) million improved from $(544) million due to lower interest expense ($3,530 million vs $4,764 million). Fair value losses narrowed to $173 million from $692 million. Cost reductions from dispositions and debt paydowns supported profitability amid revenue pressures.
Operating cash flow $(595) million (worsened from $1,018 million). Financing $1,600 billion (down from $5,736 billion), investing $(1,425) million (improved from $(6,798) million). Net cash change $(420) million; ending cash $1,859 million. Debt $46.31 billion (down 10.1%), equity $42.57 billion (up 11.4%). Liquidity: $5,375 million undrawn credit facilities. Debt-to-capitalization 51% (improved from 55%).
Management targets leading global owner/operator of high-quality real estate. Recycle capital from LP Investments realizations ($3.9 billion in 2025) into higher-yield opportunities. Super Core office (67M sq ft, 95.3% occupied) and retail (99M sq ft, 93% leased) provide stable cash flows. Development pipeline advances amid limited supply. Risks: interest rates, office trends, retail environment; mitigated by diversification, hedging.