BPYPN · Brookfield Property Partners L.P.

Brookfield Property Partners L.P. reported a net loss of $45 million for the first quarter of 2026, a significant improvement from a net loss of $129 million in the same period last year. The improvement was primarily driven by fair value gains of $67 million in the current period, compared to losses of $110 million in the prior year, reflecting updated cash flow assumptions and discount rate compression in the LP Investments segment, as well as leasing outperformance at select Super Core properties. Interest expense decreased by $114 million to $826 million, benefiting from the deconsolidation of India REIT and debt paydowns from disposition activity. Total revenue declined 4% to $1,685 million, mainly due to the deconsolidation of India REIT and disposition activity, partially offset by acquisition-related revenue and strong hospitality performance. The company completed several notable transactions in Q1 2026, including the acquisition of a portfolio of 51 senior living assets in the U.S. for $2,440 million and the sale of 17 manufactured housing communities for approximately $1,090 million. Funds from operations (FFO) were negative $131 million, compared to negative $113 million in the prior year, impacted by lower NOI and higher general and administrative expenses. Net operating income (NOI) decreased to $798 million from $893 million, with declines across all segments. The balance sheet showed total assets of $101.8 billion, total debt of $49.4 billion, and equity of $42.2 billion as of March 31, 2026. Cash flow from operations was negative $370 million, while investing activities used $2,557 million, primarily for acquisitions, and financing activities provided $3,162 million, driven by debt issuances.