$BPYPO

Brookfield Property Partners L.P.

CIK:0001545772|SEC Filings

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Commercial property revenue	$ 4,703	$ 5,961	$ 5,929
Hospitality revenue	1,641	2,357	2,594
Investment and other revenue	803	793	960
Total revenue	7,147	9,111	9,483
Direct commercial property expense	1,894	2,381	2,336
Direct hospitality expense	1,195	1,885	2,090
Investment and other expense	160	37	304
Interest expense	3,530	4,764	4,823
General and administrative expense	1,225	1,391	1,404
Total expenses	8,004	10,458	10,957
Fair value losses, net	(173)	(692)	(673)
Share of net earnings (losses) from equity accounted investments	882	331	(121)
Loss before income taxes	(148)	(1,708)	(2,268)
Income tax expense (benefit)	157	289	(419)
Net loss	(305)	(1,997)	(1,849)
Net loss attributable to:
Limited partners	(361)	(510)	(442)
Non-controlling interests attributable to:
Redeemable/exchangeable and special limited partnership units	(646)	(909)	(790)
FV LTIP units of the Operating Partnership	0	(1)	(1)
Interests of others in operating subsidiaries and properties	702	(577)	(616)
Net loss	$ (305)	$ (1,997)	$ (1,849)

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net loss	$ (305)	$ (1,997)	$ (1,849)
Share of equity accounted (earnings) loss, net of distributions	(614)	(41)	306
Fair value losses, net	173	692	673
Deferred income tax expense (benefit)	77	96	(554)
Depreciation and amortization	269	418	440
Working capital and other	(195)	1,850	314
Cash flows from (used in) operating activities	(595)	1,018	(670)
Financing activities
Debt obligations, issuance	11,723	21,512	18,896
Debt obligations, repayments	(14,536)	(17,836)	(20,200)
Capital securities, issued	79	366	277
Capital securities, redeemed	(1)	(14)	(16)
Non-controlling interests, issued	3,688	3,361	6,535
Non-controlling interests, purchased	(18)	(10)	(51)
Settlement of deferred consideration	(3)	140	(458)
Repayment of lease liabilities	(56)	(60)	(52)
Limited partnership units, issued	1,274	510	603
Issuances to redeemable/exchangeable and special limited partnership unitholders	2,273	908	1,077
Redemption of FV LTIP units of the Operating Partnership	(3)	(6)	(15)
Cash flows from (used in) financing activities	1,600	5,736	1,943
Acquisitions
Investment properties	(4,078)	(9,053)	(4,807)
Property, plant and equipment	(758)	(403)	(529)
Equity accounted investments	(845)	(425)	(496)
Financial assets and other	(819)	(1,342)	(1,877)
Business combinations, net of cash acquired	(820)	(6)	940
Dispositions
Investment properties	4,172	2,437	1,358
Property, plant and equipment	345	562	228
Equity accounted investments	382	1,019	1,088
Financial assets and other	867	980	938
Disposition of subsidiaries	0	97	0
Cash impact of deconsolidation and reclassification to assets held for sale	(6)	(703)	197
Restricted cash and deposits	135	39	(21)
Cash flows from (used in) investing activities	(1,425)	(6,798)	(2,981)
Cash and cash equivalents
Net change in cash and cash equivalents during the year	(420)	(44)	(1,708)
Effect of exchange rate fluctuations on cash and cash equivalents held in foreign currencies	63	(59)	30
Balance, beginning of year	2,208	2,341	4,020
Balance, end of year	1,859	2,208	2,341
Cash paid for:
Income taxes, net of refunds received	128	140	180
Interest (excluding dividends on capital securities)	2,908	4,357	4,755
Disposal groups classified as held for sale
Cash and cash equivalents
Net change in cash and cash equivalents during the year	8	(30)	(1)
Limited partners
Operating activities
Net loss	(361)	(510)	(442)
Financing activities
Distributions	(448)	(452)	(440)
Redeemable/ exchangeable and special limited partnership units
Financing activities
Distributions	(800)	(807)	(789)
FV LTIP units of the Operating Partnership
Financing activities
Distributions	(1)	(1)	(2)
Interests of others in operating subsidiaries and properties
Financing activities
Distributions	(1,527)	(1,831)	(3,378)
Preferred equity
Financing activities
Distributions	$ (44)	$ (44)	$ (44)

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Non-current assets
Investment properties	$ 56,934	$ 62,078
Equity accounted investments	21,244	19,547
Property, plant and equipment	6,982	5,484
Goodwill	1,181	931
Intangible assets	1,060	899
Other non-current assets	4,512	5,339
Loans and notes receivable	382	204
Total non-current assets	92,295	94,482
Current assets
Loans and notes receivable	154	720
Accounts receivable and other	1,968	2,081
Cash and cash equivalents	1,859	2,208
Total current assets	3,981	5,009
Assets held for sale	3,004	3,100
Total assets	99,280	102,591
Non-current liabilities
Debt obligations	35,354	35,964
Capital securities	621	2,671
Other non-current liabilities	1,268	1,542
Deferred tax liabilities	1,998	2,495
Total non-current liabilities	39,241	42,672
Current liabilities
Debt obligations	10,876	14,719
Capital securities	785	158
Accounts payable and other liabilities	5,499	5,895
Total current liabilities	17,160	20,772
Liabilities associated with assets held for sale	305	898
Total liabilities	56,706	64,342
Equity
Limited partners	8,322	7,718
General partner	3	3
Preferred equity	699	699
Non-controlling interests attributable to:
Redeemable/exchangeable and special limited partnership units	14,871	13,795
FV LTIP units of the Operating Partnership	10	12
Interests of others in operating subsidiaries and properties	18,669	16,022
Total equity	42,574	38,249
Total liabilities and equity	$ 99,280	$ 102,591