Core Insights - Bill Ackman described his investment in General Growth Properties (GGP) as "the best investment" of his career, highlighting the potential of investing in companies facing bankruptcy [1][2] Investment Strategy - Ackman purchased a 25% stake in GGP in late 2008 when its stock price fell from $63 to 34 cents per share, emphasizing that buying stock in a bankrupt company can be a contrarian investment strategy [2] - GGP was the second-largest mall operator in the U.S. with $27 billion in debt, of which $15 billion was due within 18 months, yet Ackman believed in the strength of its underlying assets [2] Financial Performance - Ackman noted that GGP's occupancy rates, rents, and net operating income were all increasing, indicating solid fundamentals for the company [3] - The investment of approximately $60 million by Pershing Square Holdings Ltd. was significant, and Ackman took a board position to assist in the restructuring process [3] Success Stories - A New York City cab driver turned a $50,000 investment in GGP into a $3 million retirement fund, showcasing the transformative potential of Ackman's investment advice [4] Acquisition and Market Impact - The successful turnaround of GGP culminated in its acquisition by Brookfield Property Partners for $9 billion in 2018, marking a key milestone in Ackman's career [5] - Despite a recent decline of 1.58% in Brookfield Property Partners' stock, it has shown favorable price trends over various time frames [5]

Brookfield Property Partners L.P. Condensed consolidated financial statements (unaudited) As at June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and 2024 1 Brookfield Property Partners L.P. Condensed Consolidated Balance Sheets | Unaudited | | | As at | | | --- | --- | --- | --- | --- | | (US$ Millions) | Note | | Jun. 30, 2025 | Dec. 31, 2024 | | Assets | | | | | | Non-current assets | | | | | | Investment properties | 3 | $ | 58,651 $ | 62,078 | | Equity accounted i ...

| Unaudited | | | As at | | | --- | --- | --- | --- | --- | | (US$ Millions) | Note | | Mar. 31, 2025 | Dec. 31, 2024 | | Assets | | | | | | Non-current assets | | | | | | Investment properties | 3 | $ | 59,456 $ | 62,078 | | Equity accounted investments | 4 | | 20,224 | 19,547 | | Property, plant and equipment | 5 | | 5,519 | 5,484 | | Goodwill | 6 | | 956 | 931 | | Intangible assets | 7 | | 927 | 899 | | Other non-current assets | 8 | | 5,352 | 5,339 | | Loans and notes receivable | | | 250 | 204 | | Tota ...