BROOK PPTY(BPYPN) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenue for Q1 2025 was $1,749 million, a decrease of 24.6% compared to $2,320 million in Q1 2024[3] - Net loss for Q1 2025 was $129 million, significantly improved from a net loss of $709 million in Q1 2024[5] - Other comprehensive income for Q1 2025 was $349 million, contrasting with a loss of $144 million in Q1 2024[5] - The partnership reported a net income of $721 million for the three months ended March 31, 2025, significantly up from $273 million for the same period in 2024[27] - The partnership's Funds from Operations (FFO) for Q1 2025 was $(113) million, improving slightly from $(122) million in Q1 2024[110] Revenue Breakdown - Commercial property revenue decreased to $1,264 million, down 17.9% from $1,539 million year-over-year[3] - Total hospitality revenue for the three months ended March 31, 2025, was $335 million, a decrease from $595 million in the same period of 2024[73] - Total investment and other revenue for the three months ended March 31, 2025, was $150 million, down from $186 million in the same period of 2024[74] - The Office segment generated total revenue of $475 million in Q1 2025, down from $484 million in Q1 2024[110] - The Retail segment reported total revenue of $366 million in Q1 2025, down from $395 million in Q1 2024[110] - The LP Investments segment saw total revenue decrease to $871 million in Q1 2025 from $1,388 million in Q1 2024[110] Assets and Liabilities - Total assets decreased to $99,000 million as of March 31, 2025, down from $102,591 million at the end of 2024[2] - Total liabilities reduced to $60,280 million, a decrease from $64,342 million at the end of 2024[2] - Total non-current assets decreased to $92,684 million from $94,482 million at the end of 2024[2] - The partnership's total liabilities as of March 31, 2025, were $60,280 million, down from $64,342 million as of December 31, 2024[111] - The partnership's total assets decreased to $99,000 million as of March 31, 2025, from $102,591 million as of December 31, 2024[111] Cash and Cash Equivalents - Cash and cash equivalents as of March 31, 2025, were $1,819 million, down from $2,208 million at the end of 2024[2] - The partnership's cash and cash equivalents decreased to $1.819 billion by the end of the period, down from $2.573 billion at the beginning of the period[9] - The partnership's net change in cash and cash equivalents during the period was a decrease of $446 million, contrasting with an increase of $256 million in the same period of 2024[9] Fair Value and Losses - Fair value losses, net for Q1 2025 were $110 million, an improvement from $372 million in Q1 2024[3] - Fair value losses for the period were reported at $229 million, compared to losses of $506 million for the year ended December 31, 2024[19] - Fair value losses, net, improved to a loss of $110 million in Q1 2025 compared to a loss of $372 million in Q1 2024, reflecting a reduction of about 70.5%[78] Capital Expenditures and Investments - The partnership's capital expenditures for the quarter were $253 million, compared to $2.134 billion for the year ended December 31, 2024[19] - The partnership acquired investment properties worth $1.629 billion during the quarter, compared to $8.010 billion for the entire year of 2024[19] - The partnership committed approximately $1.3 billion to the BSREP I fund, with $129 million of uncontributed capital commitments remaining as of March 31, 2025[83] - The partnership's BSREP II fund has a total commitment of $2.3 billion, with $512 million of uncontributed capital commitments remaining as of March 31, 2025[84] - The BSREP IV fund has a total commitment of $3.5 billion, with $1.2 billion of uncontributed capital commitments remaining as of March 31, 2025[89] Debt Obligations - The partnership's total debt obligations issued amounted to $2.844 billion, while repayments totaled $2.940 billion, resulting in a net cash outflow from financing activities of $585 million[9] - The partnership's total debt obligations decreased to $49,965 million as of March 31, 2025, down from $51,499 million at the end of 2024, representing a reduction of approximately 3%[45] - The partnership's debt obligations as of March 31, 2025, are $49,965 million, down from $51,499 million as of December 31, 2024[98] Expenses - Total direct commercial property expense decreased to $488 million in Q1 2025 from $611 million in Q1 2024, a reduction of approximately 20.1%[75] - Total direct hospitality expense fell to $281 million in Q1 2025, down from $533 million in Q1 2024, representing a decrease of about 47.4%[76] - General and administrative expenses decreased to $286 million in Q1 2025 from $340 million in Q1 2024, a decline of approximately 15.9%[77] Other Financial Metrics - The partnership's equity accounted investments increased to $20.224 billion as of March 31, 2025, compared to $19.547 billion at the end of 2024[26] - The balance of commercial properties at the beginning of the period was $60.093 billion, with a decrease of $3.485 billion due to the deconsolidation of the India REIT[19] - The partnership's total other non-current assets slightly increased to $5,352 million as of March 31, 2025, compared to $5,339 million at the end of 2024[37]