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BPYPO

Brookfield Property Partners L.P.

BPYPO

Brookfield Property Partners L.P. • NASDAQ
$14.82 ▲ 1.51% (+0.22)
Market Cap $5.21 B
52w High $16.44
52w Low $13.01
Dividend Yield 1.59%
P/E 6.75
Volume 24.20K
Outstanding Shares 351.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $1.802B ▲ $308M ▲ $-113M ▼ -6.271% ▼ $-0.3 ▼ $907M ▲
Q1-2025 $1.749B ▼ $286M ▼ $-79M ▼ -4.517% ▼ $-0.21 ▲ $863M ▼
Q4-2024 $1.902B ▼ $324M ▼ $-49M ▲ -2.576% ▲ $-0.26 ▲ $1.192B ▲
Q3-2024 $2.466B ▲ $343M ▲ $-150M ▲ -6.083% ▲ $-0.44 ▲ $927M ▲
Q2-2024 $2.423B $341M $-173M -7.14% $-0.51 $653M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $1.703B ▼ $98.885B ▼ $58.683B ▼ $0 ▼
Q1-2025 $1.819B ▼ $99B ▼ $60.28B ▼ $8.639B ▲
Q4-2024 $2.208B ▲ $102.591B ▼ $64.342B ▼ $8.417B ▼
Q3-2024 $1.748B ▼ $133.327B ▲ $85.364B ▲ $8.457B ▼
Q2-2024 $2.401B $132.625B $84.124B $8.688B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-46M ▲ $64M ▲ $62M ▲ $-260M ▼ $-116M ▲ $18M ▲
Q1-2025 $-129M ▼ $-300M ▼ $-731M ▲ $585M ▼ $-389M ▼ $-331M ▼
Q4-2024 $26M ▲ $260M ▼ $-3.069B ▼ $2.659B ▲ $460M ▲ $141M ▼
Q3-2024 $-525M ▼ $262M ▲ $-861M ▲ $601M ▲ $-653M ▼ $175M ▲
Q2-2024 $-173M $238M $-872M $482M $-172M $141M

Five-Year Company Overview

Income Statement

Income Statement BPYPO shows a business that can generate solid rental and fee income, but struggles to turn that into consistent profits for owners. Revenue has generally trended upward over the past several years, which suggests the portfolio is either growing or capturing higher rents. Profitability at the property level (before overhead, interest, and other items) looks reasonably healthy, meaning the underlying assets are not fundamentally weak. The issue is further down the income statement. Operating profits have been positive, but net income has been negative in most recent years, with only one clearly profitable year in the past five. That pattern points to heavy costs beyond basic operations — largely interest, depreciation, and fair‑value or one‑off items that are common in complex real estate platforms. In simple terms: the core properties seem to earn money, but after accounting for financing and other corporate costs, the partnership has recently been running at a loss rather than delivering steady earnings to unitholders.

Balance Sheet

Balance Sheet The balance sheet tells a story of a very large and heavily financed real estate platform with a relatively thin equity cushion. Total assets are substantial and have grown over time, reflecting a broad portfolio of properties and investments. However, debt makes up a very large share of the capital structure, while reported equity has shrunk dramatically compared with a few years ago. That combination indicates high financial leverage: small changes in asset values or cash flows can have an outsized impact on equity. Cash on hand is modest relative to the overall size of the balance sheet. This is typical for real estate owner‑operators that rely on recurring rent, credit facilities, and asset recycling rather than large cash piles, but it does mean they depend on continued access to funding markets and stable property cash flows. Overall, the balance sheet is characteristic of an aggressive, highly levered real estate vehicle: big, diversified assets but limited equity protection and a strong reliance on debt financing.

Cash Flow

Cash Flow Cash flow is mixed and cyclical, which is common in large real estate platforms, but it does raise questions about consistency. The business has produced positive operating cash flow in several years, showing the properties can generate real cash after operating expenses. However, some recent years showed negative operating cash flow, suggesting periods when cash inflows from operations were not enough to cover day‑to‑day needs, likely due to leasing cycles, working‑capital swings, or transaction‑related items. After capital spending, free cash flow has also flipped between positive and negative. Investment spending on properties has been steady rather than aggressive, so the swings seem more about cash generation than about unusually high investment. In plain language: the portfolio can throw off cash, but it hasn’t been reliably steady year to year. That means the partnership’s ability to fund interest, distributions, and new projects without relying on asset sales or external financing can vary meaningfully with market conditions.

Competitive Edge

Competitive Edge BPYPO benefits from being part of the broader Brookfield ecosystem, which provides scale, expertise, and access to deals and capital that many peers cannot match. Its portfolio is geographically and sector‑diversified across offices, retail, logistics, multifamily, and other property types, including several landmark, trophy‑quality assets in major global cities. This helps attract blue‑chip tenants and can soften the blow from weakness in any single market or segment. Unlike purely financial owners, Brookfield acts as both owner and operator. This hands‑on model can support higher occupancy, better tenant relationships, and more effective repositioning or redevelopment of assets over time. The group also has a long track record of buying under‑appreciated assets and improving them. On the other hand, the partnership operates in segments facing structural pressure — particularly traditional office and some forms of retail — while carrying high leverage. It competes with both global institutional investors and local specialists. Its competitive edge relies heavily on execution quality, access to Brookfield’s capital and relationships, and its ability to continually adapt the portfolio to new tenant demands.

Innovation and R&D

Innovation and R&D Although this is a real estate partnership rather than a tech company, innovation is clearly part of the strategy. BPYPO, through Brookfield, has been early in embracing sustainability and smart‑building technology. Many properties target leading green certifications, use more renewable power, and incorporate efficiency upgrades such as advanced lighting, water management, and building‑management systems. Flagship assets have been used as showcases for digital‑twin technology and high‑grade connectivity, which can lower costs and improve tenant comfort. Brookfield also invests in property‑technology platforms, gaining early access to tools for leasing, analytics, and asset management. Looking ahead, Brookfield’s push into data‑center and AI‑related infrastructure could create new avenues for value, either through direct ownership of such properties or through higher demand for well‑located, power‑dense sites. Overall, the “R&D” here is about design, sustainability, digital integration, and new property types rather than labs and patents — but it does give the platform a more modern, adaptable feel than a traditional landlord.

Summary

BPYPO represents a large, sophisticated, and globally diversified real estate platform with strong operational capabilities but also meaningful financial risk. The income statement shows that while the underlying properties can be profitable at an operating level, the partnership has struggled to convert that into consistent bottom‑line profits, weighed down by financing costs and other non‑operating items. The balance sheet is sizable yet highly leveraged, with relatively low equity compared with the level of debt. Cash flow generation is real but uneven, alternating between surplus and shortfall depending on the year, which increases dependence on capital markets and asset sales. Competitively, BPYPO benefits from Brookfield’s scale, deal flow, and owner‑operator model, and from a portfolio that includes high‑quality, mixed‑use and experiential destinations. Innovation efforts focus on sustainability, smart‑building technologies, and emerging areas like data‑center infrastructure, which could help differentiate the portfolio and attract tenants over time. The key ongoing tensions are between these strategic strengths and the financial realities of leverage, sector headwinds in areas like office and retail, and the need for more stable, durable profitability and cash flow.