BROOKFIELD Corp /ON/
For the period ended Dec 31, 2024. Filed Mar 24, 2025.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Mar 24, 2025
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Contents
EX-99.2 · INVESTMENT PROPERTIES
INVESTMENT PROPERTIES
Investment properties are recorded at fair value with changes recorded in net income. We present the investment properties based on our strategy to maintain an irreplaceable portfolio of premier properties in global gateway cities (“core”), maximize returns through a development or buy-fix-sell strategy (“transitional and development”), or recycle capital from private real estate funds of our Asset Management business (“real estate LP investments”).
The following table disaggregates investment property fair value changes within our Real Estate and Asset Management segments by asset type:
| FOR THE YEARS ENDED DEC. 31(MILLIONS) | 2024 | 2023 | Change |
|---|---|---|---|
| Asset Management Direct Investments – Real Estate LP Investments | $855 | $1,266 | $(411) |
| Real Estate – Core | 214 | (226) | 440 |
| Real Estate – Transitional and Development | (661) | (1,225) | 564 |
| Other investment properties | 148 | 80 | 68 |
| $556 | $(105) | $661 |
We discuss the key valuation inputs of our investment properties beginning on page 78.
Real Estate LP Investments
Valuation increases of $855 million primarily relate to:
higher valuations in our India office and REIT portfolios due to higher occupancy rates; and
fair value uplifts in our Australian senior living portfolio due to higher unit prices; partially offset by
valuation decreases at certain U.S. retail assets due to updated leasing assumptions.
In the prior year, valuation increases of $1.3 billion primarily related to fair value uplifts in our U.S. logistics portfolio due to favourable market rent assumptions, higher valuations in our Australian senior living portfolio due to unit price uplifts, and higher occupancy rates at our Shanghai mixed use portfolio, partially offset by discount and capitalization rate expansion at certain European office assets.
Core
Valuation increases of $214 million were primarily due to higher cash flows at certain U.S. retail assets as a result of updated leasing assumptions, partially offset by capitalization rate expansion at a certain U.K. office asset.
Valuations decreases of $226 million in the prior year were mainly due to updated leasing assumptions at certain U.S. office assets, and capitalization rate expansion at certain U.K. office and U.S. retail assets.
Valuation decreases of $661 million were primarily due to updated leasing assumptions at certain U.S. office and retail assets.
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