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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported):

May 7, 2021

 

 

 

Brookfield Property REIT Inc.

(Exact name of registrant as specified in its charter)

  

Delaware   001-34948   27-2963337
(State or other jurisdiction of incorporating or
organization) 		  (Commission File Number)   (I.R.S. Employer Identification Number)

  

250 Vesey Street, 15th Floor, New York, NY   10281
(Address of principal executive offices)   (Zip Code)

 

(212) 417-7000

(Registrant’s telephone number, including area code)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

  

Title of each class   Trading 
Symbol(s) 		  Name of each exchange on which registered
Class A Stock, par value $.01 per share   BPYU   Nasdaq Global Select Market
6.375% Series A Cumulative Perpetual Redeemable Preferred Stock, par value $0.01 per share   BPYUP   Nasdaq Global Select Market

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act or Rule 12b-2 of the Exchange Act.

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

  

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On May 7, 2021, Brookfield Property REIT Inc. (the “Company”) disclosed the following financial information:

 

The following is the Company’s balance sheet as at March 31, 2021 and December 31, 2020.

 

Brookfield Property REIT Inc.

 

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

    March 31,
2021 		    December 31,
2020 		 
    (Dollars in thousands, except
share and per share amounts) 		 
Assets:                
Investment in real estate:                
Land   $ 3,601,549     $ 3,620,513  
Buildings and equipment     13,778,850       13,968,906  
Less accumulated depreciation     (2,978,657 )     (2,967,879 )
Construction in progress     270,992       256,510  
Net property and equipment     14,672,734       14,878,050  
Investment in Unconsolidated Real Estate Affiliates     4,256,378       4,342,995  
Net investment in real estate     18,929,112       19,221,045  
Cash and cash equivalents     189,183       204,541  
Accounts receivable, net     406,241       524,982  
Notes receivable     38,244       45,553  
Deferred expenses, net     156,751       158,633  
Prepaid expenses and other assets     866,199       827,746  
Deferred tax assets, net     652,053       655,060  
Assets held for disposition     —       242,404  
Total assets   $ 21,237,783     $ 21,879,964  
Liabilities:                
Mortgages, notes and loans payable   $ 16,049,687     $ 16,114,586  
Investment in Unconsolidated Real Estate Affiliates     153,247       151,095  
Accounts payable and accrued expenses     935,544       993,617  
Dividend payable     68       903  
Junior subordinated notes     206,200       206,200  
Liabilities held for disposition     —       263,141  
Total liabilities     17,344,746       17,729,542  
Redeemable equity interests     823,477       839,143  
Redeemable noncontrolling interests     60,453       60,826  
Total redeemable interests     883,930       899,969  
Equity:                
Total stockholders' equity     1,629,366       1,843,286  
Noncontrolling interests     1,379,741       1,407,167  
Total equity     3,009,107       3,250,453  
Total liabilities, redeemable interests and equity   $ 21,237,783     $ 21,879,964  

 

 

 

 

The following is the Company’s income statement for the three months ended ended March 31, 2021 and March 31, 2020.

 

Brookfield Property REIT Inc.

 

CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(UNAUDITED)

 

    Three Months Ended March 31,  
    2021     2020  
    (Dollars in thousands, except 
per share amounts) 		 
Revenues:                
Rental revenues, net   $ 326,923     $ 351,829  
Management fees and other corporate revenues     31,501       35,338  
Other     9,974       16,463  
Total revenues     368,398       403,630  
Operating Expenses:                
Real estate taxes     51,093       47,807  
Property maintenance costs     9,803       9,146  
Marketing     808       764  
Other property operating costs     48,877       49,821  
Property management and other costs     49,283       60,975  
General and administrative     5,237       4,890  
Provision for note receivable loss     7,911       —  
Provision for impairment     106,991       —  
Depreciation and amortization     151,537       157,346  
Total operating expenses     431,540       330,749  
Interest and dividend income     1,374       3,096  
Interest expense     (169,194 )     (178,802 )
Gain from changes in control of investment properties and other, net     1,824       —  
Gain on extinguishment of debt     13,123       —  
Loss before income taxes, equity in (loss) income of Unconsolidated Real Estate Affiliates and related gain on investment, and allocation to noncontrolling interests     (216,015 )     (102,825 )
Provision for income taxes     (2,943 )     (5,428 )
Equity in loss of Unconsolidated Real Estate Affiliates     (34,453 )     (4,843 )
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net     (2,140 )     12,647  
Net loss     (255,551 )     (100,449 )
Allocation to noncontrolling interests     26,430       18,622  
Net loss attributable to Brookfield Property REIT Inc.   $ (229,121 )   $ (81,827 )

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  BROOKFIELD PROPERTY REIT INC.
   
May 7, 2021 By: /s/ Michelle Campbell
  Name: Michelle Campbell
  Title: Secretary

 

 

 

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