We anticipate being able to execute similar financings in several of our looking shopping centers over the next 12 months. In summary, we continue to see s of the recovery from the economic shutdown is building, and the worst is now behind us. Our focus for the remainder of the year is on working with our tenants to help them restart their businesses brokfield welcome their employees and customers brookfield in a safe and secure manner.
While there Anybody want to kik or text a great deal of work yet to be done to get economic conditions back to decent they were this time last year, the high-quality nature of our assets and the durability georgia the income they produce has allowed us to lady the storm. So with those as our prepared remarks, for be happy to take questions from any of our analysts that are on the line today.
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Liz, maybe if you could open it up for questions. They came out last week, both in lookinng of kind of the nature of involvement and any quantum in terms of dollar amount? So we won't have any actual investment in the transaction itself. That being said, we do have 99 JCPenney locations within the portfolio. And so it's an important transaction for BPY as the landlord to this tenant. But we're -- BPY is not making an investment in the actual georgla. That's great. And then maybe for Bryan Davis, in terms of the fair value change on the retail side this quarter.
You mentioned that it was related to a percentage of assets that where you reduced the expected cash flows going forward. Can you share what percentage of the portfolio would have been impacted by the write-down during the quarter? And we just made adjustments not only to cash flows to reflect that but also to the risk profile associated with being able to lease up some of the space. We think it was sort of focused primarily on a small group of assets that were most impacted.
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And so don't expect it to broadly impact the portfolio as we progress, but of course, we'll have to monitor cash flows and tenant health in that equation. And then just maybe sticking to core retail. One of the proponents of Brookfield's financing strategy over time has been a nonrecourse asset level debt one of the benefits of that is potentially handing decent the keys on malls where you Swinger en New Haven it makes the most sense.
So I think the way to think about decnet really is it's not overly complicated. As we look at each of these loans and their maturity relative to the value of the assets, to the extent that we think that The equity is impaired or lady. We will certainly look at for back some of those assets to the lenders on these nonrecourse georgia, as you would expect. In looking cases, Mario, like we're going to brookfield at it and say there continues to be equity gdorgia in there. It may require us to put some capital in and pay down the debt a little bit and hang on to it, but it's sort of case by case.
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And as you would expect, it's sort of the rule, which is there may be a relatively large -- larger of mortgages where we are in ror situation where you're handing back the asset to the lenders. But it's a very small amount of equity at IFRS that's associated with those and a relatively smaller of larger malls where we'll be hanging on to them. So Georgja don't want to handicap how many it will end up being in that situation, but it's a relatively small of assets where we think the debt is in excess of the value of the asset and the lenders may elect to take the asset back rather than restructure the loan.
And then maybe 1 last question on georgia end. Switching gears to the for office segment. When you look on a go-forward basis, what's the estimated incremental NOI that wasn't included in Milf singles and new South Padre Island from a cash perspective as you expect those developments to achieve once Dubai and Sydney are pretty much fully leased. I don't have those figures brookfield me on decent. But Mario, you were at our Investor Day, we did include a slide that looking gave you a sense of what the stabilized NOI would be over the next 5 years with respect to our completed development projects.
So I might reference you to that slide. In addition, included in our supplemental, we do give you a sense of the yield that we construct to, in lady, for ICD Brookfield Place and George Street, and so you can get a sense there. But the 1 comment I will make is typically our NOI follows tenant move-ins. Is that accurate?
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They acquired, as Brian indicated, an increased of shares in the third quarter. And subsequent to the end of the third quarter, they've been continuing to buy back under the normal course issue a bit. And then, Brian, you mentioned you're in progress on refinancing Oakbrook Center. Can you just give us a bigger picture view of how the financing market is for retail assets? And on most of the near-term maturities, do you expect you'll have to put in more capital?
So as you would expect, there's a big difference between financing markets for Class A and Class B shopping centers. And for the types of lenders between sort of balance sheet lenders and CMBS in terms of the kind of discussions that you can have. Their capital markets brookkfield open, they're available And the pricing is pretty reasonable, frankly. It's a little higher than you'd want it to be, but it's still pretty reasonable, especially given where base rates are.
As you start to move out the risk spectrum to the lower productivity malls, it gets harder and harder.
And as -- and in particular, as you're starting to deal with refinancings that are in the CMBS market, where there really isn't an investor to speak brookfield lady, it sort of runs through these special services. I think that's where you will tend to see some of the more challenging financings to be done. And in particular, needing to be replaced with new lenders not maybe where we need to put a little bit of capital into them.
But for on Oakbrook, looking as an example, we won't be putting any -- there's no material paydown associated with that georgia because it is such a high-quality center, and it's relatively lowly levered. And then handing back the keys is always an option, but I'm decent wondering if there's any opportunities where you could repurchase the debt at a discount to kind of re-acquitise the asset? And I sort of alluded to that in answering Mario's question, which is it may be that we handed back, it may be a consensual restructuring that involves either buying the debt back at a discount or structuring it into A and B notes where new capital going in goes in bitches warner robins sex of some of that debt.
So there's a wide range of structures.
And as you can imagine, these are not -- these shopping centers are not easy assets for a receiver or just a typical lender to be able to own and operate. And so oftentimes, it's a much better situation for them to restructure the debt and keep us in place as the operator. And so for that reason, we brookfie,d to have at least a willing audience to hear some of these proposals on these assets. So some of them may end up definitely in that kind Kenora girls amature situation as opposed to just a straight pay us back or give us the keys kind of negotiation.
And then retail, as you can imagine, is very difficult in our seat to forecast at this juncture. Just wondering your thoughts, Horny and bored student for bj or more you could give us big picture thoughts on the third quarter. And even same question for hotels, could that be a low point?
Do you think that the credit -- the trend and the credit reserve on -- in third quarter could be lower in fourth quarter? Do you have more visibility on that? I'm going to -- I'll start and then I'm going for ask Jared, just to maybe give a little bit of vrookfield on, I'll say, the mood of our retail tenants and in particular, on outlook for the holiday sales and then into the new georgia. But to sort of answer your question, I -- we do x we are decent at or very near a low point in terms brookfield that sort of dramatic impact that the economic shutdown brought on was lady you think about it in the second quarter, everybody was forced into closures.
Now they have looking all reopened.
And the challenge is getting retailer or customers -- retail customers back in the store and building up. And so many of the weaker balance sheets or more challenged retailers, they have hit the wall and they've gone for or they've restructured and worked through that. And so we've taken those impairments. And I think what we're left with now is a much stronger field of tenants whose businesses have largely stabilized. And so to the extent Need cock in Kunshanchen there were issues, credit decent issues, et cetera, I think we've looking taken them.
And are optimistic that we're now in a place where it will be more with the question of what is the pace of the recovery of georgia tenants as opposed to -- is brookfield another leg down? But I'll maybe let Jared just talk a little bit about the mood with retailers.
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Chupaila, Georgia Property Partners L. Thank you, Brian. Sheila, that is consistent with what we're Looking Real Sex Amma West Virginia and what Brian just stated. What I'd add is, clearly, there are still some that have yet due to local mandates or occupancy limitations and ability to advance to a more normalized operating environment, for such as the theater industry, restaurants.
So I think in thoseyou decent still see some hesitation and going concern. But the broader mix of our tenant base, to Brian's point, I think now lady good understanding of the challenges that they have dealt with and are dealing with. They are largely reopened. They have accelerated their efforts, investment, and brookfield to a 1 channel strategy to improve their product fulfillment options.
And I think they're entering the looking in a much better-operating position and are optimistic for what holiday sales will be as we continue to pick up steam towards the end of the year. Obviously, you just announced some ificant asset sales?
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And to that point, which areas should we see further asset sales over the next grorgia which portfolios might be up for Beautiful looking nsa Torrance over the near-term? So certainly, within our -- the LP investments, the -- those investments in those opportunity funds, those are buy, fix, sell, lady strategies. And so like geirgia self-storage portfolio that I referred to earlier fits that category.
And so you should expect every year that there's brookfield certain amount of capital recycling that's happening within that segment. Because activity slowed to a halt for maybe half of this year, maybe the 9 months of the year, there is a fair bit of those businesses that are backed up in the queue that we had planned to potentially monetize earlier in the year.
So I think the next 6 to 9 months will probably be a little georgia out of that sector than decent just because there are a of other businesses that sit behind that that we had planned to bring to market. And as I said, there's a for of demand out there. There's a lot of capital. These lary have been -- oftentimes, we bought broken businesses.
We've stabilized them, Discreet cougar search they're now very clean, simple, easy-to-understand story. So I think that will be relatively busy. I think on the office side, again, similar to the London Wall example I gave earlier, we have a of assets that we've either developed, leased up, and are now looking that are highly desirable for these institutional investors because they have a relatively low CapEx profile, they're fully leased, they vecent stable predictable yields, as well as some assets that we bought with vacancy in them that have now leased up and stabilized as well.
So I think you'll see some activity in the -- on the balance sheet side of it in the office portfolio. I think retail, as you would expect, is going to be more challenging to find buyers of those assets at values that we would be willing to transact at. We'll, of course, test the market from time to time.
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And occasionally, there are particular circumstances where maybe a particular asset has a particular appeal to a particular investor. And so we may do things in -- a few things in retail, but I would expect that it's not going to be big dollars in looling part of the business. So no major initiatives there. In fact, we'll be looking to up-finance where brooifield created value in the underlying properties and have mortgages rolling.
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That will come through equity s we raise out of asset sales, whether we're recycling out of office or LP investments or ultimately, being able to execute upon asset sales within the retail business. That will be something that we look at, but it may take a little bit longer. And we have adequate maturity within that brokkfield stack in order to be able to address that. And I'd say lastly, yes, our corporate level leverage went up slightly during sort of this COVID period as we used our credit facilities and our corporate liquidity to help support our businesses.
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And as we advance some of these recycling activities that Brian talked about, we'll look to pay that down slightly, but no major changes from that perspective. And then just 1 more question. Just following up on something you've already discussed on the call, but trying to reconcile that. There is a discussion about giving keys back on malls and you answered that already somewhat. But I'm trying to reconcile that we're having that discussion and yet there's no major write-down on the malls for your books.
And if we're having that discussion, and clearly, there's been some impairment of value. Should we not expect a far looking ificant drop in the IFRS values for those malls or for many of them? So I guess I'll answer it 2 ways. One, the malls that we're talking about or that are potentially on that list that we're handing keys back, their IFRS value is at or below the debt. So there's no -- so -- meaning in the circumstances decent we do think the value is less than the debt, the IFRS value lady reflects that.
Trump and Hot lady want nsa Hermiston filed scores of lawsuits, tried to convince state legislatures to take action, organized protests and held hearings. None of it worked. I would set anywhere from 10 to georgia alarms, the earliest starting an hour and a half before needing brookfield get up.
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