FORM 20-F/A Brookfield Property Partners L.P. - Brookfield Asset ...

(US$ Millions) Mar. 31, 2012 Dec. 31, 2011 Dec. 31, 2010Investment properties $ 28,138 $ 27,594 $ 20,960Equity accounted investments 7,466 6,888 4,402Total assets 41,049 40,317 30,567Property debt 15,266 15,387 11,964Total equity 22,599 21,494 15,144Equity in net assets attributable to parent company 12,575 11,881 7,464(1) FFO is a non-IFRS financial measure. See Item 5.A. “Operations and Financial Review and Prospects – Reconciliation of PerformanceMeasures to IFRS Measures”.3.B. CAPITALIZATION AND INDEBTEDNESSThe following table sets forth our company’s pro forma capitalization and indebtedness as at the datesindicated below on an actual basis and as adjusted to give effect to the spin-off as well as the other transactionsreferred to in the Unaudited Pro Forma Financial Statements included elsewhere in this Form 20-F, as thoughthey had occurred on March 31, 2012.This information should be read in conjunction with Item 5.A. “Operating and Financial Review andProspects — Operating Results” and Item 5.B. “Operating and Financial Review and Prospects — Liquidity andCapital Resources” and the Unaudited Pro Forma Financial Statements included elsewhere in this Form 20-F.As at March 31, 2012(US$ Millions) Actual (1) Pro FormaTotal Assets – $ 40,297DebtProperty debt – 14,627Capital securities – 1,612Total Debt – 16,239Other liabilities – 2,421Total Liabilities – 18,660EquityPartnership equity – 11,615Non-controlling interests – 10,022Total Equity – 21,637Debt to total capitalization (total debt / total assets) – 40%(1) Balance sheet of our company as at May 31, 2012, which includes partnership equity of $0.001 million which is not presented due torounding.3.C. REASONS FOR THE OFFER AND USE OF PROCEEDSNot applicable.3.D. RISK FACTORSYour holding of units of our company will involve substantial risks. You should carefully consider thefollowing factors in addition to the other information set forth in this Form 20-F. If any of the following risksactually occur, our business, financial condition and results of operations and the value of your units wouldlikely suffer.7