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

The components of NOI for the three months ended March 31, 2012 and 2011 are as follows:Three months ended Mar. 31, 2012 2011(US$ Millions)RevenuefromoperationsOperatingexpensesPropertyNOIRevenuefromoperationsOperatingexpensesPropertyNOIOffice $ 572 $ 230 $ 342 $ 409 $ 167 $ 242Retail 42 13 29 46 20 26Multi-Family and Industrial 19 8 11 39 27 12Opportunistic Investments 90 63 27 70 32 38$ 723 $ 314 $ 409 $ 564 $ 246 $ 318The components of NOI for the years ended December 31, 2011, 2010 and 2009 are as follows:Year ended Dec. 31, 2011 2010 2009(US$ Millions)RevenuefromoperationsOperatingexpensesPropertyNOIRevenuefromoperationsOperatingexpensesPropertyNOIRevenuefromoperationsOperatingexpensesPropertyNOIOffice $ 1,909 $ 793 $ 1,116 $ 1,521 $ 615 $ 906 $ 1,456 $ 610 $ 846Retail 193 55 138 199 69 130 187 85 102Multi-Family andIndustrial 108 62 46 54 32 22 25 12 13OpportunisticInvestments 379 172 207 328 136 192 251 88 163$ 2,589 $ 1,082 $ 1,507 $ 2,102 $ 852 $ 1,250 $ 1,919 $ 795 $ 1,124Proportionate Summary Financial InformationWe use the proportionate share of our interests in GGP and other jointly controlled entities and equityaccounted investments as a key performance measure. Management views this measure as relevant indemonstrating the company’s ability to manage the underlying economics of the related investments, includingthe financial performance and cash flows. This presentation also depicts the extent to which the underlying assetsare leveraged, which is an important component of risk management and enhancing shareholder returns. Thefollowing tables present our condensed carve-out balance sheet and income statement on a consolidated and on aproportionate basis. The proportionate financial information represents our carve-out financial statements on anadjusted basis to present our equity accounted investments and our share of net earnings (losses) from equityaccounted investments on a proportionately consolidated basis at our ownership percentage of the relatedinvestment (referred to as “proportionate interest”). We view our proportionate interest in GGP at 38%, whichconsists of our interests of 21% and those of our institutional partners of 17% who together with Brookfield ledthe recapitalization of GGP in 2010. We view our proportionate interest in our various jointly controlled entitiesand other equity accounted investments at our direct ownership interest of the related investments as Brookfieldhas invested in these entities independent of institutional partners. Fund partners’ interests representnon-controlling interests of our various co-investors in Brookfield led funds and investments.109