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

More documents

Recommendations

Info

The following table presents a reconciliation of our condensed consolidated balance sheet to ourcondensed proportionate balance sheet as at March 31, 2012:ProportionateLess: Equity(US$ Millions) Consolidated GGP Other JVs Accounted Investments TotalAssetsInvestment properties $ 28,138 $ 13,941 $ 4,713 $ - $ 46,792Equity accounted investments 7,466 - - (7,466) -Loans and notes receivable 1,644 - - - 1,644Other assets 3,801 1,120 387 - 5,308Total assets $ 41,049 $ 15,061 $ 5,100 $ (7,466) $ 53,744LiabilitiesProperty debt $ 15,266 $ 7,198 $ 1,745 $ - $ 24,209Capital securities 862 - - - 862Other liabilities 2,322 975 97 - 3,394Total liabilities 18,450 8,173 1,842 - 28,465Equity in net assetsFund partners’ interests 3,407 2,582 98 - 6,087Other non-controlling interests 6,617 - - - 6,617IFRS Value 12,575 4,306 3,160 (7,466) 12,575Total equity in net assets 22,599 6,888 3,258 (7,466) 25,279Total liabilities and equity in net assets $ 41,049 $ 15,061 $ 5,100 $ (7,466) $ 53,744The following table presents our condensed proportionate balance sheet by segment as at March 31, 2012:(US$ Millions) Office RetailMulti-Family& IndustrialOpportunisticInvestmentsAssetsInvestment properties $ 27,437 $ 17,187 $ 1,143 $ 1,025 $ 46,792Loans and notes receivable 673 - - 971 1,644Other assets 2,164 1,911 72 1,161 5,308Total assets $ 30,274 $ 19,098 $ 1,215 $ 3,157 $ 53,744LiabilitiesProperty debt $ 13,654 $ 8,882 $ 723 $ 950 $ 24,209Capital securities 862 - - - 862Other liabilities 1,636 1,360 30 368 3,394Total liabilities 16,152 10,242 753 1,318 28,465Equity in net assetsFund partners’ interests 637 4,053 323 1,074 6,087Other non-controlling interests 6,617 - - - 6,617IFRS Value 6,868 4,803 139 765 12,575Total equity in net assets 14,122 8,856 462 1,839 25,279Total liabilities and equity in net assets $ 30,274 $ 19,098 $ 1,215 $ 3,157 $ 53,744Total110
The following table presents a reconciliation of our condensed consolidated income statement to ourcondensed proportionate income statement for the three months ended March 31, 2012:(US$ Millions) Proportionate Less: EquityThree months ended Mar. 31, 2012 Consolidated GGP Other JVs Accounted Investments TotalNOI $ 409 $ 211 $ 62 $ - $ 682Equity accounted FFO 89 - - (89) -Investment and other income 39 1 - - 40537 212 62 (89) 722Interest expense 246 97 25 - 368General and administrative expense 21 20 - - 41Depreciation and amortization 39 2 - - 41Fund partners’ interests in above (8) 41 - - 33Other non-controlling interests in above 98 - - - 98FFO 141 52 37 (89) 141Fair value gains, net 287 457 63 - 807Share of equity accounted fair value gains 353 - - (353) -Realized gains 78 1 - - 79Income tax expense (239) (1) - - (240)Fund partners’ interests in above (103) (167) - - (270)Other non-controlling interests in above (134) - - - (134)Net income attributable to parent company $ 383 $ 342 $ 100 $ (442) $ 383The following table presents our condensed proportionate income statement by segment for the threemonths ended March 31, 2012:(US$ Millions)Three months ended Mar. 31, 2012 Office RetailMulti-Family& IndustrialOpportunisticInvestmentsNOI $ 386 $ 257 $ 12 $ 27 $ 682Investment and other income 33 4 - 3 40419 261 12 30 722Interest expense 191 145 8 24 368General and administrative expense 21 20 - - 41Depreciation and amortization 7 2 - 32 41Fund partners’ interests in above 6 44 3 (20) 33Other non-controlling interests in above 98 - - - 98FFO 96 50 1 (6) 141Fair value gains, net 281 461 (16) 81 807Realized gains (losses) 42 5 (3) 35 79Income tax expense (78) (139) - (23) (240)Fund partners’ interests in above - (198) 13 (85) (270)Other non-controlling interests in above (134) - - - (134)Net income (loss) attributable to parent company $ 207 $ 179 $ (5) $ 2 $ 383Total111
Page 1 and 2:
UNITED STATESSECURITIES AND EXCHANG
Page 3 and 4:
TABLE OF CONTENTSINTRODUCTION AND U
Page 5 and 6:
INTRODUCTION AND USE OF CERTAIN TER
Page 7 and 8:
Historical Performance and Market D
Page 9 and 10:
• the departure of some or all of
Page 11 and 12:
(US$ Millions) Mar. 31, 2012 Dec. 3
Page 13 and 14:
Our company is not, and does not in
Page 15 and 16:
Additionally, as part of our strate
Page 17 and 18:
Our inability to enter into renewal
Page 19 and 20:
The computation of cost reimburseme
Page 21 and 22:
management agreement in limited cir
Page 23 and 24:
• differences in cultures;• cha
Page 25 and 26:
• the same professionals within B
Page 27 and 28:
to the agreement. In addition, beca
Page 29 and 30:
our company. In particular, our uni
Page 31 and 32:
fractional units, without reduction
Page 33 and 34:
federal income tax purposes, direct
Page 35 and 36:
Under legislation recently enacted
Page 37 and 38:
the Property Partnership, income fo
Page 39 and 40:
“taxable Canadian property”. Un
Page 41 and 42:
THE SPIN-OFFBackground to and Purpo
Page 43 and 44:
Transaction AgreementsOur company a
Page 45 and 46:
• recognize that superior returns
Page 47 and 48:
• Trizec Western Canada - 3.5 mil
Page 49 and 50:
As at the dates set out below, we h
Page 51 and 52:
Office Property Portfolio (1) Asset
Page 53 and 54:
Our strategy is to sign long-term l
Page 55 and 56:
Our portfolio also includes, as at
Page 57 and 58:
The following table presents the le
Page 59 and 60:
properties that we believe have sig
Page 61 and 62:
domestic economy and overall low un
Page 63 and 64: Environmental ProtectionWe are comm
Page 65 and 66: consideration for causing the Prope
Page 67 and 68: Operating EntitiesOur business is o
Page 69 and 70: Multi-Family and Industrial Platfor
Page 71 and 72: NOI is used as a key indicator of p
Page 73 and 74: Opportunistic Investmentsopportunit
Page 75 and 76: First Quarter Performance Highlight
Page 77 and 78: development sites, we will proceed
Page 79 and 80: The decrease in equity accounted in
Page 81 and 82: RetailIFRS Value - RetailThe follow
Page 83 and 84: The key valuation metrics of our re
Page 85 and 86: FFO for the three months ended Marc
Page 87 and 88: Financial Highlights and Performanc
Page 89 and 90: Equity accounted investments as at
Page 91 and 92: Operating results - OfficeThe follo
Page 93 and 94: The results of operations are prima
Page 95 and 96: etter than expected leasing market
Page 97 and 98: interests, of $681 million. Discoun
Page 99 and 100: NOI increased over the periods due
Page 101 and 102: The key valuation metrics of these
Page 103 and 104: increase in interest rates on inter
Page 105 and 106: more stringent environmental laws a
Page 107 and 108: Other DerivativesThe following othe
Page 109 and 110: TRZ Holdings; in the event the JV P
Page 111 and 112: available- for-sale. Estimation of
Page 113: The components of NOI for the three
Page 117 and 118: • fund those capital expenditures
Page 119 and 120: Given the small amount of new offic
Page 121 and 122: The following table presents certai
Page 123 and 124: nominating and governance committee
Page 125 and 126: investments and activities or in re
Page 127 and 128: 7.B. RELATED PARTY TRANSACTIONSRELA
Page 129 and 130: Other ServicesBrookfield may provid
Page 131 and 132: Partnership. See Item 10.B. “Addi
Page 133 and 134: connection with a particular transa
Page 135 and 136: • recommending to the Holding Ent
Page 137 and 138: • any of the Managers is grossly
Page 139 and 140: 2002 to directors, executives or se
Page 141 and 142: Nature and PurposeUnder our limited
Page 143 and 144: Bermuda Limited Partnership Act 188
Page 145 and 146: In addition, the BPY General Partne
Page 147 and 148: Withdrawal of the BPY General Partn
Page 149 and 150: entity or any other holding entity
Page 151 and 152: • ratified and confirmed all cont
Page 153 and 154: agreement, a holder of Property Par
Page 155 and 156: (including, generally, debt owed to
Page 157 and 158: In addition, pursuant to the Voting
Page 159 and 160: In addition, the Property GP LP may
Page 161 and 162: successor general partner will have
Page 163 and 164: Indemnification; Limitations on Lia
Page 165 and 166:
subject to U.S. federal income taxa
Page 167 and 168:
the Obama administration proposes t
Page 169 and 170:
asis of units owned by you prior to
Page 171 and 172:
consent of the IRS. The Section 754
Page 173 and 174:
Income Exception, we may determine
Page 175 and 176:
generally would constitute debt-fin
Page 177 and 178:
expected income and assets, the BPY
Page 179 and 180:
any particular time (in light of po
Page 181 and 182:
(c)(d)the amount and description of
Page 183 and 184:
Taxation of Canadian Resident Limit
Page 185 and 186:
Canadian Limited Partner and will b
Page 187 and 188:
CFA in respect of which the FAPI wa
Page 189 and 190:
(under Tax Proposals released on Au
Page 191 and 192:
our actual results of operations an
Page 193 and 194:
10.G. STATEMENT BY EXPERTSThe follo
Page 195 and 196:
PART IIITEM 13.DEFAULTS, DIVIDEND A
Page 197 and 198:
SIGNATURESThe registrant hereby cer
Page 199 and 200:
COMMERCIAL PROPERTY OPERATIONS OF B
Page 201 and 202:
Commercial Property Operations of B
Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
The financial statements are prepar
Page 209 and 210:
liabilities are provided for using
Page 211 and 212:
In a net investment hedging relatio
Page 213 and 214:
provided in connection with a lease
Page 215 and 216:
over from IAS 39 the requirements f
Page 217 and 218:
Values are most sensitive to change
Page 219 and 220:
NOTE 7: EQUITY ACCOUNTED INVESTMENT
Page 221 and 222:
Included in other non-current asset
Page 223 and 224:
NOTE 13: CAPITAL SECURITIESCapital
Page 225 and 226:
The major components of income tax
Page 227 and 228:
(b) Property net operating incomeNe
Page 229 and 230:
NOTE 22: CAPITAL MANAGEMENT AND LIQ
Page 231 and 232:
Other derivativesThe following othe
Page 233 and 234:
The following table outlines financ
Page 235 and 236:
NOTE 24: RELATED PARTIESIn the norm
Page 237 and 238:
(US$ Millions) Revenue Net operatin
Page 239 and 240:
Schedule III -Supplemental Schedule
Page 241 and 242:
Page 243 and 244:
Page 245 and 246:
Page 247 and 248:
(b) Adoption of Accounting Standard
Page 249 and 250:
distributed by GGP. The Business su
Page 251 and 252:
NOTE 10: OTHER NON-CURRENT LIABILIT
Page 253 and 254:
(b) Property net operating incomePr
Page 255 and 256:
NOTE 19: RELATED PARTIESIn the norm
Page 257 and 258:
The following summary presents fina
Page 259 and 260:
Report of Independent Registered Ch
Page 261 and 262:
BROOKFIELD PROPERTY PARTNERS L.P.NO
Page 263 and 264:
Report of Independent Registered Ch
Page 265 and 266:
BROOKFIELD PROPERTY PARTNERS LIMITE
Page 267 and 268:
TRZ HOLDINGS LLC AND SUBSIDIARIESCo
Page 269 and 270:
Independent Auditor’s ReportTo th
Page 271 and 272:
TRZ HOLDINGS LLC AND SUBSIDIARIESCO
Page 273 and 274:
TRZ HOLDINGS LLC AND SUBSIDIARIESCO
Page 275 and 276:
TRZ HOLDINGS LLC AND SUBSIDIARIESNO
Page 277 and 278:
the associated lease and any contra
Page 279 and 280:
Accounting for Uncertain Tax Positi
Page 281 and 282:
3. REAL ESTATEThe Company’s inves
Page 283 and 284:
Statement of Operations Information
Page 285 and 286:
Future amortization of these intang
Page 287 and 288:
Collateralized Property Loans — P
Page 289 and 290:
Subsequent to April 9, 2009, in con
Page 291 and 292:
INDEX TO UNAUDITED PRO FORMA FINANC
Page 293 and 294:
BROOKFIELD PROPERTY PARTNERS L.P.Un
Page 295 and 296:
BROOKFIELD PROPERTY PARTNERS L.P.Un
Page 297 and 298:
The company and Brookfield intend f
Page 299 and 300:
The unaudited pro forma balance she
Page 301 and 302:
(g) Exclusion of Brookfield’s 2%
Page 303 and 304:
REF58435NAME OF PARTNERSHIP:CERTIFI
Page 305 and 306:
DECLARATIONMade pursuant to The Exe
Page 307 and 308:
REF58435BERMUDALimited Partnership
Page 309 and 310:
Registration No. 46137BERMUDACERTIF
Page 311 and 312:
Dated the 8thday of March 2012.THE
Page 313 and 314:
THIS LIMITED PARTNERSHIP AGREEMENT
Page 315 and 316:
11. TERM: DISSOLUTION: CONTINUATION
Page 317 and 318:
15.2 any certificates or other inst
Page 319 and 320:
Exhibit 4.1MASTER PURCHASE AGREEMEN
Page 321 and 322:
2. Covenants to Complete the Reorga
Page 323 and 324:
4.5 Brookfield and BPY will also, d
Page 325 and 326:
IN WITNESS WHEREOF the parties here
Page 327 and 328:
The Australian Operations are compr
Page 329 and 330:
TABLE OF CONTENTSARTICLE 1INTERPRET
Page 331 and 332:
MASTER SERVICES AGREEMENTTHIS AGREE
Page 333 and 334:
1.1.15 “Equity Enhancement Distri
Page 335 and 336:
1.1.35 “Permit” means any conse
Page 337 and 338:
1.3.5 any reference to this Agreeme
Page 339 and 340:
2.3 Other ManagersThe Managers may,
Page 341 and 342:
3.2.2 For greater certainty and not
Page 343 and 344:
ARTICLE 6INFORMATION AND RECORDS6.1
Page 345 and 346:
Recipients elect to pay all or a po
Page 347 and 348:
ARTICLE 8BROOKFIELD’S OBLIGATIONB
Page 349 and 350:
and against any claims, liabilities
Page 351 and 352:
11.2.1.2 any of the Managers engage
Page 353 and 354:
11.6 Release of Money or other Prop
Page 355 and 356:
12.4.2 if to the Property Partnersh
Page 357 and 358:
IN WITNESS WHEREOF the parties have
Page 359 and 360:
BROOKFIELD DEVELOPMENTS EUROPELTD.B
Page 361 and 362:
BROOKFIELD BPY PROPERTY HOLDINGS II
Page 363 and 364:
6. Governing Law. This Joinder will
Page 365 and 366:
Exhibit 4.4BROOKFIELD ASSET MANAGEM
Page 367 and 368:
BETWEEN:RECITALS:RELATIONSHIP AGREE
Page 369 and 370:
over a majority of the voting inter
Page 371 and 372:
1.3.4 except as otherwise provided
Page 373 and 374:
partners or financial sponsors and
Page 375 and 376:
2.7 ReportingSubject to confidentia
Page 377 and 378:
3.3.4 the execution and delivery of
Page 379 and 380:
ARTICLE 6GENERAL PROVISIONS6.1 Limi
Page 381 and 382:
6.7 Other Holding EntitiesThe parti
Page 383 and 384:
Schedule AIN WITNESS WHEREOF the Ma
Page 385 and 386:
Schedule BIN WITNESS WHEREOF the Ho
Page 387 and 388:
Exhibit 4.5BROOKFIELD ASSET MANAGEM
Page 389 and 390:
THIS AGREEMENT made as of the day
Page 391 and 392:
1.1.17 “FINRA” means Financial
Page 393 and 394:
1.1.39 “U.S. Exchange Act” mean
Page 395 and 396:
Agreement will not operate as a wai
Page 397 and 398:
2.1.5 Priority on Demand Registrati
Page 399 and 400:
(b)follows: (i) first, the securiti
Page 401 and 402:
2.5 Registration ProceduresWhenever
Page 403 and 404:
(g)(h)(i)(j)(k)as practicable there
Page 405 and 406:
(o)(p)(q)(r)(s)(t)(u)cause the Regi
Page 407 and 408:
contained in any Registration State
Page 409 and 410:
fault of the indemnifying party and
Page 411 and 412:
have been delivered by BPY and subs
Page 413 and 414:
Page 415 and 416:
TABLE OF CONTENTSARTICLE 1INTERPRET
Page 417 and 418:
ARTICLE 1INTERPRETATION1.1 Definiti
Page 419 and 420:
1.3.6 in the event that any day on
Page 421 and 422:
2.1.3.3 any plan or proposal for a
Page 423 and 424:
3.2.4 the execution and delivery of
Page 425 and 426:
5.5 NoticesAny notice or other comm
Page 427 and 428:
show all

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

Create successful ePaper yourself

Delete template?

Save as template?