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

The following table presents a reconciliation of our condensed consolidated income statement to ourcondensed proportionate income statement for the year ended December 31, 2011:(US$ Millions) Proportionate Less: EquityYear ended December 31, 2011 Consolidated GGP Other JVs Accounted Investments TotalNOI $ 1,507 $ 958 $ 408 $ - $ 2,873Equity accounted FFO 492 - - (492) -Investment and other income 177 27 1 - 2052,176 985 409 (492) 3,078Interest expense 977 450 114 - 1,541General and administrative expense 84 126 27 - 237Depreciation and amortization 20 7 - - 27Fund partners’ interests in above 144 178 - - 322Other non-controlling interests in above 375 - - - 375FFO 576 224 268 (492) 576Fair value gains, net 1,112 1,949 435 - 3,496Share of equity accounted fair value gains 1,612 - - (1,612) -Realized gains 365 9 - - 374Income tax expense (439) (1) - - (440)Fund partners’ interests in above (331) (780) - - (1,111)Other non-controlling interests in above (572) - - - (572)Net income attributable to parent company $ 2,323 $1,401 $ 703 $ (2,104) $ 2,323The following table presents our condensed proportionate income statement by segment for the yearended December 31, 2011:(US$ Millions)Year ended December 31, 2011 Office RetailMulti-Family& IndustrialOpportunisticInvestmentsNOI $ 1,509 $ 1,100 $ 44 $ 220 $ 2,873Investment and other income 173 34 - (2) 2051,682 1,134 44 218 3,078Interest expense 821 608 41 71 1,541General and administrative expense 110 126 3 (2) 237Depreciation and amortization 19 8 - - 27Fund partners’ interests in above 47 182 5 88 322Other non-controlling interests in above 373 2 - - 375FFO 312 208 (5) 61 576Fair value gains (losses) 1,319 2,173 28 (24) 3,496Realized gains 318 56 11 (11) 374Income tax expense (334) (87) - (19) (440)Fund partners’ interests in above (82) (1,033) (22) 26 (1,111)Other non-controlling interests in above (574) 2 - - (572)Net income attributable to parent company $ 959 $ 1,319 $ 12 $ 33 $ 2,323Total5.B. LIQUIDITY AND CAPITAL RESOURCESThe capital of our business consists of property debt, capital securities, other secured and unsecured debtand equity. Our objectives when managing this capital are to maintain an appropriate balance between holding asufficient amount of capital to support our operations and to reduce our weighted average cost of capital, and toimprove the returns on equity through value enhancement initiatives and the consistent monitoring of the balancebetween debt and equity financing. As at March 31, 2012, the recorded values of capital totaled $39 billion(December 31, 2011 - $38 billion). Our principal liquidity needs for the next year are to:• fund recurring expenses;• meet debt service requirements;112