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

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Commercial Property Operations of Brookfield Asset Management Inc.Carve-out Statements of Changes in Equity(US$ Millions)Accumulated Other Comprehensive IncomeEquity in netassetsForeign currencytranslationCash flowhedgesAvailable-for-salesecurities TotalEquity in netassetsattributable toparentcompanyNon-controllinginterestsTotal equityin net assetsBalance as at January 1, 2009 $ 5,622 $ - $ (32) $ (1) $ (33) $ 5,589 $ 3,931 $ 9,520Net income (loss) (477) - - - - (477) (257) (734)Other comprehensive income (loss) - 528 16 (8) 536 536 300 836Contributions 1,356 - - - - 1,356 1,445 2,801(Distributions) (1,028) - - - - (1,028) (182) (1,210)Balance as at December 31, 2009 $ 5,473 $ 528 $ (16) $ (9) $ 503 $ 5,976 $ 5,237 $11,213Net income 1,026 - - - - 1,026 1,083 2,109Other comprehensive income - 296 67 5 368 368 127 495Contributions 2,185 - - - - 2,185 1,529 3,714(Distributions) (2,091) - - - - (2,091) (296) (2,387)Balance as at December 31, 2010 $ 6,593 $ 824 $ 51 $ (4) $ 871 $ 7,464 $ 7,680 $15,144Net income 2,323 - - - - 2,323 1,422 3,745Other comprehensive income (loss) - (218) (155) 8 (365) (365) (276) (641)Contributions 2,909 - - - - 2,909 1,684 4,593(Distributions) (450) - - - - (450) (897) (1,347)Balance as at December 31, 2011 $ 11,375 $ 606 $ (104) $ 4 $ 506 $ 11,881 $ 9,613 $21,494See accompanying notes to the carve-out financial statementsF-7
Commercial Property Operations of Brookfield Asset Management Inc.Carve-out Statements of Cashflow(US$ Millions) Years ended December 31, 2011 2010 2009Operating activitiesNet income (loss) $ 3,745 $ 2,109 $ (734)Share of net earnings (losses) from equity accounted investments (2,104) (870) 461Fair value (gains) losses (1,112) (574) 887Deferred income tax 275 (39) (195)Realized gains (365) (250) (39)Accretion of discount on loan receivable (39) (28) -Depreciation and amortization 20 21 16Initial direct leasing costs (37) (19) (20)Working capital and other 1,228 460 (210)1,611 810 166Financing activitiesProperty debt, issuance 1,954 1,467 2,070Property debt, repayments (3,536) (1,906) (1,402)Other secured debt, issuance 1,022 168 304Other secured debt, repayments (683) (268) (445)Capital securities redeemed (25) - -Proceeds from equity installment receivable 121 - -Non-controlling interests, issued 667 1,038 1,024Non-controlling interests, purchased (86) - -Non-controlling interests, distributions (410) (225) (154)Contributions from parent company 307 358 769Distributions to parent company (337) (551) (133)(1,006) 81 2,033Investing activitiesInvestment properties, proceeds of dispositions 1,537 804 98Investment properties, investments (373) (692) (991)Distributions from equity accounted investments - 316 -Investment in equity accounted investments (1,053) (485) -Proceeds from sale of investments 101 109 -Financial assets, investments (150) (463) (162)Foreign currency hedges of net investments (97) (35) -Loans and notes receivables, collected 744 302 228Loans and notes receivables, advanced (181) (102) (129)Loan receivable from parent company, collected 658 -Loan receivable from parent company, advanced (364) (28) (653)Other property, plant and equipment, investments - (8) (1)Restricted cash and deposits (25) 13 (55)Capital expenditures - development and redevelopment (447) (355) (351)Capital expenditures - operating properties (605) (130) (140)(255) (754) (2,156)Increase in cash and cash equivalents 350 137 43Cash and cash equivalents, beginning of year 399 262 219Cash and cash equivalents, end of year $ 749 $ 399 $ 262See accompanying notes to the carve-out financial statementsF-8
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UNITED STATESSECURITIES AND EXCHANG
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TABLE OF CONTENTSINTRODUCTION AND U
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INTRODUCTION AND USE OF CERTAIN TER
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Historical Performance and Market D
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• the departure of some or all of
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(US$ Millions) Mar. 31, 2012 Dec. 3
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Our company is not, and does not in
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Additionally, as part of our strate
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Our inability to enter into renewal
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The computation of cost reimburseme
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management agreement in limited cir
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• differences in cultures;• cha
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• the same professionals within B
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to the agreement. In addition, beca
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our company. In particular, our uni
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fractional units, without reduction
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federal income tax purposes, direct
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Under legislation recently enacted
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the Property Partnership, income fo
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“taxable Canadian property”. Un
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THE SPIN-OFFBackground to and Purpo
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Transaction AgreementsOur company a
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• recognize that superior returns
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• Trizec Western Canada - 3.5 mil
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As at the dates set out below, we h
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Office Property Portfolio (1) Asset
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Our strategy is to sign long-term l
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Our portfolio also includes, as at
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The following table presents the le
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properties that we believe have sig
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domestic economy and overall low un
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Environmental ProtectionWe are comm
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consideration for causing the Prope
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Operating EntitiesOur business is o
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Multi-Family and Industrial Platfor
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NOI is used as a key indicator of p
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Opportunistic Investmentsopportunit
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First Quarter Performance Highlight
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development sites, we will proceed
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The decrease in equity accounted in
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RetailIFRS Value - RetailThe follow
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The key valuation metrics of our re
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FFO for the three months ended Marc
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Financial Highlights and Performanc
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Equity accounted investments as at
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Operating results - OfficeThe follo
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The results of operations are prima
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etter than expected leasing market
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interests, of $681 million. Discoun
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NOI increased over the periods due
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The key valuation metrics of these
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increase in interest rates on inter
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more stringent environmental laws a
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Other DerivativesThe following othe
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TRZ Holdings; in the event the JV P
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available- for-sale. Estimation of
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The components of NOI for the three
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The following table presents a reco
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• fund those capital expenditures
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Given the small amount of new offic
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The following table presents certai
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nominating and governance committee
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investments and activities or in re
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7.B. RELATED PARTY TRANSACTIONSRELA
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Other ServicesBrookfield may provid
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Partnership. See Item 10.B. “Addi
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connection with a particular transa
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• recommending to the Holding Ent
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• any of the Managers is grossly
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2002 to directors, executives or se
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Nature and PurposeUnder our limited
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Bermuda Limited Partnership Act 188
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In addition, the BPY General Partne
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Withdrawal of the BPY General Partn
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entity or any other holding entity
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• ratified and confirmed all cont
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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
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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
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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: Commercial Property Operations of B
Page 207 and 208: The financial statements are prepar
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Page 211 and 212: In a net investment hedging relatio
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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 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
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NOTE 19: RELATED PARTIESIn the norm
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The following summary presents fina
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Report of Independent Registered Ch
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BROOKFIELD PROPERTY PARTNERS L.P.NO
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Report of Independent Registered Ch
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BROOKFIELD PROPERTY PARTNERS LIMITE
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TRZ HOLDINGS LLC AND SUBSIDIARIESCo
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Independent Auditor’s ReportTo th
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TRZ HOLDINGS LLC AND SUBSIDIARIESCO
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TRZ HOLDINGS LLC AND SUBSIDIARIESCO
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TRZ HOLDINGS LLC AND SUBSIDIARIESNO
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the associated lease and any contra
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Accounting for Uncertain Tax Positi
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3. REAL ESTATEThe Company’s inves
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Statement of Operations Information
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Future amortization of these intang
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Collateralized Property Loans — P
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Subsequent to April 9, 2009, in con
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INDEX TO UNAUDITED PRO FORMA FINANC
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BROOKFIELD PROPERTY PARTNERS L.P.Un
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BROOKFIELD PROPERTY PARTNERS L.P.Un
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The company and Brookfield intend f
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The unaudited pro forma balance she
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(g) Exclusion of Brookfield’s 2%
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REF58435NAME OF PARTNERSHIP:CERTIFI
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DECLARATIONMade pursuant to The Exe
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REF58435BERMUDALimited Partnership
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Registration No. 46137BERMUDACERTIF
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Dated the 8thday of March 2012.THE
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THIS LIMITED PARTNERSHIP AGREEMENT
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11. TERM: DISSOLUTION: CONTINUATION
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15.2 any certificates or other inst
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Exhibit 4.1MASTER PURCHASE AGREEMEN
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2. Covenants to Complete the Reorga
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4.5 Brookfield and BPY will also, d
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IN WITNESS WHEREOF the parties here
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The Australian Operations are compr
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TABLE OF CONTENTSARTICLE 1INTERPRET
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MASTER SERVICES AGREEMENTTHIS AGREE
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1.1.15 “Equity Enhancement Distri
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1.1.35 “Permit” means any conse
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1.3.5 any reference to this Agreeme
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2.3 Other ManagersThe Managers may,
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3.2.2 For greater certainty and not
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ARTICLE 6INFORMATION AND RECORDS6.1
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Recipients elect to pay all or a po
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ARTICLE 8BROOKFIELD’S OBLIGATIONB
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and against any claims, liabilities
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11.2.1.2 any of the Managers engage
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11.6 Release of Money or other Prop
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12.4.2 if to the Property Partnersh
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IN WITNESS WHEREOF the parties have
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BROOKFIELD DEVELOPMENTS EUROPELTD.B
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BROOKFIELD BPY PROPERTY HOLDINGS II
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6. Governing Law. This Joinder will
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Exhibit 4.4BROOKFIELD ASSET MANAGEM
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BETWEEN:RECITALS:RELATIONSHIP AGREE
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over a majority of the voting inter
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1.3.4 except as otherwise provided
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partners or financial sponsors and
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2.7 ReportingSubject to confidentia
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3.3.4 the execution and delivery of
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ARTICLE 6GENERAL PROVISIONS6.1 Limi
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6.7 Other Holding EntitiesThe parti
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Schedule AIN WITNESS WHEREOF the Ma
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Schedule BIN WITNESS WHEREOF the Ho
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Exhibit 4.5BROOKFIELD ASSET MANAGEM
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THIS AGREEMENT made as of the day
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1.1.17 “FINRA” means Financial
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1.1.39 “U.S. Exchange Act” mean
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Agreement will not operate as a wai
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2.1.5 Priority on Demand Registrati
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(b)follows: (i) first, the securiti
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2.5 Registration ProceduresWhenever
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(g)(h)(i)(j)(k)as practicable there
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(o)(p)(q)(r)(s)(t)(u)cause the Regi
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contained in any Registration State
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fault of the indemnifying party and
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have been delivered by BPY and subs
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TABLE OF CONTENTSARTICLE 1INTERPRET
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ARTICLE 1INTERPRETATION1.1 Definiti
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1.3.6 in the event that any day on
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2.1.3.3 any plan or proposal for a
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3.2.4 the execution and delivery of
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5.5 NoticesAny notice or other comm
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