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

NOTE 7: EQUITY ACCOUNTED INVESTMENTSThe following table presents principal business activity, ownership interest and carrying value of the company’sinvestments in equity accounted jointly controlled entities and associates:(US$ Millions) Ownership interest Carrying valueName of Property / Investees Principal Business Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2010Joint controlled entitiesU.S. Office Fund (1) Office Properties - 47% $ - $ 1,285Grace Building, New York (1) Office Properties 50% - 618 -245 Park Avenue, New York Office Properties 51% 51% 619 580Four World Financial Center, New York Office Properties - 51% - 303First Canadian Place, Toronto Office Properties - 25% - 4Bourke Place Trust, Sydney Office Properties 43% 43% 187 183Darling Park Complex, Sydney Office Properties 30% 50% 349 350E&Y Complex, Sydney Office Properties 50% 50% 275 282Various Various 13% - 75% 25-60% 728 3842,776 3,371Investments in associatesGeneral Growth Properties (2) Retail Properties 23% 10% 4,099 1,014Various Various 25% - 40% 25-40% 13 174,112 1,031Total $ 6,888 $ 4,402(1) U.S. Office fund properties are consolidated beginning in Q3 2011, with the exception of several assets which continue to be equityaccounted. The Grace Building carrying value was included in the U.S. Office Fund at December 31, 2010.(2) The 23% ownership interest relates to the Company’s consolidated ownership in GGP which includes the interests of fund investorscontrolled by the Company and which are required to be consolidated in the Company’s financial statements. The Company’s net economicinterest in GGP is 21%.Other jointly controlled entities hold individual operating properties and property developments that the Businessowns together with co-owners where the strategic financial and operating decisions require approval of theco-owners.In November 2010, a consortium led by Brookfield sponsored the recapitalization of GGP and acquired a 27%economic interest in the reorganized GGP on a fully diluted basis, with 10% being owned by Brookfield. InFebruary 2011, Brookfield acquired an additional 11% economic interest in GGP for consideration of $1.7billion. The fair value of the company’s interest in GGP as of December 31, 2011 is $4.1 billion (2010 - $1.0billion). A portion of the company’s shares in GGP are subject to certain restrictions regarding transfer or sale.There are no published prices for the company’s other equity accounted investments.Summarized financial information in respect of the company’s equity accounted investments is provided below:(US$ Millions) Dec. 31, 2011 Dec. 31, 2010Non-current assets $ 43,861 $ 42,127Current assets 1,595 4,100Total assets 45,456 46,227Non-current liabilities 23,893 27,382Current liabilities 271 2,488Total liabilities 24,164 29,870Net assets $ 21,292 $ 16,357(US$ Millions) 2011 2010 2009Revenue $ 5,309 $ 2,096 $ 1,920Expenses 3,737 1,548 1,455Income before fair value gains (losses) 1,572 548 465Fair value gains (losses) 5,962 885 (1,464)Net income (loss) 7,534 1,433 (999)Company’s share of net earnings (losses) $ 2,104 $ 870 $ (461)F-22