12.07.2015 Views

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

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

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

SHOW MORE
SHOW LESS
  • No tags were found...

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

NOTE 24: RELATED PARTIESIn the normal course of operations, the Business enters into various transactions on market terms with relatedparties, which have been measured at exchange value and are recognized in the financial statements. Thefollowing table summarizes transactions with related parties:(US$ Millions) Year ended Dec. 31,Transactions for the period of <strong>20</strong>11 <strong>20</strong>10 <strong>20</strong>09Lease revenue $ 2 $ 2 $ 2Interest income 101 71 17Interest expense 41 7 1Management fees paid 30 52 43Management fees received 15 5 -Balances outstanding as at Dec. 31, <strong>20</strong>11 Dec. 31, <strong>20</strong>10BRPI promissory notes (1) $ 470 $ -Loans receivable designated as FVTPL (2) 138 -Loans and notes receivable (3) 452 1,221Other current receivables (4) 57 13Capitalized interest paid to <strong>Brookfield</strong> 40 39<strong>Property</strong> debt payable 64 113Other liabilities (5) 22 476(1) Refer to Note 10 for details of the related put arrangement.(2) Includes senior unsecured note receivable from a subsidiary of <strong>Brookfield</strong> that matures on December 19, <strong>20</strong>14. The principal and interestpayments on the note receivable are based on the returns of a reference debenture which is, in turn, secured by an equity interest in apublicly traded real estate entity based in Australia.(3) The balance includes BPO’s $145 million receivable from <strong>Brookfield</strong> (refer to Note 9) and BPO’s $<strong>20</strong>0 million loan receivable related to<strong>Brookfield</strong>’s ownership of BPO’s Class AAA Series E capital securities earning a rate of 108% of bank prime. In <strong>20</strong>10, the balance alsoincluded BPO’s $504 million loan receivable in cash collateralized total return swaps entered into with <strong>Brookfield</strong> bearing interest at aweighted average rate of LIBOR plus 2.9% and BREF’s $262 million loan receivable related to its ownership of Trizec debt bearing aweight average rate of LIBOR plus 2.8%.(4) The <strong>20</strong>11 balance includes a $49 million loan receivable from a subsidiary of <strong>Brookfield</strong> that is due on March 15, <strong>20</strong>12 and secured bycommercial office property.(5) In <strong>20</strong>10, other liabilities included BPO’s bridge facility payable to <strong>Brookfield</strong> which matured in November <strong>20</strong>11.NOTE 25: SEGMENTED IN<strong>FORM</strong>ATIONThe Business has four operating segments which are independently reviewed and managed by the chief operatingdecision maker (“CODM”), who is identified as the company’s chief executive officer. The operating segmentsare office, retail, multi-family and industrial, and opportunistic investments, located in the United States, Canada,Australia, Brazil and Europe.Information on the company’s reportable segments is presented below:The office segment owns and manages commercial office portfolios, located in major financial, energy, resourceand government center cities in the United States, Canada, Australia and Europe. Included in the office segmentis office development which entails developing office properties on a selective basis throughout North America,Australia and Europe in close proximity to the company’s existing properties.The retail segment owns interests in retail shopping centers in the United States, Australia and Brazil. The largestinvestment is a portfolio of U.S. super-regional shopping mall properties held through the company’s economicinterest in GGP.The multi-family and industrial segment currently owns interests in multi-family and industrial propertiesthrough <strong>Brookfield</strong>’s private funds.The opportunistic investments segment includes interests in <strong>Brookfield</strong>-sponsored real estate finance andopportunity funds.F-38

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!