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

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The CODM measures and evaluates segment performance based on equity attributable to parent company, netoperating income (“NOI”) and funds from operations (“FFO”). NOI and FFO do not have standardized meaningsprescribed by IFRS and therefore may differ from similar metrics used by other companies. The Business definesthese measures as follows:• NOI means revenues from operations of consolidated properties less direct operating costs; and• FFO: means income, including equity accounted income, before realized gains (losses), fair value gains(losses) (including equity accounted fair value gains (losses)), income tax expense (benefits) and lessnon-controlling interests.The following summary presents segmented financial information for the company’s principal geographic areasof business:(US$ Millions) Total assets Total liabilities Equity attributable to parentDec. 31, 2011 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2010OfficeUnited States (1) $ 15,741 $ 10,541 $ 7,710 $ 4,456 $ 7,395 $ 5,678Canada (2) 4,718 4,393 2,247 2,042 2,044 2,081Australia (3) 5,186 4,683 2,681 2,529 2,315 2,028Europe 1,515 1,348 557 565 958 783Developments 1,713 1,404 738 530 560 509Unallocated (4) - - 1,375 1,466 (6,735) (5,787)28,873 22,369 15,308 11,588 6,537 5,292RetailUnited States 4,282 1,192 51 1 3,938 980Australia 407 441 185 194 200 247Brazil 2,430 2,412 1,186 1,432 311 159Europe - 315 - 272 - 437,119 4,360 1,422 1,899 4,449 1,429Multi-Family andIndustrial (5) 1,112 1,148 584 625 157 164OpportunisticInvestments (6) 3,213 2,690 1,509 1,311 738 579$ 40,317 $ 30,567 $ 18,823 $ 15,423 $ 11,881 $ 7,4641. Equity attributable to parent is net of non-controlling interests of $636 million (2010 - $407 million).2. Equity attributable to parent is net of non-controlling interests of $427 million (2010 - $270 million).3. Equity attributable to parent is net of non-controlling interests of $190 million (2010 - $126 million).4. Unallocated liabilities include corporate debt and capital securities. Equity attributable to parent includes non-controlling interests.5. Operations primarily in North America.6. Operations primarily in North America with interests in Europe, Australia, and Brazil.F-39
(US$ Millions) Revenue Net operating income Funds from operations2011 2010 2009 2011 2010 2009 2011 2010 2009OfficeUnited States (1) $ 1,124 $ 768 $ 823 $ 561 $ 418 $ 459 $ 435 $ 427 $ 463Canada (2) 525 540 404 259 243 202 213 227 162Australia 438 320 286 264 214 154 134 91 75Europe (3) 49 61 30 32 31 31 20 27 18Unallocated (4) - - - - - - (490) (405) (395)2,136 1,689 1,543 1,116 906 846 312 367 323RetailUnited States - 6 - - - - 206 (11) -Australia 30 39 40 26 24 22 11 11 18Brazil 167 136 112 111 94 67 (8) (3) 3Europe 1 16 26 1 12 13 (1) (2) (2)198 197 178 138 130 102 208 (5) 19Multi-Family and Industrial (5) 108 54 26 46 22 13 (5) 3 8Opportunistic Investments (5) 378 330 252 207 192 163 61 61 41$ 2,820 $ 2,270 $ 1,999 $ 1,507 $ 1,250 $ 1,124 $ 576 $ 426 $ 3911. 2011 funds from operations includes equity accounted income of $172 million (2010 - $232 million; 2009 - $237 million) and is net ofnon-controlling interests of $53 million (2010 - $34 million; 2009 - $22 million).2. 2011 funds from operations is net of non-controlling interests of $23 million (2010 - $16 million; 2009 - $13 million).3. 2011 funds from operations includes a dividend of $16 million from Canary Wharf (2010 - $26 million; 2009 - nil).4. Funds from operations includes unallocated interest expense, operating costs and non-controlling interest.5. Operations primarily in North America.6. Operations primarily in North America with interests in Europe, Australia, and Brazil.The following table provides a reconciliation of total NOI and FFO to income before income taxes and netincome (loss) attributable to parent company for each of the years ended December 31, 2011, 2010, and 2009:2011 2010 2009Net operating income $ 1,507 $ 1,250 $ 1,124Share of equity accounted funds from operations 492 309 249Investment and other income 177 142 982,176 1,701 1,471Interest expense (977) (790) (635)General and administrative expense (84) (88) (131)Depreciation and amortization (20) (21) (16)Non-controlling interests in funds from operations (519) (376) (298)Funds from operations 576 426 391Fair value gains (losses) 1,112 574 (887)Share of equity accounted fair value gains 1,612 561 (710)Realized gains 365 250 39Non-controlling interests in funds from operations 519 376 298Income (loss) before income taxes 4,184 2,187 (869)Income tax (expense) benefit (439) (78) 135Net income (loss) 3,745 2,109 (734)Non-controlling interests (1,422) (1,083) 257Net income (loss) attributable to parent company $ 2,323 $ 1,026 $ (477)F-40
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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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agreement, a holder of Property Par
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(including, generally, debt owed to
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In addition, pursuant to the Voting
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In addition, the Property GP LP may
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successor general partner will have
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Indemnification; Limitations on Lia
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subject to U.S. federal income taxa
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the Obama administration proposes t
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asis of units owned by you prior to
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consent of the IRS. The Section 754
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Income Exception, we may determine
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generally would constitute debt-fin
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expected income and assets, the BPY
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any particular time (in light of po
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(c)(d)the amount and description of
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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 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
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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
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
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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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FORM 20-F/A Brookfield Property Partners L.P. - Brookfield Asset ...

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