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

The key valuation metrics for operating properties, including properties accounted for under the equity method,are set out in the following tables:(US$ Millions)Valuation MethodDiscountRateMar. 31, 2012 Dec. 31, 2011Terminal InvestmentTerminalCapitalization Horizon Discount CapitalizationRate (yrs) Rate RateInvestmentHorizon(yrs)OfficeUnited States Discounted Cash Flow 7.5% 6.3% 12 7.5% 6.3% 12Canada Discounted Cash Flow 6.7% 5.9% 11 6.7% 6.2% 11Australia Discounted Cash Flow 9.1% 7.4% 10 9.1% 7.5% 10Europe Direct Capitalization 6.1% (1) n/a n/a 6.1% (1) n/a n/aRetailUnited States Direct Capitalization 5.8% (1) n/a n/a 6.0% (1) n/a n/aAustralia Discounted Cash Flow 9.7% 8.7% 10 9.8% 8.9% 10Brazil Discounted Cash Flow 9.5% 7.3% 10 9.6% 7.3% 10Multi-Family and IndustrialUnited States Discounted Cash Flow 8.5% 8.5% 8 8.6% 8.3% 10Canada Discounted Cash Flow 8.7% 7.4% 10 8.7% 7.7% 10Opportunistic InvestmentsUnited States Discounted Cash Flow 8.6% 7.4% 10 8.2% 8.1% 10(1) The valuation method used is the direct capitalization method. The amounts presented as the discount rate related to the implied overallcapitalization rate. The terminal capitalization rate and investment horizon are not applicable.During the three months ended March 31, 2012, the Business capitalized a total of $68 million (2011 - $341million) of costs related to property developments. Included in this amount is $48 million (2011 - $251 million)of construction and related costs and $20 million (2011 - $90 million) of borrowing costs capitalized. Theweighted average interest rate used for the capitalization of borrowing costs to development properties is 6.1%(2011 - 7.1%).NOTE 4: EQUITY ACCOUNTED INVESTMENTSSummarized financial information in respect of the company’s equity accounted investments is provided below:(US$ Millions) Mar. 31, 2012 Dec. 31, 2011Non-current assets $ 45,060 $ 43,861Current assets 1,875 1,595Total assets 46,935 45,456Non-current liabilities 23,057 23,893Current liabilities 316 271Total liabilities 23,373 24,164Net assets 23,562 21,292Company’s share of net assets $ 7,466 $ 6,888(US$ Millions) Three months ended Mar. 31, 2012 2011Revenue $ 1,018 $ 1,328Expenses 839 913Income before fair value gains 179 415Fair value gains 1,334 208Net income 1,513 623Company’s share of net earnings $ 442 $ 195In the three-month period ended March 31, 2012, one of company’s equity accounted investments, GeneralGrowth Properties (“GGP”), completed the spin-off of 30 properties into the newly formed Rouse Properties(“Rouse”), the shares of which were distributed to GGP shareholders. The Business initially recognized theRouse shares received in the spin-off transaction at the carrying amount of its ownership interest in the net assetsF-51