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

distributed by GGP. The Business subsequently acquired an additional 16.2% interest for $160 million throughits participation in a common equity rights offering by Rouse. Following the spin-off and participation in therights offering, the Business owns an approximately 37% interest in Rouse as at March 31, 2012. The Businessaccounts for its investment in Rouse as an equity accounted investment.The company’s share of net earnings from jointly controlled entities for the three months ended March 31, 2011,includes the following earnings of TRZ Holdings LLC (“TRZ Holdings”) which was a jointly controlled entityprior to the company’s acquisition of control in the third quarter of 2011:(US$ Millions) Three months ended Mar. 31, 2011Revenue $ 204Expenses (146)Earnings before fair value gains 58Fair value gains 120Net earnings $ 178Company’s share of net earnings $ 92NOTE 5: OTHER NON-CURRENT ASSETSThe components of other non-current assets are as follows:(US$ Millions) Mar. 31, 2012 Dec. 31, 2011Securities designated as fair value through profit or loss (“FVTPL”) $ 886 $ 856Derivative assets 252 210Securities designated as available-for-sale (“AFS”) 212 194Goodwill 155 150Other non-current assets 826 1,122$ 2,331 $ 2,532NOTE 6: LOANS AND NOTES RECEIVABLELoans and notes receivable reside primarily in the company’s real estate finance funds and are generally securedby commercial and other income producing real property.(US$ Millions) Interest Rate Maturity Date Mar. 31, 2012 Dec. 31, 2011Variable rate LIBOR plus 1.00% to 14.00% 2011 to 2014 $ 970 $ 1,009Fixed rate (1) 0.82% to 8.50% 2014 to 2020 639 715Other Non-Interest Bearing On Demand 35 34$ 1,644 $ 1,758Current 2011 to 2012 $ 548 $ 773Non-current (1) 2013 to 2020 1,096 985$ 1,644 $ 1,758(1) See Note 19 for related party disclosures.NOTE 7: ACCOUNTS RECEIVABLE AND OTHERThe components of accounts receivable and other are as follows:(US$ Millions) Mar. 31, 2012 Dec. 31, 2011Accounts receivable (1) $ 165 $ 255Loans receivable designated as FVTPL (1) 143 138Restricted cash 244 185Other current assets 221 218$ 773 $ 796(1) See Note 19 for related party disclosures.F-52