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

NOTE 13: EQUITY IN NET ASSETSEquity in net assets consists of the following:(US$ Millions) Note Mar. 31, 2012 Dec. 31, 2011Equity in net assets attributable to parent company (a) $ 12,575 $ 11,881Non-controlling interests (b) 10,024 9,613$ 22,599 $ 21,494(a) Equity in net assets attributable to parent companyEquity in net assets attributable to parent company consists of the following:(US$ Millions) Mar. 31, 2012 Dec. 31, 2011Equity in net assets $ 11,957 $ 11,375Accumulated other comprehensive income 618 506$ 12,575 $ 11,881(b) Non-controlling interestsNon-controlling interests consist of the following:(US$ Millions) Mar. 31, 2012 Dec. 31, 2011Preferred equity $ 1,193 $ 1,190Other non-controlling interests 8,831 8,423$ 10,024 $ 9,613(c) Other comprehensive incomeOther comprehensive income consists of the following:(US$ Millions) Three months ended Mar. 31 , 2012 2011Foreign currency translationUnrealized foreign currency translation gains in respect of foreign operations $ 187 $ 175Losses on hedges of net investments in foreign operations, net of income taxes of nil (2011 – nil) (26) (55)Reclassification to earnings of net foreign exchange gains - (29)161 91Cash flow hedgesGains (losses) on derivatives designated as cash flow hedges, net of income taxes of $4.3 million (2011 –$6.2 million) 40 (5)Reclassification to earnings of losses on derivatives designated as cash flow hedges, net of income taxes of nil and nil 2 -42 (5)Available-for-sale securitiesUnrealized gains on available-for-sale securities, net of income taxes of nil (2011 – nil) 3 2Other comprehensive income $ 206 $ 88NOTE 14: REVENUE AND PROPERTY NET OPERATING INCOME(a) RevenueThe components of revenue are as follows:(US$ Millions) Three months ended Mar. 31, 2012 2011Revenue from operations $ 723 $ 564Investment and other revenue (1) 52 39$ 775 $ 603(1) Excludes foreign exchange gains and losses associated with translation of the company’s net foreign currency denominated monetaryassets and expenses associated with fee income.F-55