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

3. REAL ESTATEThe Company’s investment in real estate is comprised of:2011 2010Properties:Income producing properties — net $3,941,064 $5,886,028Development properties 57,400 55,715$3,998,464 $5,941,7432011 2010Properties — income producing properties:Land $1,057,213 $1,380,919Buildings and improvements 3,451,721 5,014,5054,508,934 6,395,424Less accumulated depreciation (567,870) (509,396)Income producing properties — net $3,941,064 $5,886,0282011 2010Properties — development propertiesLand $ 47,224 $ 47,224Buildings and improvements 10,176 8,491Properties under development $ 57,400 $ 55,715Ground Lease Obligations — Properties carried at a net book value of approximately $nil and $336,140 atDecember 31, 2011 and 2010, respectively, are situated on land subject to lease agreements expiring in theyears 2069 to 2089. Ground lease expense was recorded on a straight-line basis over the non-cancelablelease period. All ground lease obligations of the Company were related to the BREP Properties and wereassumed by BREP upon exercise of its Call Option.Future Minimum Rents — Future minimum rentals, excluding operating expense recoveries, to bereceived under noncancelable tenant leases in effect at December 31, 2011, for each of the next five years,are as follows:Years EndingDecember 312012 $ 305,1002013 622,0162014 584,2862015 519,5732016 444,484$2,475,459F-84