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

Collateralized Property Loans — Property loans are collateralized by deeds of trust or mortgages onproperties and mature at various dates between May 2014 and February 2021.Principal repayments of debt outstanding at December 31, 2011, for each of the next five years, andthereafter, are due as follows:Years EndingDecember 31CollateralizedPropertyLoansOtherLoansTotal2012 $ 20,733 $ - $ 20,7332013 22,316 - 22,3162014 1,327,045 - 1,327,0452015 94,011 200,000 294,0112016 564,917 - 564,917Thereafter 408,985 - 408,985$2,438,007 $200,000 $2,638,007The fair value of commercial property debt is determined by discounting contractual principal and interestpayments at estimated current market interest rates for the instrument. Current market interest rates aredetermined with reference to current benchmark rates for a similar term and current credit spreads for debtwith similar terms and risk. As of December 31, 2011 and 2010, the book value of commercial property debtexceeds the fair value of these obligations by $50.0 million and $59.4 million, respectively.As of December 31, 2011, the Company believes that it is in compliance with all financial covenants on itsmortgage debt and other loans.10. INCOME AND OTHER CORPORATE TAXESThe Company is a partnership for U.S. tax purposes and therefore is generally not subject to federal andstate income taxes. The following state provision reflects various state minimum taxes, the DCunincorporated business tax, and the prior year state tax true ups. The prior year state tax true ups reflectsthe state liabilities of the predecessor company TRZ Holdings II, LLC.Provision for Income and Other Corporate Taxes — The provision for income and other corporate taxesis as follows:2011 2010 2009Provision computed at combined federal and state statutory rates $ - $ - $ -Franchise, state income, alternative minimum and foreign taxesprovision (1,980) (18,510) (679)Provision from operations - - (203)Provisions on gains and losses - - -Total provisions $(1,980) $(18,510) $(882)As of December 31, 2011, there are no pending state tax audits.F-90