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

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BROOKFIELD PROPERTY PARTNERS L.P.Unaudited Pro forma Balance SheetAs at March 31, 2012(US$ Millions)BrookfieldPropertyPartnersL.P. (1)BrookfieldCarve-outAustralianInvestments4 (a)CapitalSecurities4 (b)PreferredShares4 (c)Pro Forma AdjustmentsPartnershipUnits4 (d)Tax Impact ofReorganization4 (e)HHC4 (g)Pro FormaTotal Pro BrookfieldForma PropertyAdjustments Partners L.P.AssetsNon-current assetsInvestment properties $ - $ 28,138 $ (924) $ - $ - $ - $ - $ - $ (924) $ 27,214Equity accounted investments - 7,466 (553) - - - - - (553) 6,913Participating loan notes - - 854 - - - - - 854 854Other non-current assets - 2,331 - - - - - (102) (102) 2,229Loans and notes receivable - 1,096 - - - - - - - 1,096- 39,031 (623) - - - - (102) (725) 38,306Current assetsLoans and notes receivable - 548 - - - - - - - 548Accounts receivable and other - 773 (18) - - - - - (18) 755Cash and cash equivalents - 697 (9) - - - - - (9) 688- 2,018 (27) - - - - - (27) 1,991Total assets $ - $ 41,049 $ (650) $ - $ - $ - $ - $ (102) $ (752) $ 40,297Liabilities and equity in netassetsNon-current liabilitiesProperty debt $ - $ 14,006 $ (639) $ - $ - $ - $ - $ - $ (639) $ 13,367Capital securities - 862 - 750 - - - - 750 1,612Other non-current liabilities - 288 - - - - - - - 288Deferred tax liability - 805 (23) - - - 150 - 127 932- 15,961 (662) 750 - - 150 - 238 16,199Current liabilitiesProperty debt - 1,260 - - - - - - - 1,260Accounts payable and otherliabilities - 1,229 (28) - - - - - (28) 1,201- 2,489 (28) - - - - - (28) 2,461Equity in net assetsEquity in net assets attributable toparent - 12,575 - - - (12,575) - - (12,575) -Partnership equity - - 40 (750) (15) 12,575 (150) (85) 11,615 11,615Non-controlling interests - 10,024 - - 15 - - (17) (2) 10,022Total equity in net assets - 22,599 40 (750) - - (150) (102) (962) 21,637Total liabilities and equity innet assets $ - $ 41,049 $ (650) $ - $ - $ - $ - $ (102) $ (752) $ 40,297(1) Includes Brookfield Property Partners L.P. balance sheet as at May 31, 2012 which includes partnership equity of $0.001 million which is notpresented due to rounding.See accompanying notes to the unaudited pro forma financial statementsPF-4
BROOKFIELD PROPERTY PARTNERS L.P.Unaudited Pro forma Statement of IncomeFor the three months endedMarch 31, 2012BrookfieldPropertyPartnersL.P.Pro Forma AdjustmentsPro FormaBrookfieldPropertyPartners L.P.Australian Capital Preferred Management Tax Impact ofTotal ProBrookfield Investments Securities Shares Fee Reorganization HHC Forma(US$ Millions)Carve-out 4 (a) 4 (b) 4 (c) 4 (f) 4 (e) 4 (g) AdjustmentsRevenue $ - $ 775 $ (25) $ - $ - $ - $ - $ - $ (25) $ 750Property net operating income 409 (20) - - - - - (20) 389Investment and other income - 39 14 - - - - - 14 53- 448 (6) - - - - - (6) 442Interest expense - 246 (16) 11 - - - - (5) 241General and administrative expense - 21 - - - 13 - - 13 34Depreciation and amortization - 39 - - - - - - - 39Income before fair value gains,realized gains, share of netearnings from equityaccounted investments andincome taxes - 142 10 (11) - (13) - - (14) 128Fair value gains - 287 - - - - - (13) (13) 274Realized gains - 78 - - - - - - - 78Share of net earnings from equityaccounted investments - 442 (10) - - - - - (10) 432Income before income taxes - 949 - (11) - (13) - (13) (37) 912Income tax (expense) benefit - (239) - - - 3 22 - 25 (214)Net income $ - $ 710 $ - $ (11) $ - $ (10) $ 22 $ (13) $ (12) $ 698Net income attributable to:Parent company and partners $ - $ 383 $ - $ (11) $ - $ (10) $ 22 $ (13) $ (12) $ 371Non-controlling interests - 327 - - - - - - - 327$ - $ 710 $ - $ (11) $ - $ (10) $ 22 $ (13) $ (12) $ 698See accompanying notes to the unaudited pro forma financial statementsFor the year ended December 31, 2011BrookfieldPropertyPartnersL.P.Pro Forma AdjustmentsPro FormaBrookfieldPropertyPartners L.P.Australian Capital Preferred Management Tax Impact of Total ProBrookfield Investments Securities Shares Fee Reorganization Forma(US$ Millions)Carve-out 4 (a) 4 (b) 4 (c) 4 (f) 4 (e) AdjustmentsRevenue $ - $ 2,820 $ (143) $ - $ - $ - $ - $ (143) $ 2,677Property net operating income 1,507 (76) - - - - (76) 1,431Investment and other income - 177 43 - - - - 43 220- 1,684 (33) - - - - (33) 1,651Interest expense - 977 (69) 43 - - - (26) 951General and administrative expense - 84 - - - 50 - 50 134Depreciation and amortization - 20 - - - - - - 20Income before fair value gains, realizedgains, share of net earnings fromequity accounted investments andincome taxes - 603 36 (43) - (50) - (57) 546Fair value gains - 1,112 9 - - - - 9 1,121Realized gains - 365 - - - - - - 365Share of net earnings from equity accountedinvestments - 2,104 (45) - - - - (45) 2,059Income before income taxes - 4,184 - (43) - (50) - (93) 4,091Income tax (expense) benefit - (439) - - - 14 (403) (389) (828)Net income $ - $ 3,745 $ - $ (43) $ - $ (36) $ (403) $ (482) $ 3,263Net income attributable to:Parent company and partners $ - $ 2,323 $ - $ (43) $ (1) $ (36) $ (403) $ (483) $ 1,840Non-controlling interests - 1,422 - - 1 - - 1 1,423See accompanying notes to the unaudited pro forma financial statements$ - $ 3,745 $ - $ (43) $ - $ (36) $ (403) $ (482) $ 3,263PF-5
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UNITED STATESSECURITIES AND EXCHANG
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TABLE OF CONTENTSINTRODUCTION AND U
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INTRODUCTION AND USE OF CERTAIN TER
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Historical Performance and Market D
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• the departure of some or all of
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(US$ Millions) Mar. 31, 2012 Dec. 3
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Our company is not, and does not in
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Additionally, as part of our strate
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Our inability to enter into renewal
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The computation of cost reimburseme
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management agreement in limited cir
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• differences in cultures;• cha
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• the same professionals within B
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to the agreement. In addition, beca
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our company. In particular, our uni
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fractional units, without reduction
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federal income tax purposes, direct
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Under legislation recently enacted
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the Property Partnership, income fo
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“taxable Canadian property”. Un
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THE SPIN-OFFBackground to and Purpo
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Transaction AgreementsOur company a
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• recognize that superior returns
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• Trizec Western Canada - 3.5 mil
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As at the dates set out below, we h
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Office Property Portfolio (1) Asset
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Our strategy is to sign long-term l
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Our portfolio also includes, as at
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The following table presents the le
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properties that we believe have sig
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domestic economy and overall low un
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Environmental ProtectionWe are comm
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consideration for causing the Prope
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Operating EntitiesOur business is o
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Multi-Family and Industrial Platfor
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NOI is used as a key indicator of p
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Opportunistic Investmentsopportunit
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First Quarter Performance Highlight
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development sites, we will proceed
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The decrease in equity accounted in
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RetailIFRS Value - RetailThe follow
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The key valuation metrics of our re
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FFO for the three months ended Marc
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Financial Highlights and Performanc
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Equity accounted investments as at
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Operating results - OfficeThe follo
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The results of operations are prima
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etter than expected leasing market
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interests, of $681 million. Discoun
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NOI increased over the periods due
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The key valuation metrics of these
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increase in interest rates on inter
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more stringent environmental laws a
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Other DerivativesThe following othe
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TRZ Holdings; in the event the JV P
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available- for-sale. Estimation of
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The components of NOI for the three
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The following table presents a reco
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• fund those capital expenditures
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Given the small amount of new offic
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The following table presents certai
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nominating and governance committee
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investments and activities or in re
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7.B. RELATED PARTY TRANSACTIONSRELA
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Other ServicesBrookfield may provid
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Partnership. See Item 10.B. “Addi
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connection with a particular transa
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• recommending to the Holding Ent
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• any of the Managers is grossly
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2002 to directors, executives or se
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Nature and PurposeUnder our limited
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Bermuda Limited Partnership Act 188
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In addition, the BPY General Partne
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Withdrawal of the BPY General Partn
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entity or any other holding entity
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• ratified and confirmed all cont
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agreement, a holder of Property Par
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(including, generally, debt owed to
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In addition, pursuant to the Voting
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In addition, the Property GP LP may
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successor general partner will have
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Indemnification; Limitations on Lia
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subject to U.S. federal income taxa
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the Obama administration proposes t
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asis of units owned by you prior to
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consent of the IRS. The Section 754
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Income Exception, we may determine
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generally would constitute debt-fin
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expected income and assets, the BPY
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any particular time (in light of po
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(c)(d)the amount and description of
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Taxation of Canadian Resident Limit
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Canadian Limited Partner and will b
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CFA in respect of which the FAPI wa
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(under Tax Proposals released on Au
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our actual results of operations an
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10.G. STATEMENT BY EXPERTSThe follo
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PART IIITEM 13.DEFAULTS, DIVIDEND A
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SIGNATURESThe registrant hereby cer
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COMMERCIAL PROPERTY OPERATIONS OF B
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Commercial Property Operations of B
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The financial statements are prepar
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liabilities are provided for using
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In a net investment hedging relatio
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provided in connection with a lease
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over from IAS 39 the requirements f
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Values are most sensitive to change
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NOTE 7: EQUITY ACCOUNTED INVESTMENT
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Included in other non-current asset
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NOTE 13: CAPITAL SECURITIESCapital
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The major components of income tax
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(b) Property net operating incomeNe
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NOTE 22: CAPITAL MANAGEMENT AND LIQ
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Other derivativesThe following othe
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The following table outlines financ
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NOTE 24: RELATED PARTIESIn the norm
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(US$ Millions) Revenue Net operatin
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Schedule III -Supplemental Schedule
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Page 243 and 244: Commercial Property Operations of B
Page 245 and 246: Commercial Property Operations of B
Page 247 and 248: (b) Adoption of Accounting Standard
Page 249 and 250: distributed by GGP. The Business su
Page 251 and 252: NOTE 10: OTHER NON-CURRENT LIABILIT
Page 253 and 254: (b) Property net operating incomePr
Page 255 and 256: NOTE 19: RELATED PARTIESIn the norm
Page 257 and 258: The following summary presents fina
Page 259 and 260: Report of Independent Registered Ch
Page 261 and 262: BROOKFIELD PROPERTY PARTNERS L.P.NO
Page 263 and 264: Report of Independent Registered Ch
Page 265 and 266: BROOKFIELD PROPERTY PARTNERS LIMITE
Page 267 and 268: TRZ HOLDINGS LLC AND SUBSIDIARIESCo
Page 269 and 270: Independent Auditor’s ReportTo th
Page 271 and 272: TRZ HOLDINGS LLC AND SUBSIDIARIESCO
Page 273 and 274: TRZ HOLDINGS LLC AND SUBSIDIARIESCO
Page 275 and 276: TRZ HOLDINGS LLC AND SUBSIDIARIESNO
Page 277 and 278: the associated lease and any contra
Page 279 and 280: Accounting for Uncertain Tax Positi
Page 281 and 282: 3. REAL ESTATEThe Company’s inves
Page 283 and 284: Statement of Operations Information
Page 285 and 286: Future amortization of these intang
Page 287 and 288: Collateralized Property Loans — P
Page 289 and 290: Subsequent to April 9, 2009, in con
Page 291 and 292: INDEX TO UNAUDITED PRO FORMA FINANC
Page 293: BROOKFIELD PROPERTY PARTNERS L.P.Un
Page 297 and 298: The company and Brookfield intend f
Page 299 and 300: The unaudited pro forma balance she
Page 301 and 302: (g) Exclusion of Brookfield’s 2%
Page 303 and 304: REF58435NAME OF PARTNERSHIP:CERTIFI
Page 305 and 306: DECLARATIONMade pursuant to The Exe
Page 307 and 308: REF58435BERMUDALimited Partnership
Page 309 and 310: Registration No. 46137BERMUDACERTIF
Page 311 and 312: Dated the 8thday of March 2012.THE
Page 313 and 314: THIS LIMITED PARTNERSHIP AGREEMENT
Page 315 and 316: 11. TERM: DISSOLUTION: CONTINUATION
Page 317 and 318: 15.2 any certificates or other inst
Page 319 and 320: Exhibit 4.1MASTER PURCHASE AGREEMEN
Page 321 and 322: 2. Covenants to Complete the Reorga
Page 323 and 324: 4.5 Brookfield and BPY will also, d
Page 325 and 326: IN WITNESS WHEREOF the parties here
Page 327 and 328: The Australian Operations are compr
Page 329 and 330: TABLE OF CONTENTSARTICLE 1INTERPRET
Page 331 and 332: MASTER SERVICES AGREEMENTTHIS AGREE
Page 333 and 334: 1.1.15 “Equity Enhancement Distri
Page 335 and 336: 1.1.35 “Permit” means any conse
Page 337 and 338: 1.3.5 any reference to this Agreeme
Page 339 and 340: 2.3 Other ManagersThe Managers may,
Page 341 and 342: 3.2.2 For greater certainty and not
Page 343 and 344: ARTICLE 6INFORMATION AND RECORDS6.1
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Recipients elect to pay all or a po
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ARTICLE 8BROOKFIELD’S OBLIGATIONB
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and against any claims, liabilities
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11.2.1.2 any of the Managers engage
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11.6 Release of Money or other Prop
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12.4.2 if to the Property Partnersh
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IN WITNESS WHEREOF the parties have
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BROOKFIELD DEVELOPMENTS EUROPELTD.B
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BROOKFIELD BPY PROPERTY HOLDINGS II
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6. Governing Law. This Joinder will
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Exhibit 4.4BROOKFIELD ASSET MANAGEM
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BETWEEN:RECITALS:RELATIONSHIP AGREE
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over a majority of the voting inter
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1.3.4 except as otherwise provided
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partners or financial sponsors and
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2.7 ReportingSubject to confidentia
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3.3.4 the execution and delivery of
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ARTICLE 6GENERAL PROVISIONS6.1 Limi
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6.7 Other Holding EntitiesThe parti
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Schedule AIN WITNESS WHEREOF the Ma
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Schedule BIN WITNESS WHEREOF the Ho
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Exhibit 4.5BROOKFIELD ASSET MANAGEM
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THIS AGREEMENT made as of the day
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1.1.17 “FINRA” means Financial
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1.1.39 “U.S. Exchange Act” mean
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Agreement will not operate as a wai
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2.1.5 Priority on Demand Registrati
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(b)follows: (i) first, the securiti
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2.5 Registration ProceduresWhenever
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(g)(h)(i)(j)(k)as practicable there
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(o)(p)(q)(r)(s)(t)(u)cause the Regi
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contained in any Registration State
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fault of the indemnifying party and
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have been delivered by BPY and subs
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TABLE OF CONTENTSARTICLE 1INTERPRET
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ARTICLE 1INTERPRETATION1.1 Definiti
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1.3.6 in the event that any day on
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2.1.3.3 any plan or proposal for a
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3.2.4 the execution and delivery of
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5.5 NoticesAny notice or other comm
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