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

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