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

More documents

Recommendations

Info

Copy to:Mile T. KurtaTorys LLP1114 Avenue of the Americas, 23rd FloorNew York, New York 10036-7703(212) 880-6000Securities registered or to be registered pursuant to Section 12(b) of the Act.Title of each classLimited Partnership UnitsName of each exchange on which registeredNew York Stock ExchangeSecurities registered or to be registered pursuant to Section 12(g) of the Act.NoneSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act.NoneIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the periodcovered by the annual report.N/AIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes ‘No ÈIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant toSection 13 or 15(d) of the Securities Exchange Act of 1934.Yes ‘ No ‘Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes ‘No ÈIndicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, everyInteractive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes ‘ No ‘Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. Seedefinition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):Large accelerated filer ‘ Accelerated filer ‘ Non-accelerated filer ÈIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in thisfiling:U.S. GAAP ‘International Financial Reporting Standards asissued by the International Accounting Standards BoardÈ Other ‘If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item theregistrant has elected to follow.Item 17 ‘ Item 18 ‘If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of theExchange Act).Yes ‘ No ‘
TABLE OF CONTENTSINTRODUCTION AND USE OF CERTAIN TERMS ......................................... 1SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS ......................... 4PART I .............................................................................. 6ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT ANDADVISERS .................................................... 61.A. DIRECTORS AND SENIOR MANAGEMENT ......................... 61.B. ADVISERS ...................................................... 61.C. AUDITORS ..................................................... 6ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE .................. 6ITEM 3. KEY INFORMATION ............................................. 63.A. SELECTED FINANCIAL DATA .................................... 63.B. CAPITALIZATION AND INDEBTEDNESS ........................... 73.C. REASONS FOR THE OFFER AND USE OF PROCEEDS ................ 73.D. RISK FACTORS ................................................. 7ITEM 4. INFORMATION ON THE COMPANY ............................... 364.A. HISTORY AND DEVELOPMENT OF THE COMPANY ................. 364.B. BUSINESS OVERVIEW ........................................... 394.C. ORGANIZATIONAL STRUCTURE ................................. 604.D. PROPERTY, PLANTS AND EQUIPMENT ............................ 65ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS ........... 655.A. OPERATING RESULTS ........................................... 655.B. LIQUIDITY AND CAPITAL RESOURCES ........................... 1125.C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. . . . 1145.D. TREND INFORMATION .......................................... 1145.E. OFF-BALANCE SHEET ARRANGEMENTS .......................... 1155.F. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS ......... 115ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES ............ 1156.A. DIRECTORS AND SENIOR MANAGEMENT ......................... 1156.B. COMPENSATION ................................................ 1176.C. BOARD PRACTICES ............................................. 1176.D. EMPLOYEES .................................................... 1216.E. SHARE OWNERSHIP ............................................. 121ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS . . . 1227.A. MAJOR SHAREHOLDERS ........................................ 1227.B. RELATED PARTY TRANSACTIONS ................................ 1237.C. INTERESTS OF EXPERTS AND COUNSEL .......................... 135ITEM 8. FINANCIAL INFORMATION ...................................... 1358.A. CONSOLIDATED STATEMENTS AND OTHER FINANCIALINFORMATION ............................................... 1358.B. SIGNIFICANT CHANGES ......................................... 135ITEM 9. THE OFFER AND LISTING ........................................ 1359.A. OFFER AND LISTING DETAILS ................................... 1359.B. PLAN OF DISTRIBUTION ......................................... 1359.C. MARKETS ...................................................... 1359.D. SELLING SHAREHOLDERS ....................................... 1359.E. DILUTION ...................................................... 135-i-Page
Page 1: UNITED STATESSECURITIES AND EXCHANG
Page 5 and 6: INTRODUCTION AND USE OF CERTAIN TER
Page 7 and 8: Historical Performance and Market D
Page 9 and 10: • the departure of some or all of
Page 11 and 12: (US$ Millions) Mar. 31, 2012 Dec. 3
Page 13 and 14: Our company is not, and does not in
Page 15 and 16: Additionally, as part of our strate
Page 17 and 18: Our inability to enter into renewal
Page 19 and 20: The computation of cost reimburseme
Page 21 and 22: management agreement in limited cir
Page 23 and 24: • differences in cultures;• cha
Page 25 and 26: • the same professionals within B
Page 27 and 28: to the agreement. In addition, beca
Page 29 and 30: our company. In particular, our uni
Page 31 and 32: fractional units, without reduction
Page 33 and 34: federal income tax purposes, direct
Page 35 and 36: Under legislation recently enacted
Page 37 and 38: the Property Partnership, income fo
Page 39 and 40: “taxable Canadian property”. Un
Page 41 and 42: THE SPIN-OFFBackground to and Purpo
Page 43 and 44: Transaction AgreementsOur company a
Page 45 and 46: • recognize that superior returns
Page 47 and 48: • Trizec Western Canada - 3.5 mil
Page 49 and 50: As at the dates set out below, we h
Page 51 and 52: Office Property Portfolio (1) Asset
Page 53 and 54:
Our strategy is to sign long-term l
Page 55 and 56:
Our portfolio also includes, as at
Page 57 and 58:
The following table presents the le
Page 59 and 60:
properties that we believe have sig
Page 61 and 62:
domestic economy and overall low un
Page 63 and 64:
Environmental ProtectionWe are comm
Page 65 and 66:
consideration for causing the Prope
Page 67 and 68:
Operating EntitiesOur business is o
Page 69 and 70:
Multi-Family and Industrial Platfor
Page 71 and 72:
NOI is used as a key indicator of p
Page 73 and 74:
Opportunistic Investmentsopportunit
Page 75 and 76:
First Quarter Performance Highlight
Page 77 and 78:
development sites, we will proceed
Page 79 and 80:
The decrease in equity accounted in
Page 81 and 82:
RetailIFRS Value - RetailThe follow
Page 83 and 84:
The key valuation metrics of our re
Page 85 and 86:
FFO for the three months ended Marc
Page 87 and 88:
Financial Highlights and Performanc
Page 89 and 90:
Equity accounted investments as at
Page 91 and 92:
Operating results - OfficeThe follo
Page 93 and 94:
The results of operations are prima
Page 95 and 96:
etter than expected leasing market
Page 97 and 98:
interests, of $681 million. Discoun
Page 99 and 100:
NOI increased over the periods due
Page 101 and 102:
The key valuation metrics of these
Page 103 and 104:
increase in interest rates on inter
Page 105 and 106:
more stringent environmental laws a
Page 107 and 108:
Other DerivativesThe following othe
Page 109 and 110:
TRZ Holdings; in the event the JV P
Page 111 and 112:
available- for-sale. Estimation of
Page 113 and 114:
The components of NOI for the three
Page 115 and 116:
The following table presents a reco
Page 117 and 118:
• fund those capital expenditures
Page 119 and 120:
Given the small amount of new offic
Page 121 and 122:
The following table presents certai
Page 123 and 124:
nominating and governance committee
Page 125 and 126:
investments and activities or in re
Page 127 and 128:
7.B. RELATED PARTY TRANSACTIONSRELA
Page 129 and 130:
Other ServicesBrookfield may provid
Page 131 and 132:
Partnership. See Item 10.B. “Addi
Page 133 and 134:
connection with a particular transa
Page 135 and 136:
• recommending to the Holding Ent
Page 137 and 138:
• any of the Managers is grossly
Page 139 and 140:
2002 to directors, executives or se
Page 141 and 142:
Nature and PurposeUnder our limited
Page 143 and 144:
Bermuda Limited Partnership Act 188
Page 145 and 146:
In addition, the BPY General Partne
Page 147 and 148:
Withdrawal of the BPY General Partn
Page 149 and 150:
entity or any other holding entity
Page 151 and 152:
• ratified and confirmed all cont
Page 153 and 154:
agreement, a holder of Property Par
Page 155 and 156:
(including, generally, debt owed to
Page 157 and 158:
In addition, pursuant to the Voting
Page 159 and 160:
In addition, the Property GP LP may
Page 161 and 162:
successor general partner will have
Page 163 and 164:
Indemnification; Limitations on Lia
Page 165 and 166:
subject to U.S. federal income taxa
Page 167 and 168:
the Obama administration proposes t
Page 169 and 170:
asis of units owned by you prior to
Page 171 and 172:
consent of the IRS. The Section 754
Page 173 and 174:
Income Exception, we may determine
Page 175 and 176:
generally would constitute debt-fin
Page 177 and 178:
expected income and assets, the BPY
Page 179 and 180:
any particular time (in light of po
Page 181 and 182:
(c)(d)the amount and description of
Page 183 and 184:
Taxation of Canadian Resident Limit
Page 185 and 186:
Canadian Limited Partner and will b
Page 187 and 188:
CFA in respect of which the FAPI wa
Page 189 and 190:
(under Tax Proposals released on Au
Page 191 and 192:
our actual results of operations an
Page 193 and 194:
10.G. STATEMENT BY EXPERTSThe follo
Page 195 and 196:
PART IIITEM 13.DEFAULTS, DIVIDEND A
Page 197 and 198:
SIGNATURESThe registrant hereby cer
Page 199 and 200:
COMMERCIAL PROPERTY OPERATIONS OF B
Page 201 and 202:
Commercial Property Operations of B
Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
The financial statements are prepar
Page 209 and 210:
liabilities are provided for using
Page 211 and 212:
In a net investment hedging relatio
Page 213 and 214:
provided in connection with a lease
Page 215 and 216:
over from IAS 39 the requirements f
Page 217 and 218:
Values are most sensitive to change
Page 219 and 220:
NOTE 7: EQUITY ACCOUNTED INVESTMENT
Page 221 and 222:
Included in other non-current asset
Page 223 and 224:
NOTE 13: CAPITAL SECURITIESCapital
Page 225 and 226:
The major components of income tax
Page 227 and 228:
(b) Property net operating incomeNe
Page 229 and 230:
NOTE 22: CAPITAL MANAGEMENT AND LIQ
Page 231 and 232:
Other derivativesThe following othe
Page 233 and 234:
The following table outlines financ
Page 235 and 236:
NOTE 24: RELATED PARTIESIn the norm
Page 237 and 238:
(US$ Millions) Revenue Net operatin
Page 239 and 240:
Schedule III -Supplemental Schedule
Page 241 and 242:
Page 243 and 244:
Page 245 and 246:
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 and 294:
BROOKFIELD PROPERTY PARTNERS L.P.Un
Page 295 and 296:
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
Page 345 and 346:
Recipients elect to pay all or a po
Page 347 and 348:
ARTICLE 8BROOKFIELD’S OBLIGATIONB
Page 349 and 350:
and against any claims, liabilities
Page 351 and 352:
11.2.1.2 any of the Managers engage
Page 353 and 354:
11.6 Release of Money or other Prop
Page 355 and 356:
12.4.2 if to the Property Partnersh
Page 357 and 358:
IN WITNESS WHEREOF the parties have
Page 359 and 360:
BROOKFIELD DEVELOPMENTS EUROPELTD.B
Page 361 and 362:
BROOKFIELD BPY PROPERTY HOLDINGS II
Page 363 and 364:
6. Governing Law. This Joinder will
Page 365 and 366:
Exhibit 4.4BROOKFIELD ASSET MANAGEM
Page 367 and 368:
BETWEEN:RECITALS:RELATIONSHIP AGREE
Page 369 and 370:
over a majority of the voting inter
Page 371 and 372:
1.3.4 except as otherwise provided
Page 373 and 374:
partners or financial sponsors and
Page 375 and 376:
2.7 ReportingSubject to confidentia
Page 377 and 378:
3.3.4 the execution and delivery of
Page 379 and 380:
ARTICLE 6GENERAL PROVISIONS6.1 Limi
Page 381 and 382:
6.7 Other Holding EntitiesThe parti
Page 383 and 384:
Schedule AIN WITNESS WHEREOF the Ma
Page 385 and 386:
Schedule BIN WITNESS WHEREOF the Ho
Page 387 and 388:
Exhibit 4.5BROOKFIELD ASSET MANAGEM
Page 389 and 390:
THIS AGREEMENT made as of the day
Page 391 and 392:
1.1.17 “FINRA” means Financial
Page 393 and 394:
1.1.39 “U.S. Exchange Act” mean
Page 395 and 396:
Agreement will not operate as a wai
Page 397 and 398:
2.1.5 Priority on Demand Registrati
Page 399 and 400:
(b)follows: (i) first, the securiti
Page 401 and 402:
2.5 Registration ProceduresWhenever
Page 403 and 404:
(g)(h)(i)(j)(k)as practicable there
Page 405 and 406:
(o)(p)(q)(r)(s)(t)(u)cause the Regi
Page 407 and 408:
contained in any Registration State
Page 409 and 410:
fault of the indemnifying party and
Page 411 and 412:
have been delivered by BPY and subs
Page 413 and 414:
Page 415 and 416:
TABLE OF CONTENTSARTICLE 1INTERPRET
Page 417 and 418:
ARTICLE 1INTERPRETATION1.1 Definiti
Page 419 and 420:
1.3.6 in the event that any day on
Page 421 and 422:
2.1.3.3 any plan or proposal for a
Page 423 and 424:
3.2.4 the execution and delivery of
Page 425 and 426:
5.5 NoticesAny notice or other comm
Page 427 and 428:
show all

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

Create successful ePaper yourself

Delete template?

Save as template?