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

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TABLE OF CONTENTS(continued)Page9.F. EXPENSES OF THE ISSUE ........................................ 136ITEM 10. ADDITIONAL INFORMATION ..................................... 13610.A. SHARE CAPITAL ................................................ 13610.B. MEMORANDUM AND ARTICLES OF ASSOCIATION ................. 13610.C. MATERIAL CONTRACTS ......................................... 15910.D. EXCHANGE CONTROLS ......................................... 16010.E. TAXATION ..................................................... 16010.F. DIVIDENDS AND PAYING AGENTS ............................... 18610.G. STATEMENT BY EXPERTS ....................................... 18910.H. DOCUMENTS ON DISPLAY ....................................... 18910.I. SUBSIDIARY INFORMATION ..................................... 189ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK ........................................................... 190ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES . . . 19012.A. DEBT SECURITIES .............................................. 19012.B. WARRANTS AND RIGHTS ........................................ 19012.C. OTHER SECURITIES ............................................. 19012.D. AMERICAN DEPOSITARY SHARES ................................ 190PART II .............................................................................. 191ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES ........ 191ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITYHOLDERS AND USE OF PROCEEDS ............................... 191ITEM 15. CONTROLS AND PROCEDURES ................................... 191ITEM 16. [RESERVED] .................................................... 19116.A. AUDIT COMMITTEE FINANCIAL EXPERTS ........................ 19116.B. CODE OF ETHICS ............................................... 19116.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES ................... 19116.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT16.E.COMMITTEES .................................................. 191PURCHASES OF EQUITY SECURITIES BY THE ISSUER ANDAFFILIATED PURCHASERS ....................................... 19116.F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT ........... 19116.G. CORPORATE GOVERNANCE ..................................... 19116.H MINING SAFETY DISCLOSURE ................................... 191PART III ............................................................................. 192ITEM 17. FINANCIAL STATEMENTS ....................................... 192ITEM 18. FINANCIAL STATEMENTS ....................................... 192ITEM 19. EXHIBITS ...................................................... 192SIGNATURES ........................................................................ 193INDEX TO FINANCIAL STATEMENTS .................................................. F-1UNAUDITED PRO FORMA FINANCIALSTATEMENTS OF BROOKFIELD PROPERTY PARTNERS L.P. .......................PF-1-ii-
INTRODUCTION AND USE OF CERTAIN TERMSWe have prepared this Form 20-F using a number of conventions, which you should consider whenreading the information contained herein. Unless otherwise indicated or the context otherwise requires, in thisForm 20-F:• the disclosure assumes that the spin-off has been completed;• operating and other statistical information with respect to our portfolio is presented as of March 31,2012, as if we owned our portfolio as of such date although we will not acquire the commercialproperty operations of Brookfield Asset Management until shortly before the spin-off;• all operating and other statistical information is presented as if we own 100% of each property inour portfolio, regardless of whether we own all of the interests in each property, but unlessotherwise specified excludes interests in Brookfield-sponsored real estate opportunity and financefunds and our interest in Canary Wharf Group plc, or Canary Wharf;• all financial information is presented in accordance with International Financial ReportingStandards as issued by the International Accounting Standards Board, or IFRS, other than certainnon-IFRS financial measures which are defined under “Use of Non-IFRS Measures”; and• the disclosure on Brookfield Asset Management’s ownership in our business following the spin-offdoes not reflect the nominal amount of our units that Brookfield Asset Management will withholdin connection with the satisfaction of Canadian federal and U.S. “backup” withholding taxrequirements for non-Canadian registered shareholders.In this Form 20-F, unless the context suggests otherwise, references to “we”, “us” and “our” are to ourcompany, the Property Partnership, the Holding Entities and the operating entities, each as defined below, takentogether. Unless the context suggests otherwise, in this Form 20-F references to:• an “affiliate” of any person are to any other person that, directly or indirectly through one or moreintermediaries, controls, is controlled by or is under common control with such person;• “assets under management” are to assets managed by us or by Brookfield on behalf of our thirdparty investors, as well as our own assets, and also include capital commitments that have not yetbeen drawn. Our calculation of assets under management may differ from that employed by otherasset managers and, as a result, this measure may not be comparable to similar measures presentedby other asset managers;• “Australia” are to Australia and New Zealand;• the “BPY General Partner” are to the general partner of our company, which prior to the spin-offwill be 1648285 Alberta ULC, a wholly-owned subsidiary of Brookfield Asset Management, andfollowing completion of the spin-off will be Brookfield Property Partners Limited, a wholly-ownedsubsidiary of Brookfield Asset Management;• “Brookfield” are to Brookfield Asset Management and any subsidiary of Brookfield AssetManagement, other than us;• “Brookfield Asset Management” are to Brookfield Asset Management Inc.;• “our business” are to our business of owning, operating and investing in commercial property, bothdirectly and through our operating entities;• “our company” or “our partnership” are to Brookfield Property Partners L.P., a Bermuda exemptedlimited partnership;• “commercial property” or “commercial properties” are to commercial and other real property whichgenerates or has the potential to generate income, including office, retail, multi-family andindustrial assets, but does not include, among other things, residential land development, homebuilding, construction, real estate advisory and other similar operations or services;1
Page 1 and 2: UNITED STATESSECURITIES AND EXCHANG
Page 3: TABLE OF CONTENTSINTRODUCTION AND U
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
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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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(b) Adoption of Accounting Standard
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distributed by GGP. The Business su
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NOTE 10: OTHER NON-CURRENT LIABILIT
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(b) Property net operating incomePr
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NOTE 19: RELATED PARTIESIn the norm
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The following summary presents fina
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Report of Independent Registered Ch
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BROOKFIELD PROPERTY PARTNERS L.P.NO
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Report of Independent Registered Ch
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BROOKFIELD PROPERTY PARTNERS LIMITE
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TRZ HOLDINGS LLC AND SUBSIDIARIESCo
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Independent Auditor’s ReportTo th
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TRZ HOLDINGS LLC AND SUBSIDIARIESCO
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TRZ HOLDINGS LLC AND SUBSIDIARIESCO
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TRZ HOLDINGS LLC AND SUBSIDIARIESNO
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the associated lease and any contra
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Accounting for Uncertain Tax Positi
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3. REAL ESTATEThe Company’s inves
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Statement of Operations Information
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Future amortization of these intang
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Collateralized Property Loans — P
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Subsequent to April 9, 2009, in con
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INDEX TO UNAUDITED PRO FORMA FINANC
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BROOKFIELD PROPERTY PARTNERS L.P.Un
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BROOKFIELD PROPERTY PARTNERS L.P.Un
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The company and Brookfield intend f
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The unaudited pro forma balance she
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(g) Exclusion of Brookfield’s 2%
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REF58435NAME OF PARTNERSHIP:CERTIFI
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DECLARATIONMade pursuant to The Exe
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REF58435BERMUDALimited Partnership
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Registration No. 46137BERMUDACERTIF
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Dated the 8thday of March 2012.THE
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THIS LIMITED PARTNERSHIP AGREEMENT
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11. TERM: DISSOLUTION: CONTINUATION
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15.2 any certificates or other inst
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Exhibit 4.1MASTER PURCHASE AGREEMEN
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2. Covenants to Complete the Reorga
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4.5 Brookfield and BPY will also, d
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IN WITNESS WHEREOF the parties here
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The Australian Operations are compr
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TABLE OF CONTENTSARTICLE 1INTERPRET
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MASTER SERVICES AGREEMENTTHIS AGREE
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1.1.15 “Equity Enhancement Distri
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1.1.35 “Permit” means any conse
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1.3.5 any reference to this Agreeme
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2.3 Other ManagersThe Managers may,
Page 341 and 342:
3.2.2 For greater certainty and not
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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
Page 427 and 428:
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