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

• Trizec Western Canada – 3.5 million square feet: In 2000, Brookfield acquired a portfolio ofCalgary properties, including the Bankers Hall complex.• United Kingdom – 8.8 million square feet: In 2003, Brookfield acquired a 9% interest in CanaryWharf, marking its entry into the United Kingdom real estate market. Canary Wharf owned andoperated 8.8 million square feet of office and retail properties at that time and had 1 million squarefeet of office space under construction. Brookfield’s interest in Canary Wharf was increased toapproximately 22% in 2010. In 2005, Brookfield also purchased an 80% interest in a 555,000square foot office property at 20 Canada Square, Canary Wharf, London. Brookfield now owns100% of this property. In addition, in 2010, Brookfield acquired a 50% stake in 100 Bishopsgate, adevelopment site in the City of London.• O&Y Properties/O&Y REIT – 11.6 million square feet: In 2005, Brookfield acquired 100% ofO&Y with other partners and continues to own a direct 25% interest in a portfolio of high-qualityoffice properties owned by O&Y Properties and O&Y REIT in Toronto, Ottawa, Calgary andEdmonton with a consortium of investors.• Trizec Properties/Trizec Canada – 26 million square feet: In 2006, Brookfield acquired Trizec’sportfolio of 58 office properties in New York, Washington, D.C., Los Angeles and Houston in ajoint venture with a partner.• Brazil – 2.5 million square feet: In 2007, Brookfield’s retail property fund in Brazil entered into anagreement to acquire five high-quality shopping centers in São Paulo and Rio de Janeiro. Thisacquisition expanded Brookfield’s portfolio to approximately 2.5 million square feet of retailcenters in south-central Brazil.• Australia Portfolio – 6.2 million square feet: In 2007, Brookfield acquired Multiplex Limited andMultiplex Property Trust, or Multiplex, an Australian commercial property owner and developer.Multiplex’s assets included approximately $3.6 billion of core office and retail properties withinnine funds and a $3 billion high-quality office portfolio.• General Growth Properties, Inc. – 160 million square feet: In 2010, Brookfield led therecapitalization of GGP, the second largest mall owner in the United States with 166 malls as atDecember 31, 2011. In 2011, Brookfield acquired an additional 113.3 million common shares ofGGP, giving Brookfield and its consortium partners an approximate 38% equity interest in GGP(Brookfield’s interest is approximately 21%). In January 2012, GGP spun-off Rouse Properties,Inc., or Rouse, which at the time of the spin-off held a portfolio of 30 malls.Since 1989, Brookfield has invested approximately $17.3 billion of equity in commercial property,generating an estimated compound annual return, or IRR, of approximately 15.4% through December 31, 2011.The return represents the composite levered investment return from all of the opportunistic and core entities andinvestments that will be acquired by our company from Brookfield in connection with the spin-off, frominception through December 31, 2011. The IRR reflects the gross internal rate of return before any managementfees but after all property level service fees such as lease fees, development and construction fees and propertymanagement fees. The IRR was determined using the value of Brookfield’s investments in commercial propertyas at December 31, 2011 (which includes valuations of unrealized investments that are based on assumptionsmanagement believes are reasonable as discussed below) compared to the aggregate equity investments made insuch commercial property, and includes all net proceeds generated by these investments.In calculating the IRR, valuations of unrealized investments include assumptions that managementbelieves are fair and reasonable reflecting the fair value exit price that would be received to sell an asset or paidto transfer a liability in an orderly transaction between non-arm’s length market participants at the measurementdate. The December 31, 2011 valuations of unrealized investments reflect the reported fair values under the43