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

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

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

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Our strategy is to sign long-term leases in order to mitigate risk, reduce our overall re-tenanting costs andensure stable and sustainable cash flows. We typically commence discussions with tenants regarding their spacerequirements well in advance of the contractual expiration.The following table presents the lease expiry profile of our office properties with the associated expiringaverage in-place net rents by region at March 31, <strong>20</strong>12:(000’s sq. ft.)Net RentalAreaCurrentlyAvailable(000’ssq.ft.)Expiring Leases<strong>20</strong>12 <strong>20</strong>13 <strong>20</strong>14 <strong>20</strong>15 <strong>20</strong>16 <strong>20</strong>17NetRent (000’s Netsq.ft.) Rent (000’s Netsq.ft.) Rent (000’s Netsq.ft.) Rent (000’s Netsq.ft.) Rent (000’ssq.ft.)<strong>20</strong>18 &BeyondNetRent (000’ssq.ft.)United States 44,071 3,961 2,324 $18 5,631 $31 3,224 $23 2,717 $22 2,054 $25 2,052 $25 22,108 $33Canada 16,806 534 3<strong>20</strong> 28 1,771 23 391 31 1,626 25 1,752 26 586 30 9,826 31Australia 9,965 259 361 53 659 43 880 54 1,183 61 1,078 65 1,050 51 4,495 72Europe (1) 556 - - - - - 262 60 - - - - - - 294 63Total 71,398 4,754 3,005 $23 8,061 $30 4,757 $31 5,526 $31 4,884 $34 3,688 $33 36,723 $37Percentage of Total 100.0% 6.7% 4.2% 11.3% 6.7% 7.7% 6.8% 5.2% 51.4%(1) Does not include office assets held through interest in Canary Wharf.(US$)The following table summarizes our leasing activity from December 31, <strong>20</strong>11 to March 31, <strong>20</strong>12:Dec. 31, <strong>20</strong>11 Mar. 31, <strong>20</strong>12Year One Average Acq.Total ExpiringLeasing Leasing (Disp.) LeasableLeased (1) Expiries Net Rent Leasing Net Rent Net Rent Additions Area(000’s (000’s ($ per (000’s ($ per ($ per (000’s (000’sSq.Ft.) Sq. Ft.) Sq.Ft.) Sq.Ft.) Sq.Ft.) Sq.Ft.) Sq.Ft.) Sq. Ft.)LeasableArea (1)(000’sSq.Ft.)NetRentLeased(000’sSq. Ft.)United States 44,019 40,168 (1,840) $18.81 1,782 $22.07 $26.46 - 44,071 40,110Canada 17,108 16,469 (245) 26.43 341 29.55 30.48 (293) 16,806 16,272Australia 10,166 9,819 (86) 37.76 175 41.52 46.56 (<strong>20</strong>2) 9,965 9,706Europe 556 556 - - - - - - 556 556Total 71,849 67,012 (2,171) $<strong>20</strong>.42 2,298 $24.66 $28.59 (495) 71,398 66,644(1) Has been restated to reflect the impact of remeasurements which are done annually in the first quarter.As at March 31, <strong>20</strong>12, we hold interests in centrally located office development sites with a totaldevelopment pipeline of approximately 18 million square feet in the United States, Canada, Australia andEurope. We classify our office development sites into two categories: (i) active development and (ii) planning.The only active development in our office segment is <strong>Brookfield</strong> Place (formerly City Square) in Perth, a926,000 square foot development which achieved practical completion on May 18, <strong>20</strong>12 for a total cost of A$945million, or A$1,0<strong>20</strong>/square foot.The remaining 17 million square feet in our office development pipeline are at varying points of planning.Included in our pipeline are the development rights to Manhattan West in New York City and 100 Bishopsgate inLondon, U.K. The development rights to Manhattan West, located on Ninth Avenue between 31st Street and 33rdStreet in New York City, include 5.4 million square feet of commercial office space entitlements. We arecommencing work to build the necessary foundations to position this site to be one of the first sites for officedevelopment in Manhattan in the next development cycle. We also hold an interest in 100 Bishopsgate, a wellpositioneddevelopment site in London, U.K., and have begun to prepare the site for construction. With all ourdevelopment sites, we will proceed with developing these sites when our risk adjusted return hurdles andpreleasing targets are met. Until such time as these criteria is met, we are not able to estimate anticipatedcompletion dates and costs.49

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