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

properties within our Brazil Retail Fund, the 54,000 square foot Patio Paulista Mall and the 91,000 square footRio Sul mall, for a total planned cost of approximately $60 million. Those redevelopment projects are expectedto be completed in 2012 and 2013, respectively. As of March 31, 2012, we have incurred costs of approximately$40 million in connection with these redevelopment projects.In addition, we continue to evaluate a number of other redevelopment prospects primarily within our retailequity accounted investments to further enhance the quality of our assets in future periods. Total planned costs ofthese remaining projects are approximately $290 million. Planning for these redevelopment projects is in thepreliminary phase. Additional details on the properties to be redeveloped and anticipated completion dates willbe available as the planning progresses.In the year ended December 31, 2011, we completed three redevelopment projects in Brazil at the RoposoShopping Mall, Patio Higienopolis Mall, and Patio Paulista Mall. Collectively, these projects accounted for184,000 square feet of redeveloped retail space and were completed at a cost of approximately $90 million. Thefair value of these properties of $166 million was reclassified from development properties to commercialproperties upon the completion of the redevelopment in the year ended December 31, 2011. Our company did notcomplete any developments in the year ended December 31, 2010.Multi-Family and Industrial PlatformOur strategy for our multi-family and industrial platform includes:• Targeting under-performing properties. We focus on acquiring multi-family properties anddeveloping industrial properties in high growth, supply-constrained markets by selectively targetingproperties that we believe are under-valued, neglected or under-performing.• Leveraging our strategic relationships:We are seeking to leverage the deep sourcing and operating capabilities of Fairfield ResidentialCompany LLC, or Fairfield, for our future investments in multi-family properties. Fairfield, whichis 65% owned by Brookfield, is one of the largest vertically-integrated multi-family real estatecompanies in the United States and is a leading provider of acquisition, development, construction,renovation and property management services.In early 2012, Brookfield entered into a joint venture with an industrial partner for the acquisitionof industrial properties in the United States, which we believe will provide us with access toinvestment opportunities and enable us to leverage our partner’s operating capabilities. Our partnerhas a fully-integrated, national platform and owns or manages 30 million square feet of industrialwarehouse property and controls one of the largest industrial land banks in the United States.• Enhancing revenues. We seek to leverage our experience and that of our partners in propertymanagement services to enhance revenues at our multi-family and industrial properties by growingrents and improving operational efficiencies, with the goal of generating stable but growing rentalrevenue. We also seek to create value by enhancing our multi-family portfolio through renovationprograms and marketing initiatives and selectively developing industrial assets.• Positioning portfolios for institutional ownership. Our goal is to position our multi-family andindustrial portfolios for institutional ownership. For our multi-family properties, we seek to do thisby stabilizing and minimizing the risk profile of our multi-family portfolio. For our industrialproperties, we typically seek to do this by aggregating single property, development or complicatedportfolio acquisitions into portfolios suitable for institutional ownership through a combination ofproactive leasing, marketing and financing initiatives.As of March 31, 2012, we owned an interest in over 12,400 multi-family units located in coastal and selectinterior markets in North America, a portion of which are managed by Fairfield. Our focus is on multi-family54