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

Multi-Family and Industrial PlatformMulti-Family: As at March 31, 2012, our multi-family portfolio consisted of interests in over 12,400multi-family units, which were held primarily through a number of Brookfield-sponsored real estate opportunityand finance funds.Industrial: As at March 31, 2012, our industrial portfolio consisted of interests in approximately 3 millionsquare feet of industrial space through our interests in several industrial properties in the United States. We holdthese interests both directly and through private funds.Opportunistic Investment PlatformAs at March 31, 2012, our opportunistic investment portfolio consisted of interests in approximately11 million square feet of office space, mezzanine loans and other real estate assets, which we hold primarilythrough a number of Brookfield-sponsored real estate opportunity and finance funds. The opportunity funds havemade direct real estate investments at the individual property, portfolio and entity levels. The finance funds arededicated commercial real estate debt funds which originate, invest in and manage portfolios primarilycomprised of commercial real estate mortgages and mezzanine loans. We hold the largest limited partner interestin almost all of these funds in which we are invested. Other than such real estate opportunity and finance funds,the remainder of our opportunistic investment portfolio consists of a minority interest in a public company, adirectly-owned office development in São Paolo, Brazil, and a mezzanine loan in Germany.4.D. PROPERTY, PLANTS AND EQUIPMENTSee Item 4.B. “Information on the Company — Business Overview” and Item 4.C. “Information on theCompany — Organizational Structure — Operating Entities”.ITEM 4A.UNRESOLVED STAFF COMMENTSNot applicable.ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS5.A. OPERATING RESULTSIntroductionPrior to completing the spin-off, Brookfield Property Partners L.P. will acquire from Brookfield AssetManagement, or Brookfield, substantially all of its commercial property operations, including its office, retail,multi-family and industrial assets. We will be the primary vehicle through which Brookfield will seek to own andoperate these businesses on a global basis. As at March 31, 2012 these operations included interests in 124 officeproperties and 182 retail properties. In addition, Brookfield had interests in an expanding multi-family andindustrial platform and an 18 million square foot commercial office development pipeline, positioning us well forcontinued growth. These operations also include interests in several Brookfield-sponsored real estate opportunityand finance funds that hold loans and opportunistic equity investments in commercial property businesses.Brookfield’s real estate assets are primarily located in North America, Europe, Australia and Brazil.This management’s discussion and analysis, or MD&A, covers the financial position as at March 31,2012, December 31, 2011 and December 31, 2010 and results of operations for the three months endedMarch 31, 2012 and 2011, and the years ended December 31, 2011, 2010 and 2009 of the business comprisingBrookfield’s commercial property operations that will be contributed to our company prior to the spin-off, (“ourbusiness”). The information in this MD&A should be read in conjunction with the carve-out financial statements65