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

Historical Performance and Market DataThis Form 20-F contains information relating to our business as well as historical performance andmarket data for Brookfield Asset Management and certain of its operating platforms. When considering this data,you should bear in mind that historical results and market data may not be indicative of the future results that youshould expect from us.Financial InformationThe financial information contained in this Form 20-F is presented in U.S. Dollars and, unless otherwiseindicated, has been prepared in accordance with IFRS. All figures are unaudited unless otherwise indicated. Inthis Form 20-F, all references to “$” are to U.S. Dollars. Canadian Dollars, Australian Dollars, New ZealandDollars, British Pounds, Euros and Brazilian Reais are identified as “C$”, “A$”, “NZ$”, “£”, “€” and “R$”,respectively.Use of Non-IFRS MeasuresIn addition to results reported in accordance with IFRS, we use certain non-IFRS financial measures, suchas property net operating income (“NOI”), funds from operations (“FFO”) and total return (“Total Return”) toevaluate our performance and to determine the net asset values of our business. These terms do not have standardmeanings prescribed by IFRS and therefore may not be comparable to similar measures presented by othercompanies. NOI, FFO and Total Return should not be regarded as alternatives to other financial reportingmeasures prepared in accordance with IFRS and should not be considered in isolation or as substitutes formeasures prepared in accordance with IFRS.We define NOI as revenues from operations of consolidated properties less direct operating costs, whichinclude all expenses attributable to the commercial property operations, such as property maintenance, utilities,insurance, realty taxes and property administration costs, and exclude interest expense, depreciation andamortization, income taxes, fair value gains (losses) and general and administrative expenses that do not relatedirectly to operations of a commercial property. NOI is used as a key indicator of performance as it represents ameasure over which management has a certain degree of control. We evaluate the performance of our officesegment by evaluating NOI from “Existing properties”, or “same store” basis, and NOI from “Additions,dispositions and other” due to, among other things, the consolidation of the U.S. Office Fund during the period asdiscussed in Item 5.A. “Operating and Financial Review and Prospects — Operating Results — Overview of OurBusiness”. NOI from existing properties compares the performance of the property portfolio by excluding theeffect of current and prior period dispositions and acquisitions, including developments, and “one-time items ”,which for the historical periods presented consists primarily of lease termination income. NOI presented within“Additions, dispositions and other” includes the results of current and prior period acquired, developed and soldproperties, as well as the one-time items excluded from the “Existing properties” portion of NOI. We do notevaluate the performance of the operating results of the retail segment on a similar basis as the majority of ourinvestments in the retail segment are accounted for under the equity method and, as a result, are not included inNOI. Similarly, we do not evaluate the operating results of our other segments on a same store basis based on thenature of the investments as the variances between same store and total NOI are not material. For a reconciliationof NOI to IFRS measures, see Item 5.A. “Operating and Financial Review and Prospects — Operating Results —Reconciliation of Performance Measures to IFRS Measures”.Our definition of FFO includes all of the adjustments that are outlined in the National Association of RealEstate Investment Trusts, or NAREIT, definition of funds from operations, including the exclusion of gains (orlosses) from the sale of real estate property, the add back of any depreciation and amortization related to realestate assets and the adjustment for unconsolidated partnerships and joint ventures. In addition to the adjustmentsprescribed by NAREIT, we also exclude any unrealized fair value gains (or losses) that arise as a result of3