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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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Opportunistic Investmentsopportunities and enable us to leverage our industrial joint venture partner’s operating capabilities.Our partner has a fully-integrated, national platform and owns or manages 30 million square feetof industrial warehouse property and controls one of the largest industrial land banks in theUnited States.• We have interests in <strong>Brookfield</strong>-sponsored real estate opportunity and finance funds that includeinvestments in distressed and under-performing real estate assets and businesses and commercialreal estate mortgages and mezzanine loans. Through these funds we had interests at March 31, <strong>20</strong>12in approximately 11 million square feet of office space, mezzanine loans and other real estate assetslocated in North America, Europe, Australia, Brazil and emerging markets.• The <strong>Brookfield</strong> sponsored real estate finance funds in which we have interests, invest in real estatefinance transactions in risk positions senior to traditional equity and subordinate to traditional firstmortgages or investment grade corporate debt. The <strong>Brookfield</strong> sponsored real estate opportunity fundsin which we have interests, are focused on assets where we can make improvements or reposition theproperty to increase the amount and stability of cash flows with a view to monetizing our investmentsonce such changes are realized over a medium-term time horizon. The opportunity funds also haveinvestments and specialty finance offerings, such as commercial real estate, real estate loans, and realestate-related securities, such as commercial and residential mortgage-backed securities.Recent Initiatives• Our operating teams completed a number of important initiatives to increase the values and cashflows in our office segment.Since the beginning of <strong>20</strong>11 we acquired interests in office properties in New York, Denver,Washington D.C., Houston, Melbourne and Perth, and sold properties in New Jersey, Boston,Houston, Calgary and Melbourne.In the first four months of <strong>20</strong>12, we signed over 2 million square feet of new leases, including a 1.2million square foot lease with Morgan Stanley for One New York Plaza announced in April <strong>20</strong>12that represents the largest single-asset office lease in lower Manhattan since <strong>20</strong>08. This led to areduction in our <strong>20</strong>13-<strong>20</strong>17 lease rollover exposure by 130 basis points.In <strong>20</strong>11, we signed approximately 11 million square feet of new commercial office leases ascompared to the 7.2 million square feet of new commercial office leases signed during the yearended December 31, <strong>20</strong>10.• We are working on a number of attractive growth opportunities, including expansion of ourexisting operations and potential acquisitions.Commercial office development activities are focused on five projects comprising approximately 9million square feet of our total office development pipeline of 18 million square feet. We areactively advancing planning and entitlements and seeking tenants for these sites.Initial rents for new leases in our U.S. mall portfolio increased by 7.4% on a comparable basis andwe continued to reposition the business by spinning out 30 malls into a new entity focused on thesespecific operations.• We simplified the ownership of our U.S. and Australian office assets and better positioned keyoperating entities to create enhanced value.In the third quarter of <strong>20</strong>11 we restructured our U.S. Office Fund, which is held within <strong>Brookfield</strong>Office Properties, and are now consolidating most of the U.S. Office Fund assets. In the thirdquarter of <strong>20</strong>10, we transferred to <strong>Brookfield</strong> Office Properties, most of our economic interests inour Australian office properties.69

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