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

First Quarter Performance HighlightsNet income attributable to parent company increased by $46 million during the three months ended March 31,2012 compared to the prior year period, as a result of the Total Return and income taxes.• NOI increased by $91 million during the three months ended March 31, 2012 compared to theprior year period.The increase during the quarter is primarily due to the acquisition of four office properties sinceMarch 31, 2011 discussed below, the consolidation of the U.S. Office Fund in the fourth quarter of2011 and currency appreciation relating to our Australian properties. This was offset by reducedoccupancies in the United States and the sale of operating assets in our opportunity funds.• FFO increased by $5 million during the three months ended March 31, 2012 compared to theprior year period.The increase during the quarter is primarily due to the reduction of interest expense as a result ofrefinancings in our office platform and a dividend received from our Canary Wharf investment.This was offset by a decrease in our opportunistic platform as result of the sale of operating assetsduring the period.• Total Return increased by $198 million during the three months ended March 31, 2012compared to the prior year period.The increase during the quarter is primarily related to the increases in NOI and FFO mentionedabove, along with significant fair value gains from our investment in GGP as a result of continuedcompression of capitalization rates in the United States. We also recorded realized gains from thedisposition of office properties in Calgary and Melbourne.IFRS Value increased by $694 million during the three months ended March 31, 2012.OfficeIFRS Value – OfficeThe increase during the quarter is primarily due to the increase in NOI, FFO and Total Return asdetailed above as well as additional investments in our opportunistic investments platform.The following table presents the IFRS Value of our office portfolio by region as at March 31, 2012 andDecember 31, 2011:(US$ Millions) United States Canada Australia Europe TotalMar. 31,2012Dec. 31,2011Mar. 31,2012Dec. 31,2011Mar. 31,2012Dec. 31,2011Mar. 31,2012Dec. 31,2011Mar. 31,2012Dec. 31,2011Office properties $13,160 $12,959 $4,784 $4,571 $3,721 $3,739 $ 537 $ 521 $22,202 $21,790Equity accounted investments 1,497 1,467 14 13 972 957 - - 2,483 2,437Accounts receivable and other 1,057 1,315 105 134 494 490 936 994 2,592 2,93315,714 15,741 4,903 4,718 5,187 5,186 1,473 1,515 27,277 27,160Property-specific borrowings 6,604 6,679 1,858 1,840 2,253 2,452 455 442 11,170 11,413Accounts payable and other 886 1,031 437 407 204 229 24 115 1,551 1,782Non-controlling interests 636 636 459 427 197 190 - - 1,292 1,253$ 7,588 $ 7,395 $2,149 $2,044 $2,533 $2,315 $ 994 $ 958 $13,264 $12,712UnallocatedUnsecured facilities $ 590 $ 381Capital securities 862 994Non-controlling interests 5,533 5,360IFRS Value (1) $ 6,279 $ 5,977(1) Does not include office developments which are described in the table below on a geographic basis.71