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

IFRS Value increased by $302 million during the quarter ended March 31, 2012 to $6.3 billion, excludingoffice development activities. This increase is a result of gains in the fair values of properties due to acombination of higher projected cash flows and lower discount rates, as well as the impact of currencyappreciation on the value of our Australian, Canadian and European properties. Unallocated non-controllinginterests relate primarily to the interests of other shareholders in Brookfield Office Properties, whereas the noncontrollinginterests in each region relate to funds and joint ventures in those regions.Specific major variances during the first quarter of 2012 include the following:• Valuation gains were recorded on properties located in the United States primarily as a result ofrecent leasing activity and an improved leasing horizon. In Canada, increases were driven byterminal capitalization rate compression of 30 basis points on average as a result of markettransaction activity.• Senior unsecured notes of $200 million were issued by Brookfield Office Properties, with proceedsused to pay down Australian property debt, reducing the interest rate by 300 basis points, from7.3% to 4.3%, and extending the term by four years.Equity accounted investments as at March 31, 2012 primarily include: in the United States, 245 ParkAvenue ($0.7 billion) and Grace Building ($0.6 billion); and in Australia, a variety of property funds and jointventures interests. Our interest in Canary Wharf ($0.9 billion) is classified as a financial asset and is included inaccounts receivable and other in the table above.The following table presents the IFRS Value of our office development activities by region:(US$ Millions) Mar. 31, 2012 Dec. 31, 2011ConsolidatedassetsConsolidatedliabilitiesNon-ControllinginterestsIFRSValueConsolidatedassetsConsolidatedliabilitiesNon-ControllinginterestsAustraliaBrookfield Place, Perth (1) $ 942 $475 $233 $234 $ 865 $419 $223 $223Other 257 97 - 160 239 92 - 147North AmericaManhattan West, New York (2) 315 227 44 44 315 227 44 44Other 218 - 109 109 213 - 107 106Europe 85 - 43 42 81 - 41 40$1,817 $799 $429 $589 $1,713 $738 $415 $560(1) At March 31, 2012 consolidated liabilities consists of non-recourse floating rate debt bearing interest at 6.17% and maturing in 2014.(2) At March 31, 2012 consolidated liabilities include $122 million of non-recourse fixed rate debt, bearing interest at 5.9% and maturing in2018, and $105 million of non-recourse floating rate debt bearing interest at 6.0% and maturing in July 2012.As at March 31, 2012, we hold interests in centrally located office development sites with a totaldevelopment pipeline of approximately 18 million square feet in the United States, Canada, Australia andEurope. We classify our office development sites into two categories: (i) active development and (ii) planning.The only active development in our office segment is Brookfield Place (formerly City Square) in Perth, a926,000 square foot development which achieved practical completion on May 18, 2012 for a total cost ofA$945 million, or A$1,020/square foot.The remaining 17 million square feet in our office development pipeline are at varying points of planning.Included in our pipeline are the development rights to Manhattan West in New York City and 100 Bishopsgate inLondon, U.K. The development rights to Manhattan West, located on Ninth Avenue between 31st Street and33rd Street in New York City, include 5.4 million square feet of commercial office space entitlements. We arecommencing work to build the necessary foundations to position this site to be one of the first sites for officedevelopment in Manhattan in the next development cycle. We also hold an interest in 100 Bishopsgate, a wellpositioneddevelopment site in London, U.K., and have begun to prepare the site for construction. With all our72IFRSValue