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

development sites, we will proceed with developing these sites when our risk adjusted return hurdles andpreleasing targets are met. Until such time as these criteria is met, we are not able to estimate anticipatedcompletion dates and costs.Our office property debt is secured and non-recourse to our corporate subsidiaries other than theunsecured facilities noted below. These financings are typically structured on a loan-to-appraised value basis ofbetween 55% to 65% when the market permits. In addition, in certain circumstances where a building is leasedalmost exclusively to a high-credit quality tenant, a higher loan-to-value financing, based on the tenant’s creditquality, is put in place at rates commensurate with the cost of funds for the tenant. This execution reduces ourequity requirement and enhances our equity returns when financing certain properties. As of March 31, 2012, wehad a level of indebtedness of approximately 53% of our consolidated office properties.We attempt to match the maturity of our office property debt with the average lease term of our properties.At March 31, 2012, the average term to maturity of our property debt was 4 years, compared to our averagelease term of approximately 8 years. The details of our property debt for our consolidated office properties atMarch 31, 2012 are as follows:(US$ Millions) Weighted Average Rate Debt BalanceUnsecured FacilitiesBrookfield Office Properties revolving facility 2.4% $ 271Brookfield Office Properties Canada revolving facility 3.2% 120Brookfield Office Properties senior notes 4.3% 199Secured Property DebtFixed rate 6.1% 7,159Variable rate 5.7% 4,798$ 12,547Current $ 977Non-current 11,570$ 12,547As at March 31, 2012 we had $895 million of committed corporate credit facilities in Brookfield OfficeProperties consisting of a $695 million revolving credit facility from a syndicate of banks and bilateralagreements between Brookfield Office Properties and a number of Canadian chartered banks for an aggregaterevolving credit facility of C$200 million. The balance drawn on these facilities was $391 million (2011 – $381million). As at March 31, 2012, we also had $30 million (2011 – $30 million) of indebtedness outstanding toBrookfield.Capital securities includes certain Class AAA preferred shares issued by Brookfield Office Propertieswhich are presented as liabilities on the basis that they may be settled, at the issuer’s option, in cash or theequivalent value of a variable number of Brookfield Office Properties’ common shares. These represent sourcesof low cost capital to our business. Brookfield Office Properties had the following capital securities outstandingas at the dates indicated:(US$ Millions, except share information)SharesOutstandingCumulativeDividend Rate Mar. 31, 2012 (1) Dec. 31, 2011 (1)Class AAA Series F 8,000,000 6.00% $ 201 $ 196Class AAA Series G 4,400,000 5.25% 110 110Class AAA Series H 8,000,000 5.75% 201 196Class AAA Series I - 5.20% - 150Class AAA Series J 8,000,000 5.00% 201 196Class AAA Series K 6,000,000 5.20% 149 146Total $ 862 $ 994(1) Net of transaction costs of nil at March 31, 2012 (2011 - $1 million).73