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

On March 30, 2012, Brookfield Office Properties redeemed all of the outstanding Class AAA Series I sharesfor cash of C$25.00 per share. Capital securities includes $752 million (2011 - $884 million) repayable inCanadian dollars of C$750 million (2011 – C$903 million).Operating results – OfficeThe following table presents the NOI, FFO and Total Return of our office properties by region for thethree months ended March 31, 2012 and 2011:(US$ Millions) United States Canada Australia Europe TotalThree months ended Mar. 31, 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011NOI (1)Existing properties $ 97 $99 $ 64 $64 $68 $63 $ 8 $ 8 $ 237 $ 234Acquisitions, dispositions, and other 95 7 2 - 8 1 - - 105 8192 106 66 64 76 64 8 8 342 242Equity accounted income 20 54 1 5 14 16 - - 35 75Investment and other income 11 23 5 - 7 6 9 - 32 29223 183 72 69 97 86 17 8 409 346Interest expense 92 58 25 19 38 49 7 7 162 133Depreciation and amortization 3 2 1 1 3 2 - - 7 5Non-controlling interests 18 10 6 5 3 2 - - 27 17110 113 40 44 53 33 10 1 213 191UnallocatedInterest expense (19) (18)Operating costs (21) (23)Non-controlling interests (77) (75)FFO (1) 110 113 40 44 53 33 10 1 96 75Fair value changes 179 163 99 13 (4) 14 5 136 279 326Realized gains 1 - 25 - 16 - - - 42 -Non-controlling interests (100) (85) (74) (10) (1) (8) - - (175) (103)Total valuation gains 80 78 50 3 11 6 5 136 146 223Total Return (1) $ 190 $191 $ 90 $47 $64 $39 $15 $137 $ 242 $ 298(1) Refer to tables under “—Reconciliation of Performance Measures to IFRS Measures” below in this MD&A for explanation ofcomponents of NOI, FFO, Total Return, and for a reconciliation to IFRS measures.NOI generated by existing office properties (i.e. those held throughout both the current and prior period) ispresented in the following table on a constant exchange rate basis, using the average exchange rate for the quarterended March 31, 2012 for the same period in 2011. This table illustrates the stability of these cash flows thatarises from the high occupancy levels and long-term lease profile.(US$ Millions) Three months ended Mar. 31, 2012 2011United States $ 97 $ 99Canada 64 63Australia 68 66Europe 8 8NOI relating to existing properties using normalized foreign exchange (1) 237 236Currency variance - (2)NOI relating to existing properties $ 237 $ 234Average in-place net rent per square foot $ 29.38 $ 28.26(1) Using the March 31, 2012 year to date average foreign exchange rates.NOI from existing properties for the quarter ended March 31, 2012 increased by $3 million. The increase isdriven by foreign currency, increased rents in Australia and Canada offset by decreased occupancy in the UnitedStates. Contributions from additions, dispositions and other since the beginning of the comparable periodincludes the consolidation of the U.S. Office Fund ($68 million) and acquisitions in Washington, D.C., Denver,Melbourne and Perth, partially offset by the sale of a property in Boston.74