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

eporting under IFRS, certain other non cash items, if any, and income taxes that arise as certain of oursubsidiaries are structured as corporations as opposed to real estate investment trusts, or REITs. Because FFOexcludes fair value gains (losses) (including equity accounted fair value gains (losses)), realized gains (losses)and income tax expense (benefits), it provides a performance measure that, when compared year over year,reflects the impact to operations from trends in occupancy rates, rental rates, operating costs and interest costs,providing perspective not immediately apparent from net income. For a reconciliation of FFO to net income, seeItem 5.A. “Operating and Financial Review and Prospects — Reconciliation of Performance Measures to IFRSMeasures”. We reconcile FFO to net income attributable to Brookfield rather than cash flow from operatingactivities as we believe net income is the most comparable measure.We define Total Return as income before income tax expense (benefit) and the related non-controllinginterests. Total Return is used as a key indicator of performance as we believe that our performance is bestassessed by considering FFO plus the increase or decrease in the value of our assets over a period of timebecause that is the basis on which we make investment decisions and operate our business. For reconciliations ofNOI, FFO and Total Return to IFRS measures, see Item 5.A. “Operating and Financial Review and Prospects —Operating Results — Reconciliation of Performance Measures to IFRS Measures”.We urge you to review the IFRS financial measures in this Form 20-F, including the financial statements,the notes thereto, our pro forma financial statements and the other financial information contained herein, and notto rely on any single financial measure to evaluate our company.SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSThis Form 20-F contains certain forward-looking statements. Forward-looking statements relate toexpectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressionsconcerning matters that are not historical facts. Forward-looking statements in this Form 20-F include statementsregarding the anticipated benefits of the spin-off, the quality of our assets, our anticipated financial performance,our company’s future growth prospects, our ability to make distributions and the amount of such distributions,the listing and liquidity of our units and our company’s access to capital. In some cases, you can identifyforward-looking statements by terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”,“may”, “plan”, “potential”, “should”, “will” and “would” or the negative of those terms or other comparableterminology.The forward-looking statements are based on our beliefs, assumptions and expectations of our futureperformance, taking into account all information currently available to us. These beliefs, assumptions andexpectations can change as a result of many possible events or factors, not all of which are known to us or withinour control. If a change occurs, our business, financial condition, liquidity and results of operations may varymaterially from those expressed in our forward-looking statements. The following factors, among others, couldcause our actual results to vary from our forward-looking statements:• changes in the general economy;• the cyclical nature of the real estate industry;• actions of competitors;• failure to attract new tenants and enter into renewal or new leases with tenants on favorable terms;• our ability to derive fully anticipated benefits from future or existing acquisitions, joint ventures,investments or dispositions;• actions or potential actions that could be taken by our co-venturers, partners, fund investors orco-tenants;• the bankruptcy, insolvency, credit deterioration or other default of our tenants;• actions or potential actions that could be taken by Brookfield;4