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

We use in-place net rents for our office segment, as a measure of leasing performance, and calculate this asthe annualized amount of cash rent receivable from leases on a per square foot basis including tenant expensereimbursements, less operating expenses being incurred for that space, but excluding the impact of straight-liningrent escalations or amortization of free rent periods. This measure represents the amount of cash generated fromleases in a given period.(US$)• In North America, at March 31, 2012, average in-place net rents across our portfolio increased by1% when compared to December 31, 2011. Net rents across this portfolio remained at a discount ofapproximately 25% to the average market rent of $31 per square foot. We believe that we will beable to maintain or increase our net rental income in the coming years and, together with our highoverall occupancy, exercise patience in signing new leases.• In Australia, at March 31, 2012, average in-place net rents in our portfolio were approximately $52per square foot, which represented a 1% discount to market rents. Leases in Australia typicallyinclude annual escalations, with the result that in-place lease rates tend to increase along with longtermincreases in market rents.The following table summarizes our leasing activity from December 31, 2011 to March 31, 2012:Dec. 31, 2011 Mar. 31, 2012LeasableArea (1)(000’sSq.Ft.)Leased (1)(000’sSq.Ft.)TotalExpiries(000’sSq. Ft.)ExpiringNet Rent($perSq.Ft.)Leasing(000’sSq. Ft.)Year OneLeasingNet Rent($perSq.Ft.)AverageLeasingNet Rent($perSq.Ft.)Acq.(Disp.)Additions(000’sSq. Ft.)LeasableArea(000’sSq. Ft.)Leased(000’sSq. Ft.)United States 44,019 40,168 (1,840) $18.81 1,782 $22.07 $26.46 - 44,071 40,110Canada 17,108 16,469 (245) 26.43 341 29.55 30.48 (293) 16,806 16,272Australia 10,166 9,819 (86) 37.76 175 41.52 46.56 (202) 9,965 9,706Europe 556 556 - - - - - - 556 556Total 71,849 67,012 (2,171) $20.42 2,298 $24.66 $28.59 (495) 71,398 66,644(1) Has been restated to reflect the impact of remeasurements which are done annually in the first quarter.Additionally, for the three months ended March 31, 2012, tenant improvements and leasing costs related toleasing activity that occurred averaged $39.86 per square foot, compared to $31.14 per square foot during thesame period in 2011.The following table presents the lease expiry profile of our office properties with the associated expiringaverage in-place net rents by region at March 31, 2012:(000’s sq. ft.)NetRentalArea AvailableCurrently(000’ssq.ft.)Expiring Leases2012 2013 2014 2015 2016 2017NetRent(000’ssq.ft.)NetRent(000’ssq.ft.)NetRent(000’ssq.ft.)NetRent(000’ssq.ft.)NetRent(000’ssq.ft.)NetRent2018 &BeyondUnited States 44,071 3,961 2,324 $18 5,631 $31 3,224 $23 2,717 $22 2,054 $25 2,052 $25 22,108 $33Canada 16,806 534 320 28 1,771 23 391 31 1,626 25 1,752 26 586 30 9,826 31Australia 9,965 259 361 53 659 43 880 54 1,183 61 1,078 65 1,050 51 4,495 72Europe 556 - - - - - 262 60 - - - - - - 294 63Total 71,398 4,754 3,005 $23 8,061 $30 4,757 $31 5,526 $31 4,884 $34 3,688 $33 36,723 $37Percentage of Total 100.0% 6.7% 4.2% 11.3% 6.7% 7.7% 6.8% 5.2% 51.4%(000’ssq.ft.)NetRent76