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

RetailIFRS Value – RetailThe following table presents IFRS Value of our retail properties by region as at March 31, 2012 andDecember 31, 2011:(US$ Millions) United States Australia Brazil TotalMar. 31,2012Dec. 31,2011Mar. 31,2012Dec. 31,2011Mar. 31,2012Dec. 31,2011Mar. 31,2012Dec. 31,2011Retail properties $ - $ - $377 $388 $1,902 $1,882 $2,279 $2,270Equity accounted investments 4,656 4,099 - - - 87 4,656 4,186Accounts receivable and other 210 183 3 19 435 461 648 6634,866 4,282 380 407 2,337 2,430 7,583 7,119Property-specific borrowings - - 184 185 863 1,011 1,047 1,196Accounts payable and other 182 51 (14) - 192 175 360 226Non-controlling interests 412 293 - 22 961 933 1,373 1,248IFRS Value $4,272 $3,938 $210 $200 $ 321 $ 311 $4,803 $4,449Specific major variances during the first quarter of 2012 included the following:• IFRS Value in our retail portfolio increased by $354 million to $4.8 billion at March 31, 2012 from$4.4 billion in December 31, 2011, reflecting valuation gains that were driven by a 20 basis-pointdecrease in the discount rate and terminal capitalization rates within our U.S. portfolio. In addition,the increase is also a result of the contribution of capital in connection with the Rouse rightsoffering.• GGP completed $2.9 billion in financings during the first four months of 2012, including a $1.4billion secured financing of Ala Moana Center and a $1 billion unsecured corporate line of credit.The Ala Moana financing has a ten year term, with interest-only payments based on a 4.23%coupon and replaces a $1.3 billion 5.59% financing that was scheduled to mature in 2018, resultingin a meaningful lengthening in maturity profile and a decrease in interest expense.• We sold three properties in our Brazil retail fund, with the sale proceeds applied to reduceborrowings.The details of property debt for our consolidated retail properties at March 31, 2012 are as follows:(US$ Millions) Weighted Average Rate Debt BalanceSecured Property DebtVariable rate 9.2% $1,047$1,047Current $ 127Non-current 920$1,04777