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

The key valuation metrics of our retail properties, including those within our equity accountedinvestments, are presented in the following table. The valuations are most sensitive to changes in the discountrate and timing or variability of cash flows. Discount and capitalization rates have declined meaningfully in all ofour principal regions, giving rise to appraisal gains.United States (1) Australia BrazilDec. 31, Mar. 31, Dec. 31, Mar. 31,2011 2012 2011 2012Mar. 31,2012Dec. 31,2011Discount rate 5.8% 6.0% 9.7% 9.8% 9.5% 9.6%Terminal cap rate n/a n/a 8.7% 8.9% 7.3% 7.3%Investment horizon (years) n/a n/a 10 10 10 10(1) The valuation method used by United States is the direct capitalization method. The amounts presented as the discount rate relate tothe implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable.The following table presents key metrics relating to in-place leases of our retail property portfolio:Occupancy(%)Avg. LeaseTerm (Years)Mar. 31, 2012 Dec. 31, 2011Avg. “In Place” Market Occupancy Avg. LeaseRent Rent (%) Term (Years)Avg. “In Place”RentUnited States (1) 92.2% 5.6 $56.67 $57.46 93.2% 5.1 $56.05 $55.87Australia 98.7% 7.2 12.15 12.49 98.0% 7.4 10.14 10.86Brazil 96.9% 6.8 53.25 53.40 94.7% 6.8 52.50 51.15Average 92.7% 5.7 $54.81 $55.65 93.4% 5.3 $54.08 $53.88(1) Represents regional malls only and excludes leases on traditional anchor stores and specialty leasing license agreements.Our retail portfolio occupancy rate as at March 31, 2012 was 92.7%, down from 93.4% at December 31,2011. The decrease was primarily a result of tenants vacating after the holiday season.We use in-place rents for our retail segment as a measure of leasing performance, which is calculated on acash basis and consists of base minimum rent, plus reimbursements of common area costs, and real estate taxes.(US $)The following table summarizes our leasing activity in the first quarter of 2012:Dec. 31, 2011 Mar. 31, 2012Year One Average Acq.Total ExpiringLeasing Leasing (Disp.) LeasableLeased (1) Expiries Rent Leasing Rent Rent Additions Area(000’s (000’s ($ per (000’s ($ per ($ per (000’s (000’sSq.Ft.) Sq. Ft.) Sq.Ft.) Sq. Ft.) Sq.Ft.) Sq.Ft.) Sq. Ft.) Sq. Ft.)LeasableArea (1)(000’sSq.Ft.)MarketRentLeased(000’sSq. Ft.)United States 66,369 62,158 (5,579) $56.68 4,972 $54.86 $59.99 578 66,947 62,129Australia 2,744 2,689 - - - - - (80) 2,664 2,628Brazil 3,069 2,905 (22) 45.95 101 29.23 30.41 (283) 2,786 2,701Total 72,182 67,752 (5,601) $56.64 5,073 $54.35 $59.40 215 72,397 67,458(1) Has been restated to reflect the impact of remeasurements which are done annually in the first quarter.The average initial rent on leases signed in 2012 was $59.40 per square foot, up 4.9% or $2.76 per squarefoot as compared to the expiring rent on comparable leases.In addition, we incurred tenant allowances for our operating properties of $24 million for the threemonths ended March 31, 2012 and $27 million during the same period in 2011.79