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

Financial Highlights and Performance as at December 31, 2011 and 2010 and the years ended December 31,2011, 2010 and 2009The following tables reflect the results for our business for each of the years ended December 31, 2011, 2010 and2009 and as at December 31, 2011 and 2010. Further details on our operations and financial position are containedwithin the review of our business segments below.(US$ Millions) 2011 2010 2009Total revenue $ 2,820 $ 2,270 $ 1,999Net income 3,745 2,109 (734)Net income attributable to parent company 2,323 1,026 (477)FFO 576 426 391(US$ Millions) Dec. 31, 2011 Dec. 31, 2010Investment properties $ 27,594 $ 20,960Equity accounted investments 6,888 4,402Total assets 40,317 30,567Property debt 15,387 11,964Total equity 21,494 15,144Equity attributable to parent company 11,881 7,464See “— Reconciliation of Performance Measures to IFRS Measures” below in this MD&A for a reconciliationof NOI, FFO and Total Return to the most directly comparable IFRS measures.Performance HighlightsNet income attributable to parent company increased by $1.3 billion and $1.5 billion during the years endedDecember 31, 2011 and 2010, respectively, compared to their prior periods, as a result of the changes discussedbelow in Total Return and increases in income tax expense.• NOI increased by $257 million and $126 million during the years ended December 31, 2011 and 2010,respectively, compared to their prior periods.The increase during 2011 is primarily due to new leasing activity and currency appreciation in ourAustralian and Canadian properties offset by reduced occupancies. In addition, the consolidation of theU.S. Office Fund, as well as acquisitions during the period, also contributed to the increase. The increaseduring 2010 is primarily attributable to property acquisitions and the completion of development projects.• FFO increased by $150 million and $35 million during the years ended December 31, 2011 and 2010,respectively, compared to their prior periods.The increase during 2011 is primarily due to the FFO from our investments in GGP which were acquired inNovember 2010 and February 2011, offset by the increase of non-controlling interest as a result of thetransfer of economic interests in 16 Australian assets to Brookfield Office Properties. The increase during2010 is primarily related to our office segment, which was offset by the sale of income producinginvestments in our opportunity funds and operating loss in our retail platform.83