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

• Total Return increased by $1.5 billion and $1.7 billion during the years ended December 31,2011 and 2010, respectively, compared to their prior periods.The increase during 2011 and 2010 is primarily related to the increases in FFO as mentioned aboveand higher projected cash flows and lower discount rates across our office portfolio which isdetailed below under “— Office.” In addition, in 2011 we had significant fair value gains from ourinvestment in GGP as a result of compression of the implied capitalization rates in the UnitedStates.IFRS Value increased by $4.4 billion during the year ended December 31, 2011.The increase during 2011 is primarily due to the increase in net income as detailed above and ouradditional investment of $1.7 billion into GGP in February 2011, which increased our ownership toapproximately 21%.OfficeIFRS Value – OfficeThe following table presents the IFRS Value of our office portfolio by region as at December 31, 2011and 2010:(US$ Millions) United States Canada Australia Europe TotalDec. 31,2011Dec. 31,2010Dec. 31,2011Dec. 31,2010Dec. 31,2011Dec. 31,2010Dec. 31,2011Dec. 31,2010Dec. 31,2011Dec. 31,2010Office properties $12,959 $ 7,119 $4,571 $4,179 $3,739 $3,321 $ 521 $ 517 $21,790 $15,136Equity accounted investments 1,467 2,168 13 21 957 976 - - 2,437 3,165Accounts receivable and other 1,315 1,253 134 193 490 387 994 831 2,933 2,66415,741 10,540 4,718 4,393 5,186 4,684 1,515 1,348 27,160 20,965Property-specific borrowings 6,679 3,701 1,840 1,670 2,452 2,434 442 443 11,413 8,248Accounts payable and other 1,031 755 407 372 229 94 115 123 1,782 1,344Non-controlling interests 636 407 427 270 190 126 - - 1,253 8037,395 5,677 2,044 2,081 2,315 2,030 958 782 12,712 10,570UnallocatedUnsecured facilities 381 428Capital securities 994 1,038Non-controlling interests 5,360 4,321IFRS Value (1) $ 5,977 $ 4,783(1) Does not include office developments which are described in the table below on a geographic basis.IFRS Value increased by $1.2 billion during the year ended December 31, 2011 to $6.0 billion, excludingoffice development activities. These increases represent gains in the fair values of properties due to acombination of higher projected cash flows and lower discount rates, as well as the impact of currencyappreciation on the value of our Australian and Canadian properties. Unallocated non-controlling interests relateprimarily to the interests of other shareholders in Brookfield Office Properties, whereas the non-controllinginterests in each region relate to funds and joint ventures in those regions.Specific 2011 major variances include the following:• In the third quarter of 2011, we concluded the joint venture with our partner in the portfolio ownedthrough the U.S. Office Fund, which resulted in the consolidation of most of the underlying properties.This added $5.0 billion and $3.3 billion to the carrying value of our office properties and property specificborrowings, respectively.• The carrying value of equity accounted investments declined by $0.7 billion to $2.4 billion, representingthe consolidation of the U.S. Office Fund, offset by the inclusion of equity accounted properties withinthe U.S. Office Fund’s portfolio, and the reclassification of Four World Financial Center to consolidatedproperties following our acquisition of our partner’s interest in the building.84