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

Equity accounted investments as at December 31, 2011 primarily include: in the United States, 245 ParkAvenue ($0.6 billion) and Grace Building ($0.6 billion); and in Australia, a variety of property funds and jointventures interests. Our interest in Canary Wharf ($0.9 billion) is classified as a financial asset and is included inaccounts receivable and other in the table above.The following table presents the IFRS Value of our office development activities by region:(US$ Millions) Dec. 31, 2011 Dec. 31, 2010ConsolidatedassetsConsolidatedliabilitiesNon-ControllinginterestsIFRSValueConsolidatedassetsConsolidatedliabilitiesNon-ControllinginterestsAustraliaBrookfield Place, Perth (1) $ 865 $ 419 $ 223 $ 223 $ 597 $ 203 $ 197 $ 197Other 239 92 - 147 244 100 - 144North AmericaManhattan West, New York (2) 315 227 44 44 280 227 27 26Other 213 - 107 106 209 - 104 105Europe 81 - 41 40 74 - 37 37$1,713 $ 738 $ 415 $ 560 $ 1,404 $ 530 $ 365 $ 509(1) At December 31, 2011 consolidated liabilities consists of non-recourse floating rate debt bearing interest at 6.50% and maturing in2014.(2) At December 31, 2011 consolidated liabilities include $122 million of non-recourse fixed rate debt, bearing interest at 5.9% andmaturing in 2018, and $105 million of non-recourse floating rate debt bearing interest at 6.0% and maturing in 2012.As at December 31, 2011, we held interests in centrally located office development sites with a totaldevelopment pipeline of approximately 18 million square feet in the United States, Canada, Australia, andEurope. We classify our office development sites into two categories: (i) active development and (ii) planning.The only active development in our office segment is Brookfield Place (formerly City Square) in Perth, a926,000 square foot development which achieved practical completion on May 18, 2012 for a total cost of A$945million, or A$1,020/square foot. As of December 31, 2011, costs incurred on the Brookfield Place developmentwere A$823 million.IFRSValueThe remaining 17 million square feet in our office development pipeline are in varying stages of planning.Included in our pipeline are the development rights to Manhattan West in New York City and 100 Bishopsgate inLondon, U.K. The rights Manhattan West, located on Ninth Avenue between 31st Street and 33rd Street in NewYork City, includes 5.4 million square feet of commercial office space entitlements. We are commencing work tobuild the necessary foundations to position this site to be one of the first sites for office development inManhattan in the next development cycle. We also hold an interest in 100 Bishopsgate, a well-positioneddevelopment site in London, U.K., and have begun to prepare the site for construction. With all our developmentsites, we will proceed with developing these sites when our risk adjusted return hurdles and preleasing targets aremet. Until such time as these criteria is met, we are not able to estimate anticipated completion dates and costs.As of December 31, 2011, we had a level of indebtedness of approximately 54% of our consolidatedoffice properties.85