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

Additionally, for the year ended December 31, 2011, tenant improvements and leasing costs related toleasing activity that occurred averaged $38.12 per square foot, compared to $30.37 per square foot 2010.The following table presents the lease expiry profile of our office properties with the associated expiringaverage in-place net rents by region at December 31, 2011:(000’s sq. ft.)NetRentalAreaCurrentlyAvailableExpiring Leases2012 2013 2014 2015 2016 2017(000’s Net (000’s Net (000’s Net (000’s Net (000’s Net (000’ssq. ft.) Rent sq. ft.) Rent sq. ft.) Rent sq. ft.) Rent sq. ft.) Rent sq. ft.)NetRent2018 &Beyond(000’ssq. ft.)United States 44,019 3,851 3,027 $18 5,810 $31 3,171 $24 3,849 $20 2,036 $25 1,773 $26 20,502 $33Canada 17,108 639 435 28 1,798 23 439 31 1,680 26 1,809 26 625 29 9,683 29Australia 10,166 347 378 51 670 42 851 53 1,227 59 1,017 62 1,038 51 4,638 68Europe(1) 556 - - - - - 262 58 - - - - - - 294 62Total 71,849 4,837 3,840 $22 8,278 $30 4,723 $32 6,756 $29 4,862 $33 3,436 $34 35,117 $37Percentage of Total 100.0% 6.7% 5.3% 11.5% 6.6% 9.4% 6.8% 4.8% 48.9%(1) Does not include office assets held through interest in Canary Wharf.RetailIFRS Value – RetailNetRent2010:The following table presents IFRS Value of our retail properties by region as at December 31, 2011 and(US$ Millions) United States Australia Brazil Europe TotalDec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,2011 2010 2011 2010 2011 2010 2011 2010 2011 2010Retail properties $ - $ $ 388 $ 420 $1,882 $1,983 $- $279 $ 2,270 $ 2,682Equity accounted investments 4,099 1,014 - - 87 99 - 14 4,186 1,127Accounts receivable and other 183 178 19 21 461 330 - 22 663 5514,282 1,192 407 441 2,430 2,412 - 315 7,119 4,360Property-specific borrowings - - 185 194 1,011 1,262 - 254 1,196 1,710Accounts payable and other 51 1 - - 175 170 - 18 226 189Non-controlling interests 293 211 22 - 933 821 - - 1,248 1,032IFRS Value $3,938 $ 980 $ 200 $ 247 $ 311 $ 159 $- $43 $ 4,449 $ 1,429Specific 2011 major variances included the following:• IFRS Value in our retail portfolio increased by $3.0 billion to $4.4 billion at December 31, 2011from December 31, 2010, reflecting the investment of a further $1.7 billion in GGP in February2011, which increased our ownership to approximately 21%, as well as our share of increases in thefair value of GGP’s mall portfolio.• GGP opened 28 new anchor/big box stores in the United States totaling approximately 920,000square feet, three department stores totaling approximately 402,000 square feet, and had anadditional four department stores totaling approximately 516,000 square feet scheduled to open in2012 and 2013.• We invested approximately $170 million in our Brazilian retail operations in the second quarter of2011, increasing our ownership from 25% to 39%. In the fourth quarter of 2011, we soldapproximately 4% interest in the Brazilian retail operations for $39 million, after several assetswere sold. Additionally, during 2011, we recognized a fair value gain of $202 million reflecting90