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

NOI increased over the periods due to increased investments in income producing assets, which wasoffset by increased borrowing costs. The decrease in total valuation was driven largely by an increase in thediscount rate and terminal cap rate and a reduction in realized gains from the sale of multi-family properties inthe United States.The key valuation metrics of these properties are presented in the following table. The valuations aremost sensitive to changes in the discount rate and timing or variability of cash flows.United StatesCanada(US$ Millions) Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2009 Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2009Discount rate 8.6% 8.4% 8.5% 8.7% 9.0% -Terminal cap rate 8.3% 6.6% 7.4% 7.7% 7.6% -Investment horizon (years) 10 10 10 10 10 -Opportunistic InvestmentsIFRS Value – Opportunistic InvestmentsThe following table presents IFRS Value of our opportunistic investments business:(US$ Millions) Dec. 31, 2011 Dec. 31, 2010Investment properties $ 912 $ 891Equity accounted investments 118 1Loans and notes receivable 994 1,450Accounts receivable and other 1,189 3483,213 2,690Property-specific borrowings 1,094 453Accounts payable and other liabilities 415 858Non-controlling interests 966 800IFRS Value $ 738 $ 579IFRS Value increased over the periods as a result of further investments and fair value gains in ouropportunity and finance funds.Our investment properties consist primarily of operating assets within the Brookfield sponsored realestate opportunity and finance funds. Accounts receivable and other includes a hotel operating property as atDecember 31, 2011.Loans and notes receivable reside primarily in our real estate finance funds. Included in loans and notesreceivable is $107 million (2010 - $110 million) of loans receivable in Euros of €83 million (2010 - €83 million).A summary of loans and notes receivable by collateral asset class is as follows:(US$ Millions) December 31, 2011 December 31, 2010Unpaid PrincipalBalancePercentage ofPortfolio (1)Unpaid PrincipalBalancePercentage ofPortfolio (1)Asset ClassHotel $ 401 40% $ 474 33%Office 593 60% 745 51%Retail - - 13 1%Nursing homes - - 166 11%Residential - - 52 4%Total collateralized $ 994 100% $ 1,450 100%(1) Represents percentage of collateralized loans.95