Source - Brookfield Asset Management
Source - Brookfield Asset Management
Source - Brookfield Asset Management
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Income Statement ReconciliationFor the year ended December 31, 2012(US$ millions)Income StatementUnaudited Pro forma IFRS (1) ProportionateAdjustments (2) Proportionate Pro forma (2)Commercial property revenue $ 2,780 $ (523) $ 2,257Hospitality property revenue 743 (507) 236Direct commercial property expense (1,171) 340 (831)Direct hospitality property expense (687) 469 (218)Depreciation and amortization of real estate assets (3) 49 (34) 15NOI 1,714 (255) 1,459Investment and other revenue 221 (87) 134Investment and other expense (36) 16 (20)Share of equity accounted income excluding fair value gains 388 (388) -Interest expense (1,052) 233 (819)Administration expense (219) 34 (185)Non-controlling interests of others in consolidated subsidiaries in funds from operations (512) 447 (65)FFO (2) 504 - 504Depreciation and amortization of real estate assets (3) (49) 34 (15)Fair value gains, net 1,227 35 1,262Share of equity accounted fair value gains 808 (808) -Non-controlling interests of others in consolidated subsidiaries in total return (751) 739 (12)Total return (2) 1,739 - 1,739Income tax expense (491) 98 (393)Non-controlling interest of others in consolidated subsidiaries in income tax expense 98 (98) -Net income (2) $ 1,346 $ - $ 1,346(1) The pro forma IFRS income statement assumes that <strong>Brookfield</strong> Property Partners was in existence for the entire fiscal year of 2012(2) Proportionate is defined as the interest attributable to LP Units and REUs. Proportionate adjustments are made to allocate most of the non-controlling interests of others inconsolidated subsidiaries to each of the respective line items. NOI, FFO, Total return, and Net income are presented as those interests attributable to LP Units and REU's. Theinterests attributable to REUs are presented as non-controlling interests in the pro forma IFRS financial statements.(3) Depreciation and amortization of real estate assets is a component of direct hospitality property expense that is added back to NOI and is deducted in the total return calculation12
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