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
Selected Income Statement Highlights by SegmentFor the year ended December 31, 2012(US$ millions)UnauditedProportionatePro forma (1)Net Operating IncomeOffice $ 830Retail 562Multi-family & Industrial 14Other 53Net Operating Income $ 1,459Funds from OperationsOffice $ 362Retail 262Multi-family & Industrial 5Other 2Corporate (2) (127)Funds from Operations $ 504Net IncomeOffice $ 665Retail 784Multi-family & Industrial 2Other 10Corporate (115)Net Income $ 1,346(1) See page 11 for the definition and calculation of proportionate pro forma financial results(2) Represents pro forma interest expense on capital securities of $77 million and asset management fee expense of $50 million13
Page 2 and 3: Turn to pages 41-43 for Important C
Page 4 and 5: Brookfield Property Partners’ for
Page 6 and 7: Brookfield Property PartnersOvervie
Page 8 and 9: Premier entity for investors seekin
Page 10 and 11: Highly diversified, global owner, o
Page 14 and 15: Brookfield Property PartnersValue P
Page 16 and 17: Illustrative invested capital profi
Page 18 and 19: Private fund investments drive gain
Page 20 and 21: Key aspects of Brookfield Property
Page 22 and 23: Key aspects of Brookfield Property
Page 24 and 25: Recent Strategic Transactions - 201
Page 26 and 27: Development/Redevelopment Highlight
Page 28 and 29: Brookfield Advantage
Page 30 and 31: Brookfield Property Partners’ rel
Page 32 and 33: Brookfield is in Brookfield Propert
Page 34 and 35: Brookfield Property Partners Value
Page 36 and 37: Investor Relations ContactsContactT
Page 38 and 39: ($ in millions)Indexed to 100Brookf
Page 40 and 41: Optimal Structure• Bermuda-based
Page 42 and 43: Important Cautionary NotesA registr
Page 44: Brookfield Property Partners2013

Source - Brookfield Asset Management

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