CONSOLIDATED BALANCE SHEETS

Transcription

1 CONSOLIDATED BALANCE SHEETS Dec. 31, (US$ Millions) Assets Investment properties $ 73,957 $ 51,357 Equity accounted investments in properties 21,940 19,761 Property, plant and equipment 6,863 5,457 Participating loan notes Financial assets Accounts receivable and other 5,506 4,155 Cash and cash equivalents 2,444 1,491 Assets held for sale 391 1,433 Total Assets $ 111,583 $ 84,347 Liabilities and Equity Corporate debt obligations $ 1,991 $ 1,359 Funds subscription facilities 2, Asset-level debt obligations 44,481 33,401 Subsidiary borrowings 5,793 1,692 Capital securities 3,724 4,165 Deferred tax liability 2,659 2,888 Accounts payable and other liabilities 4,913 3,970 Liabilities associated with assets held for sale 148 1,316 Total liabilities 65,825 49,223 Equity Limited partners 11,213 7,395 General partner 4 6 Non-controlling interests : Limited partner of the operating partnership held by Brookfield Asset Management Inc. 12,684 14,500 Limited partner of Brookfield Office Properties Exchange LP Class A shares of Brookfield Property REIT Inc. 4,277 - Interests of others in operating subsidiaries and properties 17,484 12,938 Total Equity 45,758 35,124 Total Liabilities and Equity $ 111,583 $ 84,347 Brookfield Property Partners L.P. 7

2 CONSOLIDATED STATEMENT OF OPERATIONS (US$ Millions) Commercial property and hospitality revenue $ 1,753 $ 1,476 $ 4,938 $ 4,325 Direct commercial property and hospitality expense (793) (668) (2,250) (1,989) ,688 2,336 Investment and other revenue Share of net earnings from equity accounted investments Expenses Three Months Ended Nine Months Ended 1,100 1,213 3,430 3,465 Interest expense (632) (493) (1,689) (1,475) Depreciation and amortization (81) (69) (229) (201) General and administrative expense (241) (147) (593) (454) Investment and other expense (17) (17) (123) ,212 Fair value (losses) gains, net , Income tax (expense) 37 (183) (49) (419) $ 722 $ 659 $ 2,796 $ 1,510 : Limited partners $ 144 $ 61 $ 532 $ 88 General partner Non-controlling interests: Limited partner of the operating partnership held by Brookfield Asset Management Inc Limited partner of Brookfield Office Properties Exchange LP Class A shares of Brookfield Property REIT Interests of others in operating subsidiaries and properties ,352 1,269 $ 722 $ 659 $ 2,796 $ 1,510 Brookfield Property Partners L.P. 8

3 RECONCILIATION OF NON-IFRS MEASURES (US$ Millions) Commercial property and hospitality revenue $ 1,753 $ 1,476 $ 4,938 $ 4,325 Direct commercial property and hospitality expense (793) (668) (2,250) (1,989) NOI ,688 2,336 Investment and other revenue Share of equity accounted income excluding fair value gains Interest expense (632) (493) (1,689) (1,475) General and administrative expense (241) (147) (593) (454) Investment and other expense (17) (17) (123) Depreciation and amortization of non-real estate assets (11) (7) (28) (24) in FFO Three Months Ended Nine Months Ended (128) (186) (509) (515) FFO Depreciation and amortization of non-real estate assets, net Transaction costs Gains/losses on disposition of non-investment properties 1 4 Imputed Interest FFO from GGP Warrants (3) Non-controlling interests - Company FFO Company FFO $ 249 $ 236 $ 763 $ 731 FFO Depreciation and amortization of real estate assets (70) (62) (201) (177) Fair value (losses) gains, net , Share of equity accounted income - Non FFO (52) Income tax (expense) benefit 37 (183) (49) (419) in non-ffo (214) (305) (843) (754) ,352 1,269 $ 722 $ 659 $ 2,796 $ 1,510 (3) Presented net of non-controlling interests on a proportionate basis. Represents imputed interest on commercial developments accounted for under the equity method under IFRS Represents incremental FFO that would have been the partnership's shares of GGP, if all outstanding warrants of GGP had been exercised including the dilution FFO as a result of the issuance of additional common shares by GGP give effect the warrant exercise. Prior the third quarter of 2017, the adjustment assumed net settlement of the outstanding warrants. For the third quarter 2017, the adjustment is based on the cash settlement for all applicable warrants reflect the partnership s settlement of the warrants on such a basis. The warrants were exercised in the fourth quarter of Brookfield Property Partners L.P. 9

4 NET INCOME PER UNIT Basic $ $ 0.47 $ $ 0.24 Number of on conversion of preferred shares Basic per IFRS options Fully-diluted per IFRS $ $ 0.43 $ $ 0.22 Three months ended IFRS requires the inclusion of preferred shares that are mandarily convertible in at a price of $25.70 without an add back earnings of the associated carry on the preferred shares. For the three months ended September 30, 2017, the conversion of capital securities was anti-dilutive and therefore excluded from the calculation of fully-diluted net income per IFRS. Basic per management $ $ 0.47 $ $ 0.24 Dilutive effect of conversion of preferred shares options Fully-diluted per management $ $ 0.47 $ $ 0.26 Three months ended Represents preferred shares that are mandarily convertible in at a price of $25.70 and the associated carry. Brookfield Property Partners L.P. 10

5 NET INCOME PER UNIT Basic $ 1, $ 1.96 $ $ 0.34 Number of on conversion of preferred shares Basic per IFRS 1, options Fully-diluted per IFRS $ 1, $ 1.77 $ $ 0.31 Nine months ended IFRS requires the inclusion of preferred shares that are mandarily convertible in at a price of $25.70 without an add back earnings of the associated carry on the preferred shares. For the nine months ended September 30, 2017, the conversion of capital securities was anti-dilutive and therefore excluded from the calculation of fully-diluted net income per IFRS. Basic per management $ 1, $ 1.96 $ $ 0.34 Dilutive effect of conversion of preferred shares options Fully-diluted per management $ 1, $ 1.88 $ $ 0.44 Nine months ended Represents preferred shares that are mandarily convertible in at a price of $25.70 and the associated carry. Brookfield Property Partners L.P. 11