CONSOLIDATED BALANCE SHEET

Transcription

1 CONSOLIDATED BALANCE SHEET Dec. 31, (US$ Millions) Assets Investment properties $ 45,227 $ 41,599 Equity accounted investments in properties 16,830 17,638 Hospitality properties 4,880 5,016 Participating loan notes Financial assets 1,464 1,412 Accounts receivable and other 4,144 3,912 Cash and cash equivalents 1,562 1,035 Assets held for sale 3, Total Assets $ 77,650 $ 71,866 Liabilities and Equity Corporate debt obligations $ 1,830 $ 1,632 Funds subscription facilities 529 1,594 Asset-level debt obligations 27,753 25,938 Subsidiary borrowings 1,678 1,362 Capital securities 4,150 4,031 Deferred tax liability 2,325 3,107 Accounts payable and other liabilities 3,183 3,027 Liabilities associated with assets held for sale 1, Total liabilities 43,174 40,933 Equity Limited partners 7,650 7,425 General partner 6 6 Non-controlling interests : Limited partner of the operating partnership held by Brookfield Asset Management Inc. 14,660 14,218 Limited partner of Brookfield Office Properties Exchange LP Interests of others in operating subsidiaries and properties 11,860 8,975 Total Equity 34,476 30,933 Total Liabilities and Equity $ 77,650 $ 71,866 8

2 CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended Nine Months Ended (US$ Millions) Commercial property and hospitality revenue $ 1,353 $ 1,168 $ 3,847 $ 3,293 Direct commercial property and hospitality expense (621) (573) (1,791) (1,610) ,056 1,683 Investment and other revenue Share of net earnings from equity accounted investments ,051 1, ,034 3,027 Expenses Interest expense (430) (397) (1,247) (1,137) Depreciation and amortization (63) (45) (188) (122) General and administrative expense (146) (174) (415) (406) Investment and other expense - (54) (114) ,183 1,248 Fair value gains, net ,252 Income tax benefit (expense) 961 (72) $ 1,616 $ 435 $ 2,625 $ 2,609 : Limited partners $ 462 $ 75 $ 683 $ 747 General partner Non-controlling interests: Limited partner of the operating partnership held by Brookfield Asset Management Inc ,141 1,258 Limited partner of Brookfield Office Properties Exchange LP Interests of others in operating subsidiaries and properties $ 1,616 $ 435 $ 2,625 $ 2,609 9

3 RECONCILIATION OF NON-IFRS MEASURES Three Months Ended Nine Months Ended (US$ Millions) Commercial property and hospitality revenue $ 1,353 $ 1,168 $ 3,847 $ 3,293 Direct commercial property and hospitality expense (621) (573) (1,791) (1,610) NOI ,056 1,683 Investment and other revenue Share of equity accounted income excluding fair value gains Interest expense (430) (397) (1,247) (1,137) General and administrative expense (146) (174) (415) (406) Investment and other expense - (54) (114) Depreciation and amortization of non-real estate assets (8) (6) (18) (18) properties in FFO (185) (77) (502) (311) FFO Depreciation and amortization of non-real estate assets, net Transaction costs Gains/losses on disposition of non-investment properties (11) 2 (31) (12) FFO from GGP Warrants (2) Company FFO $ 232 $ 218 $ 699 $ 597 FFO Depreciation and amortization of real estate assets (55) (39) (170) (104) Fair value gains, net ,252 Share of equity accounted income - Non FFO Income tax benefit (expense) 961 (72) properties in non-ffo (176) (165) (268) (246) unitholders 1, ,855 2,052 properties $ 1,616 $ 435 $ 2,625 $ 2,609 (2) Presented net of non-controlling interests on a proportionate basis. Represents the FFO that would have been the Partnership s shares of GGP, if all outstanding warrants of GGP were exercised on a cashless basis. It also includes dilution adjustments undiluted FFO as a result of the net settled warrants. 10

4 NET INCOME PER UNIT Basic $ 1, $ 1.77 $ $ 0.27 Number of on conversion of preferred shares Basic per IFRS 1, (2) Fully-diluted per IFRS $ 1, $ 1.56 $ $ 0.25 (2) Basic per management $ 1, $ 1.77 $ $ 0.27 Dilutive effect of conversion of preferred shares Fully-diluted per management $ 1, $ 1.59 $ $ 0.28 Represents preferred shares that are mandarily convertible in at a price of $25.70 and the associated carry. 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, 2015, the conversion of capital securities was anti-dilutive and therefore excluded from the calculation of fully-diluted net income per IFRS. Three months ended 11

5 NET INCOME PER UNIT Basic $ 1, $ 2.61 $ 2, $ 2.88 Number of on conversion of preferred shares Basic per IFRS 1, , Fully-diluted per IFRS $ 1, $ 2.31 $ 2, $ 2.54 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. Basic per management $ 1, $ 2.61 $ 2, $ 2.88 Dilutive effect of conversion of preferred shares Fully-diluted per management $ 1, $ 2.41 $ 2, $ 2.64 Represents preferred shares that are mandarily convertible in at a price of $25.70 and the associated carry. Nine months ended 12