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Brookfield Property Split Corp. — Interim / Quarterly Report 2020
Aug 12, 2020
47220_rns_2020-08-12_ebe4a5f1-9510-4558-8d0d-e67026d590c8.pdf
Interim / Quarterly Report
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NOTICE
Brookfield Property Split Corp. hereby gives notice, pursuant to section 13.4(2)(d)(ii)(A) of National Instrument 51-102 ─ Continuous Disclosure Obligations ("NI 51-102"), that it is relying on the continuous disclosure documents filed by Brookfield Property Partners L.P. and that such documents can be found for viewing in electronic format at www.sedar.com under the company profile for Brookfield Property Partners L.P.
Attached to this notice and forming part hereof is the consolidated summary financial information for Brookfield Property Partners L.P. as required by section 13.4 of NI 51-102.
Date: August 12, 2020.
UNAUDITED CONSOLIDATING SUMMARY FINANCIAL INFORMATION (in millions of US dollars)
Brookfield Property Partners L.P. and its subsidiaries Brookfield Property L.P., Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, BPY Bermuda Holdings II Limited and Brookfield Office Properties Inc. fully and unconditionally guarantee the payment obligations of Brookfield Property Split Corp. ("BOP Split") in respect of the Series 1, Series 2, Series 3 and Series 4 class A senior preference shares issued by BOP Split. Accordingly, the following consolidating summary financial information is provided in compliance with the requirements of section 13.4 of National Instrument 51-102 ─ Continuous Disclosure Obligations providing for an exemption for certain credit support issuers. The tables below contain consolidating summary financial information for (i) Brookfield Property Partners L.P., (ii) BOP Split, (iii) Brookfield Office Properties Inc. ("BPO"), (iv) the primary holding subsidiaries of Brookfield Property Partners L.P. (the "Holding entities"), (v) Brookfield Property Partners L.P.'s additional holding entities and eliminations, (vi) consolidating adjustments, and (vii) Brookfield Property Partners L.P. and all of its subsidiaries on a consolidated basis, in each case for the periods indicated. Such summary financial information is intended to provide investors with meaningful and comparable financial information about Brookfield Property Partners L.P. and its subsidiaries. This summary financial information should be read in conjunction with the most recently issued annual and interim financial statements of Brookfield Property Partners L.P. This summary financial information has been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
Consolidating summary financial information with respect to Brookfield Property Preferred Equity Inc. is not available as this entity has, since the date of its incorporation to, and as of, the date of the attached consolidated summary financial information for Brookfield Property Partners L.P., no income, no assets or liabilities, no subsidiaries and no ongoing business operations of its own.
The following table provides consolidated summary financial information for the partnership, BOP Split, BPO, Brookfield Property Finance ULC, Brookfield Property Preferred Equity Inc. and the holding entities:
| (US$ Millions)For the three monthsended Jun. 30, 2020 | BrookfieldPropertyPartnersL.P. | BOP Split | BPO | BrookfieldPropertyPreferredEquity Inc. | BrookfieldPropertyFinanceULC | Holdingentities(2) | Additionalholdingentities andeliminations(3) | Consolidatingadjustments(4) | BrookfieldPropertyPartners L.Pconsolidated |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $— | $10 | $43 | $— | $15 | $186 | $— | $1,183 | $1,437 |
| Net income attributable tounitholders(1) | (627) | (63) | (117) | — | (49) | (1,253) | 57 | 799 | (1,253) |
| For the three monthsended Jun. 30, 2019 | |||||||||
| Revenue | $— | $12 | $30 | $— | $11 | $716 | $84 | $1,173 | $2,026 |
| Net income attributable tounitholders(1) | 62 | 56 | 149 | — | (40) | 127 | 137 | (364) | 127 |
(1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units and BPYU Units.
(2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited.
(3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities.
(4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.
| (US$ Millions)For the six months endedJun. 30, 2020 | BrookfieldPropertyPartnersL.P. | BOP Split | BPO | BrookfieldPropertyPreferredEquity Inc. | BrookfieldPropertyFinanceULC | Holdingentities(2) | Additionalholdingentities andeliminations(3) | Consolidatingadjustments(4) | BrookfieldPropertyPartners L.Pconsolidated |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $— | $74 | $82 | $— | $30 | $386 | $4 | $2,761 | $3,337 |
| Net income attributable tounitholders(1) | (871) | (7) | (90) | — | 63 | (1,739) | (16) | 921 | (1,739) |
| For the six months endedJun. 30, 2019 | |||||||||
| Revenue | $— | $23 | $60 | $— | $19 | $1,272 | $278 | $2,447 | $4,099 |
| Net income attributable tounitholders(1) | 224 | 163 | 598 | — | (32) | 460 | 516 | (1,469) | 460 |
(1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU Units.
(2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited.
(3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities.
(4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.
| (US$ Millions)As of Jun. 30, 2020 | BrookfieldPropertyPartnersL.P. | BOP Split | BPO | BrookfieldPropertyPreferredEquity Inc. | BrookfieldPropertyFinanceULC | Holdingentities(2) | Additionalholdingentities andeliminations(3) | Consolidatingadjustments(4) | BrookfieldPropertyPartners L.Pconsolidated |
|---|---|---|---|---|---|---|---|---|---|
| Current assets | $— | $532 | $250 | $— | $1,006 | $8,471 | $182 | $(7,197) | $3,244 |
| Non-current assets | 13,107 | 28,535 | 23,231 | — | 397 | 30,582 | 2,057 | 7,195 | 105,104 |
| Assets held for sale | — | — | — | — | — | — | — | 137 | 137 |
| Current liabilities | — | 3,342 | 307 | — | 14 | 6,515 | 1,535 | 4,967 | 16,680 |
| Non-current liabilities | — | 6,050 | 6,329 | — | 1,352 | 6,343 | 608 | 29,474 | 50,156 |
| Liabilities associated withassets held for sale | — | — | — | — | — | — | — | 70 | 70 |
| Preferred equity | 699 | — | — | — | — | — | — | — | 699 |
| Equity attributable tointerests of others inoperating subsidiaries andproperties | — | — | 2,284 | — | — | — | — | 13,100 | 15,384 |
| Equity attributable tounitholders(1) | $ 12,408 | $ 19,675 | $ 14,561 | $— | $37 | $ 26,195 | $96 | $(47,476) | $25,496 |
(1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU Units.
(2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited.
(3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities.
(4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.
| (US$ Millions)As of Dec. 31, 2019 | BrookfieldPropertyPartnersL.P. | BOP Split | BPO | BrookfieldPropertyPreferredEquity Inc. | BrookfieldPropertyFinanceULC | Holdingentities(2) | Additionalholdingentities andeliminations(3) | Consolidatingadjustments(4) | BrookfieldPropertyPartners L.Pconsolidated |
|---|---|---|---|---|---|---|---|---|---|
| Current assets | $— | $12 | $127 | $— | $673 | $8,436 | $176 | $(6,522) | $2,902 |
| Non-current assets | 14,517 | 11,739 | 23,830 | — | 429 | 29,367 | 2,049 | 26,423 | 108,354 |
| Assets held for sale | — | — | — | — | — | — | — | 387 | 387 |
| Current liabilities | — | 995 | 131 | — | 15 | 5,981 | 1,129 | 4,075 | 12,326 |
| Non-current liabilities | — | 6,173 | 6,744 | — | 1,078 | 2,871 | 519 | 36,857 | 54,242 |
| Liabilities associated withassets held for sale | — | — | — | — | — | — | — | 140 | 140 |
| Preferred equity | 420 | — | — | — | — | — | — | — | 420 |
| Equity attributable tointerests of others inoperating subsidiaries andproperties | — | — | 2,284 | — | — | — | — | 13,701 | 15,985 |
| Equity attributable tounitholders(1) | $ 14,097 | $4,583 | $ 14,798 | $— | $9 | $ 28,951 | $577 | $(34,485) | $28,530 |
(1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU Units.
(2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited.
(3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities.
(4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.