Net income for the year ended December 31, 2012 was $2.5 billion. Fair value gains (including share of equity accounted fair value gains) on investment properties and other assets were $2.0 billion for the year ended December 31, 2012, continuing the trend of positive revaluations of assets.
FFO attributable to LP Units and REUs for the year ended December 31, 2012 were $81 million and $423 million, respectively, totalling $504 million.
"Brookfield Property Partners is entering the market well positioned for growth with a strong balance sheet to continue to capitalize on attractive investment opportunities," said Mr. Clark.
Brookfield will effect the spinoff of Brookfield Property Partners by way of a special dividend of units of BPY ("BPY Units"), payable on April 15, 2013 to holders of Brookfield's Class A and B limited voting shares of record as of March 26, 2013. On the distribution date, each Brookfield shareholder will receive one BPY unit for every 17.421603 shares of Brookfield (that is, approximately 0.0574 BPY units for each Brookfield share). The dividend is currently estimated to be valued at approximately $1.45 per Brookfield Class A or B limited voting share, or approximately $900 million in the aggregate, based on December 31, 2012 International Financial Reporting Standards values. Brookfield Property Partners is expected to begin trading on the NYSE and the TSX on April 15, 2013, under the symbols "BPY" and "BPY.UN" respectively.
Shareholders will receive a cash payment in lieu of any fractional interests in the BPY units. Brookfield will use the volume-weighted average of the trading price of the BPY units for the five trading days immediately following the spinoff to determine the value of the BPY units for the purpose of calculating the cash payable in lieu of any fractional interests.
Immediately following the spinoff, Brookfield Property Partners will effectively be owned approximately 7.5% by the shareholders of Brookfield and approximately 92.5% by Brookfield assuming the exchange of Brookfield's redeemable partnership units which it holds in an affiliate of Brookfield Property Partners.
Further details regarding the operations of Brookfield Property Partners are set forth in regulatory filings. A copy of the filings may be obtained through the website of the SEC at www.sec.gov and on Brookfield Property Partners' SEDAR profile at www.sedar.com.
Brookfield Property Partners is a commercial real estate owner, operator and investor operating globally. Our diversified portfolio includes interests in over 300 office and retail properties encompassing approximately 250 million square feet. In addition, we have interests in approximately 15,600 multi-family units, 29 million square feet of industrial space and an 18 million square foot office development pipeline. Our goal is to be the leading global investor in best in class commercial property assets. For more information, please visit www.brookfield.com.
Note: This news release contains forward-looking information within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as "expects," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would" and "could." Although Brookfield Property Partners believes that these anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
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