Investing - Brookfield Asset Management

Core NOI Summary
• GGP Malls’ core NOI increased
– Attributable to contractual rent bumps on in-place leases, increased occupancy
• Total core NOI was negatively impacted
– By lower termination fees, a major office tenant vacating, and the 2010 sale of our
Turkish operations
($ in Thousands)
YTD ended
June 2010
Core NOI
YTD ended
June 2011
Core NOI
Percent
Change
QTD ended
June 2010
Core NOI
QTD ended
June 2011
Core NOI
Percent
Change
GGP Malls $ 933,644 $ 955,204 2.3% $ 472,374 $ 474,501 0.5%
Rouse Properties 79,391 75,128 (5.4%) 39,919 37,548 (5.9%)
International 1 15,327 16,637 8.5% 5,332 7,866 47.5%
Termination Fees 17,654 7,783 (55.9%) 6,332 2,246 (64.5%)
Office, Strip & Non-Recurring 2 30,147 17,612 (41.6%) 17,464 5,437 (68.9%)
Core NOI $ 1,076,163 $ 1,072,364 (0.4%) $ 541,421 $ 527,597 (2.6%)
1 International ti 2010 Core NOI includes income from Turkish operations which h were disposed d of in 2010 – 2010 YTD ($3.4m); 2010 QTD ($13 ($1.3m)
2
Non-recurring: Relates to various one-time items resulting in the 2010 YTD and QTD figures overstated by $8.7M and $9.8m, respectively
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