Brookfield

Brookfield Office Properties Annual Report 2011

The premier global
office company

Brookfield Office Properties owns, manages, and develops premier office properties in the most dynamic and resilient markets in the United States, Canada, and Australia. Well-respected, high credit-quality organizations in the financial services, government, and energy sectors fill our buildings, which are among the most recognizable, technologically advanced office properties in the world.

Our current portfolio consists of 110 office properties comprising 78 million square feet in the downtown cores of major gateway cities including New York, Washington, D.C., Houston, Denver, Los Angeles, Toronto, Calgary, Ottawa, Sydney, Melbourne and Perth. We also maintain a 16-million-square-foot pipeline for future office development. With high occupancy levels, long-term leases in place, a disciplined management team, and financing structures that minimize risk, we are well-positioned to thrive as the economic recovery takes hold.

High Growth Markets

Markets in millions of square feet

New York

19.1M

Toronto

10.6M

Houston

9.7M

Washington, DC

7.5M

Calgary

6.9M

Los Angeles

5.7M

Sydney

4.4M

Denver

3.1M

Minneaplois

3.1M

Melbourne

2.5M

Ottawa

2.8M

Perth

1.6M*

Boston

1.0M

London

1.0M*

Vancouver

0.9M

*includes development properties

Selected Financial Highlights

All amounts expressed in U.S. dollars unless otherwise noted

financial position
2011
2010
2009
Total Assets
$  25,144
$  20,420
$  15,459
Shareholders' Equity
10,175
8,807
6,873
Market Capitalization
7,877
8,813
6,077
Per diluted common share
2011
2010
2009
Dividends Paid
$       0.56
$       0.56
$       0.56
Closing Market Price-NYSE
15.64
17.53
12.12
Comparable Funds From Operations
1.08
0.94
1.01
Net Income (Loss) Attributable to common Shareholders
2.92
2.73
(0.52)
results of operations
2011
2010
2009
Net Income (Loss) Attributable to Common Shareholders
$    1,690
$    1,552
$     (220)
Commercial Property Net Operating Income
1,014
729
690
Comparable Funds From Operations
605
514
442

BPO Occupancy Versus Market

Mark-to-Market Upside

Net Operating Income*

*Presented on a proportionate basis

Bank of America Plaza, Los Angeles

Herald Site (rendering), Calgary

Darling Park Complex/Cockle Bay Wharf, Sydney

100 Bishopsgate (rendering), London

First Canadian Place, Toronto